In the literature, one finds various explanations for the rise of financialized capitalism. In the
different strands of financialization literature, housing either plays a minor role or is simply …

The post-crisis liquidity framework improves banking stability by imposing stricter liquidity
requirements. However, consistent bank performance continues to be an essential factor in …

Credit intermediation outside the regular banking system, or shadow banking, has increased
immensely over the past decade. This paper situates this increase against the backdrop of …

The financial architecture prior to the recent financial crisis was a system of mobile collateral.
Safe debt, whether government bonds or privately produced bonds, that is, asset‐backed …

The effective liquidity supply of the economy—the weighted-sum of all assets that serve as
media of exchange—matters for interest rates and unemployment. We formalize this idea by …

The reuse of collateral can support the efficient allocation of safe assets in the financial
system. Exploiting a novel dataset, we show that banks substantially increase their reuse of …

What is the added value of a security which qualifies as a “high-quality liquid asset”(HQLA)
under the Basel III “Liquidity Coverage Ratio”(LCR)? In this paper, we quantify the added …

In the wake of the financial crisis, new regulatory measures were introduced which, along
with changes in monetary and macroeconomic policy, have transformed the global financial …

Since the 2008 crisis, the liquidity of collateral has become a serious concern for financial
market institutions and regulators due to its increased importance in risk and cash flow …

Collateral management has, during the most recent years, been an increasingly important
part of a bank's operation. The bank is facing an allocation problem of how to post collateral …