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Safe Assets in the International Financial System: Safe Assets` Creation and the Global Perspective
Keywords:
safe assets, public debt, safe assets supply, shortage of safe assetsSynopsis
The monograph is the first study on the Polish market devoted to the functioning of safe assets in the international financial system. The concept of safe assets is more and more commonly used in relation to phenomena occurring in financial markets, including debt markets. However, no attempt has been made so far to comprehensively explain its complex, multi-layered nature.
The authors of the monograph make a pioneering effort to explain the concept of the safe asset by indicating the attributes and functions of these financial instruments/ this category of financial instruments. In particular, two scientific perspectives are taken: demand and supply analysis. The supply analysis, which constitutes a larger part of the monograph, emphasizes the dominant role of publicly issued safe assets in relation to privately issued ones. The demand side analysis depicts the main holders of safe assets and significant changes in their motives and trends.
The global public safe assets shortage and the growing demand for this category of assets pose one of the greatest challenges to the stability of the global economy, raising the question of alternative sources of meeting investors’ demand for safety. In this context, the monograph draws particular attention to the capabilities of the Economic and Monetary Union and China as potential safe assets suppliers.
The book aims at graduate and PhD students of Economics who have little previous knowledge of the subject and financial market professional analysts who are wishing to move into this cutting-edge topic.
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