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Record Nr. |
UNINA9910813048103321 |
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Autore |
Singh Manmohan |
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Titolo |
Money and Collateral / / Manmohan Singh, Peter Stella |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2012 |
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ISBN |
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1-4755-8707-4 |
1-4755-7395-2 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (23 p.) |
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Collana |
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IMF Working Papers |
IMF working policy ; ; WP/12/95 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Money |
Monetary policy |
Banks and Banking |
Finance: General |
Money and Monetary Policy |
Industries: Financial Services |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Financial Institutions and Services: Government Policy and Regulation |
International Monetary Arrangements and Institutions |
Corporation and Securities Law |
General Financial Markets: Government Policy and Regulation |
International Financial Markets |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Portfolio Choice |
Investment Decisions |
Monetary Systems |
Standards |
Regimes |
Government and the Monetary System |
Payment Systems |
Finance |
Banking |
Monetary economics |
Collateral |
Monetary base |
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Liquidity |
Bank deposits |
Financial institutions |
Asset and liability management |
Currencies |
Financial services |
Loans |
Banks and banking |
Money supply |
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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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover; Contents; I. Introduction; II. Money and the (Adjusted) Money Multiplier; Figure; 1. Monetary Base and Deposits at the Central Bank (1959-2011); III. Collateral; 2. U.S. Total Credit Market Assets (ratio to GDP); Table; 1. Definition of Terms Used; 3. U.S. Ratio of Total US Financial Intermediaries Liabilities to Ultimate Liquidity; 4. Ratio of Total US Commercial Bank Liabilities to Ultimate Liquidity; 5. Ratio of Total US Nonbank Financial Intermediaries Liabilities to their holdings of C1; IV. Safe Assets and Treasury-bills-What Determines their Supply? |
6. Ratio of T-Bills/Total Issuance by U.S. Treasury Since 1982 V. Collateral Chains; VI. Monetary Policy and Financial Lubrication; VII. Conclusion; 7. Bills/Total Issuance Relative to 10 year Yields minus 6-month Yields (1961-2011); Annex; 1. Debt Management Strategy of U.S. Treasury since the 1960's; References |
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Sommario/riassunto |
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Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting in part the greater use of securitized assets to collateralize borrowing. The subsequent crisis has reduced the pool of assets considered acceptable as collateral, resulting in a liquidity shortage. When trying to address this, policy makers will need to consider concepts of liquidity besides the traditional metric of excess bank reserves and do more than merely substitute central bank money for collateral that currently remains highly liquid. |
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