00000nam 2200000za 4500 9.862203 CaOODSP 20221107160944 cr ||||||||||| 180920s2018 oncd ob f000 0 eng d CaOODSP eng eng fre FB3-5/2018-41E-PDF Ahnert, Toni. Seeking safety [electronic resource] / by Toni Ahnert and Enrico Perotti. [Ottawa] : Bank of Canada, 2018. ii, 40 p. : col. charts. Bank of Canada staff working paper, 1701-9397 ; 2018-41 "August 2018." Includes bibliographical references (p. 26-28). "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. Includes abstract in French. Investments Financial risk Perotti, Enrico. Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2018-41. (CaOODSP)9.806221 PDF 648 KB https://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-5-2018-41-eng.pdf