Does the center country of the International Monetary System enjoy an "exorbitant privilege" that significantly weakens its external constraint, as has been asserted in some European quarters?(Conferences)(Brief Article)

NBER Reporter | June 22, 2005 | Copyright

Does the center country of the International Monetary System enjoy an "exorbitant privilege" that significantly weakens its external constraint, as has been asserted in some European quarters? Using a newly constructed dataset, Gourinchas and Rey perform a detailed analysis of the historical evolution of U.S. external assets and liabilities at market value since 1952. They find strong evidence of a sizeable excess return of gross assets over gross liabilities. Interestingly, this excess return has increased after the collapse of the Bretton Woods fixed exchange rate system. ...

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