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Extended eligibility of credit claims for Eurosystem refinancing Consequences for the supply of credit to companies

Author

Listed:
  • V. Bignon
  • F. Boissay
  • C. Cahn
  • L.-M. Harpedanne de Belleville

Abstract

In December 2011, the Eurosystem’s Governing Council decided to extend the scope of assets eligible to be used as collateral in refinancing operations, as part of its non-standard monetary policy measures. In France, this decision resulted, from February 2012, in the admission of credit claims on companies rated 4 on the Banque de France’s rating scale. The article sets out the effects of extending the scope of eligibility on the credit financing of the companies directly concerned.

Suggested Citation

  • V. Bignon & F. Boissay & C. Cahn & L.-M. Harpedanne de Belleville, 2016. "Extended eligibility of credit claims for Eurosystem refinancing Consequences for the supply of credit to companies," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 43, pages 15-23, Autumn.
    • Handle: RePEc:bfr:quarte:2016:43:02
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    References listed on IDEAS

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Contraintes financières et productivité : une relation en U inversé
      by Emeline in Bloc-Notes Eco on 2019-11-14 14:25:37

    Citations

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    Cited by:

    1. Christophe Blot & Jérôme Creel & Paul Hubert, 2018. "The effect and risks of ECB collateral framework changes," Working Papers hal-03475456, HAL.
    2. Anne-Laure Delatte & Pranav Garg & Jean Imbs, 2019. "The transmission channels of unconventional monetary policy: Evidence from a change in collateral requirements in France," Working Papers 2019-07, CEPII research center.
    3. Paolo Fegatelli, 2019. "Central bank digital currencies: The case of universal central bank reserves," BCL working papers 130, Central Bank of Luxembourg.
    4. Christophe CAHN & Anne DUQUERROY, 2018. "Non-standard monetary policy: what impact on small and medium-sized enterprises financing?," Rue de la Banque, Banque de France, issue 65, June.
    5. Cahn, Christophe & Duquerroy, Anne & Mullins, William, 2017. "Unconventional Monetary Policy and Bank Lending Relationships," SocArXiv vgk25, Center for Open Science.
    6. Jean Barthélémy & Vincent Bignon & Benoît Nguyen, 2017. "Illiquid Collateral and Bank Lending during the European Sovereign Debt Crisis," EconomiX Working Papers 2017-21, University of Paris Nanterre, EconomiX.
    7. Philippe Aghion & Antonin Bergeaud & Gilbert Cette & Rémy Lecat & Hélène Maghin, 2018. "The Inverted-U Relationship Between Credit Access and Productivity Growth," Working papers 696, Banque de France.

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    More about this item

    Keywords

    monetary policy; credit claims; collateral;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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