Verfügbarkeit: The collateral policy of central banks

The collateral policy of central banks: an analysis focusing on the Eurosystem

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Bibliographische Detailangaben
Beteilige Person:	Weber, Christopher 1984- (VerfasserIn)
Format:	Hochschulschrift/Dissertation Buch
Sprache:	Englisch
Veröffentlicht:	München ifo Institut, Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V. [2016]
Schriftenreihe:	ifo Beiträge zur Wirtschaftsforschung 72
Schlagwörter:	Eurosystem Europäische Zentralbank Stabilitätspolitik Notenbankpolitik Sicherheiten-Poolvertrag Bank of England Bank of Japan Befristete Transaktion Europäische Währungsunion Federal Reserve System Pfänderpolitik Segmentweises Pooling Sicherheitsabschlag Zentralbankpolitik Zentralbankzielsetzungen Hochschulschrift
Links:	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
Umfang:	xv, 335 Seiten Diagramme, Karten
ISBN:	9783959420211 3959420218

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653			\|a Pfänderpolitik
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Datensatz im Suchindex

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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 EUROSYSTEMS 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 EUROSYSTEMS 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 EUROSYSTEMS HAIRCUT SPECIFICATION .............................................................. 107 4.5.5 DESCRIPTIVE ANALYSIS OF HAIRCUTS APPLIED BY THE EUROSYSTEM ............................. I L L 4.5.6 EVALUATION OF THE EUROSYSTEMS 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 BANKS 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
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author	Weber, Christopher 1984-
author_GND	(DE-588)1047976501
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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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code="u">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</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-029395744</subfield></datafield></record></collection>
genre	(DE-588)4113937-9 Hochschulschrift gnd-content
genre_facet	Hochschulschrift
id	DE-604.BV043987451
illustrated	Not Illustrated
indexdate	2024-12-20T17:50:31Z
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
spellingShingle	Weber, Christopher 1984- The collateral policy of central banks an analysis focusing on the Eurosystem ifo Beiträge zur Wirtschaftsforschung Eurosystem (DE-588)10369679-9 gnd Europäische Zentralbank (DE-588)5287962-8 gnd Stabilitätspolitik (DE-588)4077791-1 gnd Notenbankpolitik (DE-588)4130528-0 gnd Sicherheiten-Poolvertrag (DE-588)4244537-1 gnd
subject_GND	(DE-588)10369679-9 (DE-588)5287962-8 (DE-588)4077791-1 (DE-588)4130528-0 (DE-588)4244537-1 (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	Eurosystem (DE-588)10369679-9 gnd Europäische Zentralbank (DE-588)5287962-8 gnd Stabilitätspolitik (DE-588)4077791-1 gnd Notenbankpolitik (DE-588)4130528-0 gnd Sicherheiten-Poolvertrag (DE-588)4244537-1 gnd
topic_facet	Eurosystem Europäische Zentralbank Stabilitätspolitik Notenbankpolitik Sicherheiten-Poolvertrag 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

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