World is not running out of safe assets – BIS’s McCauley


The world’s supply of safe assets is keeping up with demand, the Bank for International Settlements’ Robert McCauley says in a new paper, challenging conventional narratives of the US’s role as global liquidity supplier.

A widely-accepted narrative, as McCauley notes in the working paper, is that the US economy is shrinking as a percentage of global output, while emerging markets grow faster and demand ever more dollar-denominated assets for their reserves. To meet such demand, the US debt-to

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: