Pledged Collateral Market's Role in Transmission to Short-Term Market Rates

Download Pledged Collateral Market's Role in Transmission to Short-Term Market Rates PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1498312799
Total Pages : 21 pages
Book Rating : 4.4/5 (983 download)

DOWNLOAD NOW!


Book Synopsis Pledged Collateral Market's Role in Transmission to Short-Term Market Rates by : Mr.Manmohan Singh

Download or read book Pledged Collateral Market's Role in Transmission to Short-Term Market Rates written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2019-05-17 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors—or example, in securities-lending and repo markets, and prime brokerage funding—impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse.

Pledged Collateral Market's Role in Transmission to Short-Term Market Rates

Download Pledged Collateral Market's Role in Transmission to Short-Term Market Rates PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1498315852
Total Pages : 21 pages
Book Rating : 4.4/5 (983 download)

DOWNLOAD NOW!


Book Synopsis Pledged Collateral Market's Role in Transmission to Short-Term Market Rates by : Mr.Manmohan Singh

Download or read book Pledged Collateral Market's Role in Transmission to Short-Term Market Rates written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2019-05-17 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors—or example, in securities-lending and repo markets, and prime brokerage funding—impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse.

Collateral Reuse and Balance Sheet Space

Download Collateral Reuse and Balance Sheet Space PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1475599358
Total Pages : 29 pages
Book Rating : 4.4/5 (755 download)

DOWNLOAD NOW!


Book Synopsis Collateral Reuse and Balance Sheet Space by : Mr.Manmohan Singh

Download or read book Collateral Reuse and Balance Sheet Space written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2017-05-08 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transactions on wholesale capital markets are often secured by marketable collateral. However, collateral needs balance sheet space to move within the financial system. Certain new regulations that constrain private sector bank balance sheets may have the effect of impeding collateral flows. This may have important consequences for monetary policy transmission, for short term money market functioning, and for market liquidity. In this context (and in contrast to the literature, which has focused mainly on the repo market), this paper analyzes securities-lending, derivatives, and prime-brokerage markets as suppliers of collateral. It highlights the incentives created by new regulations for different suppliers of collateral. Moreover, it argues the that central banks should be mindful of the effect of their actions on the ability of markets to intermediate collateral.

Velocity of Pledged Collateral

Download Velocity of Pledged Collateral PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1463923953
Total Pages : 26 pages
Book Rating : 4.4/5 (639 download)

DOWNLOAD NOW!


Book Synopsis Velocity of Pledged Collateral by : Mr.Manmohan Singh

Download or read book Velocity of Pledged Collateral written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2011-11-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from specific investment strategies in the asset management complex, with the primary providers being hedge funds, pension funds, insurers, official sector accounts, money markets and others. Post-Lehman, there has been a significant decline in the source collateral for the large dealers that specialize in intermediating pledgeable collateral. Since collateral can be reused, the overall effect (i.e., reduced ?source' of collateral times the velocity of collateral) may have been a $4-5 trillion reduction in collateral. This decline in financial lubrication likely has impact on the conduct of global monetary policy. And recent regulations aimed at financial stability, focusing on building equity and reducing leverage at large banks/dealers, may also reduce financial lubrication in the nonbank/bank nexus.

The Federal Reserve System Purposes and Functions

Download The Federal Reserve System Purposes and Functions PDF Online Free

Author :
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)

DOWNLOAD NOW!


Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System

Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors

Download Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors PDF Online Free

Author :
Publisher : OECD Publishing
ISBN 13 : 9264116052
Total Pages : 78 pages
Book Rating : 4.2/5 (641 download)

DOWNLOAD NOW!


Book Synopsis Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors by : OECD

Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.

Collateral Frameworks

Download Collateral Frameworks PDF Online Free

Author :
Publisher : Cambridge University Press
ISBN 13 : 1107155843
Total Pages : 345 pages
Book Rating : 4.1/5 (71 download)

DOWNLOAD NOW!


Book Synopsis Collateral Frameworks by : Kjell G. Nyborg

Download or read book Collateral Frameworks written by Kjell G. Nyborg and published by Cambridge University Press. This book was released on 2017 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book-length study of the importance of collateral frameworks in monetary policy, focusing on the Eurozone and euro crisis.

Bank Leverage and Monetary Policy's Risk-Taking Channel

Download Bank Leverage and Monetary Policy's Risk-Taking Channel PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1484381130
Total Pages : 41 pages
Book Rating : 4.4/5 (843 download)

DOWNLOAD NOW!


