Munich in July 2016. The goal of the thesis is to establish the configuration of collateral policy as a tool of central bank … policies in pursuit of different objectives, and to present collateral policies in practice, as well as impact and effects of … collateral policy. The thesis consists of three parts and nine chapters. The first part discusses the role of collateral in …

Munich in July 2016. The goal of the thesis is to establish the configuration of collateral policy as a tool of central bank … policies in pursuit of different objectives, and to present collateral policies in practice, as well as impact and effects of … collateral policy. The thesis consists of three parts and nine chapters. The first part discusses the role of collateral in …

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 …

in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood …, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …

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

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area … 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 … Risikoprämien sinken. Die Europäische Zentralbank könnte so auf ihr Anleihekauf-Programm verzichten. Die Anleihezinsen für Italien …

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area … 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 …

In this paper, I analyze the impact of the extension of the ECB s collateral framework on securities sales. In addition … lead to fire sales adversely impacting other financial institutions. I find clear evidence that the ECB s collateral …