A global safe asset for and from emerging market economies

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...

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Autores principales:	Brunnermeier, Markus Konrad, Huang, Lunyang
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	MOVIMIENTOS DE CAPITAL DEUDA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3868
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spelling	oai-20.500.12580-38682021-04-24T11:14:28Z A global safe asset for and from emerging market economies Brunnermeier, Markus Konrad Huang, Lunyang MOVIMIENTOS DE CAPITAL DEUDA 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. 2019-11-01T00:08:33Z 2019-11-01T00:08:33Z 2019 Artículo 978-956-7421-60-2 https://hdl.handle.net/20.500.12580/3868 eng Series on Central Banking Analysis and Economic Policies no. 26 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 111-167 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	MOVIMIENTOS DE CAPITAL DEUDA
spellingShingle	MOVIMIENTOS DE CAPITAL DEUDA Brunnermeier, Markus Konrad Huang, Lunyang A global safe asset for and from emerging market economies
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.
format	Artículo
author	Brunnermeier, Markus Konrad Huang, Lunyang
author_facet	Brunnermeier, Markus Konrad Huang, Lunyang
author_sort	Brunnermeier, Markus Konrad
title	A global safe asset for and from emerging market economies
title_short	A global safe asset for and from emerging market economies
title_full	A global safe asset for and from emerging market economies
title_fullStr	A global safe asset for and from emerging market economies
title_full_unstemmed	A global safe asset for and from emerging market economies
title_sort	global safe asset for and from emerging market economies
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3868
work_keys_str_mv	AT brunnermeiermarkuskonrad aglobalsafeassetforandfromemergingmarketeconomies AT huanglunyang aglobalsafeassetforandfromemergingmarketeconomies AT brunnermeiermarkuskonrad globalsafeassetforandfromemergingmarketeconomies AT huanglunyang globalsafeassetforandfromemergingmarketeconomies
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A global safe asset for and from emerging market economies

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