The collateral framework of the Eurosystem and its fiscal implications:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
München
ifoInstitut - Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V.
[2016]
|
| Series: | ifo Beiträge zur Wirtschaftsforschung
69 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XI, 257 Seiten 21 Diagramme |
| ISBN: | 9783959420143 3959420145 |
Staff View
MARC
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| 245 | 1 | 0 | |a The collateral framework of the Eurosystem and its fiscal implications |c Jakob Korbinian Eberl |
| 264 | 1 | |a München |b ifoInstitut - Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V. |c [2016] | |
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| 502 | |b Dissertation |c Ludwig-Maximilians-Universität München |d 2016 | ||
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Record in the Search Index
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C O N TE N TS
LIST O F A B B REV IA TIO N S/A CRO N Y M S
V
LIST O F S YM B OLS
V *I
LIST O F F IGURES IX
LIST O F TABLES XIII
1 IN TROD U CTION 1
1.1 MOTIVATION
.
1
1.2 MAIN FINDINGS
*
RELATED LITERATURE AND CONTRIBUTIONS OF THE THESIS . 5
1.3 STRUCTURE OF THE T
HESIS.
11
2 T H E M ON ETARY P O LICY O F TH E E U ROSYSTEM AND TH E G ROW ING IM
P ORTAN CE O F TH E
C OLLATERAL FRAM EWORK 13
2.1 OVERVIEW OF THE MONETARY POLICY OF THE E U RO SY STE M
.
14
2.2 ASSET
PURCHASES.
16
2.2.1 COVERED BOND PURCHASE
PROGRAMMES.
18
2.2.2 SECURITIES MARKET P R O G R A _ E
.
19
2.2.3 ASSET-BACKED SECURITIES PURCHASING PROGRAMME
.
22
2.3 L O A N S
.
22
2.4 THE GROWING IMPORTANCE OF THE EUROSYSTEM COLLATERAL FRAMEWORK
. 27
3 T H E C OLLATERAL FRAM EWORK O F TH E E U ROSYSTEM 29
3.1 COLLATERAL CRITERIA OF THE
EUROSYSTEM.
30
3.1.1 THE INITIAL COLLATERAL FRAMEWORK: TIER 1 AND TIER 2 ELIGIBILITY
. 30
3.1.2 A COMPREHENSIVE COLLATERAL FRAMEWORK: THE SINGE LIST . 31
3.1.3 TWO PARALLEL COLLATERAL F RAM EW ORKS
.
31
3.1.4 GENERAL PRINCIPLES OF THE COLLATERAL FRAM EWORK
.
32
3.2 DEVELOPMENT OF COLLATERAL CRITERIA 36
3.2.1 CHANGES TO GENERAL COLLATERAL C RITERIA
.
36
3.2.2 CHANGES TO THE COLLATERAL CRITERIA OF GOVERNMENT-LINKED SECURITIES
. . . 41
3.2.3 CHANGES TO THE COLLATERAL CRITERIA OF SECURITIES TRADED ON N ON
REGULATED
M ARK
ETS.
42
3.2.4 CHANGES TO THE COLLATERAL CRITERIA OF BANK BONDS
.
44
3.2.5 CHANGES TO THE COLLATERAL CRITERIA OF ASSET-BACKED SECURITIES
. 48
3.2.6 CHANGES TO THE COLLATERAL CRITERIA OF CORPORATE BONDS .
51
3.2.7 PRELIMINARY S U M M A RY
.
51
3.3 DEVELOPMENT OF THE POOL OF ELIGIBLE MARKETABLE ASSETS (COLLATERAL
POOL) . 52
33.1 REFINEMENT OF THE COLLATERAL POOL DEVELOPMENT
.
54
3.3.2 NEWLY ELIGIBLE AND INELGIBLE MARKETABLE A SSETS
.
55
3.3.3 ELIGIBLE MARKETABLE ASSETS IN SELECTED C O U N TRIE S
.
57
3.3.4 CREDIT QUALITY OF ELGIBLE MARKETABLE ASSETS
.
61
3.3.5 DENOMINATION OF ELIGIBLE MARKETABLE A SSETS
.
65
3.3.6 NON-REGULATED MARKETS AND ELIGIBLE MARKETABLE ASSETS . 65
3.3.7 GOVERNMENT GUARANTEES AND ELIGIBLE MARKETABLE A SETS . 66
3.3.8 RESIDUAL MATURITY OF ELIGIBLE MARKETABLE A S S E T S
.
67
3.3.9 LESSONS FROM ANALYZING THE COLLATERAL POOL DEVELOPMENT .
69
4 R ISK C ONTROL O F TH E E U ROSYSTEM 71
4.1 THE SET OF RISK CONTROL MEASURES
.
72
4.2 HAIRCUTS AS THE KEY RISK CONTROL M EASURE
.
74
4.2.1 GENERAL PRINCIPLES OF THE HAIRCUT SPECIFICATION
.
