Collateral plays a very important role in financial markets. Without easy access to high-quality collateral, dealers and market participants would find it more costly to trade, with a negative impact on market liquidity and the real economy through increased financing costs. The role of...

Using a sample of more than 18,000 Undertakings for Collective Investment in Transferable Securities,or UCITS, this paper aims to provide a first overview of the use of credit default swaps by EU UCITS funds. We show that UCITS funds only account for a small share of the overall EU credit...

Owing to the disruptive events in the shadow banking system during the global financial crisis, policymakers and regulators have sought to strengthen the monitoring framework and to identify any remaining regulatory gaps. In accordance with its mandate, the European Systemic Risk Board (ESRB)...

While a large body of literature argues that financial intermediaries exert a causal impact on long-run growth, it doesn't investigate the links between financial architecture and technological change. We seek to shed light on these links by exploring the relationship between financial...

While a large body of literature argues that financial intermediaries exert a causal impact on long-run growth, it doesn't investigate the links between financial architecture and technological change (as primary source of growth). We seek to shed light on these links by exploring the...