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Introduction: Safe Assets and the Global Savings Glut

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The Global Financial Crisis

Yale University

4.8 (1,375 ratings) | 64K Students Enrolled

Former U.S. Secretary of the Treasury Timothy F. Geithner and Professor Andrew Metrick survey the causes, events, policy responses, and aftermath of the recent global financial crisis.

Skills You'll Learn

Crisis, Global Financial Crisis, Financial Markets, Financial Crisis

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4.8 (1,375 ratings)

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RA

Sep 01, 2018

This course was excellent. The short yet crisp lectures have given me a fair perspective of what came before, during and to an extent after the GFC. I feel I will greatly benefit from this knowledge.

KK

Jul 18, 2017

this cause has corrected some misconceptions that i had during my work as a bank examiner.. it will assist me in my current role as a risk manager of a significant important financial institution

From the lesson

Safe Assets and the Global Savings Glut

Introduction: Safe Assets and the Global Savings Glut2:27

Taught By

Andrew Metrick
Michael H. Jordan Professor of Finance and Management
Timothy Geithner
Lecturer in Management, Yale SOM, Former U.S. Secretary of the Treasury

Transcript

[MUSIC] Welcome to Module 4 on Safe Assets and the Global Savings Glut. In this module, take you through a variety of very, very important building blocks for understanding how the shadow banking, wholesale banking system is set up. First, a set of introductions. Just what we think of as shadow banking and how it is parallel or similar to the traditional banking system. We'll do that in Lesson One. Then this term, safe assets that you have already heard a little bit about and will hear much more about, as the course goes along, will be defined and put into the context of what was going on in the world over the last few decades. Then there will be three lessons on what is now known as The Global Savings Glut hypothesis, or the GSG hypothesis, a term that was coined by Ben Bernanke, before he was chairman of the Federal Reserve. In talking about the large amount of savings in the developing countries like China and oil producing countries from the Middle East that became awash in the world in the early part of the 21st century and led to a lot of demand for what we call safe assets. This demand was met by, at that time, a strangely diminishing supply and we'll talk about that supply in Lesson Six. In a world where there is excess demand for anything, you are going to go and you are going to see that there's some producer that's gonna come out and manufacture it. In the case of safe assets, those producers are financial institutions and they manufacture safe assets predominately through a process called securitization. We will talk about that process and exactly what is the mechanics behind that process in Lessons Seven and Eight. In Lessons Nine and Ten, we'll look at some data on securitization that shows how securitization grew right along with the Global Savings Glut in the early years of the 21st century. Finally, in Lesson 11, we summarize what we've learned in this module. [MUSIC]

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