The Limits of Central Counterparty Clearing: Collusive Moral Hazard and Market Liquidity
Download full text from publisher
References listed on IDEAS
- Wagner, Wolf, 2010.
"Diversification at financial institutions and systemic crises,"
Journal of Financial Intermediation,
Elsevier, vol. 19(3), pages 373-386, July.
- Wagner, W.B., 2006. "Diversification at Financial Institutions and Systemic Crises," Discussion Paper 2006-71, Tilburg University, Center for Economic Research.
- Markus K. Brunnermeier & Lasse Heje Pedersen, 2009.
"Market Liquidity and Funding Liquidity,"
Review of Financial Studies,
Society for Financial Studies, vol. 22(6), pages 2201-2238, June.
- Markus K. Brunnermeier & Lasse Heje Pedersen, 2007. "Market Liquidity and Funding Liquidity," NBER Working Papers 12939, National Bureau of Economic Research, Inc.
- Lasse Heje Pederson & Markus K Brunnermeier, 2007. "Market Liquidity and Funding Liquidity," FMG Discussion Papers dp580, Financial Markets Group.
- Brunnermeier, Markus K & Pedersen, Lasse Heje, 2007. "Market Liquidity and Funding Liquidity," CEPR Discussion Papers 6179, C.E.P.R. Discussion Papers.
- Brunnermeier, Markus K. & Pedersen, Lasse Heje, 2007. "Market liquidity and funding liquidity," LSE Research Online Documents on Economics 24478, London School of Economics and Political Science, LSE Library.
- Daniel Heller & Nicholas Vause, 2012. "Collateral requirements for mandatory central clearing of over-the-counter derivatives," BIS Working Papers 373, Bank for International Settlements.
- Bruno Biais & Florian Heider & Marie Hoerova, 2016.
"Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives, and Margins,"
Journal of Finance,
American Finance Association, vol. 71(4), pages 1669-1698, August.
- Heider, Florian & Hoerova, Marie & Biais, Bruno, 2012. "Risk-sharing or risk-taking? Counterparty risk, incentives and margins," Working Paper Series 1413, European Central Bank.
- Bruno Biais & Florian Heider & Marie Hoerova, 2016. "Risk-sharing or risk-taking? Counterparty-risk, incentives and margins," Post-Print halshs-01520953, HAL.
- Koeppl, Thorsten V. & Monnet, Cyril, 2010. "The Emergence and Future of Central Counterparties," Queen's Economics Department Working Papers 273740, Queen's University - Department of Economics.
- Bruno Biais & Florian Heider & Marie Hoerova, 2012. "Clearing, Counterparty Risk, and Aggregate Risk," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 60(2), pages 193-222, July.
- David Mills & Francesca Carapella, 2012. "Information insensitive securities: the benefits of central counterparties," 2012 Meeting Papers 1032, Society for Economic Dynamics.
- Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2012.
"Optimal clearing arrangements for financial trades,"
Journal of Financial Economics,
Elsevier, vol. 103(1), pages 189-203.
- Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2009. "Optimal Clearing Arrangements for Financial Trades," Working Papers 1222, Queen's University, Department of Economics.
- Thorsten Koeppl & Cyril Monnet, 2006. "Central Counterparties," 2006 Meeting Papers 513, Society for Economic Dynamics.
CitationsCitations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
- Radoslav Raykov, 2014. "Optimal Margining and Margin Relief in Centrally Cleared Derivatives Markets," Staff Working Papers 14-29, Bank of Canada.
- Jeannette Capel & Anouk Levels, 2014. "Collateral optimisation, re-use and transformation," DNB Occasional Studies 1205, Netherlands Central Bank, Research Department.
- Albert Menkveld & Emiliano Pagnotta & Marius Andrei Zoican, 2016. "Does Central Clearing Affect Price Stability? Evidence from Nordic Equity Markets," Working Papers hal-01253702, HAL.
- repec:kap:annfin:v:13:y:2017:i:4:d:10.1007_s10436-017-0308-x is not listed on IDEAS
More about this item
KeywordsCCP Clearing; Counterparty Risk; Moral Hazard; Collateral; Market Liquidity;
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
NEP fieldsThis paper has been announced in the following NEP Reports:
StatisticsAccess and download statistics
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:qed:wpaper:1312. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mark Babcock). General contact details of provider: http://edirc.repec.org/data/qedquca.html .