in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood …, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning …

This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank … replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks … harmonized collateral framework facilitates cross-border lending to borrowing-constrained firms and, thereby, increases financial …

This paper studies the effect of central bank collateral policy on bank credit supply and the real economy. In 2007 …, the European Central Bank replaced national collateral lists with a single list valid across the euro area. Banks holding …

This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank … replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks … harmonized collateral framework facilitates cross-border lending to borrowing-constrained firms and, thereby, increases financial …

This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank … replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks … harmonized collateral framework facilitates cross-border lending to borrowing-constrained firms and, thereby, increases financial …

Does central bank collateral policy contribute to financial market integration? We address this question by exploiting … that, in 2007, the European Central Bank replaced national collateral frameworks by a single list. Under the single list … regime, euro area banks could pledge all euro area bank loans as collateral, not only domestic loans as before the framework …

firm level? We exploit that, in 2007, the European Central Bank replaced national collateral frameworks by a single list …. This collateral framework shock added loans to non-domestic euro area firms to the pool of eligible assets. Using loan … extended to (previously eligible) domestic borrowers, suggesting only a limited cross-border effect of the collateral framework …

collateral, in the Eurozone mainly sovereign bond markets, with further damaging consequences for sovereign funding conditions … 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 …

We assess the effect of accepting illiquid assets as collateral at the central bank on banks' lending activity. We … pool of collateral pledged with the Eurosystem. Panel regression estimates show that the banks that pledged more illiquid … collateral with the Eurosystem increased their lending to non-financial firms and households: a one standard deviation increase …

, the availability of high quality collateral suitable for encumbrance, capital and sovereign funding conditions. Third, we …