G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11537
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
URLhttps://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.
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