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UID:e6e9f75a053d9286ef35ac77d274cf53
CATEGORIES:Seminars
CREATED:20260714T101156
SUMMARY:Lunch Seminar: Bjorn Richter - Nova School of Business and Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nForeign Demand for Safety and Macroeconomic Instability\n\n\nAbstract:\
 nUsing novel data on sectoral safe asset positions in 21 advanced economies
  since 1980, we document the central role of the foreign sector in the mark
 et for safety and its macroeconomic implications. We show that safe asset h
 oldings have expanded significantly relative to GDP, driven by rising net h
 oldings of the foreign sector and accommodated by increased issuance from t
 he financial and public sectors. Furthermore, fluctuations in safe assets a
 re almost exclusively driven by the foreign and financial sectors, with clo
 se links between the two. Finally, increases in foreign demand for safety--
 -or its counterpart, the supply by financials---are associated with domesti
 c credit expansions and weaker medium-term output growth, both in raw data 
 and when using FX reserve accumulation in Asian economies as instrument.\n
DTSTAMP:20260714T143123Z
DTSTART:20260717T130000Z
DTEND:20260717T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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