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ECB Collateral Criteria: A Narrative Database 2001–2013

  • Jakob Eberl

    ()

  • Christopher Weber

    ()

This paper offers an encompassing analysis of the ECB’s collateral criteria between 2001 and 2013. A comprehensive database of changes to collateral criteria is compiled and structured by asset classes. The main findings can be summarized in three stylized facts: (1) Since the outbreak of the financial crisis, the ECB has been six times more active in collateral policy making than in the seven years before. Thereby, the ECBbroadened the eligible collateral pool both (2) at the extensive margin, increasing the quantity of eligible asset types by a factor of 36 and (3) at the intensive margin, by lowering and partially suspending the minimum credit rating requirements. This led toan additional increase in the number of eligible asset types by a factor of 110. The paper tracks these developments using a narrative approach.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-Ifo_Working_Papers/wp-ifo-2014/IfoWorkingPaper-174.pdf
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Paper provided by Ifo Institute for Economic Research at the University of Munich in its series Ifo Working Paper Series with number Ifo Working Paper No. 174.

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Date of creation: 2014
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Handle: RePEc:ces:ifowps:_174
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  1. Manmohan Singh, 2013. "The Changing Collateral Space," IMF Working Papers 13/25, International Monetary Fund.
  2. Aviram Levy & Sebastian Schich, 2010. "The Design of Government Guarantees for Bank Bonds: Lessons from the Recent Financial Crisis," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2010(1), pages 35-66.
  3. Anouk Levels & Jeannette Capel, 2012. "Is Collateral Becoming Scarce? Evidence for the euro area," DNB Occasional Studies 1001, Netherlands Central Bank, Research Department.
  4. Margarida Catalão-Lopes, 2010. "Fixed- and Variable-Rate Tenders in the Management of Liquidity by the Eurosystem: Implications of the Recent Credit Crisis," International Journal of Central Banking, International Journal of Central Banking, vol. 6(2), pages 199-230, June.
  5. Sinn, Hans-Werner, 2014. "The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs," OUP Catalogue, Oxford University Press, number 9780198702139, March.
  6. Gros, Daniel & Alcidi, Cinzia & Giovannini, Alessandro, 2012. "Central Banks in Times of Crisis: The FED vs. the ECB," CEPS Papers 7160, Centre for European Policy Studies.
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