安全资产供需失衡及其影响  

Supply and Demand Imbalance of Safe Assets and Its Impact

作　　者：邢军峰[1] Xing Junfeng

机构地区：[1]河南大学经济学院,河南开封475000

出　　处：《企业经济》2021年第4期144-152,共9页Enterprise Economy

基　　金：国家社会科学基金项目“资产短缺、资产泡沫及金融体系改革的研究”(项目编号:17BJL122)。

摘　　要：安全资产是金融市场的基本要素,是金融体系的基石,其主要用于构建投资组合、作为抵押品、用作基准证券并满足审慎监管需求等。2008年全球金融危机后,对安全资产的需求明显上升,安全资产似乎比其他资产更稀缺,安全资产短缺已经成为全球性趋势。对安全资产的超额需求促使有限的安全资产价格飙升,利率水平持续走低,甚至出现负利率,并导致资产泡沫及其经济衰退,这些现象给金融稳定带来巨大挑战。从中短期来看,这些现象难以消除。从长远来看,安全资产短缺的解决方案需要寻找安全资产供应的替代来源和减少需求。Safe assets are the basic elements of the financial markets and the cornerstone of the financial system.They are primarily used to build portfolios,as collateral,as benchmark securities,and to meet prudential regulatory needs.After the global financial crisis in 2008,the demand for safe assets has increased significantly,and safe assets seem to be more scarce than other assets.The shortage of safe assets has become a global trend.The excessive demand for safe assets has prompted a surge in the price of limited safe assets,and interest rates have continued to fall,even negative interest rates,and led to asset bubbles and recessions,which pose great challenges to financial stability.In the short and medium terms,these phenomena are difficult to eliminate.In the long run,the solutions to the shortage of safe assets need to find alternative sources of safe asset supply and reduce demand.

关 键 词：安全资产 抵押率 低利率 主权债券 

分 类 号：F832[经济管理—金融学]