| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17340 |
| DP17340 Exorbitant Privilege Gained and Lost: Fiscal Implications | |
| Zefeng Chen; Zhengyang Jiang; Hanno Lustig; Stijn Van Nieuwerburgh; Mindy Xiaolan | |
| 发表日期 | 2022-05-30 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study three centuries of U.K. fiscal history. Before WW-I, when the U.K. dominated global bond markets, the U.K.'s government debt was not always fully backed by its future surpluses, even after accounting for the seigniorage revenue from convenience yields. As predicted by theories of safe asset determination, investors concentrate extra fiscal capacity in a single country, the global safe asset supplier, based on relative macro fundamentals, and its debt growth may temporarily outstrip what is warranted by its own macro fundamentals. After the relative deterioration in U.K. fundamentals, due to the run-up in debt during WW-I and WW-II, bond investors focused exclusively on the U.K's own macro fundamentals. Since then the U.K. debt has been fully backed by surpluses. |
| 主题 | Economic History ; Financial Economics ; Macroeconomics and Growth |
| 关键词 | Fiscal policy |
| URL | https://cepr.org/publications/dp17340 |
| 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/546383 |
| 推荐引用方式 GB/T 7714 | Zefeng Chen,Zhengyang Jiang,Hanno Lustig,et al. DP17340 Exorbitant Privilege Gained and Lost: Fiscal Implications. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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