Replication data for: The Safe Assets Shortage Conundrum

Emmanuel Farhi, Ricardo J. Caballero & Pierre-Olivier Gourinchas
A safe asset is a simple debt instrument that is expected to preserve its value during adverse systemic events. The supply of safe assets, private and public, has historically been concentrated in a small number of advanced economies, most prominently the United States. Over the last few decades, with minor cyclical interruptions, the supply of safe assets has not kept up with global demand. The reason is straightforward: the collective growth rate of the advanced...
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