The paper attempts to investigate the influence of the 1988 Basel Accord on bank behavior and monetary policy. It is argued that the Accord was successful in that it forced commercial banks in all of G-10 countries to maintain higher capital ratios. Tentative research suggests, however, that -...

After the Lehman default, but also during the euro area sovereign debt crisis, central banks have tended to extend the ability of banks to take recourse to central bank credit operations through changes of the collateral framework (e.g. CGFS, 2008 – in consistence with previous narratives,...

In the liquidity crises since 2008, central banks have extended the ability of banks to take recourse to central bank credit operations through changes of the collateral framework. Remarkably, in March 2020, the ECB even lowered haircuts across a broad range of assets and the Fed in March 2023...