During much of the late 1990s and into the early 2000s many emerging-markets and commodity-rich countries experienced large current account surpluses and sought safe assets to invest in, traditionally sovereign and government agency debt. At the same time, there was significant growth in institutional cash pools, such as pensions, money market funds, and hedge funds, which also demanded these safe assets. As demand for these safe assets outstripped supply, a global savings glut resulted.
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