 | Central Bank Balance Sheet Policies and Spillovers to Emerging Markets Author/Editor: Manmohan Singh, Haobin Wang. Release Date:July, 2017 We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions—changes in short-term policy more...
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| Collateral Reuse and Balance Sheet Space Author/Editor: Manmohan Singh. Release Date:May, 2017 Transactions on wholesale capital markets are often secured by marketable collateral. However, collateral needs balance sheet space to move within the financial system. Certain new regulations that more...
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| Managing the Fed’s Liftoff and Transmission of Monetary Policy Author/Editor: Manmohan Singh. Release Date:September, 2015 In recent years, many money and repo rates in the United States have been between zero and 25 basis points. As Fed’s liftoff approaches, the question of the level of these rates (and the more...
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| Limiting Taxpayer "Puts" - An Example from Central Counterparties Author/Editor: Manmohan Singh. Release Date:November, 2014 Nonbanks such as central counterparties (CCPs) are a useful lens to see how regulators view the role of the lender-of-last-resort (LOLR). This paper explores the avenues available when a nonbank more...
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| Financial Plumbing and Monetary Policy Author/Editor: Manmohan Singh. Release Date:June, 2014 This paper focuses on how changes in financial plumbing of the markets may impact themonetary policy options as central banks contemplate lift off from zero lower bound (ZLB). Under the proposed more...
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| Collateral and Monetary Policy Author/Editor: Manmohan Singh. Release Date:August, 2013 Financial lubrication in markets is indifferent to margin posting via money or collateral; the relative price(s) of money and collateral matter. Some central banks are now a major player in the more...
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 | The Changing Collateral Space Author/Editor: Manmohan Singh. Release Date:January, 2013 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 more...
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 | Shadow Banking : Economics and Policy Author/Editor: Stijn Claessens, Lev Ratnovski, Manmohan Singh. Release Date:December, 2012 This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches. more...
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| The (Other) Deleveraging Author/Editor: Manmohan Singh. Release Date:July, 2012 Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second more...
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| Money and Collateral Author/Editor: Manmohan Singh, Peter Stella. Release Date:April, 2012 Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting in part the greater use of more...
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