Global safe assets

Pierre‐Olivier Gourinchas · Olivier Jeanne

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Global Financial Crisis and Policies Banking stability, regulation, efficiency Economic theories and models

Abstract

Will the world run out of 'safe assets' and what would be the consequences on global financial stability? We argue that in a world with competing private stores of value, the global economic system tends to favor the riskiest ones. Privately produced stores of value cannot provide sufficient insurance against global shocks. Only public safe assets may, if appropriately supported by monetary policy. We draw some implications for the global financial system.

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References

1983Bank Runs, Deposit Insurance, and Liquidity 2005INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY 1958An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money 1998Private and Public Supply of Liquidity 1984Some Unpleasant Monetarist Arithmetic 1985Asset Bubbles and Overlapping Generations 1989Servicing the Public Debt: The Role of Expectations* *I have greatly benefited from comments received at Johns Hopkins University, Georgetown University, the Macro Lunch Group of the University of Pennsylvania, MIT, and the Research Department of the International Monetary Fund. I am particularly indebted to Matt Canzoneri, Sara Guerschanik-Calvo, Joseph Harrington, Jr, Elhanan Helpman, Nissan Leviatan, Maury Obstfeld, Assaf Razin, Sweder van Wijnbergen and two anonymous referees. The research on this paper was partly done while I was a visiting scholar at the Research Department of the Internationed Monetary Fund, and it was partially funded by the National Science Foundation. However, any opinions expressed are entirely my own and not those of any of the above institutions. This paper has already been published in the The American Economic Review, 78, 4, September 1988, pp. 647–661.2009The Costs of Sovereign Default

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2018Open market operations 2021The supply and demand for safe assets

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