Manmohan is a Senior Economist with the International Monetary Fund, in Washington DC. He writes extensively on topical issues including rehypothecation and collateral velocity, monetary policy and collateral, shadow banking, and under-collateralisation in the OTC derivatives market. More recently Manmohan has focussed on digital money and stablecoins, and how they will impact central bank operations and balance sheet. He has written a book with our sister brand, Risk Books, titled "Collateral and Financial Plumbing" now in its third edition, that examines the above themes from the lens of financial collateral. The book is now also available in Chinese edition. Manmohan has led workshops for the IMF to official sector policymakers on strategic asset allocation and the impact of regulations on financial markets. He has also worked and written policy notes on several countries including Japan, India, U.S., U.K., Eurozone etc. He holds a PhD and MBA from the University of Illinois at Urbana-Champaign and a B.S. from Allegheny College.
Disclaimer: Any contributions to the JFMI, including views expressed, are done in a personal capacity and should not be reported as representing the views of the IMF or IMF policy
The benefits of collateral availability may outweigh the monetary liquidity withdrawn by central banks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.