demand of new margin and clearing practices and regulations. We decompose collateral demand for both customers and dealers … impact on collateral demand of more widespread initial margin requirements, increased novation of CDS to central clearing …-specialized types, and client clearing. Among other results, we show that system-wide collateral demand is increased significantly by …

careful examination of collateral. As this examination is more valuable when collateral backs projects with low productivity …

and collateral are crucial because they allow the bank to threaten the borrower and liquidate inefficient projects. We …

monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …

Standard economic theory says that unsecured, high-interest, short-term debt — such as borrowing via credit cards and …

nonbank credit, and aspects of the operation of bank clearing mechanisms. What to make of these threats from a public policy …

-pricing framework to value the systematic crash risk exposure of the collateral. We then apply Modigliani and Miller's (1958 …