Search Results - subject_exact:"Sicherungseigentum"

Land protection, credit access, and the insurance gap : the De Soto trap

Hernani-Limarino, Werner - 2026

Bolivia's Ley 1720 (April 2026) allows smallholders to voluntarily convert constitutionally protected pequeña propiedad - land that cannot be seized by creditors - into pledgeable mediana propiedad, explicitly targeting the credit-access channel that Hernando de Soto popularized. This paper...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654700

Severe weather and collateral practices

Cella, Cristina; Schubert, Valentin - 2026

Physical climate risks significantly influence banks' collateral practices. Drawing on comprehensive loan-level data from Sweden, we find that adverse weather events increase both the likelihood and the amount of collateral required for new loans. For existing loans, banks are less inclined to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015564014

The usage of security lending facilities under unconventional monetary policy : evidence from Sweden

Blix Grimaldi, Marianna; Schneider, Fabienne; Vestin, David - 2026 - Last updated: March 6, 2026

This paper examines the interaction between quantitative easing (QE) and the securities lending facility (SLF) using a detailed dataset on Riksbank QE purchases, Swedish DMO SLF transactions and OTC repo deals. A theoretical model further shows how excess demand for assets and search frictions...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612289

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The usage of security lending facilities under unconventional monetary policy : evidence from Sweden

Blix Grimaldi, Marianna; Schneider, Fabienne; Vestin, David - 2026

Book / Working Paper

The expert assessment within Banca d'Italia's in-house credit assessment system

Esposito, Lorenzo; Guglielmi, Massimo; Monterisi, Francesco - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015613766

Risky collateral and default probability

Koufopoulos, Kostas; McGowan, Danny; Perdichizzi, Salvatore - 2026

We use a novel data set containing all corporate loans throughout the Eurozone to document a series of novel stylized facts on the relationship between collateral and the probability of default. First, we show that the pervasive empirical finding that riskier borrowers pledge collateral is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592344

The energy efficiency of real estate used as collateral in household and non-financial corporation loans

Buteikis, Andrius; Matkėnaitė, Skirmantė - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015590022

Margins as canaries in the coal mine

Kubitza, Christian; Oehmke, Martin - 2026

Central clearing counterparties (CCPs) manage counterparty risk by requiring clearing members to post margins. This paper explores the role of margins as "canaries in the coal mine:" By inducing defaults of fragile counterparties before contract maturity, margin calls enable CCPs to transfer...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015605599

Central clearing and the pricing of specialness in repo markets

Danisewicz, Piotr; Dieler, Tobias; Mancini, Loriano; … - 2026

Repo markets clear either bilaterally over the counter (OTC) or through central counter-parties (CCPs), which differ in how counterparty risk is priced. In bilateral markets, repo rates reflect borrower-specific risk, while CCP clearing pools counterparties and applies a common pricing rule. We...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626941

Collateral policy surprises

Hüttl, Pia; Ider, Gökhan; Kaldorf, Matthias - 2026

Central bank collateral policy specifies which assets banks can pledge as collateral to obtain central bank funding and is an important determinant of liquidity in the banking system. We propose a high-frequency identification approach to study the systematic effects of central bank collateral...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015633026

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Collateral policy surprises

Hüttl, Pia; Ider, Gökhan; Kaldorf, Matthias - 2026

Book / Working Paper

Capital flows and the global collateral cycle

Fostel, Ana; Geanakoplos, Deno John; Phelan, Gregory - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668715

An underestimated policy lever : the ECB's collateral policy supports financial markets and reduces uncertainty

Hüttl, Pia; Ider, Gökhan; Kaldorf, Matthias - 2026

A central bank's collateral policy determines which assets banks may use as collateral for refinancing operations. Thus, it is a critical tool for providing the banking system with liquidity while simultaneously stabilizing it. Using a high-frequency identification approach, this study examines...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015675192

The efficiency of public guarantee system in a post-transition country : a case of Croatia

Broz, Tanja; Becker, Goran; Ridzak, Tomislav - 2026

In this article we examine the real and financial effects of public credit guarantees issued to SMEs in different regions in Croatia. Credit guarantee schemes are aimed at increasing lending to SMEs and are widely spread around the world. However, the evaluation of their efficiency is lagging...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015676859

Safe assets as balance sheet multipliers

Ozdenoren, Emre; Yuan, Kathy; Zhang, Shengxing - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061872

Nonbank lending under credit registry reform : evidence from Israel's auto loan market

Tsur, Carmel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016074475

Who gets publicly guaranteed loans? : the effect of guarantee fees on loan allocation and pricing

