Joanna Bogolebska, Ewa Feder-Sempach, Ewa Stawasz-Grabowska

Gebundenes Buch

Safe Assets in the Global Economy

Supply, Demand and Financial Stability

Beschreibung

Safe assets constitute an essential component of the contemporary, international financial system and are vital to its stability. As they are perceived as risk-free assets, they are a special type of financial instrument. Although the vast majority of safe assets are issued by governments, due to the increasing interdependence of economies, resulting from the liberalisation of capital flows, financial openness and the ineffectiveness of the international monetary system, issues relating to their significance, creation and allocation are global. This book combines theoretical threads by systematising the concept and characteristics of safe assets against the background of alternative financial instruments with empirical analyses that present trends in shaping demand, supply, price conditions and various interdependencies in the financial markets. It shows the position and role of safe assets in the global financial sector, in the context of ongoing challenges, such as the evolution of forms of money and the processes of currency competition, the outbreak of financial and economic crises, the accumulation of foreign exchange reserves, financial innovations, the scale of securitisation and monetary integration. Although safe assets are not a new category of financial assets, they are inherently connected with the evolution of money. Thus, this book examines the determinants of their creation, motives of holding and the consequences of a shortage - all within the changing nature of the international financial system. Historical, political and institutional backgrounds are taken into account. This book will appeal to researchers, scholars and advanced students of macroeconomics, international finance and economics, investment analysis, financial economics and econometrics.

Autor

Joanna Bogö¿bska is an associate professor in the Department of International Business and Trade, University of Lodz, Poland. Ewa Feder¿Sempach is an assistant professor in the Department of International Finance and Investment, University of Lodz, Poland. Ewa Stawasz¿Grabowska is an assistant professor in the Department of International Finance and Investment, University of Lodz, Poland.

Produktdetails

• Routledge International Studies in Money and Banking
• Verlag: Routledge / Taylor & Francis
• Seitenzahl: 202
• Erscheinungstermin: 31. Juli 2024
• Englisch
• Abmessung: 240mm x 161mm x 16mm
• Gewicht: 453g
• ISBN-13: 9781032453415
• ISBN-10: 1032453419
• Artikelnr.: 70146496

Rezensionen

"Our understanding of modern finance begins with the concept of safe assets. One of the first things we teach students is how to discount cash flows using the risk-free rate. We then complicate matters with risk premia, but the safe return is the foundation. And safe assets are not simply an introductory concept to be explained and then relegated to the margins. The role of the dollar as the global currency and the world's safe asset is under increasing threat. This book is a timely discussion of the role of safe assets in the international financial system, balancing theory and evidence and always with a focus on contemporary policy and business implications." - Ian W. Marsh, Professor of Finance, Bayes Business School, City, University of London