Matches in SemOpenAlex for { <https://semopenalex.org/work/W1484459040> ?p ?o ?g. }
Showing items 1 to 78 of
78
with 100 items per page.
- W1484459040 abstract "We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the non-financial sector. Households’ demand for safe and liquid assets drives a premium on such assets that the financial sector exploits by owning risky and illiquid assets and writing safe and liquid claims against these assets. The central prediction of the theory is that government debt should be a substitute for the net supply of privately issued short-term debt. We verify this prediction with data from 1914 to 2011 by showing the net supply of government debt, predominantly Treasuries, is strongly negatively correlated with the net supply of private short-term debt, defined to be the private supply of short-term safe and liquid debt, net of the financial sector’s holdings of Treasuries (and reserves and currency). A second set of predictions of the model concern the quantity of (i.e. liquid bank liabilities such as checking accounts). The theory predicts that when government supply is large, banks should hold more of the supply and use it to back issuance of more liquid bank liabilities. We confirm this prediction as well. Moreover, we show that accounting for the impact of Treasury supply on bank results in a stable estimate for demand and can help resolve the “missing money puzzle of the post-1980 period. Finally, the theory predicts that the quantity of short-term debt issued by the financial sector should predict financial crises better than standard measures such as private credit/GDP. We also confirm this prediction." @default.
- W1484459040 created "2016-06-24" @default.
- W1484459040 creator A5014548534 @default.
- W1484459040 creator A5050635347 @default.
- W1484459040 date "2012-01-01" @default.
- W1484459040 modified "2023-09-27" @default.
- W1484459040 title "Short-term Debt and Financial Crises: What we can learn from U.S. Treasury Supply" @default.
- W1484459040 cites W1578573614 @default.
- W1484459040 cites W2007374379 @default.
- W1484459040 cites W2047437177 @default.
- W1484459040 cites W2056711404 @default.
- W1484459040 cites W2109214639 @default.
- W1484459040 cites W2147051636 @default.
- W1484459040 cites W2170513424 @default.
- W1484459040 cites W3122459877 @default.
- W1484459040 cites W3123548166 @default.
- W1484459040 cites W3125051833 @default.
- W1484459040 hasPublicationYear "2012" @default.
- W1484459040 type Work @default.
- W1484459040 sameAs 1484459040 @default.
- W1484459040 citedByCount "10" @default.
- W1484459040 countsByYear W14844590402013 @default.
- W1484459040 countsByYear W14844590402014 @default.
- W1484459040 countsByYear W14844590402015 @default.
- W1484459040 countsByYear W14844590402016 @default.
- W1484459040 countsByYear W14844590402018 @default.
- W1484459040 crossrefType "posted-content" @default.
- W1484459040 hasAuthorship W1484459040A5014548534 @default.
- W1484459040 hasAuthorship W1484459040A5050635347 @default.
- W1484459040 hasConcept C10138342 @default.
- W1484459040 hasConcept C120527767 @default.
- W1484459040 hasConcept C144133560 @default.
- W1484459040 hasConcept C162324750 @default.
- W1484459040 hasConcept C166957645 @default.
- W1484459040 hasConcept C202189257 @default.
- W1484459040 hasConcept C2778489760 @default.
- W1484459040 hasConcept C2780889827 @default.
- W1484459040 hasConcept C556758197 @default.
- W1484459040 hasConcept C73283319 @default.
- W1484459040 hasConcept C95457728 @default.
- W1484459040 hasConceptScore W1484459040C10138342 @default.
- W1484459040 hasConceptScore W1484459040C120527767 @default.
- W1484459040 hasConceptScore W1484459040C144133560 @default.
- W1484459040 hasConceptScore W1484459040C162324750 @default.
- W1484459040 hasConceptScore W1484459040C166957645 @default.
- W1484459040 hasConceptScore W1484459040C202189257 @default.
- W1484459040 hasConceptScore W1484459040C2778489760 @default.
- W1484459040 hasConceptScore W1484459040C2780889827 @default.
- W1484459040 hasConceptScore W1484459040C556758197 @default.
- W1484459040 hasConceptScore W1484459040C73283319 @default.
- W1484459040 hasConceptScore W1484459040C95457728 @default.
- W1484459040 hasLocation W14844590401 @default.
- W1484459040 hasOpenAccess W1484459040 @default.
- W1484459040 hasPrimaryLocation W14844590401 @default.
- W1484459040 hasRelatedWork W1484477140 @default.
- W1484459040 hasRelatedWork W1488197454 @default.
- W1484459040 hasRelatedWork W2007374379 @default.
- W1484459040 hasRelatedWork W2047437177 @default.
- W1484459040 hasRelatedWork W2072675778 @default.
- W1484459040 hasRelatedWork W2085079494 @default.
- W1484459040 hasRelatedWork W2095190067 @default.
- W1484459040 hasRelatedWork W2104501983 @default.
- W1484459040 hasRelatedWork W2124974534 @default.
- W1484459040 hasRelatedWork W2132635407 @default.
- W1484459040 hasRelatedWork W2157509893 @default.
- W1484459040 hasRelatedWork W2319718234 @default.
- W1484459040 hasRelatedWork W2550965120 @default.
- W1484459040 hasRelatedWork W3122014517 @default.
- W1484459040 hasRelatedWork W3123703631 @default.
- W1484459040 hasRelatedWork W3124095407 @default.
- W1484459040 hasRelatedWork W3124914565 @default.
- W1484459040 hasRelatedWork W326934658 @default.
- W1484459040 hasRelatedWork W33431250 @default.
- W1484459040 hasRelatedWork W3122815284 @default.
- W1484459040 isParatext "false" @default.
- W1484459040 isRetracted "false" @default.
- W1484459040 magId "1484459040" @default.
- W1484459040 workType "article" @default.