, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … on financial markets and the wider economy. They can, for example, bias the private provision of real liquidity and …

We analyze the pledging behavior of Euro area banks during the introduction of the liquidity coverage ratio (LCR). The … national liquidity requirements to proxy for banks' incentives to exploit this differential treatment of central bank eligible … national liquidity requirement pledge more and less liquid collateral than banks with a preceding national liquidity …

latter are bonds issued by the central issuer and backed by covered bonds, which banks would have created using their … very beneficial also during crisis periods, like the current COVID-19 crisis, by allowing banks to transform mortgages into …, thus enhancing the possible credit sustain to the SMEs. This paper assesses the main effects of such proposal on banks …

allotment policy introduced by the ECB as an unconventionalmeasure to re-stabilize banks' refinancing conditions. …

allotment policy introduced by the ECB as an unconventionalmeasure to re-stabilize banks' refinancing conditions. …

discriminatory auctions and hundreds of banks participate. The amount auctioned over the monthly reserve maintenance period is in … principle exactly what banks collectively need to fulfil reserve requirements. We study bidder-level data and find: (i) Bidder …

’s operational target. This study assesses the reasons for which the average tender spread did not reduce after the banks’ demand for … liquidity was isolated from their interest rate expectations in March 2004. The paper offers two potential explanations for the … unexpected behavior. First, following the increased precision in the ECB’s liquidity provision after the end-of- period fine …

The fixed rate tender is one of the main operational formats used by central banks in the implementation of their …, central banks such as the ECB and the Bank of England have continued using it. We elaborate on this apparent conflict by …

We study how banks manage their liquidity among the various assets at their disposal. We exploit the introduction of … assets over time. Our results imply that frictions in one market for liquidity can spill over to several markets. … banks increase reserve holdings by borrowing on the interbank market, decreasing lending to affiliates of the same group …