G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16944
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
URLhttps://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.
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