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 …

explains the link between the liquidity premium and spreads. We present a theory of endogenous bank fragility arising from a … coordination friction among bank creditors. The theory's implications reduce to a single constraint on banks, which is embedded in …

liquidity recovery. Using novel, micro data of the French banking system on the pool of collateral eligible to ECB open market … französischen Bankensektors an und zeigt, wie viel Liquidität die EZB im Fall einer Finanzkrise möglicherweise bereitstellen muss …