Sectoral dynamics of safe assets in advanced economies
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- dc.contributor.author Castells Jauregui, Madalen
- dc.contributor.author Kuvshinov, Dmitry
- dc.contributor.author Richter, Bjoern
- dc.contributor.author Vanasco, Victoria
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:55Z
- dc.date.available 2024-11-14T10:09:55Z
- dc.date.issued 2024-04-01
- dc.date.modified 2024-11-14T10:09:18Z
- dc.description.abstract What is the sectoral composition of the market for safety, and does it matter for economic stability? To address these questions, we construct a novel dataset of sectoral safe asset positions in 24 advanced economies since 1980. We document that the ratio of safe to total financial assets has remained stable in most countries, despite considerable growth in gross and net safe-asset positions relative to GDP. We find that fluctuations in safe-asset positions are mainly driven by the financial and the foreign sectors, with the real economy playing a muted role, indicating that financials in advanced economies have been increasingly intermediating safety within and across borders. We conclude by showing that increases in safe asset demand by foreigners -- or its counterpart, the supply by financials, -- are associated with expansions in domestic risky credit and lower subsequent output growth.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1884
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68641
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1884
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword safe assets
- dc.subject.keyword capital flows
- dc.subject.keyword financial accounts
- dc.subject.keyword business cycles
- dc.subject.keyword financial stability
- dc.subject.keyword Finance and Accounting
- dc.title Sectoral dynamics of safe assets in advanced economies
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper