The collateral policy of central banks: an analysis focusing on the Eurosystem
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
München
ifo Institut, Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V.
[2016]
|
| Series: | ifo Beiträge zur Wirtschaftsforschung
72 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xv, 335 Seiten Diagramme, Karten |
| ISBN: | 9783959420211 3959420218 |
Staff View
MARC
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| 245 | 1 | 0 | |a The collateral policy of central banks |b an analysis focusing on the Eurosystem |c Christopher Weber |
| 264 | 1 | |a München |b ifo Institut, Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V. |c [2016] | |
| 264 | 4 | |c © 2016 | |
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| 653 | |a Bank of England | ||
| 653 | |a Bank of Japan | ||
| 653 | |a Befristete Transaktion | ||
| 653 | |a Europäische Währungsunion | ||
| 653 | |a Eurosystem | ||
| 653 | |a Federal Reserve System | ||
| 653 | |a Pfänderpolitik | ||
| 653 | |a Segmentweises Pooling | ||
| 653 | |a Sicherheitsabschlag | ||
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Record in the Search Index
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| adam_text |
CONTENTS
LIST O F A B B REVIATION S AND A CRONYM S V
LIST O F SYM BOLS IX
LIST O F F IGURES XI
LIST O F TABLES X V
IN TROD U CTION 1
I
T H E R OLE O F C OLLATERAL IN C ENTRAL B ANK P O LICY
1 C ENTRAL B ANK O BJECTIVES 17
1.1 FISCAL AND ECONOMIC S
TABILITY.
17
1.2 MONETARY S TA B ILITY
.
18
1.3 FINANCIAL S TA B ILITY
.
19
1.4 FINANCIAL S
OUNDNESS.
21
1.5 INTERDEPENDENCE BETWEEN CRISIS ORIGIN AND OBJECTIVE S H IF TS
.
22
2 C OLLATERAL P OLICY W ITH IN C ENTRAL B ANK OBJECTIVES 25
2.1 DIMENSIONS OF COLLATERAL P O LIC Y
.
26
2.2 CUSTODIAN OF THE MONETARY POLICY RULE: BUILDING UPON THE ORIGINS OF
COLLATERALIZATION 31
2.3 LENDER OF LAST RESORT POLICY AND C O
LLATERAL.
36
2.4 MARKET-MAKER OF LAST RESORT POLICY AND C
OLLATERAL. 44
II
C OLLATERAL P O LICY M EASURES IN P RA CTICE
3 H ISTORICAL P REDECESSORS IN COLLATERAL P OLICY 49
3.1 BANK OF AMSTERDAM IN THE 18TH C
ENTURY.
49
3.2 BANK OF ENGLAND IN THE 19TH CENTURY
.
50
3.3 REICHSBANK IN WORLD WAR I
.
52
3.4 FEDERAL RESERVE SYSTEM IN WORLD WAR I
.
53
3.5 BANQUE DE FRANCE BEFORE AND AFTER WORLD WAR I
. 53
3.6 FEDERAL RESERVE SYSTEM BETWEEN WORLD WAR I AND THE GREAT D EPRESSION
.
53
3.7 REICHSBANK DURING GERMAN
HYPERINFLATION.
54
3.8 FEDERAL RESERVE SYSTEM DURING THE GREAT
DEPRESSION. 55
3.9 REICHSBANK DURING THE GREAT
DEPRESSION.
57
3.10 FEDERAL RESERVE SYSTEM IN THE 1970S AND 1 9 8 0
S. 59
3.11 BANQUE DE FRANCE DURING FINANCIAL
INTERVENTIONISM. 60
3.12 BANCO DE ESPANA DURING FINANCIAL INTERVENTIONISM
. 61
3.13 EUROPEAN MONETARY SYSTEM DURING THE CRISIS OF 1992
.
62
3.14 BANK OF JAPAN IN THE 1 9 9 0 S
.
63
3.15 DEUTSCHE BUNDESBANK UNTIL THE 1990S
.
63
3.16 FINDINGS FROM THE P A S
T.
65
4 T H E E U RO SY STEM *S C OLLATERAL P OLICY AND TH E A P P LICATION IN
C RISIS M ANAGEM EN T 69
4.1 COLLATERAL IN EUROSYSTEM P
OLICY.
71
4.2 ELIGIBILITY CRITERIA IN THE EUROSYSTEM*S COLLATERAL FRAM EW ORK
.
75
4.2.1 TWO COLLATERAL FRAM EW
ORKS.
75
4.2.2 THE INITIAL GENERAL FRAMEWORK: TIER-1 AND TIER-2 E LIG IB ILITY
.
76
4.2.3 A COMPREHENSIVE COLLATERAL FRAMEWORK: THE SINGLE LIST
.
