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 …

-mentioned key services, especially when programmes are larger and/or are retained by the issuer for use as collateral with the … for networks based on the use of securities as Eurosystem collateral. These findings help demonstrate the importance of …

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …

In his basic model of debt renegotiation, Bester (1994) argues that collateral is more effective if high risk projects … high probability of default, that makes collateral more effective. Instead it turns out that, given the expected return …, the probability of default has no impact on the collateral's effective-ness. Moreover, an increasing risk of the project …