explains that gold has been used as collateral in the past and how a gold-backed bond might work and how it could lower yields …This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area … (ESCB) has agreed to the temporary transfer of the national central bank's gold to a debt agency in full independence. This …

GARCH framework, which uses Italian long-term bond futures to disentangle expected from unexpected policy actions. We find … that the ECB announcements about unconventional monetary policies substantially reduced Italian long-term government bond …

We assess the effect of accepting illiquid assets as collateral at the central bank on banks' lending activity. We … pool of collateral pledged with the Eurosystem. Panel regression estimates show that the banks that pledged more illiquid … collateral with the Eurosystem increased their lending to non-financial firms and households: a one standard deviation increase …

can it be corrected? The cause of the instability in euro area government bond markets can be traced to a discretionary … delegated the determination of collateral eligibility of euro area government debt to private credit rating agencies and …

bond prices led to significant fluctuations in the collateral constraints of credit institutions. This paper documents the …With the European debt crisis, the role of assets accepted by the Eurosystem as collateral for refinancing operations … the decline in asset prices during the European debt crisis on the valuation of collateral available for refinancing. We …

potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis … longer capable of issuing bonds under their own exclusive monetary control. Thus, integrating euro area sovereign bond …

restructuring of any foreign eurozone country. Debt will not be forgiven: individual states will agree to buy it back from the ECB …

This paper analyzes the causes of the sovereign debt crisis in the eurozone and examines the policy alternatives … national lines into a single unified European government bond (EGB) market that can have the depth, breadth and liquidity to … investors and wealth managers to use euro bond instruments as a tool for payment or transactions needs as well as short …

This paper offers an encompassing analysis of the ECB's collateral criteria between 2001 and 2013. A comprehensive … database of changes to collateral criteria is compiled and structured by asset classes. The main findings can be summarized in … three stylized facts: (1) Since the outbreak of the financial crisis, the ECB has been six times more active in collateral …