The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies. Jeremy Stein, November 25, 2014, Paper. “A number of researchers have recently argued that the growth of the shadow banking system in the years preceding the recent U.S. financial crisis was driven by rising demand for “money-like” claims — short-term, safe instruments (STSI) — from institutional investors and nonfinancial firms. These instruments carry a money premium that lowers their yields. While government securities are an important part of the supply…” (May require user account or purchase) Link