The private production of safe assets
Webb1 juni 2024 · Because Treasuries are safe assets, an increase in the demand for safe assets compresses their term premia, reducing incentives to issue repos. Thus, the … WebbThe Private Production of Safe Assets Cahier de Recherche du Groupe HEC , 2024 Scientific articles. The Private Production of Safe Assets Journal of Finance (The), April 2024, vol. 76, n° 2, pp 495-535, (in coll. with M ...
The private production of safe assets
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WebbThe private production of safe assets is stronger for issuers with high credit worthiness, and breaks down during episodes of market stress. We conclude that even very short … WebbGorton and Ordonez (2013) show that the production of safe assets by the government (i.e., government debt) provides large incentives for the private sector to produce information about the quality of collateral, while Krishnamurthy and Vissing-Jorgenson (201 2show that changes in the supply of safe assets have large effects on the yields )
WebbThe private production of safe assets: Authors: Kacperczyk, MT Perignon, C Vuillemey, G: Item Type: Journal Article: Abstract: Using high-frequency, granular panel data on short … Webbthat the net supply of sovereign safe assets available to the private sector in secondary markets is an important driver of neutral rates for 11 advanced economies in the period 1970{2024. ... term equilibrium interest rate in safe-asset-producing economies (as emphasized also by Bernanke(2005);Bernanke et al.(2011)).Caballero and Farhi(2024) ...
Webb7 dec. 2024 · ABSTRACT. Using high‐frequency, granular panel data on short‐term debt securities issued in Europe, we study the existence, empirical boundaries, and fragility of … WebbAlthough the safe asset literature has so far ignored inflation risk, a low inflation environ-ment presumably is a prerequisite for a safe asset. We define the safest privately …
Webba scarcity of government-produced safe debt. Both types of safe debt government-produced and privately-produced{ are used as collateral for short-term bank money, i.e., repo, ABCP and money market funds (MMF). The response to scarcity was not only increased private production of safe debt, but also increased mobility of the debt.
WebbThe Private Production of Safe Assets. Marcin Kacperczyk, Christophe Perignon and Guillaume Vuillemey. Journal of Finance, 2024, vol. 76, issue 2, 495-535 Abstract: Using … how to run another file in pythonWebb13 juni 2024 · The private production of safe assets is stronger for issuers with high credit worthiness, and breaks down during episodes of market stress. We conclude that even very short-term private assets are sensitive to changes in the information environment and should not be treated as equally safe at all times. northern ontario maps detailedWebbThe Private Production of Safe Assets. Christophe Perignon (), Guillaume Vuillemey and Marcin Kacperczyk. No 1212, HEC Research Papers Series from HEC Paris Abstract: Do … northern ontario native reservesWebbAmerican Economic Association how to run an ols regression in excelWebbto produce safe assets is determined by constraints in the financial sector, the level of financial (under-) development, the fiscal capacity of the sovereign, and the track record of the central bank for exchange rate and price stability. For these reasons, the supply of safe assets, private and public, has historically been concentrated in a how to run a novel studyWebbA safe asset is an asset that is (almost always) valued at face value without expensive and prolonged analysis. By design, there is no benefit to producing (private) information … how to run an okr workshopWebb11 juni 2024 · How fragile is the production of safe assets by the private sector? We answer this question using high-frequency data on certificates of deposit (CDs) issued in … how to run anova test on excel