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"We know from the data that when there is less government debt outstanding, the private sector creates private “safe” substitutes. If there is more government debt outstanding, the privately-created “safe” debt shrinks. This is because of the demand in the economy for “safe” assets.
Privately-produced safe debt can be created without being vulnerable to bank runs with the right regulation. It would be better for the government to oversee the creation of privately-produced safe debt than to try to create enough government debt to meet the demand."
Reseña del libro de Gorton
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