The Changing Collateral Space

Author/Editor: Manmohan Singh
Publication Date: January 28, 2013
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
Summary: This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the “old” collateral space) and associated collateral velocities. Post-Lehman and continuing into the European crisis, some aspects of unconventional monetary policies pursued by central banks are significantly altering the collateral space. Moreover, regulatory demands stemming from Basel III, Dodd Frank, EMIR etc., new net debt issuance, and collateral connectivity via custodians (e.g., Euroclear/ Clearstream/ BoNY etc) will affect collateral movements.
Series: Working Paper No. 13/25
Subject(s): International financial system | Money supply | Demand for money | Monetary policy

Publication Date: January 28, 2013
ISBN/ISSN: 9781475542356/1018-5941 Format: Paper
Stock No: WPIEA2013025 Pages: 19
US$18.00 (Academic Rate:
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