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Choi, Jason [Verfasser:in]; Dang, Duong Q. [Verfasser:in]; Kirpalani, Rishabh [Verfasser:in]; Perez, Diego J. [Verfasser:in] ; National Bureau of Economic Research

Exorbitant Privilege and the Sustainability of US Public Debt

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  • Medientyp: E-Book
  • Titel: Exorbitant Privilege and the Sustainability of US Public Debt
  • Beteiligte: Choi, Jason [Verfasser:in]; Dang, Duong Q. [Verfasser:in]; Kirpalani, Rishabh [Verfasser:in]; Perez, Diego J. [Verfasser:in]
  • Körperschaft: National Bureau of Economic Research
  • Erschienen: Cambridge, Mass: National Bureau of Economic Research, February 2024
  • Erschienen in: NBER working paper series ; no. w32129
  • Umfang: 1 Online-Ressource; illustrations (black and white)
  • Sprache: Englisch
  • Schlagwörter: Öffentliche Schulden ; Länderrisiko ; Internationale Staatsschulden ; USA ; General ; International Lending and Debt Problems ; Arbeitspapier ; Graue Literatur
  • Reproduktionsnotiz: Hardcopy version available to institutional subscribers
  • Entstehung:
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  • Beschreibung: We study the extent to which the perceived cost of losing the exorbitant privilege the US holds in global safe asset markets sustains the safety of its public debt. Our findings indicate that the loss of this special status in the event of a default significantly augments the debt capacity for the US. Debt levels would be up to 30% lower if the US did not have this special status. Most of this extra debt capacity arises from the loss of the convenience yield on US Treasuries, which makes debt more expensive following its loss and provides strong incentives to repay debt