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BEGIN:VEVENT
UID:e6e9f75a053d9286ef35ac77d274cf53
CATEGORIES:Seminars
CREATED:20260714T101156
SUMMARY:Lunch Seminar: Bjorn Richter - Nova School of Business and Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong><span style="font-size: 12.0pt; font-family: Aptos; mso-fareast-
 font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; co
 lor: black; mso-ansi-language: IT; mso-fareast-language: IT; mso-bidi-langu
 age: AR-SA;">Foreign Demand for Safety and Macroeconomic Instability</span>
 </strong></p><p>Abstract:</p><p style="text-align: justify;"><span style="f
 ont-size: 12.0pt; font-family: Aptos; mso-fareast-font-family: 'Times New R
 oman'; mso-bidi-font-family: 'Times New Roman'; color: black; mso-ansi-lang
 uage: IT; mso-fareast-language: IT; mso-bidi-language: AR-SA;">Using novel 
 data on sectoral safe asset positions in 21 advanced economies since 1980, 
 we document the central role of the foreign sector in the market for safety
  and its macroeconomic implications. We show that safe asset holdings have 
 expanded significantly relative to GDP, driven by rising net holdings of th
 e foreign sector and accommodated by increased issuance from the financial 
 and public sectors. Furthermore, fluctuations in safe assets are almost exc
 lusively driven by the foreign and financial sectors, with close links betw
 een the two. Finally, increases in foreign demand for safety---or its count
 erpart, the supply by financials---are associated with domestic credit expa
 nsions and weaker medium-term output growth, both in raw data and when usin
 g FX reserve accumulation in Asian economies as instrument.</span></p>
DTSTAMP:20260714T152711Z
DTSTART:20260717T130000Z
DTEND:20260717T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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