LEADER 06660oam 22012494 450 001 9910816917603321 005 20240402044633.0 010 $a1-4623-0029-4 010 $a1-4519-8627-0 010 $a1-4518-7080-9 010 $a9786612841736 010 $a1-282-84173-4 035 $a(CKB)3170000000055125 035 $a(SSID)ssj0000943987 035 $a(PQKBManifestationID)11573584 035 $a(PQKBTitleCode)TC0000943987 035 $a(PQKBWorkID)10982751 035 $a(PQKB)10263628 035 $a(OCoLC)467921367 035 $a(IMF)WPIEE2008222 035 $a(MiAaPQ)EBC1605855 035 $a(EXLCZ)993170000000055125 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCentral Bank Collateral Frameworks : $ePrinciples and Policies /$fRebecca McCaughrin, Simon Gray, Alexandre Chailloux 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (69 pages) $cillustrations (some color) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/222 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1533-0 320 $aIncludes bibliographical references. 327 $aCover Page -- Title Page -- Copyright Page -- Contents -- I. Central Bank Operations and Collateral -- II. Central Bank Collateral Frameworks -- A. Collateral Policy Key Principles -- 1. The Real Bills Doctrine -- B. Modern Collateral Policies -- 2. A Mapping of Central Bank Collateral Frameworks -- 1. Mapping of Collateral Frameworks -- C. Bank Loans as Collateral -- D. Foreign Exchange Swaps and Securities as Collateral -- III. Collateral Policy and Adverse Selection -- A. Liquidity Demand and Collateral Impact in Time of Crisis -- 2. The Inverted Money Pyramid: Reserve Money Shock -- 3. The Inverted Money Pyramid: Funding Shock -- B. Adverse Selection Mechanisms and "Market Neutrality" -- 4. Eurosystem Collateral -- 3. Eurosystem Operations and Collateral Selection -- 5. Eurosystem Operations and Collateral Selection -- 6. Federal Reserve-Composition of Collateral -- 1. Federal Reserve Bank Short-Term OMO Collateral -- 2. Eurosystem Collateral Use vs. Availability 2007 -- 7. Euro-area Widening of Spreads -- IV. Dynamic Management of a Collateral Framework -- A. Merits of a Contra-cyclical Collateral Framework -- 8. Countercyclical Collateral Framework -- B. Central Bank Balance Sheet and Collateral Intensity -- C. The Case for Harmonized Collateral Frameworks -- V. Conclusions -- 1. Collateral and the 2007-08 Market Turmoil -- 2. United States Collateral Framework -- 9. Federal Reserve: Repo Collateral -- 10. Federal Reserve: Primary Credit Facility Collateral -- 3. Federal Reserve Bank Collateral Haircuts -- 3. The Eurosystem Collateral Framework -- 4. Eurosystem: Summary of Bank Loan Eligibility Criteria -- 5. Eurosystem: Haircut Schedule for Nonmarketable Collateral -- 11. Eurosystem Use of Bank Loans by Country before and after the Single List -- 4. United Kingdom Collateral Framework -- 6. Margin Ratios for Wider Collateral Pool. 327 $a4. Bank of England Concentration Limits -- 5. Bank of England Rules for Extended Collateral in 3-month OMOs -- 6. Bank of England Arrangements for Loans Secured Against Mortgages -- 5. Risk Control Measures (as of May 2008) -- References -- Footnotes. 330 3 $aCentral bank collateral policies came under pressure with the 2007-08 financial market crisis. This paper addresses the rationale for and constraints in taking collateral, and recent practices in different collateral frameworks. It then considers the risks of adverse selection. The paper concludes that (i) the collateral framework needs to include market incentives; (ii) central banks face trade-offs between risk and counterparty access; (iii) emerging markets may see pressure on collateral policies in coming years; and (iv) further work is required to develop pricing incentives and the structure of central bank facilities, both during normal times and in periods of market stress. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/222 606 $aBanks and banking, Central 606 $aFinancial crises 606 $aBank loans 606 $aRisk management 606 $aLiquidity (Economics) 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aInvestments: General$2imf 606 $aIndustries: Financial Services$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aInvestment & securities$2imf 606 $aCollateral$2imf 606 $aOpen market operations$2imf 606 $aSecurities$2imf 606 $aLiquidity$2imf 606 $aLoans$2imf 606 $aBanks and banking$2imf 606 $aFinancial instruments$2imf 606 $aEconomics$2imf 607 $aUnited States$2imf 615 0$aBanks and banking, Central. 615 0$aFinancial crises. 615 0$aBank loans. 615 0$aRisk management. 615 0$aLiquidity (Economics) 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aInvestments: General 615 7$aIndustries: Financial Services 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aCentral Banks and Their Policies 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aFinance 615 7$aBanking 615 7$aInvestment & securities 615 7$aCollateral 615 7$aOpen market operations 615 7$aSecurities 615 7$aLiquidity 615 7$aLoans 615 7$aBanks and banking 615 7$aFinancial instruments 615 7$aEconomics 676 $a332.11 700 $aMcCaughrin$b Rebecca$01685958 701 $aGray$b Simon$0166176 701 $aChailloux$b Alexandre$01599077 801 0$bDcWaIMF 906 $aBOOK 912 $a9910816917603321 996 $aCentral Bank Collateral Frameworks$94058518 997 $aUNINA