77
4.2.4 GENERAL PRINCIPLES OF THE COLLATERAL FRAM EWORK
.
78
4.3 THE DEVELOPMENT OF ELIGIBILITY CRITERIA
.
82
4.3.1 GENERAL CHANGES TO THE ELIGIBILITY OF A SSE TS
.
83
4.3.2 CHANGES TO THE ELIGIBILITY OF DEBT INSTRUMENTS ISSUED OR
GUARANTEED BY GOV
ERNMENTS
.
87
4.3.3 CHANGES TO THE ELIGIBILITY OF DEBT INSTRUMENTS TRADED ON
NON-REGULATED
M ARK
ETS.
88
4.3.4 CHANGES TO THE ELIGIBILITY OF BANK B O N D S
. 90
4.3.5 CHANGES TO THE ELIGIBILITY OF ASSET-BACKED
SECURITIES. 94
4.3.6 CHANGES TO THE ELIGIBILITY OF CORPORATE
BONDS. 97
4.4 SUMMARY OF CHANGES TO ELIGIBILITY C R IT E R I A
. 97
4.5 HAIRCUTS IN THE EUROSYSTEM*S COLLATERAL
FRAMEWORK. 99
4.5.1 THE SET OF RISK CONTROL MEASURES
. 99
4.5.2 HAIRCUTS AS THE KEY RISK CONTROL M EASURE
.
100
4.5.3 A NORMATIVE PERSPECTIVE ON HAIRCUT SPECIFICATION
.
102
4.5.4 THE EUROSYSTEM*S HAIRCUT SPECIFICATION
.
107
4.5.5 DESCRIPTIVE ANALYSIS OF HAIRCUTS APPLIED BY THE EUROSYSTEM
.
I L L
4.5.6 EVALUATION OF THE EUROSYSTEM*S HAIRCUT SPECIFICATION
.
118
4.5.7 EFFECTS OF THE CLUSTERING APPROACH: SEGMENTAL POOLING
.
120
4.6 DEVELOPMENTS IN THE ELIGIBLE ASSETS POOL
.
122
4.6.1 DEVELOPMENT ACCORDING TO ASSET TYPE AND C O U N TRY
.
123
4.6.2 DEVELOPMENT ACCORDING TO CREDIT Q U A LITY
.
124
4.6.3 DEVELOPMENT ACCORDING TO D ENOM INATION
.
125
4.6.4 DEVELOPMENT ACCORDING TO REFERENCE M A R K E T
.
125
4.6.5 DEVELOPMENT ACCORDING TO RESIDUAL M A TU RITY
.
126
4.6.6 SUMMARY: HORIZONTAL AND VERTICAL BROADENING OF THE ELIGIBLE ASSETS
POOL . . 128
4.7 FINDINGS REGARDING THE OBJECTIVES PURSUED BY THE E UROSYSTEM
.
128
5 A C OM P ARATIVE V IEW ON IN TERN ATION AL C OLLATERAL P OLICY IN C
RISIS 133
5.1 FEDERAL RESERVE S Y S TE M
.134
5.1.1 TERM AUCTION F A C ILITY
.
136
5.1.2 PRIMARY DEALER CREDIT F A C ILITY
.
137
5.1.3 TERM SECURITIES LENDING F A C ILITY
.
141
5.1.4 ASSET-BACKED COMMERCIAL PAPER MONEY MARKET MUTUAL FUND LIQUIDITY
FA
CILITY AND MONEY MARKET INVESTOR FUNDING F A C ILITY
.
143
5.1.5 COMMERCIAL PAPER FUNDING FACILITY
. 143
5.1.6 TERM ASSET-BACKED SECURITIES LOAN F A C ILITY
.
144
5.2 BANK OF E N G LA N D
.146
5.2.1 SPECIAL LONG-TERM R E P O S
.
148
5.2.2 SPECIAL LIQUIDITY S C H E M E
.
152
5.2.3 DISCOUNT WINDOW F ACILITY
.
154
5.2.4 CONTINGENT TERM REPO F ACILITY
.
155
5.2.5 FUNDING FOR LENDING AND LOAN GUARANTEE SCHEM ES
.
155
5.2.6 SETS OF ELIGIBLE C O LLA TE RA
L.
156
5.3 BANK OF JAPAN
.158
5.3.1 STANDARD LENDING F
ACILITIES.
158
5.3.2 COLLATERAL POLICY MEASURES SINCE 2007
. 162
5.4 FINDINGS AND COMPARISON TO THE E U RO SY STE M
. 167
III IM P A C T A N D E FFE C TS O F C O LLA TE R A L P O LIC Y
6 C OLLATERAL P OLICY T RANSM ISSION AND TH E D ECISION O F TH E C
ENTRAL B ANK 173
6.1 THE CENTRAL BANK*S OBJECTIVE FUNCTION
.
174
6.1.1 POLICY INFLUENCES ON MONETARY S TA B ILITY
. 175
6.1.2 POLICY INFLUENCES ON FISCAL AND ECONOMIC S TA B ILITY
.
176
6.1.3 POLICY INFLUENCES ON FINANCIAL STABILITY
.
184
6.2 TRADE-OFFS IN CENTRAL BANK DECISION
.
186
6.2.1 INTEREST RATE P O LIC Y
.
186
6.2.2 HAIRCUT POLICY
.188
6.2.3 QUANTITY
POLICY.191
6.3 OPTIMAL POLICY INSTRUMENT BY CENTRAL BANK O BJECTIVE
.
192
6.4 DETERMINING WEIGHTS ON CENTRAL BANKS* OBJECTIVES IN P R A C TIC E
.
196
6.4.1 SIZE AND VULNERABILITY OF THE FINANCIAL S Y S TE M
.
196
6.4.2 NEED AND RESPONSIBILITY FOR ECONOMIC POLICY C O N D U CTIO N
.
198
6.4.3 THE STATE OF MONETARY STABILITY
.206
7 Q UALITY EFFECTS O F C OLLATERAL P OLICY 209
7.1 INSTITUTIONAL BACKGROUND: THE REPO M ARKET
.
210
7.1.1 GENERAL ASPECTS OF REPURCHASE A GREEM
ENTS. 210
7.1.2 COLLATERAL AND HAIRCUTS IN THE EUROPEAN REPO M A RK E T
.
212
7.2 A MODEL OF ADVERSE SELECTION OF
COLLATERAL.
217
7.2.1 MODEL WITH PRIVATE AND PUBLIC LIQUIDITY PROVISION
.
219
7.2.2 THE EUROSYSTEM AS PROVIDER OF PUBLIC LIQUIDITY
.
228
7.3 EVIDENCE ON WITHIN-SEGMENT QUALITY OF COLLATERAL P LE D G E D
.
243
8 D ISTRIB U TION E FFECTS O F C OLLATERAL P OLICY 247
8.1 MODEL SETUP
.248
8.2 SYMMETRIC
POLICY.250
8.2.1 INTEREST RATE P O LIC Y
.
250
8.2.2 HAIRCUT P O LI C Y
.250
8.2.3 DISTRIBUTION EFFECTS
.250
8.3 ASYMMETRIC P O LIC Y
.252
8.3.1 HAIRCUT P O LI C Y
.252
8.3.2 DISTRIBUTION EFFECTS
.252
8.4 SEGMENTAL P O O LIN G
.
253
8.4.1 SEGMENTALLY-POOLED CENTRAL BANK H A IR C U TS
.
253
8.4.2 POLICY MIX
.
253
8.4.3 DISTRIBUTION EFFECTS
.
254
8.5 NATIONAL DIFFERENCES IN THE EUROSYSTEM*S COLLATERAL P O O L
.
256
8.5.1 HOME BIAS
.
256
8.5.2 ASSET TYPE COMPOSITION OF NATIONAL ELIGIBLE COLLATERAL P O O
LS.257
8.5.3 QUALITY STRUCTURE OF NATIONAL ELIGIBLE COLLATERAL PO O LS
.
262
8.6 INCENTIVES FOR
FREERIDING.
268
8.7 DISTRIBUTION EFFECTS IN THE EUROPEAN MONETARY U N I O N
.
269
9 C OLLATERAL P OLICY AND M ARKET IM P ACT 275
9.1 MOVEMENTS INTO AND OUT OF THE ELIGIBLE COLLATERAL P O O L
.
277
9.2 IMPACT-IDENTIFYING C R IT E R I A
.
278
9.3 STRUCTURE OF AFFECTED ASSETS AND M A R K E TS
.
279
9.4 MOVEMENTS IN MARKET PRICES AND S P RE A D S
.
285
9.5 CHANGING ISSUANCE B
EHAVIOR.
