Boissay, Frederic; Cooper, Russell W. - 2016 - This version: April 20, 2016
, these flows are constrained and collateral is needed. Both the volume, the value, and the composition of collateral matter …. We make a distinction between "outside collateral" and "inside collateral". The use of inside assets, such as loans …, creates a "collateral pyramid", in that cash flows from one loan can be pledged to secure another. Through collateral pyramids …
