A Safe-Asset Perspective for an Integrated Policy Framework*

Markus K. Brunnermeier, Sebastian Merkel, Yuliy Sannikov

Research output: Chapter in Book/Report/Conference proceedingChapter

1 Scopus citations


Borrowing from Brunnermeier and Sannikov (2016a; 2019) this policy paper sketches a policy framework for emerging market economies by mapping out the roles and interactions of monetary policy, macroprudential policies, foreign exchange interventions, and capital controls. Safe assets are central in a world in which financial frictions, distribution of risk, and risk premia are important elements. The paper also proposes a global safe asset for a more self-stabilizing global financial architecture.

Original languageEnglish (US)
Title of host publicationThe Asian Monetary Policy Forum
Subtitle of host publicationInsights for Central Banking
PublisherWorld Scientific Publishing Co.
Number of pages31
ISBN (Electronic)9789811238628
ISBN (Print)9789811238611
StatePublished - Jan 1 2021

All Science Journal Classification (ASJC) codes

  • General Economics, Econometrics and Finance
  • General Business, Management and Accounting


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