Kjell G. Nyborg

Collateral Frameworks (eBook, PDF)

The Open Secret of Central Banks

• Format: PDF

Produktbeschreibung

Central bank collateral frameworks are an often overlooked feature of monetary policy that play a key role in the monetary and financial system. Readers will discover how central banks conduct and implement monetary policy beyond merely setting interest rates, and develop their understanding as to how collateral policies may affect financial markets, financial stability, and the real economy. This book studies the collateral framework in the euro area in detail, and levers this analysis to provide an account of the euro crisis from the perspective of collateral policy. Readers gain access to a wealth of institutional and economic data and information with a level of density and accessibility unavailable elsewhere. This book, the first of its kind, is a valuable read for academic monetary and financial economists, those working in banking and policy-making financial institutions, and anyone who wishes to learn more about the role of central banks in society.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 15. Dezember 2016
• Englisch
• ISBN-13: 9781316786604
• Artikelnr.: 47386418

Autorenporträt

Kjell G. Nyborg is Chaired Professor of Finance at the University of Zurich, Senior Chair of the Swiss Finance Institute, Research Fellow of the Centre for Economic Policy Research, and Fellow of the Royal Society of Arts. He is also a former Director and the current Vice President and President-elect of the European Finance Association. Nyborg studied mathematics and economics at the University of Chicago before going on to do a PhD, with a specialization in finance, at the Graduate School of Business, Stanford University. He has previously taught at London Business School, the University of California, Los Angeles, and the Norwegian School of Economics.

Inhaltsangabe

Preface
Acknowledgments
1. Background and motivation
2. Collateral frameworks: overview
3. Monetary policy in the euro area
4. Production and usage of collateral
5. Haircuts
6. Ratings and guarantees
7. Market and theoretical prices
8. Collateral 'own use'
9. Non-regulated markets
10. Market discipline
11. Bailing out the euro
12. Endgame of euro crisis
13. Restoring credibility
14. The problem with collateral
15. Concluding remarks
References
Index.