Banks' Balance-Sheet Costs, Monetary Policy, and the ON RRP
In: FRB of New York Staff Report No. 1041
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In: FRB of New York Staff Report No. 1041
SSRN
In: NBER Working Paper No. w24224
SSRN
In: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, Heft 503, S. 464-472
ISSN: 2392-0041
In: African affairs: the journal of the Royal African Society, Band 57, Heft 228, S. 205-208
ISSN: 1468-2621
In: https://ora.ox.ac.uk/objects/uuid:c31659e5-54b9-4caf-9ff4-7357e857f3ad
Government net worth – total assets less liabilities – has declined considerably relative to national income in a number of OECD countries in recent decades, including the United States, the United Kingdom, Japan and Germany. Notably, however, in thinking about the links between fiscal policy and bond markets, the focus of policy and academic debates has tended to be on the liabilities side of the government balance sheet. Typically, not much attention has been paid to the extent to which any increase in government debt is accompanied by government asset accumulation and hence affects government net worth. Using novel data on both sides of the government balance sheet both for a panel of OECD countries in recent decades and for the United States over the long term, we provide panel data and time series-based evidence that for bond markets, not all government debt is created equal: for explaining government borrowing cost empirically, (i) government assets are significant in addition to government liabilities, and (ii) it is government net worth rather than government liabilities that matters when both are included. The central country-specific fiscal factor driving bond yields hence appears to be government net worth.
BASE
In: TRR 266 Accounting for Transparency Working Paper Series No. 106, 2022
SSRN
In: United Kingdom economic accounts, Band 75, Heft 1, S. 99-120
ISSN: 2040-1604
In: United Kingdom economic accounts, Band 74, Heft 1, S. 99-120
ISSN: 2040-1604
In: United Kingdom economic accounts, Band 73, Heft 1, S. 99-120
ISSN: 2040-1604
In: United Kingdom economic accounts, Band 72, Heft 1, S. 102-124
ISSN: 2040-1604
In: United Kingdom economic accounts, Band 71, Heft 1, S. 102-124
ISSN: 2040-1604
In: United Kingdom economic accounts, Band 70, Heft 1, S. 106-128
ISSN: 2040-1604
In: United Kingdom economic accounts, Band 69, Heft 1, S. 108-132
ISSN: 2040-1604
In: United Kingdom economic accounts, Band 68, Heft 1, S. 108-132
ISSN: 2040-1604