Abstract

http://ssrn.com/abstract=1986945
 
 

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Citations (7)



 


 



The Safe-Asset Share


Gary B. Gorton


Yale School of Management; National Bureau of Economic Research (NBER)

Stefan Lewellen


London Business School

Andrew Metrick


Yale School of Management; National Bureau of Economic Research (NBER)

January 17, 2012


Abstract:     
We document that the percentage of all U.S. assets that are “safe” has remained stable at about 33 percent since 1952. This stable ratio is a rare example of calm in a rapidly changing financial world. Over the same time period, the ratio of U.S. assets to GDP has increased by a factor of 2.5, and the main supplier of safe financial debt has shifted from commercial banks to the “shadow banking system.” We analyze this pattern of stylized facts and offer some tentative conclusions about the composition of the safe-asset share and its role within the overall economy.

Number of Pages in PDF File: 16

Keywords: Safe Assets, Money, Shadow Banking

JEL Classification: E4, E5, G2

working papers series





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Date posted: January 18, 2012 ; Last revised: January 19, 2012

Suggested Citation

Gorton, Gary B. and Lewellen, Stefan and Metrick, Andrew, The Safe-Asset Share (January 17, 2012). Available at SSRN: http://ssrn.com/abstract=1986945 or http://dx.doi.org/10.2139/ssrn.1986945

Contact Information

Gary B. Gorton (Contact Author)
Yale School of Management ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
203 432-8931 (Fax)
HOME PAGE: http://mba.yale.edu/faculty/profiles/gorton.shtml
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Stefan M. Lewellen
London Business School ( email )
Sussex Place
Regent's Park
London, London NW1 4SA
United Kingdom
Andrew Metrick
Yale School of Management ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
(203)-432-3069 (Phone)
HOME PAGE: http://mba.yale.edu/faculty/profiles/metrick.shtml

National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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