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 …

significantly after the initial shock. We find evidence of a threshold in the benefits of expanding the collateral framework and …The paper studies the central bank collateral framework and its impact on banks' liquidity under an adverse stress test … scenarios: the EBA regulatory stress test exercise, a shock to Russia and the Eastern European countries, and a shock to the …

significantly after the initial shock. We find evidence of a threshold in the benefits of expanding the collateral framework and …The paper studies the central bank collateral framework and its impact on banks’ liquidity under an adverse stress test … scenarios: the EBA regulatory stress test exercise, a shock to Russia and the Eastern European countries, and a shock to the …

In this paper, I analyze the impact of the extension of the ECB s collateral framework on securities sales. In addition … lead to fire sales adversely impacting other financial institutions. I find clear evidence that the ECB s collateral …

conceptualize the importance of collateral ? (b) how can the analytical integration of geographies of collateralized bank funding … of exit strategies through the lens of collateral? The paper argues that the short-term nature of collateral management …, in particular the key role that perceptions of collateral quality play in European banks' demand for sovereign bonds, is …

their demand for collateral assets, and the short-term scarcity of collateral securities leads to higher prices, the Fire … Buy premium. To avoid collateral scarcity, central banks increase the set of eligible collateral assets. However, if the … investigate how unlimited liquidity provision affects collateral prices. Also, I match banks' trades with their balance sheet and …

Despite much attention to unconventional monetary policies after the financial crisis, the collateral policies of … tend not to be analyzed. An exception to these trends is the recent work by Nyborg (2017), who argues that the collateral … response, we identify core principles for countercyclical collateral policies suitable for market-based financial systems …

their demand for collateral assets, and the short-term scarcity of collateral securities leads to higher prices, the Fire … Buy premium. To avoid collateral scarcity, central banks increase the set of eligible collateral assets. However, if the … investigate how unlimited liquidity provision affects collateral prices. Also, I match banks' trades with their balance sheet and …

The Eurosystem collateral framework (ESCF) has played a key role in the ECB monetary policy implementation since 1999 … underlined the importance of central bank collateral frameworks. Broad collateral frameworks have helped prevent large … first explains and justifies the logic of collateral frameworks in general and that of the ESCF in particular. It then …

Using a large eligibility shock, I show that liquidity insurance by the central bank has significant real effects …. Large-scale rating of non-public French firms, whose credit claims can be deposited as collateral at the central bank …, creates a unique opportunity to assess economically relevant effects of collateral policy and identify the transmission …