Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/144820 
Autor:innen: 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
CFS Working Paper Series No. 532
Verlag: 
Goethe University Frankfurt, Center for Financial Studies (CFS), Frankfurt a. M.
Zusammenfassung: 
This study looks at the interrelationship between fiscal policy and safe assets as there is surprisingly little analysis about this beyond fleeting references. The study argues that from a certain point more public debt will not "buy" more safety: countries face a kind of "safe-assets Laffer curve" with a maximum amount of safe assets at some level of indebtedness. The position and "stability" of this curve depend on a number of national and international factors, including the international risk appetite and, as a more recent factor, QE policies by central banks. The study also finds evidence of declining safe assets as reflected in government debt ratings.
Schlagwörter: 
fiscal policy
public debt
safe assets
financial markets
JEL: 
E62
G10
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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