model with collateral. This paper develops a general-equilibrium framework to explore QE's international transmission … involving an advanced economy (AE) and an emerging market economy (EM) whose assets have less collateral capacity. Capital flows … arise as a result of international sharing of scarce collateral. The crucial insight is that private AE agents adjust their …

unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …

unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …

unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …

model with collateral. This paper develops a general-equilibrium framework to explore QE's international transmission … involving an advanced economy (AE) and an emerging market economy (EM) whose assets have less collateral capacity. Capital flows … arise as a result of international sharing of scarce collateral. The crucial insight is that private AE agents adjust their …

. First, we use a structural model of firm dynamics with collateral constraints, and estimate the model to match the firm …-level sensitivity of investment to collateral values. We estimate that firms can only pledge about 19% of their collateral value. Second …, we embed this model in a general equilibrium framework and estimate that, relative to first-best, collateral constraints …

Pro-cyclicality of collateral haircuts and margins has become a widely proclaimed behavior and is currently discussed … a trigger of liquidity spirals due to its tightening effect of collateral portfolio values in times of market distress … design for macroprudential haircut add-ons. Our results confirm that (1) bond collateral markets face irrational, i.e. bubble …

externalities induced by a collateral constraint. Limiting the loan-to-value ratio benefits only few unconstrained borrowers and … reduces ex-ante social welfare. A Pigouvianstyle symmetric debt tax (that subsidizes savings) raises collateral prices and … social welfare. Overall, collateral effects are of minor importance and interest rate rather than asset price responses are …