Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/324664 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Deutsche Bundesbank Discussion Paper No. 20/2025
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
We show that central bank lending against lower quality collateral can improve conditions in the repo market. For identification we take advantage of a pandemic- related temporary extension of the collateral framework of the European Central Bank (ECB), which allows banks to pledge previously ineligible credit claims as collateral for refinancing operations. We use a difference-in-differences approach and exploit banks that do not mobilize credit claims ex ante as a control group. We find that banks affected by the temporary extension pledge newly eligible credit claims in order to reduce the encumbrance of high-quality marketable assets. Treated banks lend out these marketable assets as collateral in the repo market, which helps to alleviate asset scarcity.
Schlagwörter: 
asset scarcity
money markets
monetary policy
collateral framework
JEL: 
E43
E44
E58
G21
ISBN: 
978-3-98848-041-5
Dokumentart: 
Working Paper
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