Exorbitant Privilege Gained and Lost: Fiscal Implications
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We study three centuries of U.K. fiscal history. Before WW-I, when the U.K. dominated global bond markets, the U.K.s government debt was not always fully backed by its future surpluses, even after accounting for the seigniorage revenue from convenience yields. As predicted by theories of safe asset
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美国国家经济研究局创建时间：
2022-05-01
