The supply and demand for safe assets

• 成果类型: Article
• 署名作者: Gorton, Gary; Ordonez, Guillermo
• 署名单位: Yale University; National Bureau of Economic Research; University of Pennsylvania; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2021.07.010
• 发表日期: 2022
• 页码: 132-147
• 关键词: Government debt; Private safe assets; Stores of value; collateral

摘要

Safe assets are demanded as stores of value (to smooth consumption inter-temporally) and as collateral (to facilitate credit intra-temporally). Some are supplied publicly (government bonds) and some privately (asset-backed securities). Private assets are heterogeneous in quality, and information about their quality reduces their safety properties. We show that government bonds discourage both production of (crowding quantity out) and information about (crowding safety in) private assets. Hence, the optimal supply of government bonds need to take into account their dual roles and their impact on the quantity and informational content of private assets. (c) 2021 Elsevier B.V. All rights reserved.