G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w30059
来源IDWorking 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
URLhttps://www.nber.org/papers/w30059
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/587733
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Zefeng Chen,Zhengyang Jiang,Hanno Lustig,et al. Exorbitant Privilege Gained and Lost: Fiscal Implications. 2022.
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