Spanish paper analyses financial innovation in sovereign debt
Liquidity role of public debt is key for increasing domestic investment
Innovation in sovereign debt can increase domestic investment and welfare in a specific environment, according to a working paper published by the Bank of Spain today.
In Financial innovation in sovereign borrowing and public provision of liquidity, Patricia Gómez-González says the "key assumption" in her model is the liquidity role of public debt.
"Financial innovation can make liquidity cheaper for the private sector by changing the payoff structure of the public assets in a way that lowers
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