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Public Safe Assets Determination

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  • Ly Dai Hung

Abstract

On a sample of 150 economies, we characterise the safety of public debt by both ordinary least square and instrument variable regressions. For demand analysis, the public debt is safer for a larger financial market size, a higher financial development level, a lower inflation rate and greater political stability. For supply analysis, the safety of debt improves for a huger debt stock in economies with high income per capita but deteriorates in economies with low income per capita. Cases studies record that, compared with the prediction by economic fundamentals, the investors overestimate the debt safety of China but underestimate that of Greece and Japan.

Suggested Citation

  • Ly Dai Hung, 2020. "Public Safe Assets Determination," Global Economic Review, Taylor & Francis Journals, vol. 49(4), pages 350-368, October.
    • Handle: RePEc:taf:glecrv:v:49:y:2020:i:4:p:350-368
    DOI: 10.1080/1226508X.2020.1748083
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    Cited by:

    1. Ly Dai Hung, 2020. "International Public Capital Flows," Working Papers hal-03090656, HAL.
    2. Ly Dai Hung, 2021. "External Debts and Economic Growth when Debt Rating Matters," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 12(03), pages 1-26, October.
    3. Ly Dai Hung, 2020. "A Macro-Finance Model of Government Bonds Yields in Vietnam," Working Papers hal-03133807, HAL.

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