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Record Nr. |
UNINA9910788344803321 |
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Autore |
McCaughrin Rebecca |
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Titolo |
Central Bank Collateral Frameworks : : Principles and Policies / / Rebecca McCaughrin, Simon Gray, Alexandre Chailloux |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-0029-4 |
1-4519-8627-0 |
1-4518-7080-9 |
9786612841736 |
1-282-84173-4 |
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Descrizione fisica |
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1 online resource (69 pages) : illustrations (some color) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/222 |
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Altri autori (Persone) |
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GraySimon |
ChaillouxAlexandre |
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Disciplina |
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Soggetti |
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Banks and banking, Central |
Financial crises |
Bank loans |
Risk management |
Liquidity (Economics) |
Banks and Banking |
Finance: General |
Investments: General |
Industries: Financial Services |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Central Banks and Their Policies |
General Financial Markets: General (includes Measurement and Data) |
Portfolio Choice |
Investment Decisions |
Finance |
Banking |
Investment & securities |
Collateral |
Open market operations |
Securities |
Liquidity |
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Loans |
Banks and banking |
Financial instruments |
Economics |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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Central bank collateral policies came under pressure with the 2007-08 financial market crisis. This paper addresses the rationale for and constraints in taking collateral, and recent practices in different collateral frameworks. It then considers the risks of adverse selection. The paper concludes that (i) the collateral framework needs to include market incentives; (ii) central banks face trade-offs between risk and counterparty access; (iii) emerging markets may see pressure on collateral policies in coming years; and (iv) further work is required to develop pricing incentives and the structure of central bank facilities, both during normal times and in periods of market stress. |
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