Money And Collateral

Author : Mr.Manmohan Singh,Mr.Peter Stella
Publisher : International Monetary Fund
Page : 21 pages
File Size : 40,8 Mb
Release : 2012-04-01
Category : Business & Economics
ISBN : 9781475502855

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Money and Collateral by Mr.Manmohan Singh,Mr.Peter Stella Pdf

Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting in part the greater use of securitized assets to collateralize borrowing. The subsequent crisis has reduced the pool of assets considered acceptable as collateral, resulting in a liquidity shortage. When trying to address this, policy makers will need to consider concepts of liquidity besides the traditional metric of excess bank reserves and do more than merely substitute central bank money for collateral that currently remains highly liquid.

Author : Kjell G. Nyborg
Publisher : Cambridge University Press
Page : 345 pages
File Size : 40,9 Mb
Release : 2017
Category : Business & Economics
ISBN : 9781107155848

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Collateral Frameworks by Kjell G. Nyborg Pdf

The first book-length study of the importance of collateral frameworks in monetary policy, focusing on the Eurozone and euro crisis.

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
Page : 26 pages
File Size : 48,5 Mb
Release : 2011-11-01
Category : Business & Economics
ISBN : 9781463923952

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Velocity of Pledged Collateral by Mr.Manmohan Singh Pdf

Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from specific investment strategies in the asset management complex, with the primary providers being hedge funds, pension funds, insurers, official sector accounts, money markets and others. Post-Lehman, there has been a significant decline in the source collateral for the large dealers that specialize in intermediating pledgeable collateral. Since collateral can be reused, the overall effect (i.e., reduced ?source' of collateral times the velocity of collateral) may have been a $4-5 trillion reduction in collateral. This decline in financial lubrication likely has impact on the conduct of global monetary policy. And recent regulations aimed at financial stability, focusing on building equity and reducing leverage at large banks/dealers, may also reduce financial lubrication in the nonbank/bank nexus.

Author : Manmohan Singh
Publisher : Unknown
Page : 211 pages
File Size : 55,9 Mb
Release : 2016
Category : Credit
ISBN : OCLC:1062401208

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Collateral and Financial Plumbing by Manmohan Singh Pdf

Collateral is one of the building blocks on which the financial markets are constructed. Used for a number of purposes--including trading with central counterparties (CCPs), secured funding with market counterparties and central banks, OTC derivatives margining and settlement--the role of effective collateral management in monetizing assets has never been more important.

Author : Mr.Manmohan Singh,Rohit Goel
Publisher : International Monetary Fund
Page : 21 pages
File Size : 42,9 Mb
Release : 2019-05-17
Category : Business & Economics
ISBN : 9781498312790

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Pledged Collateral Market's Role in Transmission to Short-Term Market Rates by Mr.Manmohan Singh,Rohit Goel Pdf

In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors—or example, in securities-lending and repo markets, and prime brokerage funding—impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse.

Author : Markus Brunnermeier,Arvind Krishnamurthy
Publisher : University of Chicago Press
Page : 286 pages
File Size : 54,5 Mb
Release : 2014-10-17
Category : Business & Economics
ISBN : 9780226092645

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Risk Topography by Markus Brunnermeier,Arvind Krishnamurthy Pdf

The recent financial crisis and the difficulty of using mainstream macroeconomic models to accurately monitor and assess systemic risk have stimulated new analyses of how we measure economic activity and the development of more sophisticated models in which the financial sector plays a greater role. Markus Brunnermeier and Arvind Krishnamurthy have assembled contributions from leading academic researchers, central bankers, and other financial-market experts to explore the possibilities for advancing macroeconomic modeling in order to achieve more accurate economic measurement. Essays in this volume focus on the development of models capable of highlighting the vulnerabilities that leave the economy susceptible to adverse feedback loops and liquidity spirals. While these types of vulnerabilities have often been identified, they have not been consistently measured. In a financial world of increasing complexity and uncertainty, this volume is an invaluable resource for policymakers working to improve current measurement systems and for academics concerned with conceptualizing effective measurement.

