Editor-in-chief, Journal of Financial Markets Infrastructure
Expert on collateral in market plumbing, digital money, stablecoins, monetary policy/operations, derivatives regulation; coined the phrase "collateral velocity". Lead Editor, Special Edition of JFMI on "Collateral"
Views represented on this website or LinkedIn are personal and should not be attributed to JFMI ; I was formerly with the International Monetary Fund (IMF), 2000-2025.
CENTRAL BANKING | November 14, 2024
Monetary Base and Seigniorage in a digital era
CENTRAL BANKING | October 11, 2024
M1 vs Mo in an instant payments world
CENTRAL BANKING | Date: July 25, 2024
Central bank balance sheets: is there an optimal structure?
CENTRAL BANKING | Date: January 18, 2024
Levelling the playing field for stablecoins
RISK | Date: June 1, 2023
Collateral markets in need of rewiring
CENTRAL BANKING | Date: January 23, 2023
Why central banks shouldn’t ignore stablecoins
RISK| Date: 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 CSDs| Date: 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 Banking| Date: October 29, 2021
Interoperability of stablecoins
RISK.net| Date: June, 2021
Hedge funds and the rebound in collateral velocity
RISK.net| Date: Feb, 2021
Non Banks' Stablecoins should be backed by Reserves
RISK.net | Date: April, 2021
US Treasuries will not benefit from Clearing
Central Banking | Date: 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
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
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
Collateral Markets and Financial Plumbing (Chinese Edition), 2022
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2024
Implications of CBDC for Monetary Operations: October
Monetary Base and Seigniorage in a digital era; October
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 (imf.org) | Date: March, 2021
Some Alternative Monetary Facts (imf.org) | Date: January, 2021
Collateral Markets and Financial Plumbing (3rd Edition) - Risk.net| Date: 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 Default | Date: October 31, 2018
Central Counterparties Resolution—An Unresolved Problem | Date: March 20, 2018
Leverage—A Broader View | Date: March 19, 2018
Central Bank Balance Sheet Policies and Spillovers to Emerging Markets | Date: July 25, 2017
Collateral Reuse and Balance Sheet Space | Date: May 8, 2017
Managing the Fed’s Liftoff and Transmission of Monetary Policy | Date: September 23, 2015
Limiting Taxpayer "Puts" - An Example from Central Counterparties | Date: November 12, 2014
Financial Plumbing and Monetary Policy | Date: June 20, 2014
Collateral and Monetary Policy | Date: August 28, 2013
Manmohan Singh, International Monetary Fund: The use of collateral has important effects across many facets of theeconomy, including monetary policy and shadow banking. http://www.brookings.edu/events/2015/02/23-role-of-collateral-in-financial-markets On February 23, the Ec... See more
IMF economist Manmohan Singh and CEPS economist Daniel Gros exchanged views on this and other related topics...
... At its 33rd Annual General Meeting in Miami, FL
