| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25373 |
| 来源ID | Working Paper 25373 |
| A Global Safe Asset for and from Emerging Market Economies | |
| Markus K. Brunnermeier; Lunyang Huang | |
| 发表日期 | 2018-12-24 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper examines how a newly designed global safe asset can mitigate international capital flows induced by flight-to-safety. In the model domestic investors have to co-invest in a safe asset along with their physical capital. At times of crisis, investors replace the initially safe domestic government bonds with safe US Treasuries and re-sell part of their capital. The reduction in physical capital lowers GDP and tax revenue, leading to increased default risk justifying the loss of the government bond's safe-asset status. We compare two ways to mitigate this self-fulfilling scenario. In the “buffer approach” international reserve holding reduces the severity of a crisis. In the “rechannelling approach” flight-to-safety capital flows are rechannelled from international cross-border flows to flows across two EME asset classes. The two asset classes are the senior and junior bond of tranched portfolio of EME sovereign bonds. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w25373 |
| 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/583047 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Lunyang Huang. A Global Safe Asset for and from Emerging Market Economies. 2018. |
| 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 | ||
| w25373.pdf（790KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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