Economics, Econometrics and Finance
3 years ago

Global safe asset proposed for more stable financial system

WORLD SCIENTIFIC eBooks
A Safe-Asset Perspective for an Integrated Policy Framework
Markus K. Brunnermeier, Sebastian Merkel, Yuliy Sannikov

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The article discusses a policy framework for emerging market economies, focusing on the roles of monetary policy, macroprudential policies, foreign exchange interventions, and capital controls. Safe assets play a crucial role in managing financial risks and premiums. The paper suggests the need for a global safe asset to enhance global financial stability.