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
Page : 17 pages
File Size : 46,8 Mb
Release : 2013-08-28
Category : Business & Economics
ISBN : 9781484384916

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Collateral and Monetary Policy by Mr.Manmohan Singh Pdf

Financial lubrication in markets is indifferent to margin posting via money or collateral; the relative price(s) of money and collateral matter. Some central banks are now a major player in the collateral markets. Analogous to a coiled spring, the larger the quantitative easing (QE) efforts, the longer the central banks will impact the collateral market and associated repo rate. This may have monetary policy and financial stability implications since the repo rates map the financial landscape that straddles the bank/nonbank nexus.

Author : Josh Ryan-Collins,Tony Greenham,Richard Werner
Publisher : Unknown
Page : 186 pages
File Size : 48,5 Mb
Release : 2014-01-31
Category : Banks and banking
ISBN : 1908506547

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Where Does Money Come From? by Josh Ryan-Collins,Tony Greenham,Richard Werner Pdf

Based on detailed research and consultation with experts, including the Bank of England, this book reviews theoretical and historical debates on the nature of money and banking and explains the role of the central bank, the Government and the European Union. Following a sell out first edition and reprint, this second edition includes new sections on Libor and quantitative easing in the UK and the sovereign debt crisis in Europe.

Author : Geoffrey Yeowart,Robin Parsons,Edward Murray,Hamish Patrick
Publisher : Edward Elgar Publishing
Page : 904 pages
File Size : 47,8 Mb
Release : 2016-02-26
Category : Business & Economics
ISBN : 9781782546320

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Yeowart and Parsons on the Law of Financial Collateral by Geoffrey Yeowart,Robin Parsons,Edward Murray,Hamish Patrick Pdf

As the volume of transactions in European financial markets continues to grow, the use of financial collateral, be it in the form of cash, shares, bonds or credit claims, has become a critical tool in supporting and managing risk in financial transactions. This book is the first of its kind to offer a systematic examination of the whole law relating to financial collateral. It does so in two parts. First, it explains the law created by the Financial Collateral Arrangements (No 2) Regulations 2003, the Directive it implemented and related legislation. Second, it examines how financial collateral is used in practice in a range of different markets. It will be an essential reference point for all legal practitioners operating in financial markets. Key features: • Analytical rigour combined with insight into how financial collateral works in practice, covering both English and Scots law • Valuable discussion of control and possession tests, right of use, remedy of appropriation, close-out netting and impact of ‘bail-in’ • Explains use of financial collateral in the derivatives market, clearing houses, direct and indirect securities holding systems and use of repos, securities lending and prime brokerage • Highlights key issues on regulatory treatment and conflicts of laws • Discusses direction of future law reform • Written by leading experts in the field.

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
Page : 29 pages
File Size : 45,8 Mb
Release : 2017-05-08
Category : Business & Economics
ISBN : 9781475599350

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Collateral Reuse and Balance Sheet Space by Mr.Manmohan Singh Pdf

Transactions on wholesale capital markets are often secured by marketable collateral. However, collateral needs balance sheet space to move within the financial system. Certain new regulations that constrain private sector bank balance sheets may have the effect of impeding collateral flows. This may have important consequences for monetary policy transmission, for short term money market functioning, and for market liquidity. In this context (and in contrast to the literature, which has focused mainly on the repo market), this paper analyzes securities-lending, derivatives, and prime-brokerage markets as suppliers of collateral. It highlights the incentives created by new regulations for different suppliers of collateral. Moreover, it argues the that central banks should be mindful of the effect of their actions on the ability of markets to intermediate collateral.

