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040 |aCaOODSP|beng|erda|cCaOODSP
0861 |aFB3-5/2026-9E-PDF
1001 |aGrimaldi, Marianna, |eauthor.
24514|aThe usage of security lending facilities under unconventional monetary policy : |bevidence from Sweden / |cMarianna Blix Grimaldi, David Vestin, Fabienne Schneider.
264 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |cMarch 6, 2026.
264 4|c©2026
300 |a1 online resource (64 pages) : |bgraphs, figure.
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2026-9
500 |aCover title.
504 |aIncludes bibliographical references (pages 45-46).
5203 |a"This paper examines the interaction between quantitative easing (QE) and the securities lending facility (SLF) using a detailed dataset on Riksbank QE purchases, Swedish DMO SLF transactions and OTC repo deals. A theoretical model further shows how excess demand for assets and search frictions shift the SLF from a backstop to a first-resort tool. Empirically and theoretically, we find that QE expansion is closely linked to higher SLF use. Narrowing spreads between SLF yields and market repo rates make the SLF yield a floor for secured lending, weakening ties to monetary policy benchmarks and potentially altering its transmission. QE announcements also increase SLF usage, raising moral hazard concerns. Theoretically, QE strengthens cash-borrowing dealers’ bargaining position and may reduce reliance on the repo market, with implications for market liquidity"--Abstract.
650 0|aQuantitative easing (Monetary policy)|xEconometric models.
650 0|aSecurities lending.
650 6|aAssouplissement quantitatif (Politique monétaire)|xModèles économétriques.
650 6|aPrêts-emprunts de titres.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2026-9.|w(CaOODSP)9.806221
85640|qPDF|s1.46 MB|uhttps://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-5-2026-9-eng.pdf