| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16944 |
| DP16944 Exorbitant Privilege and Exorbitant Duty | |
| Pierre-Olivier Gourinchas; Helene Rey | |
| 发表日期 | 2022-01-22 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We provide a quarterly time series of the historical evolution of US external assets and liabilities at market value on the 1952-2016 period. The center country of the International Monetary System enjoys an “exorbitant privilege”, a sizeable excess return of gross external assets over liabilities that significantly weakens its external constraint. In exchange for this “exorbitant privilege” we document that the US provides insurance to the rest of the world, especially in times of global stress. We call this the “exorbitant duty” of the hegemon. During the 2007-2009 global financial crisis, wealth transfers from the US to the rest of the world amounted to about 20% of US GDP and the dollar appreciated by 8% in real terms. We present a stylized model that accounts for these facts and also links the shrinking size of the hegemon in the world economy to the decline in the world real rate of interest. |
| 主题 | International Macroeconomics and Finance |
| URL | https://cepr.org/publications/dp16944 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545884 |
| 推荐引用方式 GB/T 7714 | Pierre-Olivier Gourinchas,Helene Rey. DP16944 Exorbitant Privilege and Exorbitant Duty. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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