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This paper studies rehypothecation, a practice in which financial institutions re-use or re-pledge collateral pledged by their clients for their own purposes. We show that rehypothecation enhances provision of funding liquidity to the economy, but it also incurs deadweight cost by misallocating...
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We study the preferential treatment of green bonds in the Central Bank collateral framework as an environmental policy instrument. We propose a macroeconomic model with environmental and financial frictions, in which green and conventional entrepreneurs issue defaultable bonds to banks that use...
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Klappentext: The labour of pawns - freeborn women, men and children indentured in payment of interest on a debt - was an important supplement to that of slaves in the pre-colonial and colonial eras. This book examines the origins of pawnship; the economic factors that contributed to its spread; the...
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