Manmohan Singh at IMF

Manmohan Singh

Senior Economist - IMF
Editor-in-Chief - Journal of Financial Market Infrastructures (JFMI)

Expert on collateral in market plumbing, monetary policy, derivatives regulation; coined the phrase "collateral velocity". Lead Editor, Special Edition of JFMI on "Collateral"

Views represented on the site are personal and should not be attributed to IMF, it’s Management, or it’s Executive Board



RISK Date: June 1, 2023
Collateral markets in need of rewiring

CENTRAL BANKING |  Date: January 23, 2023
Why central banks shouldn’t ignore stablecoins

RISKDate: July 18, 2022
Why fears about quantitative tightening are overblown

Financial Times|  Date: July 7, 2022
Rethinking the value of collateral for money markets

World Forum for CSDsDate: May 30, 2022
Keynote Address on Global Plumbing

Podcast MERCATUS Date: May 30, 2022
Stablecoins and Collateral

Financial Times Date: June 3, 2022
Need for New Pipes

Central BankingDate: October 29, 2021
Interoperability of stablecoins

RISK.netDate: June, 2021

Hedge funds and the rebound in collateral velocity 

RISK.netDate: Feb, 2021

Non Banks' Stablecoins should be backed by Reserves |  Date: April, 2021

US Treasuries will not benefit from Clearing

Central BankingDate: May, 2021

New Era of Money Supply and Inflation

Financial Times|  Date: September 4, 2020

How programmable digital assets may change monetary policy

RISK|  Date: August 17, 2020

Facebook’s Libra could disrupt collateral markets 

Collateral used to back ‘stablecoins’ such as Libra will be unavailable for reuse 

RISK| Date: June 1, 2020

Collateral must be part of monetary policy equation 

Incorporating collateral efficiency into IS-LM model reveals side-effects of QE 

RISK  |  Date: March 11, 2020 

Leverage is underestimated

Off-balance sheet funding is large, rising and not fully accounted for in leverage metrics...

RISK  |  Date: September 09, 2019 

How collateral scarcity reshaped the US yield curve

QE and demand for high-quality liquid assets have suppressed short-term rates, argue IMF economists...

FT Alphaville  |  Date: May 22, 2019

Collateral velocity is rebounding

...In this guest post, Manmohan Singh updates the collateral reuse metric and shows that collateral velocity is rebounding. Singh is the author of Collateral and Financial Plumbing, a senior economist at...

FTfm |  Date: February 28, 2019

A clearing house crisis will pose a particular threat to Europe  

...last October by Dermot Turing and Manmohan Singh, “ . . . in Europe HQLA may remain in short supply (although asset purchases will soon stop), the opposite is true in the US.” The title of the paper, “The...

FT Alphaville |  Date: December 06, 2018

Bank Business model shift softens impact of stimulus withdrawal  

RISK  |  Date: April 06, 2018 

The case for draining excess reserves 

 The financial system can operate efficiently with $500 billion or less in reserves after normalisation 

FT Alphaville |  Date: April 02, 2018

Is there need for large reserves at central banks after normalization?  

FT Alphaville |  Date: February 15, 2018

Moneyness and term permia  

FT Alphaville |  Date: July 10, 2018

Collateral velocity rebounds - Recent estimates and policy implications  

FT Alphaville |  Date: April 24, 2017

Why shrinking the fed balance sheet may have an easing effect?  

FT Alphaville |  Date: April 24, 2016

Financial plumbing and Choice of business sheet(s)  

FT Alphaville |  Date: 2015

Fed risks using wrong tool to tighten 

FT Alphaville |  Date:  2014

How QE can jam the financial plumbing?  

