Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from sp

Financial lubrication in markets is indifferent to margin posting via money or collateral; the relative price(s) of money and collateral matter. Some central ba

In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions e

The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through

Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures