Is the US too big to fail?

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Is the US too big to fail?

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Reinhart, Carmen
Reinhart, Vincent

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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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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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Find related papers by JEL classification:
F2 - International Economics - - International Factor Movements and International Business
F3 - International Economics - - International Finance
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-01-31 (All new papers)
NEP-CBA-2009-01-31 (Central Banking)
NEP-MAC-2009-01-31 (Macroeconomics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The revived Bretton Woods system," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(4), pages 307-313. [Downloadable!]
Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "The Forgotten History of Domestic Debt," NBER Working Papers 13946, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Reinhart, Carmen & Reinhart, Vincent, 2008. "From Capital Flow Bonanza to Financial Crash
[From Capital Flow Bonanza to Financial Cras]," MPRA Paper 11866, University Library of Munich, Germany. [Downloadable!]

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Reinhart, Carmen, 2009. "Financial crash, commodity prices and global imbalances: A comment," MPRA Paper 13679, University Library of Munich, Germany. [Downloadable!]

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This page was last updated on 2009-11-28.

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