Banal-Estañol, Albert; Benito, Enrique; Khametshin, Dmitry
costes derivados del gravamen de activos (asset encumbrance) provocan un aumento de los descuentos aplicables al colateral … funding. We rationalize this finding in a theoretical model in which costs of asset encumbrance increase collateral haircuts … asset encumbrance of the European banks. Our empirical analysis demonstrates that banks with more costly asset encumbrance …