system as a whole is exposed to high short-term funding risk. The theory has policy implications for prudential regulation …, they are subject to potential runs. We derive distinct liquidity, collateral, and asset liquidation constraints, which … ward off an individual run depends on whether it has sufficient liquidity, collateral, and asset liquidation capacity …

potential runs. We derive distinct liquidity, collateral, and asset liquidation constraints, which determine whether a run can … depends on whether it has sufficient liquidity, collateral, and asset liquidation capacity. These determinants are endogenous … productivity and size. Moreover, systemic runs are possible if shocks to the valuation of collateral held by outside investors are …

Collateral plays a very important role in financial markets. Without easy access to high-quality collateral, dealers … economy through increased financing costs. The role of collateral has become increasingly significant since the global … paper introduces a new measure of collateral reuse and studies the drivers of the cost of obtaining high-quality collateral …

, for instance, due to the risk of fire sales of collateral assets. Furthermore, because of our focus on SIALs, our proposed …

securities owners, securities borrowers, attributes of securities loans, collateral management, and cash reinvestment practices …