02135cas a2200325 a 4500 AALejournalIMF022189 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513574165 1018-5941 BD-DhAAL BD-DhAAL Choi, Gongpil. Emerging Market Securities Access to Global Plumbing / Gongpil Choi, Federico Ortega, Manmohan Singh. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (37 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 What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our empirical investigation suggests pledgeability enhances financial stability and reduces dollar funding risk. We also explain the Eurozone collateral pool to incentivize EMs, and why many securities (e.g., BTPs, Italy) are acceptable in London but not EM securities. Looking forward, EMs liaison with International Central Securities Depositories (ICSDs), and global banks' balance sheet capacity to intermediate cross-border collateral will be crucial for this market to develop. Mode of access: Internet Corporation and Securities Law imf Financial Institutions and Services imf General Financial Markets imf International Financial Markets imf International Monetary Arrangements and Institutions imf Ortega, Federico. Singh, Manmohan. IMF Working Papers; Working Paper ; No. 2021/094 Full text available on IMF http://elibrary.imf.org/view/journals/001/2021/094/001.2021.issue-094-en.xml IMF e-Library