+44 (0)20 7000 8412     hrey@london.edu     London Business School, Regent's Park, London, NW1 4SA  
 |   |  Contact  |  Login

Working Papers

Exorbitant Privilege and Exorbitant Duty*
Gourinchas, P.O., Rey, H., Govillot, N.
  Latest Draft: 23 Oct 2017,   First Draft: 01 Aug 2010,

Abstract:
The center country of the International Monetary System enjoys an “exorbitant privilege” that significantly weakens its external constraint. In exchange for this “exorbitant privilege” we document that the US provides insurance to the rest of the world, especially in times of global stress. This is the “exorbitant duty”.
Citation:
Gourinchas, P. O., Rey, H., & Govillot, N. (2010). Exorbitant privilege and exorbitant duty (No. 10-E-20). Institute for Monetary and Economic Studies, Bank of Japan.
Download BibTex citation

Search Google Scholar for this entry

*This material is based upon work supported by the European Research Council grant number 210584 on "Countries' external balance sheets, dynamics of international adjustment and capital flows"



*This material is based upon work supported by the European Research Council grant number 210584 on "Countries' external balance sheets, dynamics of international adjustment and capital flows"


London Business School
Regent's Park
London
NW1 4SA
hrey@london.edu
+44 (0)20 7000 8412
Copyright © 2024   Helene Rey
Website Design & Development for Schools By VisioSoft   |   T&C
User Guide   11  


Selct an hour and a minute and then click on Set Time

Selected Time:  _:_

Hours
Minutes
 
Set Time