Seeking safety / by Toni Ahnert and Enrico Perotti.: FB3-5/2018-41E-PDF
"The scale of safe assets suggests a structural demand for a safe wealth share beyond transaction and liquidity roles. We study how investors achieve a reference wealth level by combining self-insurance and contingent liquidation of investment. Intermediaries improve upon autarky, insuring investors with poor self-insurance and limiting liquidation. However, delegation creates a conflict in states with residual risk. Demandable debt ensures safety-seeking investors can withdraw to implement a safe outcome, so private safety provision is fragile. Public debt crowds out private credit supply and investment, while deposit insurance crowds them in by reducing liquidation in residual risk states"--Abstract, p. ii.
Permanent link to this Catalogue record:
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| Title | Seeking safety / by Toni Ahnert and Enrico Perotti. |
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| Publication type | Monograph - View Master Record |
| Language | [English] |
| Format | Digital text |
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| Description | ii, 40 p. : col. charts. |
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