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The effect and risks of ECB collateral framework changes

 

Notice

Type:   Working paper
 
Titre:   The effect and risks of ECB collateral framework changes
 
Auteur(s):   Blot, Christophe (1974-...) - Observatoire français des conjonctures économiques (Auteur)
Creel, Jérôme (1971-...) - Observatoire français des conjonctures économiques (Auteur)
Hubert, Paul (1983-...) - Observatoire français des conjonctures économiques (Auteur)
 
Date de publication:   2018-07
 
Éditeur:   European Parliament
 
Collection:   Monetary Dialogue
 
Résumé:   [en] During the crisis, the ECB modified its collateral framework to face increased liquidity needs of commercial banks. This has taken two forms: the minimum required rating for different classes of assets has been reduced and the haircut associated to these assets has evolved conditional on the default risks of these assets. The benefits in terms of cushioning a liquidity crisis and enhancing monetary policy transmission have most probably exceeded the costs in terms of riskier central bank balance sheet and potential capital losses. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.
 
URL:   http://www.europarl.europa.eu/cmsdata/149903/OFCE_FINAL%20publication.pdf
 
 

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Version de l'éditeur juin2018-the-effect-and-risks-of-ecb-chblot.pdf 0,63 MB