| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22271 |
| 来源ID | Working Paper 22271 |
| A Model of Safe Asset Determination | |
| Zhiguo He; Arvind Krishnamurthy; Konstantin Milbradt | |
| 发表日期 | 2016-05-23 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | What makes an asset a “safe asset”? We study a model where two countries each issue sovereign bonds to satisfy investors' safe asset demands. The countries differ in the float of their bonds and their resources/fundamentals available to rollover debts. A sovereign's debt is more likely to be safe if its fundamentals are strong relative to other possible safe assets, but not necessarily strong on an absolute basis. Debt float can enhance or detract from safety: If global demand for safe assets is high, a large float can enhance safety. The large float offers greater liquidity which increases demand for the large debt and thus reduces rollover risk. If demand for safe assets is low, then large debt size is a negative as rollover risk looms large. When global demand is high, countries may make fiscal/debt-structuring decisions to enhance their safe asset status. These actions have a tournament feature, and are self-defeating: countries may over-expand debt size to win the tournament. Coordination can generate benefits. The model sheds light on the effects of “Eurobonds” – i.e. a coordinated Euro-area-wide safe bond design. Eurobonds deliver welfare benefits only when they make up a sufficiently large fraction of countries' debts. Small steps towards Eurobonds may hurt countries and not deliver welfare benefits. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w22271 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579943 |
| 推荐引用方式 GB/T 7714 | Zhiguo He,Arvind Krishnamurthy,Konstantin Milbradt. A Model of Safe Asset Determination. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22271.pdf（853KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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