Next, assume that there is a risk-free asset.

接下来，假设存在一种无风险资产。

youdao

So what might replace Treasury bonds as the global risk-free asset?

那么，什么来取代美国国债成为全球性的无风险资产呢？

youdao

Many use Treasury bonds as the risk-free asset for capital purposes. As capital Economics points out.

以银行的财政状况为例，许多人利用国债作为无风险资产以实现资本用途。

youdao

Government bonds are used as a broadly risk-free asset against which other financial instruments are priced (see article).

ECONOMIST: Coping with surpluses

That is not bad for a risk-free asset with a maturity of one to six years in theory, and often only a few months in practice.

ECONOMIST: India's finances

Unfortunately, because QE involves the exchange of one risk-free asset (bank reserves) for another (Treasury securities), QE does nothing to increase the amount of risk-free assets available to the market.

FORBES: We Need QE3 Like We Need A (Jackson) Hole In The Head