| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11537 |
| DP11537 ESBies: Safety in the Tranches | |
| Dimitri Vayanos; Markus Brunnermeier; Sam Langfield; Marco Pagano; Stijn Van Nieuwerburgh | |
| 发表日期 | 2016-09-26 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | The euro crisis was fueled by the diabolic loop between sovereign risk and bank risk, coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a union-wide safe asset without joint liability, would help to resolve these problems. We make three contributions. First, numerical simulations show that ESBies would be at least as safe as German bunds and approximately double the supply of euro safe assets when protected by a 30%-thick junior tranche. Second, a model shows how, when and why the two features of ESBies---diversification and seniority---can weaken the diabolic loop and its diffusion across countries. Third, we propose a step-by-step guide on how to create ESBies, starting with limited issuance by public or private-sector entities. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Esbies Euro crisis Bank-sovereign loop Safe assets monetary policy Public debt issuance |
| URL | https://cepr.org/publications/dp11537 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540351 |
| 推荐引用方式 GB/T 7714 | Dimitri Vayanos,Markus Brunnermeier,Sam Langfield,et al. DP11537 ESBies: Safety in the Tranches. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
