那提西银行-全球-经济理论-政府如何管理自己的资金？-20180207-7页

FlashEconomics07February2018-128PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comHowaregovernmentsmanagingtofinancethemselves?InOECDcountries,governmentbondyieldsarecurrentlyconsiderablylowerthanthereturnonphysicalcapital,thereturnonequityorthereturnonequities.Itoughttobemuchmoreattractivetoinvestincorporatecapitalthantofinancegovernments.Sohowaregovernmentsmanagingtofinancethemselves??Thankstolocalcentralbanks;butthisisnolongerthecaseintheUnitedStates;?Thankstotherenewedaccumulationofforeign-exchangereserves,whicharelargelyinvestedingovernmentbonds;?Becauseinvestorsarehighlyaversetotheriskofholdingequities,especiallyaftertheequitymarketcrises,andgovernmentbondsarestillperceivedtobelow-risk;?Becauseregulationsforfinancialintermediariesforcethemtoholdgovernmentbonds.Isthissit