01667cas a2200241 a 4500 AALejournalIMF014488 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498367134 1018-5941 BD-DhAAL BD-DhAAL Singh, Manmohan. Financial Plumbing and Monetary Policy / Manmohan Singh. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (18 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper focuses on how changes in financial plumbing of the markets may impact the monetary policy options as central banks contemplate lift off from zero lower bound (ZLB). Under the proposed regulations, banks will face leverage ratio constraints. As a result of quantitative easing (QE), banks want balance sheet 'space' for financial intermediation/ non-depository activities. At the same time, regulatory changes are boosting demand for high quality liquid assets. The paper also discusses the role of repo markets and the importance of collateral velocity and the need to avoid wedges between repo and monetary policy rates when leaving ZLB. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2014/111 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/111/001.2014.issue-111-en.xml IMF e-Library