291
C ON CLUSION 303
A P P EN D IX TO C H APTER 7 307
R EFERENCES
311 |
| any_adam_object | 1 |
| author | Weber, Christopher 1984- |
| author_GND | (DE-588)1047976501 |
| author_facet | Weber, Christopher 1984- |
| author_role | aut |
| author_sort | Weber, Christopher 1984- |
| author_variant | c w cw |
| building | Verbundindex |
| bvnumber | BV043987451 |
| classification_rvk | QK 920 |
| ctrlnum | (OCoLC)968751021 (DE-599)DNB1120944333 |
| dewey-full | 330 |
| 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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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV043987451 |
| illustrated | Not Illustrated |
| indexdate | 2024-09-12T00:07:24Z |
| institution | BVB |
| institution_GND | (DE-588)16345994-0 |
| isbn | 9783959420211 3959420218 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029395744 |
| oclc_num | 968751021 |
| open_access_boolean | |
| owner | DE-19 DE-BY-UBM DE-M122 DE-12 DE-M158 DE-M382 DE-N2 |
| owner_facet | DE-19 DE-BY-UBM DE-M122 DE-12 DE-M158 DE-M382 DE-N2 |
| physical | xv, 335 Seiten Diagramme, Karten |
| publishDate | 2016 |
| publishDateSearch | 2016 |
| publishDateSort | 2016 |
| publisher | ifo Institut, Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V. |
| record_format | marc |
| series | ifo Beiträge zur Wirtschaftsforschung |
| series2 | ifo Beiträge zur Wirtschaftsforschung |
| spelling | Weber, Christopher 1984- (DE-588)1047976501 aut The collateral policy of central banks an analysis focusing on the Eurosystem Christopher Weber München ifo Institut, Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V. [2016] © 2016 xv, 335 Seiten Diagramme, Karten txt rdacontent n rdamedia nc rdacarrier ifo Beiträge zur Wirtschaftsforschung 72 Dissertation Ludwig-Maximilians-Universität München 2016 Europäische Zentralbank (DE-588)5287962-8 gnd rswk-swf Eurosystem (DE-588)10369679-9 gnd rswk-swf Sicherheiten-Poolvertrag (DE-588)4244537-1 gnd rswk-swf Notenbankpolitik (DE-588)4130528-0 gnd rswk-swf Stabilitätspolitik (DE-588)4077791-1 gnd rswk-swf Bank of England Bank of Japan Befristete Transaktion Europäische Währungsunion Eurosystem Federal Reserve System Pfänderpolitik Segmentweises Pooling Sicherheitsabschlag Zentralbankpolitik Zentralbankzielsetzungen (DE-588)4113937-9 Hochschulschrift gnd-content Eurosystem (DE-588)10369679-9 b Europäische Zentralbank (DE-588)5287962-8 b Sicherheiten-Poolvertrag (DE-588)4244537-1 s Notenbankpolitik (DE-588)4130528-0 s Stabilitätspolitik (DE-588)4077791-1 s DE-604 Ifo Institut (DE-588)16345994-0 pbl ifo Beiträge zur Wirtschaftsforschung 72 (DE-604)BV013457541 72 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029395744&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Weber, Christopher 1984- The collateral policy of central banks an analysis focusing on the Eurosystem ifo Beiträge zur Wirtschaftsforschung Europäische Zentralbank (DE-588)5287962-8 gnd Eurosystem (DE-588)10369679-9 gnd Sicherheiten-Poolvertrag (DE-588)4244537-1 gnd Notenbankpolitik (DE-588)4130528-0 gnd Stabilitätspolitik (DE-588)4077791-1 gnd |
| subject_GND | (DE-588)5287962-8 (DE-588)10369679-9 (DE-588)4244537-1 (DE-588)4130528-0 (DE-588)4077791-1 (DE-588)4113937-9 |
| title | The collateral policy of central banks an analysis focusing on the Eurosystem |
| title_auth | The collateral policy of central banks an analysis focusing on the Eurosystem |
| title_exact_search | The collateral policy of central banks an analysis focusing on the Eurosystem |
| title_full | The collateral policy of central banks an analysis focusing on the Eurosystem Christopher Weber |
| title_fullStr | The collateral policy of central banks an analysis focusing on the Eurosystem Christopher Weber |
| title_full_unstemmed | The collateral policy of central banks an analysis focusing on the Eurosystem Christopher Weber |
| title_short | The collateral policy of central banks |
| title_sort | the collateral policy of central banks an analysis focusing on the eurosystem |
| title_sub | an analysis focusing on the Eurosystem |
| topic | Europäische Zentralbank (DE-588)5287962-8 gnd Eurosystem (DE-588)10369679-9 gnd Sicherheiten-Poolvertrag (DE-588)4244537-1 gnd Notenbankpolitik (DE-588)4130528-0 gnd Stabilitätspolitik (DE-588)4077791-1 gnd |
| topic_facet | Europäische Zentralbank Eurosystem Sicherheiten-Poolvertrag Notenbankpolitik Stabilitätspolitik Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029395744&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV013457541 |
| work_keys_str_mv | AT weberchristopher thecollateralpolicyofcentralbanksananalysisfocusingontheeurosystem AT ifoinstitut thecollateralpolicyofcentralbanksananalysisfocusingontheeurosystem |