全球智库信息集成服务系统(G2TT): The Optimal Public and Private Provision of Safe Assets

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24534
来源ID	Working Paper 24534
	The Optimal Public and Private Provision of Safe Assets
	Marina Azzimonti; Pierre Yared
发表日期	2018-04-23
出版年	2018
语种	英语
摘要	We develop a theory of optimal government debt in which publicly-issued and privately-issued safe assets are substitutes. While government bonds are backed by future tax revenues, privately-issued safe assets are backed by the future repayment of pools of defaultable private loans. We find that a higher supply of public debt crowds out privately-issued safe assets less than one for one and reduces the interest spread between borrowing and deposit rates. Our main result is that the optimal level of public debt does not fully crowd out private lending and maintains a positive interest spread. Moreover, the optimal level of public debt is higher the more severe are financial frictions.
主题	Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Public Economics ; Taxation ; National Fiscal Issues
URL	https://www.nber.org/papers/w24534
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/582207
推荐引用方式 GB/T 7714	Marina Azzimonti,Pierre Yared. The Optimal Public and Private Provision of Safe Assets. 2018.