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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.Read more
- 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
Reviews & endorsements
"This important book shines a light on the often overlooked yet impactful workings of the European Central Bank's policy, as well as the political economy, 'organized hypocrisy' and lack of credibility that have plagued the euro since its creation. Nyborg's insights and thoughtful proposals for the Eurozone deserve attention."
Anat R. Admati, George G. C. Parker Professor of Finance and Economics, Graduate School of Business, Stanford University, and co-author of The Bankers' New Clothes: What's Wrong with Banking and What to Do about ItSee more reviews
"Collateral plays a crucial role in the functioning of the monetary and financial system. This book investigates how central banks' collateral frameworks operate. It is an excellent contribution by one of the leading scholars in financial economics. I recommend it without reservation to all academics, practitioners and students interested in the topic."
Professor Franklin Allen, Imperial College London
"Central bank provision of liquidity has become a dominant feature of economies and financial markets over the last ten years. Yet few really understand how this mysterious process occurs. This book demystifies the mechanism which lies at the heart of monetary policy. I recommend it for anyone who wants to go beyond a superficial understanding of the way that economies are managed and capital markets controlled."
Professor Ian Cooper, London Business School
"Kjell Nyborg focuses squarely on the official rules - collateral frameworks - by which central banks, relying on collateral, provide liquidity to the banking system. I urge anyone interested in the euro crisis to read this book to understand the central role of the Eurosystem's collateral frameworks in the crisis and how, in the right hands, they may be used to bring about the crisis's end."
Dr Walter N. Torous, Massachusetts Institute of Technology
"This book studies the collateral framework in the euro area in detail, and uses the framework to provide a narrative of the euro crisis from the perspective of collateral policy. The book has a wealth of institutional and economic data and information with a level of density and accessibility unavailable elsewhere. Professor Kjell Nyborg is ideally situated to write this book, given the unique blend of his academic research and policy experience. This book is one of a kind, and is a must-read for anyone who wishes to learn more about the role of central banks in society."
Suresh Sundaresan, Chase Manhattan Bank Professor of Economics and Finance and Faculty Director, India Business Initiative (IBI), Columbia University
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- Date Published: February 2017
- format: Paperback
- isbn: 9781316609545
- length: 344 pages
- dimensions: 228 x 153 x 17 mm
- weight: 0.56kg
- contains: 1 b/w illus. 9 colour illus. 21 tables
- availability: Available
Table of Contents
1. Background and motivation
2. Collateral frameworks: overview
3. Monetary policy in the euro area
4. Production and usage of collateral
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
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