Collateral Reuse And Balance Sheet Space
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| Author | : Mr.Manmohan Singh |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2017-05-08 |
| Genre | : Business & Economics |
| ISBN | : 147559934X |
Download Collateral Reuse and Balance Sheet Space Book in PDF, Epub and Kindle
Transactions on wholesale capital markets are often secured by marketable collateral. However, collateral needs balance sheet space to move within the financial system. Certain new regulations that constrain private sector bank balance sheets may have the effect of impeding collateral flows. This may have important consequences for monetary policy transmission, for short term money market functioning, and for market liquidity. In this context (and in contrast to the literature, which has focused mainly on the repo market), this paper analyzes securities-lending, derivatives, and prime-brokerage markets as suppliers of collateral. It highlights the incentives created by new regulations for different suppliers of collateral. Moreover, it argues that the central banks should be mindful of the effect of their actions on the ability of markets to intermediate collateral.
| Author | : Mr.Manmohan Singh |
| Publisher | : International Monetary Fund |
| Total Pages | : 21 |
| Release | : 2019-05-17 |
| Genre | : Business & Economics |
| ISBN | : 1498312799 |
Download Pledged Collateral Market's Role in Transmission to Short-Term Market Rates Book in PDF, Epub and Kindle
In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors—or example, in securities-lending and repo markets, and prime brokerage funding—impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse.
| Author | : Mr.Manmohan Singh |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2017-05-08 |
| Genre | : Business & Economics |
| ISBN | : 1475599358 |
Download Collateral Reuse and Balance Sheet Space Book in PDF, Epub and Kindle
Transactions on wholesale capital markets are often secured by marketable collateral. However, collateral needs balance sheet space to move within the financial system. Certain new regulations that constrain private sector bank balance sheets may have the effect of impeding collateral flows. This may have important consequences for monetary policy transmission, for short term money market functioning, and for market liquidity. In this context (and in contrast to the literature, which has focused mainly on the repo market), this paper analyzes securities-lending, derivatives, and prime-brokerage markets as suppliers of collateral. It highlights the incentives created by new regulations for different suppliers of collateral. Moreover, it argues the that central banks should be mindful of the effect of their actions on the ability of markets to intermediate collateral.
| Author | : Mr.Manmohan Singh |
| Publisher | : International Monetary Fund |
| Total Pages | : 18 |
| Release | : 2014-06-20 |
| Genre | : Business & Economics |
| ISBN | : 1498330614 |
Download Financial Plumbing and Monetary Policy Book in PDF, Epub and Kindle
This paper focuses on how changes in financial plumbing of the markets may impact the monetary policy options as central banks contemplate lift off from zero lower bound (ZLB). Under the proposed regulations, banks will face leverage ratio constraints. As a result of quantitative easing (QE), banks want balance sheet “space” for financial intermediation/ non-depository activities. At the same time, regulatory changes are boosting demand for high quality liquid assets. The paper also discusses the role of repo markets and the importance of collateral velocity and the need to avoid wedges between repo and monetary policy rates when leaving ZLB.
| Author | : Mr.Manmohan Singh |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2011-11-01 |
| Genre | : Business & Economics |
| ISBN | : 1463923953 |
Download Velocity of Pledged Collateral Book in PDF, Epub and Kindle
Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from specific investment strategies in the asset management complex, with the primary providers being hedge funds, pension funds, insurers, official sector accounts, money markets and others. Post-Lehman, there has been a significant decline in the source collateral for the large dealers that specialize in intermediating pledgeable collateral. Since collateral can be reused, the overall effect (i.e., reduced ?source' of collateral times the velocity of collateral) may have been a $4-5 trillion reduction in collateral. This decline in financial lubrication likely has impact on the conduct of global monetary policy. And recent regulations aimed at financial stability, focusing on building equity and reducing leverage at large banks/dealers, may also reduce financial lubrication in the nonbank/bank nexus.
| Author | : Mr.Manmohan Singh |
| Publisher | : International Monetary Fund |
| Total Pages | : 28 |
| Release | : 2018-03-19 |
| Genre | : Business & Economics |
| ISBN | : 1484348303 |
Download Leverage—A Broader View Book in PDF, Epub and Kindle
Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy.
| Author | : Mr.Manmohan Singh |
| Publisher | : International Monetary Fund |
| Total Pages | : 23 |
| Release | : 2018-03-20 |
| Genre | : Business & Economics |
| ISBN | : 1484347307 |
Download Central Counterparties Resolution—An Unresolved Problem Book in PDF, Epub and Kindle
Recovery and resolution regimes are being developed for central counterparties (CCPs). We analyse current resolution tools in the context of policy, which is to restore the critical functions of a failed CCP. We conclude that the toolkit is insufficient to avoid the costs of resolution being borne by taxpayers, and propose alternative policy suggestions for addressing the problem of a failed CCP.
| Author | : Tobias Adrian |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2018-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1484343883 |
Download Shadow Banking and Market-Based Finance Book in PDF, Epub and Kindle
Variants of nonbank credit intermediation differ greatly. We provide a conceptual framework to help distinguish various characteristics—structural features, economic motivations, and risk implications—associated with different forms of nonbank credit intermediation. Anchored by this framework, we take stock of the evolution of shadow banking and the extent of its transformation into market-based finance since the global financial crisis. In light of the substantial regulatory and supervisory responses of recent years, we highlight key areas of progress while drawing attention to elements where work still needs to be done. Case studies of policy challenges arising in different jurisdictions are also discussed. While many of the amplification forces that were at play during the global financial crisis have diminished, the post-crisis reform agenda is not yet complete, and policy makers must remain attentive to new challenges looming on the horizon.
| Author | : International Monetary Fund. Research Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 15 |
| Release | : 2017-11-09 |
| Genre | : Business & Economics |
| ISBN | : 1484327292 |
Download IMF Research Bulletin, Fall 2017 Book in PDF, Epub and Kindle
The Fall 2017 IMF Research Bulletin includes a Q&A article covering "Seven Questions on the Globalization of Farmland" by Christian Bogmans. The first research summary, by Manmohan Singh and Haobing Wang is "Central Bank Balance Sheet Policies: Some Policy Implications." The second research summary is "Leaning Against the Windy Bank Lending" by Giovanni Melina and Stefania Villa. A listing of new IMF Working Papers and Staff Discussion Notes is featured, as well as new titles from IMF Publications. Information on IMF Economic Review is also included.
| Author | : Luc Nijs |
| Publisher | : Springer Nature |
| Total Pages | : 759 |
| Release | : 2020-06-30 |
| Genre | : Business & Economics |
| ISBN | : 3030348172 |
Download The Handbook of Global Shadow Banking, Volume II Book in PDF, Epub and Kindle
This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This second volume explores three particular domains of shadow banking. The first domain deals with the macro-economic fundamentals of the respective shadow banking segments: Why do they exist, what problems do they solve and why are some of their embedded risks so persistent? The second domain captures the global dimensions of shadow banking markets, reviewing the particularities and specifics of various shadow banking systems around the world. Volume II concludes with an extensive overview of how the sector has changed since the financial crisis, focusing on regulatory arbitrage, contract imperfection and governance. Closing on unresolved issues and open-ended questions that will no doubt remain prominent in the shadow banking sector for years to come, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.
