[21] See Brand, C., Ferrante, L. and Hubert, A. (2019), “From cash- to securities-driven euro area repo markets: the role of financial stress and safe asset scarcity”, Working Paper Series, No 2232, ECB. [22] See Caballero, R. J., Farhi, E. and Gourinchas, P.-O. (2017b), “The Safe Assets Shortage Conundrum”, Journal of Economic Perspectives, Vol. 31, No 3, pp. 29-46.
[23] See Brand, C. et al. (2018), op. cit. [24] See Gourinchas, P.-O. and Rey, H. (2019), “Global Real Rates: A Secular Approach”, BIS Working Paper, No 793, Bank for International Settlements; Jorda, O. and Taylor, A. M. (2019), “Riders on the Storm”, Federal Reserve Bank of San Francisco Working Paper, 2019-20; and Kiley, M. T. (2019), op. cit.