Safe Assets in the Global Economy

Safe Assets in the Global Economy

Supply, Demand and Financial Stability

Feder-Sempach, Ewa; Stawasz-Grabowska, Ewa; Bogolebska, Joanna

Taylor & Francis Ltd

07/2024

190

Dura

9781032453415

Pré-lançamento - envio 15 a 20 dias após a sua edição

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Introduction

Chapter 1 Concept, definitions and functions of safe assets

1.1 The overall characteristics of a safe asset

1.1.1 Definitions, key features and functions

1.1.2 The attributes of a safe asset

1.1.3 Safe assets as a financial instrument and money

1.2 Safe assets vs safe-haven assets

1.2.1 The characteristics of safe havens

1.2.1.1 Gold as a safe haven

1.2.1.2 Safe-haven currencies

1.2.1.3. Other categories of safe havens

1.2.2 Safe-haven assets and asset pricing theory

References

Chapter 2 The supply of safe assets

2.1 Determining safe asset supply in an international context

2.1.1 Global vs regional providers of safe assets

2.1.2 The exorbitant privilege concept

2.1.3 Characteristics of a global safe asset provider

2.2 The structure of the supply of safe assets

2.2.1 Safe asset provision from a historical perspective

2.2.2 Contemporary tendencies in the supply of safe assets

2.3 The role of debt in safe asset creation

2.3.1 Public vs private debt in the provision of safe assets

2.3.2 The special role of public debt as a source of safe asset provision

Chapter 3 The demand for safe assets

3.1 Demand for safety

3.1.1 Commercial banks' demand for safe assets

3.1.2 Motives behind holding safe assets

3.2 Central banks' demand for safe assets

3.2.1 Foreign exchange reserves in the portfolios of central banks

3.2.2 Gold in central banks' portfolios

3.3 Sovereign wealth funds' demand for safe assets

3.4 Other market participants' demand for safe assets

3.5 The role of the foreign sector in the ownership of domestic safe assets - the case of a global provider (USA)

Chapter 4 Safe asset shortages and the implications for financial stability. In search of new sources of supply

4.1 Financial stability and its link with the safe assets market

4.2 Imbalances in the demand and supply of safe assets

4.2.1 Causes of the demand-supply mismatch of safe assets

4.2.2 Consequences of the demand-supply mismatch for financial stability

4.3 The evolution of public debt levels of safe asset supplier countries

4.4 Mechanisms of safe asset creation and the stability of the international monetary system

4.5 Alternative sources of safe asset supply

4.6 The EMU

4.6.1 Fiscal frameworks within the EMU and its evolution

4.6.2 A common safe asset for the euro area. An overview of proposals

4.6.3 The role of supranational debt in safe assets creation. The case of EU

4.7 The role of EMEs in producing safe assets

4.7.1 The rising role of EMEs in the global economy

4.7.2 China

4.7.3 India

4.8 Evolution of the forms of money and the supply of safe assets

Conclusion

Glossary
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safe assets;global;economy;supply;demand;financial stability