Central bank collateral frameworks are an often overlooked feature of monetary policy that
play a key role in the monetary and financial system. Readers will discover how central …

This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet
occupies a central role in modern monetary and financial systems, namely central bank …

We explore whether transparency in banks' securitization activities enhances loan quality.
We take advantage of a novel disclosure initiative introduced by the European Central Bank …

We study the many implications of the Eurosystem collateral framework for corporate bonds.
Using data on the evolving collateral eligibility list, we identify the first inclusion dates of …

We exploit the recent inclusion of green bonds to the “Eligible Collateral Assets”(ECAs) for
the “Medium-term Loan Facility”(MLF) by the People's Bank of China (PBOC) as a quasi …

We document the central role of collateral in the pricing of tri-party repos. Markets are
competitive for repos with safe collateral but are severely segmented for repos with risky …

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 …

Central bank money provides utility by serving as means of exchange for virtually all
transactions in the economy. Central banks issue reserves (money) to banks in exchange for …

Research background: Green finance is crucial to accelerating China's green transition, and
its growth depends largely on the corresponding monetary policy. To increase financial …

We test if unconventional monetary policy instruments influence the competitive conduct of
banks. Between q2: 2010 and q1: 2012, the ECB absorbed€ 218 billion worth of government …