safe asset shortage / competitive devaluations

Talking About the Past Five Years by David Beckworth

Triffin Dilemma for US treasuries:
Why the Global Shortage of Safe Assets Matters by David Beckworth

The structural dimension is that global economic growth over the past few decades has outpaced the capacity of the world economy to produce truly safe assets. Ricardo Caballero, the author of this view, argues that it probably started with the collapse of Japaneses assets in the early 1990s, was exacerbated by emerging market crises throughout the 1990s, and got heightened by the rapid economic growth of the Asia in the early-to-mid 2000s. These developments along with the fact that most of the fast growing countries have lacked the capability to produce safe assets made the assets shortage a structural problem.

Misunderstanding (Totally!) Competitive Currency Devaluations by David Glasner