Collateral Frameworks
The Open Secret of Central Banks

AUTHOR: Kjell G. Nyborg



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.

Presents an expanded view of what central banks do, how they conduct and implement collateral policies, and how these may affect financial markets and the real economy
Contains an in-depth study of the collateral framework in the euro area, presenting monetary policy from the perspective of political economy and international relations
Grounded in new and novel scientific research, complex material is made accessible to a wide readership

Table of Contents

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.



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