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|
|Publication status:||Published in VoxEU-CEPR (2008): pp. 1-9|
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"From Capital Flow Bonanza to Financial Crash,"
11866, University Library of Munich, Germany.
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