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liabilities. In particular, we show that with regard to bank monitoring, monetary policy via collateral requirements leads to a … loans with tighter monitoring of firms. The collateral leverage channel can improve welfare beyond standard bank capital …
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This paper summarises the outcomes of the analysis of the ECB Crypto-Assets Task Force. First, it proposes a characterisation of crypto-assets in the absence of a common definition and as a basis for the consistent analysis of this phenomenon. Second, it analyses recent developments in the...
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