What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our empirical investigation suggests pledgeability...

In the wake of the Asian crisis in 1997, policy efforts have been largely devoted to installing various safety devices in the region, e.g. FX reserves and other swap arrangements of CMIM and extra backup with IMF liquidity facilities. Despite comprehensive progresses in regional monetary...

What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our empirical investigation suggests pledgeability...