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No excessive risk in the quality of collateral pledged with the Eurosystem during the crisis
[Pas de risque excessif dans la qualité des collatéraux déposés auprès de l’Eurosystème durant la crise]

Author

Listed:
  • Jean Barthélemy
  • Vincent Bignon
  • Benoît Nguyen

Abstract

Certain critics feel that the Eurosystem took excessive risks to fight the crisis by accepting poor quality collateral for its refinancing operations. Exhaustive analysis of the collateral pledged with the central bank disproves these claims. Their quality followed that of assets available on the market and improved significantly after Quantitative Easing was announced. D’après certaines critiques, l’Eurosystème aurait pris trop de risques pour combattre la crise en acceptant des collatéraux de mauvaise qualité en garantie de ses opérations de refinancement. L’analyse exhaustive des collatéraux déposés auprès de la banque centrale conduit à réfuter ces critiques. Leur qualité a suivi celle des actifs disponibles sur le marché, et s’est fortement améliorée après l’annonce du Quantitative Easing.

Suggested Citation

  • Jean Barthélemy & Vincent Bignon & Benoît Nguyen, 2018. "No excessive risk in the quality of collateral pledged with the Eurosystem during the crisis [Pas de risque excessif dans la qualité des collatéraux déposés auprès de l’Eurosystème durant la crise]," Eco Notepad 54, Banque de France.
    • Handle: RePEc:bfr:econot:54
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