The (Other) deleveraging /:
Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show that post-Lehman there has been a significant decline in the interconnectedness in th...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Körperschaft: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Place of publication not identified] :
International Monetary Fund,
2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/179. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show that post-Lehman there has been a significant decline in the interconnectedness in the pledged collateral market between banks and nonbanks. We find that both the collateral and its associated velocity are not rebounding as of end-2011 and still about $4-5 trillion lower than the peak of $10 trillion as of end-2007. This paper updates Singh (2011) and we use this data to compare with the monetary aggregates (largely due to QE efforts in US, Euro area and UK), and discuss the overall financial lubrication that likely impacts the conduct of global monetary policy. |
| Beschreibung: | 1 online resource : illustrations |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 1475585152 9781475585155 |
Internformat
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| 245 | 1 | 4 | |a The (Other) deleveraging / |c Manmohan Singh. |
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| 520 | |a Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show that post-Lehman there has been a significant decline in the interconnectedness in the pledged collateral market between banks and nonbanks. We find that both the collateral and its associated velocity are not rebounding as of end-2011 and still about $4-5 trillion lower than the peak of $10 trillion as of end-2007. This paper updates Singh (2011) and we use this data to compare with the monetary aggregates (largely due to QE efforts in US, Euro area and UK), and discuss the overall financial lubrication that likely impacts the conduct of global monetary policy. | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; Figures; 1. Deleveraging Components: Balance Sheet Shrinkage and Reduced Interconnectedness; II. Deleveraging From 2007-2011; 2. Average cost of Borrowing for the Real Economy (Relevant US and Europe Indices); 3. Post-Lehman, Borrowing Cost For Financials Are Higher than Non-Financials; Tables; 1. Securities Lending, 2007-2011; Box; 1. Are There Any Other Buckets That Are Sources for Pledged Collateral?; 4. Pledged Collateral, 2011-Typical Sources and Uses; 5. Pledged Collateral that can be Re-used with Large European and U.S. Banks. | |
| 505 | 8 | |a 2. Source of Pledged Collateral, Velocity and Overall Collateral6. Pledged Collateral, 2007-2011: Typical Sources and Uses (Summary); III. Collateral Velocity Factor and Monetary Policy; IV. Policy Issues; 7. Overall Financial Lubrication: M2 and Pledged Collateral; Annex; 1. Deleveraging Components -- Balance Sheet and Interconnectedness; 2. Hedge Fund Borrowing from Prime Brokers; References. | |
| 650 | 0 | |a Financial leverage. |0 http://id.loc.gov/authorities/subjects/sh94002418 | |
| 650 | 0 | |a Hedge funds. |0 http://id.loc.gov/authorities/subjects/sh94006028 | |
| 650 | 0 | |a Securities. |0 http://id.loc.gov/authorities/subjects/sh85119463 | |
| 650 | 0 | |a Monetary policy. |0 http://id.loc.gov/authorities/subjects/sh85086787 | |
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| 650 | 6 | |a Politique monétaire. | |
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| author | Singh, Manmohan, 1964- |
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| contents | Cover; Contents; I. Introduction; Figures; 1. Deleveraging Components: Balance Sheet Shrinkage and Reduced Interconnectedness; II. Deleveraging From 2007-2011; 2. Average cost of Borrowing for the Real Economy (Relevant US and Europe Indices); 3. Post-Lehman, Borrowing Cost For Financials Are Higher than Non-Financials; Tables; 1. Securities Lending, 2007-2011; Box; 1. Are There Any Other Buckets That Are Sources for Pledged Collateral?; 4. Pledged Collateral, 2011-Typical Sources and Uses; 5. Pledged Collateral that can be Re-used with Large European and U.S. Banks. 2. Source of Pledged Collateral, Velocity and Overall Collateral6. Pledged Collateral, 2007-2011: Typical Sources and Uses (Summary); III. Collateral Velocity Factor and Monetary Policy; IV. Policy Issues; 7. Overall Financial Lubrication: M2 and Pledged Collateral; Annex; 1. Deleveraging Components -- Balance Sheet and Interconnectedness; 2. Hedge Fund Borrowing from Prime Brokers; References. |
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| indexdate | 2024-11-26T14:49:18Z |
