Debt as Safe Asset
收藏NBER2022-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w29626
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资源简介：
The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete markets setting. This lowers the issuers interest burden. As idiosyncratic risk rises during recessions
提供机构：
美国国家经济研究局
创建时间：
2022-01-01
