TY  - UNPD
A1  - Schuknecht, Ludger
T1  - The supply of 'safe' assets and fiscal policy
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 532
N2  - 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.
T3  - CFS working paper series - 532 
KW  - fiscal policy
KW  - public debt
KW  - safe assets
KW  - financial markets
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/41049
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-410495
UR  - http://ssrn.com/abstract=2812593
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -