to smooth consumption over time and because they provide collateral and liquidity services. We characterize a recursive … and contemporaneous costs due to lost collateral and liquidity are essential to generate these empirically plausible …

Conventional collateral requirements are highly conservative but are not explicitly designed to deal with systemic risk …. This paper explores the adequacy of conventional collateral levels against systemic risk in the Canadian futures market … during the 2008 crisis. Our results show that conventional collateral levels adequately absorb crisis-level systemic risk …

Using the World Bank Enterprise Survey covering 6,800 firms across 43 developing countries, this paper investigates the … financial institutions require collateral (the extensive margin) and (2) the collateral value relative to the loan value (the … intensive margin). On the first aspect, it finds that collateral borrowing is prevalent. On average, 73 percent of loans from …

Using firm-level surveys for up to 73 countries, this paper explores the impact of introducing collateral registries … introduced collateral registries for movable assets against three control groups: firms in all countries that did not introduce a … for movable assets, and firms in countries that undertook other types of collateral reforms but did not set up registries …

Munich in July 2016. The goal of the thesis is to establish the configuration of collateral policy as a tool of central bank … policies in pursuit of different objectives, and to present collateral policies in practice, as well as impact and effects of … collateral policy. The thesis consists of three parts and nine chapters. The first part discusses the role of collateral in …