75
4.2.2 DEVELOPMENT OF APPLIED H AIRCUTS
.
79
4.2.3 DESCRIPTIVE ANALYSIS OF APPLIED H AIRCUTS
.
83
4.3 EVALUATION AND SHORTCOMINGS OF THE HAIRCUT SPECIFICATION
.
90
4.3.1 EVALUATION OF THE HAIRCUT SPECIFICATION
.
90
4.3.2 SHORTCOMINGS OF THE HAIRCUT SPECIFICATION
.
92
4.4 POTENTIAL EFFECTS OF THE SIMPLIFIED HAIRCUT SPECIFICATION
.
97
5 C OLLATERAL P LED GED W ITH TH E E U ROSYSTEM 99
5.1 DEVELOPMENT OF COLLATERAL PLEDGED WITH THE E UROSYSTEM
.
100
5.2 THE REPO MARKET AS THE EUROSYSTEM*S COMPETITOR FOR COLLATERAL
. 103
5.2.1 GENERAL ASPECTS OF REPURCHASE A GREEM ENTS
.
103
5.2.2 COLLATERAL AND HAIRCUTS IN THE EUROPEAN REPO MARKET 108
5.3 A MODEL OF ADVERSE SELECTION OF COLLATERAL
.
112
5.3.1 MODEL WITH PRIVATE AND PUBLIC LIQUIDITY PROVISION
.
114
5.3.2 THE EUROSYSTEM AS PROVIDER OF PUBLIC L IQ U ID ITY
.
122
5.4 CREDIT QUALITY OF COLLATERAL PLEDGED WITH THE EUROSYSTEM REVISITED
. 134
6 FRAM EWORK FOR A N ALYZIN G F ISCAL IM P LICATION S O F C OLLATERAL C
RITERIA 139
6.1 THE CONCEPT OF F IC A I SUSTAINABILITY
.
140
6.2 FISCAL SUSTAINABILITY UNDER C ERTAIN TY
.
143
6.3 THE CONCEPT OF FISCAL R I S K
.
148
6.4 FISCAL SUSTAINABILITY UNDER UNCERTAINTY
.
152
6.5 OVERVIEW OF FISCAL IMPLICATIONS OF EUROSYSTEM COLLATERAL CRITERIA
. 157
6.5.1 COLLATERAL CRITERIA AND GOVERNMENT D E B T
.
157
6.5.2 COLLATERAL CRITERIA AND CENTRAL BANK FINANCES
.
159
6.5.3 COLLATERAL CRITERIA AND GOVERNMENT G UARAN TIES
.
1G0
7 F ISCAL IM P LICATION FROM C OLLATERAL C RITERIA AND C ENTRAL B ANK F
IN ANCES 163
7.1 RELEVANCE OF CENTRAL BANK F IN A N C E S
.
164
7-2 STYLIZED FACTS ON CENTRAL BANK FINANCES IN THE E UROSYSTEM
.
167
7.3 COLLATERAL CRITERIA AND CENTRAL BANK FINANCES
. 170
7.3.1 COLLATERAL CRITERIA AND THE INCOME FROM MONEY CREATION .
171
7.3.2 COLLATERAL CRITERIA AND EMERGENCY LIQUIDITY ASSISTANCE .
188
7.3.3 COLLATERAL CRITERIA AND INTRA-EUROSYSTEM CLAIMS/LIABILITIES
. 191
7.4 CENTRAL BANK FINANCES AND CENTRAL BANK RECAPITALIZATION
.
193
7.4.1 INTERNAL
RECAPITALIZATION.194
7.4.2 EXTERNAL R
ECAPITALIZATION.195
7.4.3 CIRCUMVENTED R
ECAPITALIZATION.196
7.5 OPTIMAL LEVEL OF COLLATERAL CRITERIA FROM A FISCAL PERSPECTIVE
. 196
7.5.1 FISCALLY DESIRED LEVEL OF COLLATERAL CRITERIA WITH ONE COUNTRY AND
ONE
CENTRAL B A N K
.198
7.5.2 FISCALLY DESIRED LEVELS OF COLLATERAL CRITERIA WITH TWO COUNTRIES
AND ONE
CENTRAL B A N K
.199
8 F ISCAL IM P LICATION FROM C OLLATERAL C RITERIA AND G OVERNM ENT G
UARANTEES 207
8.1 GOVERNMENT DISCRETION TO CREATE C
OLLATERAL.
208
8.2 STYLIZED FACTS ON GOVERNMENT GUARANTEES IN THE EUROZONE
.
210
8.3 COMMON RATIONALE FOR GOVERNMENT GUARANTEES
.
213
8.4 NOVEL RATIONALE: IMPORTANCE OF COLLATERAL CRITERIA FOR GOVERNMENT
GUARANTEES . 214
8.4.1 EXPECTED COSTS OF A GOVERNMENT G UARANTEE
.
215
8.4.2 BENEFITS OF A GOVERNMENT G U ARAN TEE
.
