Collateral times

Boy, Nina; Gabor, Daniela

doi:10.1080/03085147.2019.1672315

Cited by 12 publications

(2 citation statements)

References 28 publications

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“…Further work is required in order to understand how this novel 'distribution of the sensible' (Rancière) and 'distribution of the obligatory' takes place. "Devices of obligation", as I have called them, embroil materiality, morality, law, and politics in order to produce financial security (Tellmann, 2021b; see also Boy and Gabor, 2019). Hence, the calibrations of visibility and invisibility, sensibility and insensibility, obligation and immunity that Vogl lays bare do not exist just as exceptions from law, but are part of prevailing legal-political conditionalities (Pistor, 2019).…”

Section: Ute Tellmannmentioning

confidence: 99%

Immunization, sensibility, and the ressentiments of finance

Tellmann

2021

Finance soc.

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Section: Ute Tellmannmentioning

confidence: 99%

Immunization, sensibility, and the ressentiments of finance

Tellmann

2021

Finance soc.

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“…On central bank collateral frameworks, seeBIS (2013BIS ( , 2015 andVestergaard and Gabor (2019a:2-3); for comparative perspectives, see ECB (2013a) andCheun et al (2009); for a historicizing perspective, seeBoy and Gabor (2019).2 The term haircut has several meanings in finance, but there is no clear etymology. The first uses in finance appear to date back to the 1880s.…”

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Central Banks Caught Between Market Liquidity and Fiscal Disciplining: A Money View Perspective on Collateral Policy

Vestergaard¹,

Gabor²

2021

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Despite much attention to unconventional monetary policies after the financial crisis, the collateral policies of central banks are rarely discussed. And when they are, the haircuts applied to assets pledged to access central bank liquidity tend not to be analyzed. An exception to these trends is the recent work by Nyborg (2017), who argues that the collateral policies adopted by the European Central Bank (ECB) aggravated the sovereign debt crisis and put the survival of the euro at risk. Taking our point of departure in the money view literature (Mehrling 2011), we argue however that Nyborg’s critique of the ECB’s crisis response is misguided and that his proposal to deepen and reinforce the ECBs role in the fiscal disciplining of member states would be procyclical and destabilizing. Through our analysis of Nyborg’s work and the ECBs crisis response, we identify core principles for countercyclical collateral policies suitable for market-based financial systems.

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In trust we share: The politics of financial intelligence sharing

Lagerwaard

Goede

2023

Economy and Society

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Collateral times

Cited by 12 publications

References 28 publications

Immunization, sensibility, and the ressentiments of finance

Immunization, sensibility, and the ressentiments of finance

Central Banks Caught Between Market Liquidity and Fiscal Disciplining: A Money View Perspective on Collateral Policy

In trust we share: The politics of financial intelligence sharing

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