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Is the US too big to fail?

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  • Reinhart, Carmen
  • Reinhart, Vincent

Abstract

Why are investors rushing to purchase US government securities when the US is the epicentre of the financial crisis? This column attributes the paradox to key emerging market economies’ exchange practices, which require reserves most often invested in US government securities. America’s exorbitant privilege comes with a cost and a responsibility that US policy makers should bear in mind as they handle the crisis.

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File URL: http://mpra.ub.uni-muenchen.de/12976/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 12976.

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Date of creation: 17 Nov 2008
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Handle: RePEc:pra:mprapa:12976

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Keywords: financial crisis; exchange rates; reserves; government;

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References

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  1. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The revived Bretton Woods system," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 9(4), pages 307-313.
  2. Reinhart, Carmen & Reinhart, Vincent, 2008. "From Capital Flow Bonanza to Financial Crash," MPRA Paper 11866, University Library of Munich, Germany.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "The Forgotten History of Domestic Debt," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 121(552), pages 319-350, 05.
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Cited by:
  1. Carmen M. Reinhart & Vincent R. Reinhart, 2009. "When the North Last Headed South: Revisiting the 1930s," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 40(2 (Fall)), pages 251-276.
  2. Sherrill Shaffer, 2012. "Bank Failure Risk: Different Now?," CAMA Working Papers 2012-23, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," Peterson Institute Press: All Books, Peterson Institute for International Economics, Peterson Institute for International Economics, number 6222, July.
  4. Reinhart, Carmen, 2009. "Financial crash, commodity prices and global imbalances: A comment," MPRA Paper 13679, University Library of Munich, Germany.
  5. Kamil Yilmaz, 2009. "Business Cycle Spillovers," 2009 Meeting Papers, Society for Economic Dynamics 1079, Society for Economic Dynamics.
  6. Renée Fry & Cody Yu-Ling Hsiao & Chrismin Tang, 2011. "Actually This Time Is Different," CAMA Working Papers 2011-12, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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