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The first book-length study of the importance of collateral frameworks in monetary policy, focusing on the Eurozone and euro crisis.
List of contents
Preface; Acknowledgments; 1. Background and motivation; 2. Collateral frameworks: overview; 3. Monetary policy in the euro area; 4. Production and usage of collateral; 5. Haircuts; 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; References; Index.
About the author
Kjell G. Nyborg is Chaired Professor of Finance at the University of Zurich, Senior Chair of the Swiss Finance Institute, Research Fellow of the Centre for Economic Policy Research, and Fellow of the Royal Society of Arts. He is also a former Director and the current Vice President and President-elect of the European Finance Association. Nyborg studied mathematics and economics at the University of Chicago before going on to do a PhD, with a specialization in finance, at the Graduate School of Business, Stanford University. He has previously taught at London Business School, the University of California, Los Angeles, and the Norwegian School of Economics.
Summary
This book is for academic monetary and financial economists, as a supplementary text in graduate courses and seminars, and for practitioners in banking and policy-making institutions. It is the first study of the importance of collateral frameworks in monetary policy, focusing on the euro, the euro crisis, and the European Central Bank.
Report
'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, California, and co-author of The Bankers' New Clothes: What's Wrong with Banking and What to Do about It