Güler, Ozan; Samarin, Ilia - 2026

We study how guarantee fees affect lending by exploiting the Belgian COVID-19 loan guarantee program, which charged lower fees to SMEs than to large firms. Using this size-based fee discontinuity in a regression discontinuity design, we show that large firms facing higher fees are more likely to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016064305

Locked in, levered up : risk, return, and ruin in DeFi lending

Aspris, Angelo; Svec, Jiri - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016064510

An optimization-based approach to central counterparty collateral determination

Takino, Kazuhiro - 2026

In financial markets, central counterparties (CCP) play a crucial role by managing counterparty risk through collateral requirements. This study proposes a framework for modeling a CCP's optimization problem to describe observed collateral requirements. Two models are developed: the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016082733

Impact of the access to fogape-covid program on firm delinquency : evidence from commercial loans within the banking system

Rishmawi, José; Rojas, Cristian - 2026

One of the most used arguments for delivering Public Credit Guarantee Schemes (PCGS) is to ensure the financing of distressed firms during financial crises. However, there is little evidence of how this affects firms' future capacity to meet their debt obligations, which differs from the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016082478

Monetary policy transmission and non-bank financial intermediation

Anyphantakē, Sophia; Barahona, Ricardo; Cucic, Dominic; … - 2026

The growing importance of non‑bank financial intermediaries (NBFIs) also has important implications for the transmission of monetary policy in the euro area. It alters the composition of credit supply and strengthens the role of market‑based finance for the corporate sector. In the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061018

Contractionary macroprudential policy, collateral valuation, and risk-shifting in EU banking

Koetter, Michael; Noth, Felix; Wöbbeking, Carl Fabian - 2025 - This version: November 19, 2025

We study real estate lending responses to tighter macroprudential policy (MPP) in the form of lower required loan-to-value (LTV) ratios. Contract details of 2.4 million mortgage loans originated between 2008 and 2020 reveal significantly fewer new loan issuances in response to contractionary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015547319

Are CLO markets that contagious? : evidence from COVID-19 induced sell-off in the financial markets

Fadina, Tolulope; Agudze, Komla; Iwuagwu, Chikaodinaka - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015485852

The role of macroprudential policy in times of trouble

Chadha, Jagjit; Corrado, Germana; Corrado, Luisa; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015583597

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The role of macroprudential policy in times of trouble

Chadha, Jagjit; Corrado, Germana; Corrado, Luisa; … - 2025

Book / Working Paper

Legal heterodoxy in the Global South: priority of workers versus secured creditors in insolvency

Davis, Kevin E.; Pargendler, Mariana; Lessa, Maria Eduarda - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015486182

Risk-return management in sustainable finance : collateral basket challenges for synthetically replicated sustainability-linked ETFs in a European context

Bevza, Irina; O'Hagan-Luff, Martha - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015619906

Household Migration and Collateral Constraint : Cash-based Housing Resettlement in China

He, Zhiguo; Liu, Zehao; Pang, Xinle; Su, Yang; Zou, Kunru - 2026

Collateral constraints limit household migration to expensive locations by restricting financing for home purchases. Such endogenous location choice amplifies the impact of relaxing household borrowing constraints. Using China's cash-based shantytown renovation program (2015-2018) as a natural...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626311

The use and disuse of FinTech credit : when buy-now-pay-later meets credit reporting

Dong, Yanfei; Hu, Jiayin; Huang, Yiping; Qiu, Han; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015206733

Fast calculation of cheapest-to-deliver curves

Kemarsky, Alexander; Helm, Wouter van der; Piterbarg, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015655824

The new repo tri-party Canadian collateral management service : benefits to the financial system and to the Bank of Canada

Muller, Philippe; Padalko, Maksym - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015373047

Exploitation of Eurosystem loopholes and their quantitative reconstruction

Svozil, Karl - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015373443

Sophisticated Borrowing Constraints and Macroeconomic Dynamics

Ebsim, Al-Mahdi; Lian, Chen; Ma, Yueran; Ottonello, Pablo; … - 2026

In traditional macro-finance models, firms' debt contracts impose hard borrowing constraints, which require indiscriminate reductions of borrowing and investment when adverse shocks tighten these limits, giving rise to financial acceleration. We study the macroeconomic implications of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653977

New models for South African consumption, house prices, and mortgage and non-mortgage debt : insights for financial stability and monetary transmission

Aron, Janine; Muellbauer, John - 2025

Aggregate consumption typically exceeds 60 per cent of GDP and should be pivotal in central bank policy models. Most use semi-structural macro-models, yet consumption is usually inadequately specified. We use a systems approach to estimate new equations for South African consumption, house...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015273030

Macroeconomic effects of public credit guarantee issuance shocks : evidence from Korea's small business credit guarantee system

Nam, Deokwoo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667276

Optimal credit market policy

Iacoviello, Matteo; Nunes, Ricardo; Prestipino, Andrea - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015357588

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Optimal credit market policy

Iacoviello, Matteo; Nunes, Ricardo; Prestipino, Andrea - 2025

Book / Working Paper

Credit cycles and creditor rights

Kornejew, Martin; Kundu, Shohini; Mueller, Karsten - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016070199

Streamlining variation margin in centrally cleared markets - examples of effective practices : final report

2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015188642

Collateral scarcity and bad credit booms

Martinez, Joseba; Ozturk, Fatih; Rabanal, Pau; Unsal, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609524

Land reforms in developing financial markets : lessons from England's land enclosures 1750-1830

Ifergane, Tomer; Ray, Walker; Van Der Beek, Karine; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639233

Transparency and responsiveness of initial margin in centrally cleared markets - review and policy proposals : final report

2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015188662

Crisis credit, employment protection, indebtedness, and risk

Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio - 2025

This paper studies how credit guarantee and employment protection programs interact in assisting firms during crises times. The paper analyzes how these government programs influence credit allocation, indebtedness, and risk at both the micro and macro levels. The programs provide different...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015191750

The conduct of LTV policy under inflationary shocks

Rubio, Margarita; Yao, Fang - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015194201

Present bias amplifies the household balance-sheet channels of macroeconomic policy

Maxted, Peter; Laibson, David I.; Moll, Benjamin - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015359032

The demand for safe assets

Cavaleri, Filippo; Ranaldo, Angelo; Rossi, Enzo - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015327796

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The demand for safe assets

Cavaleri, Filippo; Ranaldo, Angelo; Rossi, Enzo - 2024

Book / Working Paper

The Scalability of Credit-Enhanced EM Climate Debt : What Role Can Guarantees, Collateralization, Securitizations, and Investment Funds Play?

Lindner, Peter - 2025

This paper reviews the main types of credit enhancement approaches used to support climate debt issuances by EMDE borrowers. Fragmentation on the part of the providers of credit enhancements was identified as a major factor impeding scalability of credit-enhanced debt. The acceptance of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015328136

The use of Banca d'Italia's credit assessment system for Italian non-financial firms within the Eurosystem's collateral framework

Di Virgilio, Stefano; Iannamorelli, Alessandra; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015417018

The secondary market for syndicated loans

Siedlarek, Jan-Peter; Yankov, Vladimir - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015417968

How China collateralizes

Gelpern, Anna; Haddad, Omar; Horn, Sebastian; … - 2025

This paper is the first comprehensive analysis of the secured lending practices of Chinese creditors in emerging market and developing economies (EMDEs). We present a new dataset and detailed case studies of collateralized public and publicly guaranteed (PPG) loans from Chinese state-owned...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015419315

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How China collateralizes

Gelpern, Anna; Haddad, Omar; Horn, Sebastian; … - 2025

Book / Working Paper

How China collateralizes

Gelpern, Anna; Haddad, Omar; Horn, Sebastian; … - 2025

Book / Working Paper

Credit information sharing and firm innovation : evidence from the establishment of public credit registries

Hou, Fangfang; Ng, Jeffrey; Xu, Xinpeng; Zhang, Janus Jian - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015463632

Optimal central bank collateral policy for the net zero transition

Kaldorf, Matthias - 2025

We propose a quantitative DSGE model with environmental and financial frictions to asses how high emission taxes affect optimal central bank collateral policy. Central banks specify which assets banks can pledge as collateral to obtain short-term central bank funding. This is referred to as...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015472682

A stochastic bubble forest

Amol, Amol; Luttmer, Erzo Gerrit Jan - 2025

We consider an economy with overlapping generations of relatively patient consumers who live for two periods. There is within-cohort heterogeneity in old-age endowments that depends on an aggregate state. That state is independent and identically distributed across generations. We assume...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015447981

Collateral and credit

Degryse, Hans; De Jonghe, Olivier; Laeven, Luc; Zhao, Tong - 2025

This paper studies the role of collateral using the euro area corporate credit registry, Ana-Credit. We document key facts about the importance, distribution, and composition of collateral, including its presence, types, and values. On average, 70 % of credit amounts are collateralized. Real...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015449969

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Collateral and credit

Degryse, Hans; De Jonghe, Olivier; Laeven, Luc; Zhao, Tong - 2025

Book / Working Paper

Collateral and credit

Degryse, Hans; De Jonghe, Olivier; Laeven, Luc; Zhao, Tong - 2025

Book / Working Paper