Safe assets (liquidity) can be created by an economy’s private banking system and also by its government. Our model shows that some banks create liquidity with low debt and efficient loan monitoring while other banks use high, tranched debt and inefficient loan monitoring. Government liquidity can also differ, either by the government directly issuing debt or by insuring bank deposits. Directly issued government debt allows for greater private liquidity, more efficient bank lending, and greater welfare for savers. Government insurance of bank deposits crowds out private liquidity but leads to greater bank lending and profits.

中文翻译：

---

政府应如何创造流动性？

安全资产（流动性）可以由一个经济体的私人银行系统及其政府来创建。我们的模型表明，一些银行通过低负债和有效的贷款监控来创造流动性，而另一些银行则使用高额，转移债务和低效率的贷款监控。政府的流动性也可能有所不同，要么是政府直接发行债务，要么是为银行存款提供保险。直接发行的政府债务可以增加私人流动性，提高银行贷款效率，并为储户带来更大的福利。政府对银行存款的保险挤占了私人流动资金，但导致了更多的银行贷款和利润。