| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30059 |
| 来源ID | Working Paper 30059 |
| Exorbitant Privilege Gained and Lost: Fiscal Implications | |
| Zefeng Chen; Zhengyang Jiang; Hanno Lustig; Stijn Van Nieuwerburgh; Mindy Z. Xiaolan | |
| 发表日期 | 2022-05-23 |
| 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 | Macroeconomics ; Money and Interest Rates ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w30059 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587733 |
| 推荐引用方式 GB/T 7714 | Zefeng Chen,Zhengyang Jiang,Hanno Lustig,et al. Exorbitant Privilege Gained and Lost: Fiscal Implications. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30059.pdf（589KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
