流动性转化，抵押资产和交易对手

IF 2 Q2 ECONOMICS Central Bank Review Pub Date : 2021-12-01 DOI:10.1016/j.cbrev.2021.09.001

Calebe de Roure , Nick McLaren

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引用次数: 0

摘要

我们调查了英格兰银行的流动性工具是否鼓励一些交易对手比其他交易对手更多地参与，以及一些抵押品资产的使用是否比其他交易对手得到更多的促进。在2010年至2016年期间，经常使用两种工具:指数长期回购(ILTR)和贷款融资计划(FLS)。我们表明，参与ILTR与安全的交易对手使用该工具来满足其流动性需求是一致的。用于FLS的抵押资产流动性较差。风险更高、规模更大的机构更有可能在FLS中预先配置抵押品，但这些交易对手随后并不会比其他机构更多地利用FLS。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Liquidity transformation, collateral assets and counterparties

We investigate if the Bank of England's liquidity facilities encourage some counterparties to participate more than others and if the use of some collateral assets is promoted more than others. Between 2010 and 2016, there was regular usage of two facilities: Indexed Long-Term Repos (ILTR) and the Funding for Lending Scheme (FLS). We show that participation in ILTR is consistent with safe counterparties using the facilities to meet their liquidity needs. Collateral assets used for FLS are less liquid. Riskier and larger institutions are more likely to pre-position collateral in the FLS, but these counterparties do not subsequently draw upon FLS more than others do.

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