Is the US too big to fail?
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.
|Date of creation:||17 Nov 2008|
|Date of revision:|
|Publication status:||Published in VoxEU-CEPR (2008): pp. 1-9|
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- Reinhart, Carmen, 2008.
"The Next (but not new) Frontier for Sovereign Default,"
11865, University Library of Munich, Germany.
- Carmen M. Reinhart & Vincent R. Reinhart, 2008.
"Capital Flow Bonanzas: An Encompassing View of the Past and Present,"
NBER Working Papers
14321, National Bureau of Economic Research, Inc.
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- Reinhart, Carmen & Reinhart, Vincent, 2008. "From Capital Flow Bonanza to Financial Crash," MPRA Paper 11866, University Library of Munich, Germany.
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- 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.
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