Book Synopsis Bank Leverage and Monetary Policy's Risk-Taking Channel by : Mr.Giovanni Dell'Ariccia

Download or read book Bank Leverage and Monetary Policy's Risk-Taking Channel written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2013-06-06 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank’s loan portfolio) is negatively associated with increases in short-term policy interest rates. This relationship is less pronounced for banks with relatively low capital or during periods when banks’ capital erodes, such as episodes of financial and economic distress. These results contribute to the ongoing debate on the role of monetary policy in financial stability and suggest that monetary policy has a bearing on the riskiness of banks and financial stability more generally.

The Handbook of Global Shadow Banking, Volume I

Download The Handbook of Global Shadow Banking, Volume I PDF Online Free

Author :
Publisher : Springer Nature
ISBN 13 : 3030347435
Total Pages : 822 pages
Book Rating : 4.0/5 (33 download)

DOWNLOAD NOW!


Book Synopsis The Handbook of Global Shadow Banking, Volume I by : Luc Nijs

Download or read book The Handbook of Global Shadow Banking, Volume I written by Luc Nijs and published by Springer Nature. This book was released on 2020-06-30 with total page 822 pages. Available in PDF, EPUB and Kindle. Book excerpt: This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.

Collateral and Financial Plumbing

Download Collateral and Financial Plumbing PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 211 pages
Book Rating : 4.:/5 (16 download)

DOWNLOAD NOW!


Book Synopsis Collateral and Financial Plumbing by : Manmohan Singh

Download or read book Collateral and Financial Plumbing written by Manmohan Singh and published by . This book was released on 2016 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collateral is one of the building blocks on which the financial markets are constructed. Used for a number of purposes--including trading with central counterparties (CCPs), secured funding with market counterparties and central banks, OTC derivatives margining and settlement--the role of effective collateral management in monetizing assets has never been more important.

Correspondent Central Banking Model (CCBM)

Download Correspondent Central Banking Model (CCBM) PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.3/5 ( download)

DOWNLOAD NOW!


Book Synopsis Correspondent Central Banking Model (CCBM) by : European Central Bank

Download or read book Correspondent Central Banking Model (CCBM) written by European Central Bank and published by . This book was released on 1998 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Handbook of Global Shadow Banking, Volume II

Download The Handbook of Global Shadow Banking, Volume II PDF Online Free

Author :
Publisher : Springer Nature
ISBN 13 : 3030348172
Total Pages : 759 pages
Book Rating : 4.0/5 (33 download)

DOWNLOAD NOW!


Book Synopsis The Handbook of Global Shadow Banking, Volume II by : Luc Nijs

Download or read book The Handbook of Global Shadow Banking, Volume II written by Luc Nijs and published by Springer Nature. This book was released on 2020-06-30 with total page 759 pages. Available in PDF, EPUB and Kindle. Book excerpt: This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This second volume explores three particular domains of shadow banking. The first domain deals with the macro-economic fundamentals of the respective shadow banking segments: Why do they exist, what problems do they solve and why are some of their embedded risks so persistent? The second domain captures the global dimensions of shadow banking markets, reviewing the particularities and specifics of various shadow banking systems around the world. Volume II concludes with an extensive overview of how the sector has changed since the financial crisis, focusing on regulatory arbitrage, contract imperfection and governance. Closing on unresolved issues and open-ended questions that will no doubt remain prominent in the shadow banking sector for years to come, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.

Managing the Fed’s Liftoff and Transmission of Monetary Policy

Download Managing the Fed’s Liftoff and Transmission of Monetary Policy PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1513523813
Total Pages : 20 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!


Book Synopsis Managing the Fed’s Liftoff and Transmission of Monetary Policy by : Mr.Manmohan Singh

Download or read book Managing the Fed’s Liftoff and Transmission of Monetary Policy written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2015-09-23 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, many money and repo rates in the United States have been between zero and 25 basis points. As Fed’s liftoff approaches, the question of the level of these rates (and the markets that determine them) becomes increasingly important. The paper discusses (i) whether the Fed can control short–term rates as it starts to tighten; and (ii) what are the advantages and disadvantages of using asset sales versus a large reverse repo program (RRP). A large RRP by the Fed will deprive the financial system of the money pool (i.e., GSEs and money market funds) as the Fed will directly absorb the money on to its balance sheet. This will rust the financial plumbing that connects the money pool to collateral suppliers. Some asset sales may be preferred to a large RRP as this will result in a market-determined repo rate and will allow the Fed to reach its monetary policy liftoff objectives with minimal footprint on market plumbing. We also discuss cost of issuing short tenor T-bills relative to a large RRP in a rising rate environment.

Contemporary Finance

Download Contemporary Finance PDF Online Free

Author :
Publisher : John Wiley & Sons
ISBN 13 : 1394179626
Total Pages : 439 pages
Book Rating : 4.3/5 (941 download)

DOWNLOAD NOW!


