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The Market for Safe Assets

Rédigé par : Agathe Blanchard, Clara Léonard, Léonore Raguideau-Hannotin

The holding and market of certain so-called safe assets play an essential role in financial stability. The definition of these assets is not consensual, as various qualities can contribute to the safety offered by a financial security: countercyclicality, liquidity, credit quality and stability. The study identifies a set of securities that play the role of safe assets according to these criteria... Lire la suite

Miniature
Trésor-Eco

Japan's Growth Drivers

Rédigé par : DG Trésor’s Departments in Tokyo and Paris

Japan’s growth, which was very strong until the 1990s, is now being reined in by ageing capital and a shrinking population. The country is addressing these issues and is banking on an increase in productivity to reignite growth. In this respect, it has significant headroom both as regards the digital transition and in terms of structural changes to the labour market.... Lire la suite