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| spelling | Singh, Manmohan, 1964- author. https://id.oclc.org/worldcat/entity/E39PCjvX6JTd99K7Dk8GKQbBGd http://id.loc.gov/authorities/names/no2003092701 The (Other) deleveraging / Manmohan Singh. [Place of publication not identified] : International Monetary Fund, 2012. 1 online resource : illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/12/179 Includes bibliographical references. Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show that post-Lehman there has been a significant decline in the interconnectedness in the pledged collateral market between banks and nonbanks. We find that both the collateral and its associated velocity are not rebounding as of end-2011 and still about $4-5 trillion lower than the peak of $10 trillion as of end-2007. This paper updates Singh (2011) and we use this data to compare with the monetary aggregates (largely due to QE efforts in US, Euro area and UK), and discuss the overall financial lubrication that likely impacts the conduct of global monetary policy. Cover; Contents; I. Introduction; Figures; 1. Deleveraging Components: Balance Sheet Shrinkage and Reduced Interconnectedness; II. Deleveraging From 2007-2011; 2. Average cost of Borrowing for the Real Economy (Relevant US and Europe Indices); 3. Post-Lehman, Borrowing Cost For Financials Are Higher than Non-Financials; Tables; 1. Securities Lending, 2007-2011; Box; 1. Are There Any Other Buckets That Are Sources for Pledged Collateral?; 4. Pledged Collateral, 2011-Typical Sources and Uses; 5. Pledged Collateral that can be Re-used with Large European and U.S. Banks. 2. Source of Pledged Collateral, Velocity and Overall Collateral6. Pledged Collateral, 2007-2011: Typical Sources and Uses (Summary); III. Collateral Velocity Factor and Monetary Policy; IV. Policy Issues; 7. Overall Financial Lubrication: M2 and Pledged Collateral; Annex; 1. Deleveraging Components -- Balance Sheet and Interconnectedness; 2. Hedge Fund Borrowing from Prime Brokers; References. Financial leverage. http://id.loc.gov/authorities/subjects/sh94002418 Hedge funds. http://id.loc.gov/authorities/subjects/sh94006028 Securities. http://id.loc.gov/authorities/subjects/sh85119463 Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Effet de levier. Fonds spéculatifs. Politique monétaire. BUSINESS & ECONOMICS Finance. bisacsh Financial leverage fast Hedge funds fast Monetary policy fast Securities fast International Monetary Fund. Research Department. http://id.loc.gov/authorities/names/n77001219 has work: The (Other) deleveraging (Text) https://id.oclc.org/worldcat/entity/E39PCGP3MY7m3mWddpRw6K77Md https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/12/179. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568199 Volltext |
| spellingShingle | Singh, Manmohan, 1964- The (Other) deleveraging / IMF working paper ; Cover; Contents; I. Introduction; Figures; 1. Deleveraging Components: Balance Sheet Shrinkage and Reduced Interconnectedness; II. Deleveraging From 2007-2011; 2. Average cost of Borrowing for the Real Economy (Relevant US and Europe Indices); 3. Post-Lehman, Borrowing Cost For Financials Are Higher than Non-Financials; Tables; 1. Securities Lending, 2007-2011; Box; 1. Are There Any Other Buckets That Are Sources for Pledged Collateral?; 4. Pledged Collateral, 2011-Typical Sources and Uses; 5. Pledged Collateral that can be Re-used with Large European and U.S. Banks. 2. Source of Pledged Collateral, Velocity and Overall Collateral6. Pledged Collateral, 2007-2011: Typical Sources and Uses (Summary); III. Collateral Velocity Factor and Monetary Policy; IV. Policy Issues; 7. Overall Financial Lubrication: M2 and Pledged Collateral; Annex; 1. Deleveraging Components -- Balance Sheet and Interconnectedness; 2. Hedge Fund Borrowing from Prime Brokers; References. Financial leverage. http://id.loc.gov/authorities/subjects/sh94002418 Hedge funds. http://id.loc.gov/authorities/subjects/sh94006028 Securities. http://id.loc.gov/authorities/subjects/sh85119463 Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Effet de levier. Fonds spéculatifs. Politique monétaire. BUSINESS & ECONOMICS Finance. bisacsh Financial leverage fast Hedge funds fast Monetary policy fast Securities fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh94002418 http://id.loc.gov/authorities/subjects/sh94006028 http://id.loc.gov/authorities/subjects/sh85119463 http://id.loc.gov/authorities/subjects/sh85086787 |
| title | The (Other) deleveraging / |
| title_auth | The (Other) deleveraging / |
| title_exact_search | The (Other) deleveraging / |
| title_full | The (Other) deleveraging / Manmohan Singh. |
| title_fullStr | The (Other) deleveraging / Manmohan Singh. |
| title_full_unstemmed | The (Other) deleveraging / Manmohan Singh. |
| title_short | The (Other) deleveraging / |
| title_sort | other deleveraging |
| topic | Financial leverage. http://id.loc.gov/authorities/subjects/sh94002418 Hedge funds. http://id.loc.gov/authorities/subjects/sh94006028 Securities. http://id.loc.gov/authorities/subjects/sh85119463 Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Effet de levier. Fonds spéculatifs. Politique monétaire. BUSINESS & ECONOMICS Finance. bisacsh Financial leverage fast Hedge funds fast Monetary policy fast Securities fast |
| topic_facet | Financial leverage. Hedge funds. Securities. Monetary policy. Effet de levier. Fonds spéculatifs. Politique monétaire. BUSINESS & ECONOMICS Finance. Financial leverage Hedge funds Monetary policy Securities |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568199 |
| work_keys_str_mv | AT singhmanmohan theotherdeleveraging AT internationalmonetaryfundresearchdepartment theotherdeleveraging AT singhmanmohan otherdeleveraging AT internationalmonetaryfundresearchdepartment otherdeleveraging |