Acharya, Sushant; Dogra, Keshav; Singh, Sanjay R - 2021
may fall, risk-averse households demand safe assets from leveraged intermediaries, whose issuance of safe assets exposes … publicly backed safe assets, through issuing government debt or bailing out intermediaries, or (ii) reducing the demand for … safe assets, through social insurance or by acting as a market maker of last resort. …