in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood …, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning …

This paper offers an encompassing analysis of the ECB's collateral criteria between 2001 and 2013. A comprehensive … database of changes to collateral criteria is compiled and structured by asset classes. The main findings can be summarized in … three stylized facts: (1) Since the outbreak of the financial crisis, the ECB has been six times more active in collateral …

Munich in July 2016. The goal of the thesis is to establish the configuration of collateral policy as a tool of central bank … policies in pursuit of different objectives, and to present collateral policies in practice, as well as impact and effects of … collateral policy. The thesis consists of three parts and nine chapters. The first part discusses the role of collateral in …

In this paper, I analyze the impact of the extension of the ECB s collateral framework on securities sales. In addition … lead to fire sales adversely impacting other financial institutions. I find clear evidence that the ECB s collateral …

conceptualize the importance of collateral ? (b) how can the analytical integration of geographies of collateralized bank funding … of exit strategies through the lens of collateral? The paper argues that the short-term nature of collateral management …, in particular the key role that perceptions of collateral quality play in European banks' demand for sovereign bonds, is …

The Eurosystem collateral framework (ESCF) has played a key role in the ECB monetary policy implementation since 1999 … underlined the importance of central bank collateral frameworks. Broad collateral frameworks have helped prevent large … first explains and justifies the logic of collateral frameworks in general and that of the ESCF in particular. It then …

This paper studies the effect of central bank collateral policy on bank credit supply and the real economy. In 2007 …, the European Central Bank replaced national collateral lists with a single list valid across the euro area. Banks holding …