Repo markets trade off the efficient allocation of liquidity in the financial sector with resilience to funding shocks. The repo trading and clearing mechanisms are crucial determinants of the allocation-resilience tradeoff. The two common mechanisms, anonymous central-counterparty (CCP) and...

Weltweit haben in den letzten WochenRegierungen und Notenbanken ihreBemühungen zur Stabilisierung derFinanzmärkte verstärkt. Parallel zumaktuellen Krisenmanagement hält dieDiskussion um die Ursachen der Krise an.Ein Schwerpunkt ist dabei die Frage,ob eine zu laxe Finanzsektorpolitikoder eine...

A combination of cyclical and structural factors has lead to a situation which could threaten financial stability worldwide. As the current financial turmoil is unfolding it becomes clearer that the effects of the initial sub-prime crisis, which originated in the US, are spreading across other...