A global safe asset for and from emerging market economies

dc.contributor.author	Brunnermeier, Markus Konrad
dc.contributor.author	Huang, Lunyang
dc.date.accessioned	2019-11-01T00:08:33Z
dc.date.available	2019-11-01T00:08:33Z
dc.date.issued	2019
dc.identifier.isbn	978-956-7421-60-2
dc.identifier.uri	https://hdl.handle.net/20.500.12580/3868
dc.description	International capital flows are fickle. Short-term debt funding is especially subject to sudden stops. Sudden flight into safe-haven currencies can cause large disruptions and sharp currency movements ultimately leading to a crisis. When markets shift from a risk-on to a risk-off mood cross-country capital flows are triggered if the safe asset is not supplied symmetrically across counties. Advanced economies which supply safe assets experience capital inflows while most emerging economies suffer sudden outflows. Hence the design of global safe assets is paramount in creating a stable global financial architecture.
dc.format	.pdf
dc.format.extent	Sección o Parte de un Documento
dc.format.medium	p. 111-167
dc.language.iso	eng
dc.publisher	Banco Central de Chile
dc.relation.ispartof	Series on Central Banking Analysis and Economic Policies no. 26
dc.rights	Attribution-NonCommercial-NoDerivs 3.0 Chile	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/cl/	*
dc.subject	MOVIMIENTOS DE CAPITAL	es_ES
dc.subject	DEUDA	es_ES
dc.title	A global safe asset for and from emerging market economies
dc.type.doc	Artículo
dc.file.name	BCCh-sbc-v26-p111_167

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