What Makes US Government Bonds Safe Assets?
研究了为何美国政府债券被视为全球安全资产，构建模型说明大国的巨额债务使投资者别无选择，从而成为安全资产，且危机时期效应更强。
US government bonds are considered to be the world's safe store of value, especially during periods of economic turmoil such as the events of 2008. But what makes US government bonds “safe assets”? We highlight coordination among investors, and build a model in which two countries with heterogeneous sizes issue bonds that may be chosen as safe asset. Our model illustrates the benefit of a large absolute debt size as safe asset investors have “nowhere else to go” in equilibrium, and the large country's bonds are chosen as the safe asset. Moreover, the effect becomes stronger in crisis periods.