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  • 2015-2019  (7)
  • Kumar, Manmohan S.  (7)
  • Graue Literatur  (7)
  • Buddhismus
  • 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)
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    Author information: Kumar, Manmohan S.
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  • 2
    Online Resource
    Online Resource
    Central bank balance sheet policies and spillovers to emerging markets (2017)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_896064816
    Format: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    ISBN: 9781484311417
    Series Statement: IMF working paper WP/17, 172
    Content: We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions-changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, id est, the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional tools-capital controls and/or macro-prudential policy-to complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing
    Additional Edition: Erscheint auch als Druck-Ausgabe Singh, Manmohan Central Bank Balance Sheet Policies and Spillovers to Emerging Markets Washington, D.C. : International Monetary Fund, 2017 ISBN 9781484311417
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    DOI: 10.5089/9781484311417.001
    URL: kostenfrei
    URL: Volltext
    URL: Volltext
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    Author information: Kumar, Manmohan S.
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  • 3
    Online Resource
    Online Resource
    Collateral reuse and balance sheet space (2017)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_896011577
    Format: 1 Online-Ressource (circa 30 Seiten) , Illustrationen
    ISBN: 9781475599343
    Series Statement: IMF working paper WP/17, 113
    Content: 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
    Additional Edition: Erscheint auch als Druck-Ausgabe Singh, Manmohan Collateral Reuse and Balance Sheet Space Washington, D.C. : International Monetary Fund, 2017 ISBN 9781475599343
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    DOI: 10.5089/9781475599343.001
    URL: kostenfrei
    URL: Volltext
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    Author information: Kumar, Manmohan S.
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  • 4
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    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)
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    Author information: Kumar, Manmohan S.
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  • 5
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    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)
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    Author information: Kumar, Manmohan S.
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  • 6
    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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  • 7
    Online Resource
    Online Resource
    Managing the Fed’s liftoff and transmission of monetary policy (2015)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_838026133
    Format: Online-Ressource (20 S.) , graph. Darst.
    ISBN: 9781513523811 , 1513523813
    Series Statement: IMF working paper 15/202
    Content: In recent years, many money and repo rates in the United States have been between zero and 25 basis points. As Fed's liftoff approaches, the question of the level of these rates (and the markets that determine them) becomes increasingly important. The paper discusses (i) whether the Fed can control short-term rates as it starts to tighten; and (ii) what are the advantages and disadvantages of using asset sales versus a large reverse repo program (RRP). A large RRP by the Fed will deprive the financial system of the money pool (i.e., GSEs and money market funds) as the Fed will directly absorb the money on to its balance sheet. This will rust the financial plumbing that connects the money pool to collateral suppliers. Some asset sales may be preferred to a large RRP as this will result in a market-determined repo rate and will allow the Fed to reach its monetary policy liftoff objectives with minimal footprint on market plumbing. We also discuss cost of issuing short tenor T-bills relative to a large RRP in a rising rate environment
    Additional Edition: Erscheint auch als Druck-Ausgabe Singh, Manmohan Managing the Fed's Liftoff and Transmission of Monetary Policy Washington, D.C. : International Monetary Fund, 2015 ISBN 9781513523811
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    DOI: 10.5089/9781513523811.001
    URL: kostenfrei
    URL: kostenfrei
    URL: kostenfrei
    Author information: Kumar, Manmohan S.
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