Manmohan Singh is a Senior Economist with the International Monetary Fund in Washington DC. He writes extensively on topical issues including rehypothecation of collateral, collateral velocity and reuse, monetary policy and collateral, shadow banking, deleveraging in financial markets, and under-collateralisation and counterparty risk in OTC derivatives market. He has written a new book "Collateral and Financial Plumbing" that looks at all the above themes from the lens of financial collateral. Manmohan has led work-shops for the IMF to official sector policy makers on strategic asset allocation and impact of regulations on financial markets. He has also worked and written policy notes on several countries including Chile, Japan, India, U.S., U.K, etc. He holds a PhD and MBA from University of Illinois at Urbana-Champaign and a B.S. from Allegheny College.
The benefits of collateral availability may outweigh the monetary liquidity withdrawn by central banks
Reuse rate of collateral points to growing fragility and interconnectedness in financial markets
Practical obstacles and questionable netting benefits muddy the path to a clearing mandate, argues economist
Incorporating collateral efficiency into IS-LM model reveals side-effects of QE
QE and demand for high-quality liquid assets have suppressed short-term rates, argue IMF economists
This paper describes the current policy for recovery and resolution of CCPs and assesses the tool kit for resolution of them.