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The safety of government debt

Author: Kartik Anand; Prasanna Gai; Bank of Canada.
Publisher: [Ottawa, Ontario] : Bank of Canada, 2013.
Series: Working paper (Bank of Canada), 2013-34.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"The authors examine the safety of government bonds in the presence of Knightian uncertainty amongst financial market participants. In the model, the information insensitivity of government bonds is driven by strategic complementarities across counterparties and the structure of trading relationships. They identify the frontier between safe and unsafe assets and show how the growth rate of the economy and its fiscal  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Kartik Anand; Prasanna Gai; Bank of Canada.
OCLC Number: 859561572
Language Note: Includes abstract in French.
Notes: "October 2013."
Description: 1 online resource (26 pages).
Series Title: Working paper (Bank of Canada), 2013-34.
Responsibility: by Kartik Anand and Prasanna Gai.

Abstract:

"The authors examine the safety of government bonds in the presence of Knightian uncertainty amongst financial market participants. In the model, the information insensitivity of government bonds is driven by strategic complementarities across counterparties and the structure of trading relationships. They identify the frontier between safe and unsafe assets and show how the growth rate of the economy and its fiscal capacity interact with the degree of ambiguity amongst investors to determine the safe-asset equilibrium. They use the framework to illustrate a fiscal variation on the Triffin dilemma, in which the role of a country as sole provider of international liquidity is questioned as its size in the world economy - and hence its fiscal capacity - diminishes."--Abstract.

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