文章基本信息

标题：Can a Reliable Framework for Sovereign-Backed Securities Be Established?
本地全文：下载
作者：Markus Demary ; Markus Demary ; Jürgen Matthes 等
期刊名称：Intereconomics
印刷版ISSN：0020-5346
电子版ISSN：1613-964X
出版年度：2017
卷号：52
期号：5
页码：308-314
DOI：10.1007/s10272-017-0694-3
语种：English
出版社：Springer
摘要：AbstractThe European Commission has proposed the introduction of sovereign-backed securities (SBSs) as a class of safe assets for the euro area. SBSs are generated by an issuing agency that would purchase a representative portfolio of national sovereign bonds from the euro area. Purchases are financed by issuing (at least) two types of structured bonds: a risk-free senior SBS tranche and a risky junior SBS tranche. Overall, we recognise that the SBS concept has the potential to improve financial stability and financial integration in the euro area. However, we highlight several potentially severe technical and political problems. Most important for the SBS concept to function properly are the de-privileging of national sovereign bonds in bank regulation, rules to ensure conditionality in times of crisis and measures to prevent disincentives for national public finances. If such conditions remain elusive, we advise against the introduction of SBSs.