Отгадка? :)
kar_barabas — 07.03.2010 Вчера заговорили о спросе и предложении на надежные/безопасные активы, а Делонг, оказывается, опубликовал на эту тему заметку "The flight to quality" . Спрос, говорит, на гособлигации США и других надежных эмитентов превышает предложение, поэтому надо побыстрее увеличить предложение :) Перевода на русский пока нет, зато уже есть на другие 5 языков. Пока же несколько цитат на английском:But most of the recent shift has come not from an increase
in demand for safe, liquid, high-quality financial assets, but from
a decrease in supply: six months ago, bonds issued by the
governments of southern Europe were regarded as among the
high-quality assets in the world economy that one could safely and
securely hold; now they are not.
...
When there is excess demand for safe, liquid, high-quality
financial assets, the rule for which economic policy to pursue –
if, that is, you want to avoid a deeper depression – has been
well-established since 1825. If the market wants more safe,
high-quality, liquid financial assets, give the market what it
wants.
Предложение надо увеличить, используя разнообразные инструменты в
распоряжении кредитоспособных правительств (доп: и центральных
банков :):
Creditworthy governments around the world can create more safe,
liquid, high-quality financial assets through a number of channels.
They can spend more or tax less and borrow the difference. They can
guarantee the debt of private-sector entities, thus transforming
now-risky leaden assets back into golden ones. Their central banks
can borrow and use the money to buy up some of the flood of risky
assets in the market.