Author : Laurie S. Goodman,Shumin Li,Douglas J. Lucas,Thomas A. Zimmerman,Frank J. Fabozzi
Publisher : John Wiley & Sons
Page : 352 pages
File Size : 48,6 Mb
Release : 2008-06-02
Category : Business & Economics
ISBN : 9780470392744

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Subprime Mortgage Credit Derivatives by Laurie S. Goodman,Shumin Li,Douglas J. Lucas,Thomas A. Zimmerman,Frank J. Fabozzi Pdf

Mortgage credit derivatives are a risky business, especially of late. Written by an expert author team of UBS practitioners-Laurie Goodman, Shumin Li, Douglas Lucas, and Thomas Zimmerman-along with Frank Fabozzi of Yale University, Subprime Mortgage Credit Derivatives covers state-of-the-art instruments and strategies for managing a portfolio of mortgage credits in today's volatile climate. Divided into four parts, this book addresses a variety of important topics, including mortgage credit (non-agency, first and second lien), mortgage securitizations (alternate structures and subprime triggers), credit default swaps on mortgage securities (ABX, cash synthetic relationships, CDO credit default swaps), and much more. In addition, the authors outline the origins of the subprime crisis, showing how during the 2004-2006 period, as housing became less affordable, origination standards were stretched-and when home price appreciation then turned to home price depreciation, defaults and delinquencies rose across the board. The recent growth in subprime lending, along with a number of other industry factors, has made the demand for timely knowledge and solutions greater than ever before, and this guide contains the information financial professionals need to succeed in this challenging field.

Author : Stuart H. Patterson
Publisher : Unknown
Page : 112 pages
File Size : 49,5 Mb
Release : 1923
Category : Banks and banking
ISBN : UCAL:$B665556

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Borrowing from Your Bank by Stuart H. Patterson Pdf

Author : Annelise Riles
Publisher : University of Chicago Press
Page : 310 pages
File Size : 48,7 Mb
Release : 2011-05
Category : Business & Economics
ISBN : 9780226719337

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Collateral Knowledge by Annelise Riles Pdf

Who are the agents of financial regulation? Is good (or bad) financial governance merely the work of legislators and regulators? Here Annelise Riles argues that financial governance is made not just through top-down laws and policies but also through the daily use of mundane legal techniques such as collateral by a variety of secondary agents, from legal technicians and retail investors to financiers and academics and even computerized trading programs. Drawing upon her ten years of ethnographic fieldwork in the Japanese derivatives market, Riles explores the uses of collateral in the financial markets as a regulatory device for stabilizing market transactions. How collateral operates, Riles suggests, is paradigmatic of a class of low-profile, mundane, but indispensable activities and practices that are all too often ignored as we think about how markets should work and be governed. Riles seeks to democratize our understanding of legal techniques, and demonstrate how these day-to-day private actions can be reformed to produce more effective forms of market regulation.

Author : Xavier Freixas,Jean-Charles Rochet
Publisher : MIT Press
Page : 229 pages
File Size : 40,9 Mb
Release : 2023-08-22
Category : Business & Economics
ISBN : 9780262375290

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Microeconomics of Banking, third edition by Xavier Freixas,Jean-Charles Rochet Pdf

The third edition of a leading text on the microeconomic foundations of banking, comprehensively updated with new coverage of the 2008 Global Financial Crisis, fintech, and the latest research in banking theory. The banking industry has undergone seismic change in the twenty-first century, from the overhaul of regulation in the wake of the 2008 Global Financial Crisis to the digitalization of the economy and the disruption of traditional business models by ascendant tech giants. Now in a comprehensively updated third edition, this essential graduate-level text on the microeconomic foundations of banking provides the rigorous theoretical approach required to understand these new structures and norms, functioning as a user’s guide to recent academic literature. Microeconomics of Banking offers a comprehensive view of the evolution of banking theory and the rapidly changing realm of financial intermediation, examining the central issues and offering the necessary tools for understanding how they have been modeled. New edition highlights: Up-to-date coverage of the latest research in banking theory as well as the events of the global financial crisis and resultant Basel III regulatory framework New chapters on liquidity and systemic risk New material throughout on cryptocurrencies, fintech, and other facets of a digitalized economy

Author : Anonim
Publisher : Lulu.com
Page : 294 pages
File Size : 43,5 Mb
Release : 2004
Category : Bank capital
ISBN : 9789291316694

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International Convergence of Capital Measurement and Capital Standards by Anonim Pdf