Central-bank collateral policy governs the convertibility of assets into central-bank money provided directly by the … yield curve through collateral policy …

sovereign bonds as collateral. We first establish that, in the precrisis period, there are important but rather weak relations …. Official funding conditions did not meaningfully constrain repo market activity in the 2003-05 period but, in the immediate … precrisis period, rate increases led to a sharp contraction in repo activity. Focusing on the crisis period, we identify …

This paper examines the role of collateral in the financial system, with special emphasis on the implications for … financial collateral assets. Then we examine financial stability issues and the case for regulating the use of collateral. We … use of collateral is neither a sufficient nor a necessary condition for financial stability. To ensure the stability of …

the credit risk of their corporate loan portfolios when the latter are used as collateral in the Eurosystem's monetary … actually used as Eurosystem collateral, particularly for large loans. The less conservative estimates of risk by IRBs relative … findings suggest the existence of a collateral-related channel through which the use of IRB ratings may influence the internal …