ecb -全球安全资产及其便利收益 Global safe assets and their convenience yields.pdfVIP

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ecb -全球安全资产及其便利收益 Global safe assets and their convenience yields.pdf

Globalsafeassetsandtheirconvenience

yields

PreparedbyMarDomenechPalacios,RobertoGandolfi,GeorgiosGeorgiadisandLinda

Rousová

PublishedaspartoftheTheinternationalroleoftheeuro,June2026.

Asafeassetisafinancialinstrumentwithnegligibledefaultriskthatishighlyliquid,

maintainsastablevalueandiswidelytrustedbyinvestors.[1]Itisoftencomparedtoa

“goodfriend”onwhomonecancountwhenneeded:itremainshighlyliquidandtendstoholdits

valueevenduringsystemiccrises,makingitareliablestoreofvalueandsourceofcollateral.[2]

I

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