Book Synopsis Contemporary Finance by : Allan M. Malz

Download or read book Contemporary Finance written by Allan M. Malz and published by John Wiley & Sons. This book was released on 2024-10-29 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: A clear new finance textbook that explains essential models and practices, and how the financial world works now Contemporary Financial Markets and Institutions: Tools and Techniques to Manage Risk and Uncertainty is an ideal introduction to finance for professionals and students. It covers the basic finance theory required to understand the contemporary financial world and builds on it to present finance in a detailed yet comprehensible way. It explains markets and institutions, and the central bank and government policies that influence how they operate. The book begins with an overview of basic finance theory, including investments, asset return behavior, derivatives pricing, and credit risk. It discusses topics that have dominated markets in recent decades, such as extreme events, liquidity, currency and debt crises, and radical changes in monetary policy and regulation. The concepts are presented alongside examples, strange market episodes, and data from recent experience. Contemporary Financial Markets and Institutions covers advanced credit topics like securitization in a straightforward, succinct way, without advanced mathematics, but with detailed examples using real market data. It integrates financial and macroeconomic content seamlessly. The book is suitable for use by undergraduate and graduate students, and by practitioners of all backgrounds. Abundant pedagogical resources in the book and online facilitate pedagogy. Learn the basic concepts and models in finance, including investment, asset pricing, uncertainty and risk, monetary policy and the regulatory system Explore recent developments, from the expansion of central banks to the chaos in commercial banking to changes in financial technology, that are dominating markets worldwide Gain knowledge of risk types, models, and measurement methods, and the impact of regulation Prepare yourself for a successful career in finance, or update your existing knowledge base with this comprehensive reference guide Ideal as a sole or supplementary textbook for beginning and advanced finance courses, as well as for practitioners in finance-related fields, this book takes a unique, market-focused approach that will serve readers well in our turbulent and puzzling times.

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

Download Central Bank Balance Sheet Policies and Spillovers to Emerging Markets PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1484313232
Total Pages : 27 pages
Book Rating : 4.4/5 (843 download)

DOWNLOAD NOW!


Book Synopsis Central Bank Balance Sheet Policies and Spillovers to Emerging Markets by : Mr.Manmohan Singh

Download or read book Central Bank Balance Sheet Policies and Spillovers to Emerging Markets written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2017-07-26 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions—changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, i.e., the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional tools—capital controls and/or macro-prudential policy—to complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing.

Chinese Debt Capital Markets: An Emerging Global Market With Chinese Characteristics

Download Chinese Debt Capital Markets: An Emerging Global Market With Chinese Characteristics PDF Online Free

Author :
Publisher : World Scientific
ISBN 13 : 9811280371
Total Pages : 778 pages
Book Rating : 4.8/5 (112 download)

DOWNLOAD NOW!


Book Synopsis Chinese Debt Capital Markets: An Emerging Global Market With Chinese Characteristics by : Xuebin Chen

Download or read book Chinese Debt Capital Markets: An Emerging Global Market With Chinese Characteristics written by Xuebin Chen and published by World Scientific. This book was released on 2024-01-23 with total page 778 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the deepening of China's reform and opening up, and the sustained development of the Chinese economy, the Chinese bond market has become an important player in the global bond market. As at the end of 2022, the custodial balance of the Chinese bond market reached RMB14.48 trillion, ranking second in the world and the largest bond market in Asia. As a maturing emerging market in the world, the Chinese bond market not only follows the general rules of global bond markets, but also has some of its own characteristics. To make effective investments and financing in this market, a comprehensive and profound understanding of the market is required.This book is the result of a joint research project 'Function, Structure, and Development of China's Debt Capital Market,' supported by the China National Natural Science Foundation and the Economic and Social Research Council of the United Kingdom. It includes contributions by professors, associate professors, and postgraduates from Fudan University and the London School of Economics. From the perspectives of institutional framework, market functions, market structure, and market development, the book provides a systematic and in-depth analysis and exploration of the macro-effects, microstructure, local government bond market, corporate bond market, debt derivatives market, and market supervision and regulation of the Chinese credit bond market. It is an important reference for international investors and researchers to gain a deep understanding of the evolution of the fundamental institutional framework, structure, and functions of the Chinese credit bond market.

The Indian Financial System: Markets, Institutions and Services

Download The Indian Financial System: Markets, Institutions and Services PDF Online Free

Author :
Publisher : Pearson Education India
ISBN 13 : 9788131728178
Total Pages : 816 pages
Book Rating : 4.7/5 (281 download)

DOWNLOAD NOW!


Book Synopsis The Indian Financial System: Markets, Institutions and Services by : Bharati V. Pathak

Download or read book The Indian Financial System: Markets, Institutions and Services written by Bharati V. Pathak and published by Pearson Education India. This book was released on 2010 with total page 816 pages. Available in PDF, EPUB and Kindle. Book excerpt: