Governments want to hold America’s shares more than its debts

Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters Governments want to hold America’s shares more than its debts When countries switch towards riskier assets, the global economy feels the consequences A FTER THE pain of the Asian financial crisis in 1997 most of South Korea’s foreign assets were deployed for one purpose—to defend the won. By 2016 the central bank had gathered a pile of dollars, euros, other currencies and gold worth $400bn. These net reserves, which could likewise be sold to prop up the local currency, made up roughly 80% of the country’s total foreign assets.

Financial policymaking was laser-focused on the next crisis. It is more revealing about its academic culture than its civil service Should new parents favour financial capital, human capital or something else? To enhance your experience and ensure our website runs smoothly, we use cookies and similar technologies.

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