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  • Stabi Berlin  (4)
  • Kumar, Manmohan S.  (4)
  • Open access  (4)
  • 1
    Online Resource
    Online Resource
    Pledged collateral market's role in transmission to short-term market rates (2019)
    [Washington, DC] : International Monetary Fund
    Details
    UID:
    gbv_1668136694
    Format: 1 Online-Ressource (circa 22 Seiten) , Illustrationen
    ISBN: 9781498312790
    Series Statement: IMF working paper WP/19, 106
    Content: 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
    Additional Edition: Erscheint auch als Druck-Ausgabe Singh, Manmohan Pledged Collateral Market's Role in Transmission to Short-Term Market Rates Washington, D.C. : International Monetary Fund, 2019 ISBN 9781498312790
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781498312790.001
    URL: kostenfrei
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
    Author information: Kumar, Manmohan S.
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    Stabi Berlin
  • 2
    Online Resource
    Online Resource
    Leverage : a broader view (2018)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_1023239132
    Format: 1 Online-Ressource (circa 29 Seiten) , Illustrationen
    ISBN: 9781484347034
    Series Statement: IMF working paper WP/18, 62
    Content: 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
    Additional Edition: Erscheint auch als Druck-Ausgabe Singh, Manmohan Leverage-A Broader View Washington, D.C. : International Monetary Fund, 2018 ISBN 9781484347034
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781484347034.001
    URL: kostenfrei
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
    Author information: Kumar, Manmohan S.
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    Stabi Berlin
  • 3
    Online Resource
    Online Resource
    The morning after : the impact on collateral supply after a major default (2018)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_1041102526
    Format: 1 Online-Ressource (circa 27 Seiten) , Illustrationen
    ISBN: 9781484381922
    Series Statement: IMF working paper WP/18, 228
    Content: Changes to the regulatory system introduced after the financial crisis include not only mandatory clearing of OTC derivatives at central counterparties and margining of uncleared derivatives, but also prudential measures, including notably a 'Liquidity Coverage Ratio' which obliges firms to set aside high-quality liquid assets (HQLA) as a stopgap against anticipated cash outflows. We examine factors which may affect the demand for HQLA in a severely stressed market following a hypothetical default of a major clearing member. Immediately following a major default, the amount of HQLA demanded by the whole market would spike. We estimate the size of the spike and draw conclusions as to whether the depth of the market is adequate to absorb it
    Additional Edition: Erscheint auch als Druck-Ausgabe Turing, Dermot The Morning After--The Impact on Collateral Supply After a Major Default Washington, D.C. : International Monetary Fund, 2018 ISBN 9781484381922
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781484381922.001
    URL: kostenfrei
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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    Author information: Kumar, Manmohan S.
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    Stabi Berlin
  • 4
    Online Resource
    Online Resource
    Central counterparties resolution : an unresolved problem (2018)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_1023240696
    Format: 1 Online-Ressource (circa 24 Seiten) , Illustrationen
    ISBN: 9781484347300
    Series Statement: IMF working paper WP/18, 65
    Content: 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
    Additional Edition: Erscheint auch als Druck-Ausgabe Singh, Manmohan Central Counterparties Resolution-An Unresolved Problem Washington, D.C. : International Monetary Fund, 2018 ISBN 9781484347300
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781484347300.001
    URL: kostenfrei
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
    Author information: Kumar, Manmohan S.
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    Stabi Berlin
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