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.
Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.862203&sl=1
| Ministère/Organisme | Bank of Canada. |
|---|---|
| Titre | Seeking safety / by Toni Ahnert and Enrico Perotti. |
| Titre de la série | Bank of Canada staff working paper, 1701-9397 ; 2018-41 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "August 2018." Includes bibliographical references (p. 26-28). Includes abstract in French. |
| Information sur la publication | [Ottawa] : Bank of Canada, 2018. |
| Auteur / Contributeur | Ahnert, Toni. Perotti, Enrico. |
| Description | ii, 40 p. : col. charts. |
| Numéro de catalogue |
|
| Descripteurs | Investments Financial risk |
Demander des formats alternatifs
Pour demander une publication dans un format alternatif, remplissez le formulaire électronique des publications du gouvernement du Canada. Utilisez le champ du formulaire «question ou commentaire» pour spécifier la publication demandée.- Date de modification :