FT Alphaville |  Date: June 26, 2014

RRP and the rusting of the financial plumbing  

FT Alphaville |  Date: February 14, 2014

The Fed, reverse repos and tri-party/bilateraL repo market wedges  

FT Alphaville |  Date: September 23, 2013

A central bank unwind and collateral chains  

Alphachat Podcast|  Date: July 05, 2013

Manmohan Singh on collateral chains  

FT Alphaville |  Date: May 22, 2013

Pledged collateral in an IS/LM framework ( Part 2 )

FT Alphaville | Date:  2013

Market's Insights: Fed's QE exit must avoid collateral damage  

FT Alphaville |  Date: February 01, 2013

It's not a collateral shortage, it's a scarcity of collateral   

VOX |  Date: January 12, 2013 

Shadow banking: Economics and policy priorities

FT Alphaville | Date: 2012

Collateral reuse risks contagion   

FT Alphaville | Date: 2012

It's time to levy the risk takers   

FT Alphaville | Date: 2012

Beware effects of weakening collateral chains 

VOX | Date:  July 02, 2012

The (other) deleveraging: What economists need to know about the modern money creation process 

VOX | Date:  May 14, 2012

US debt issuance since 1951 and the fallacy of issuing floating rate notes 

VOX | Date:  May 07, 2012

Central Bank reserve creation in the era of negative money multipliers

FT Alphaville | Date:  April 05, 2012

The mystery of Morgan Stanley's footnote unravels - Part 2   

VOX | Date: January 22, 2012

The fallacy of moving the over-the-counter derivatives market to central counterparties

FT Alphaville | Date:  December 09, 2011

Shadow banking and the seven collateral miners   

FT Alphaville | Date:  December 01, 2011

Draghi: " We are aware of the scarcity of eligible collateral"  

FT Alphaville | Date:  2011

Financial system creaks as loan lubricant dries up  

FT Alphaville | Date:  2011

Subprime moment looms for risk-free sovereign debt  

FT Alphaville | Date:  2011

Quick view:L Bernanke sounds an alarm on clearing  

FT Alphaville | Date:  2011

IMF queries derivatives reform effectiveness  

FT Alphaville | Date:  2011

Lisbon move points to end of risk free sovereigns  

FT Alphaville | Date:  2010

IMF economists criticise CDS model  

FT Alphaville | Date:  2010

Web of shadow banking must be unravelled  


Collateral Markets and Financial Plumbing (Chinese Edition)



Digital Money and Central Banks Balance Sheet   |   Date: October, 2022

Digital Money and Central Bank Operations  |    Date: May, 2022


Emerging Market Securities Access to Global Plumbing ( Date: March, 2021

Some Alternative Monetary Facts ( Date: January, 2021


Collateral Markets and Financial Plumbing (3rd Edition) - Risk.netDate: April, 2020

Privacy Provision, Payment Latency, and Role of Collateral | Date: July 31, 2020


 Pledged Collateral Market's Role in Transmission to Short-Term Market Rates  |  Date: May 17, 2019


The Morning After--The Impact on Collateral Supply After a Major DefaultDate:  October 31, 2018

Central Counterparties Resolution—An Unresolved ProblemDate: March 20, 2018

 Leverage—A Broader ViewDate: March 19, 2018


Central Bank Balance Sheet Policies and Spillovers to Emerging Markets  |  Date: July 25, 2017

Collateral Reuse and Balance Sheet SpaceDate: May 8, 2017



Managing the Fed’s Liftoff and Transmission of Monetary PolicyDate: September 23, 2015


Limiting Taxpayer "Puts" - An Example from Central CounterpartiesDate: November 12, 2014

 Financial Plumbing and Monetary Policy  |  Date: June 20, 2014


Collateral and Monetary PolicyDate:  August 28, 2013


Collateral's effects on the economy

Manmohan Singh, International Monetary Fund: The use of collateral has important effects across many facets of theeconomy, including monetary policy and shadow banking. On February 23, the Ec... See more 

Repo & leverage - what the experts think

IMF economist Manmohan Singh and CEPS economist Daniel Gros exchanged views on this and other related topics...

ISDA AGM 2018 - Interview with Manmohan Singh, IMF 

... At its 33rd Annual General Meeting in Miami, FL