| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP10663
|
| DP10663 Central Bank Collateral Frameworks |
| Kjell Nyborg
|
| 发表日期 | 2015-06-21
|
| 出版年 | 2015
|
| 语种 | 英语
|
| 摘要 | This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet occupies a central role in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms, 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, reach, and impact of collateral frameworks. A theme that emerges is that collateral frameworks may have distortive effects on financial markets and the wider economy. They can, for example, bias the private provision of real liquidity and thereby also the allocation of resources in the economy as well as contribute to financial instability. Evidence is presented that the collateral framework in the euro area promotes risky and illiquid collateral and, more generally, impairs market forces and discipline. The paper also emphasizes the important role of ratings and government guarantees in the Eurosystem?s collateral framework. |
| 主题 | Financial Economics
|
| 关键词 | Banks
Central bank
Collateral
Ecb
Eurosystem
Financial system
Guarantees
Haircuts
Liquidity
monetary policy
|
| URL | https://cepr.org/publications/dp10663
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539495
|
推荐引用方式
GB/T 7714 |
Kjell Nyborg. DP10663 Central Bank Collateral Frameworks. 2015.
|
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