217
8.4.3 THE OPTIMAL LEVEL OF GOVERNMENT G U A RA N TE E S
.
219
9 C ON CLUSION 225
9.1 SUMMARY: THE EUROSYSTEM COLLATERAL FRAMEWORK AND ITS FISCAL
IMPLICATIONS . . . 225
9.2 AN IMPROVED COLLATERAL FRAMEWORK FROM A FISCAL P ERSPECTIVE
.
226
9.2.1 STRUCTURE OF THE PROPOSED COLLATERAL F RAM EW O RK
.
226
9.2.2 PRINCIPLES OF THE PROPOSED COLLATERAL FRAM EW ORK
.
228
A P P EN D IX TO C H APTER 5 231
A P P EN D IX TO C H APTER 7 235
R EFERENCES 237 |
| any_adam_object | 1 |
| author | Eberl, Jakob Korbinian 1985- |
| author_GND | (DE-588)1106893700 |
| author_facet | Eberl, Jakob Korbinian 1985- |
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| author_sort | Eberl, Jakob Korbinian 1985- |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
| dewey-raw | 330 |
| dewey-search | 330 |
| dewey-sort | 3330 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| indexdate | 2024-09-12T00:07:24Z |
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| publishDate | 2016 |
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| publisher | ifoInstitut - Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V. |
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| series | ifo Beiträge zur Wirtschaftsforschung |
| series2 | ifo Beiträge zur Wirtschaftsforschung |
| spelling | Eberl, Jakob Korbinian 1985- Verfasser (DE-588)1106893700 aut The collateral framework of the Eurosystem and its fiscal implications Jakob Korbinian Eberl München ifoInstitut - Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V. [2016] XI, 257 Seiten 21 Diagramme txt rdacontent n rdamedia nc rdacarrier ifo Beiträge zur Wirtschaftsforschung 69 Dissertation Ludwig-Maximilians-Universität München 2016 Eurosystem (DE-588)10369679-9 gnd rswk-swf Fiskalpolitik (DE-588)4071234-5 gnd rswk-swf Kreditsicherheit (DE-588)4215396-7 gnd rswk-swf Wertpapierpensionsgeschäft (DE-588)4243845-7 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Eurozone (DE-588)7553526-9 gnd rswk-swf Eurosystem Fiskalische Tragfähigkeit Fiskalpolitik Geldpolitik Pfänder und Pfänderkriterien Staatsgarantie (DE-588)4113937-9 Hochschulschrift gnd-content Eurozone (DE-588)7553526-9 g Eurosystem (DE-588)10369679-9 b Fiskalpolitik (DE-588)4071234-5 s Geldpolitik (DE-588)4019902-2 s Kreditsicherheit (DE-588)4215396-7 s Wertpapierpensionsgeschäft (DE-588)4243845-7 s DE-604 Ifo Institut (DE-588)16345994-0 pbl ifo Beiträge zur Wirtschaftsforschung 69 (DE-604)BV013457541 69 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029047190&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Eberl, Jakob Korbinian 1985- The collateral framework of the Eurosystem and its fiscal implications ifo Beiträge zur Wirtschaftsforschung Eurosystem (DE-588)10369679-9 gnd Fiskalpolitik (DE-588)4071234-5 gnd Kreditsicherheit (DE-588)4215396-7 gnd Wertpapierpensionsgeschäft (DE-588)4243845-7 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)10369679-9 (DE-588)4071234-5 (DE-588)4215396-7 (DE-588)4243845-7 (DE-588)4019902-2 (DE-588)7553526-9 (DE-588)4113937-9 |
| title | The collateral framework of the Eurosystem and its fiscal implications |
| title_auth | The collateral framework of the Eurosystem and its fiscal implications |
| title_exact_search | The collateral framework of the Eurosystem and its fiscal implications |
| title_full | The collateral framework of the Eurosystem and its fiscal implications Jakob Korbinian Eberl |
| title_fullStr | The collateral framework of the Eurosystem and its fiscal implications Jakob Korbinian Eberl |
| title_full_unstemmed | The collateral framework of the Eurosystem and its fiscal implications Jakob Korbinian Eberl |
| title_short | The collateral framework of the Eurosystem and its fiscal implications |
| title_sort | the collateral framework of the eurosystem and its fiscal implications |
| topic | Eurosystem (DE-588)10369679-9 gnd Fiskalpolitik (DE-588)4071234-5 gnd Kreditsicherheit (DE-588)4215396-7 gnd Wertpapierpensionsgeschäft (DE-588)4243845-7 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Eurosystem Fiskalpolitik Kreditsicherheit Wertpapierpensionsgeschäft Geldpolitik Eurozone Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029047190&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV013457541 |
| work_keys_str_mv | AT eberljakobkorbinian thecollateralframeworkoftheeurosystemanditsfiscalimplications AT ifoinstitut thecollateralframeworkoftheeurosystemanditsfiscalimplications |