Replication Data for Analysis of The Imperial Rent of Reserve Currency: A Manifestation of Existence and a Method of Quantity Estimation

Replication Data for Analysis of The Imperial Rent of Reserve Currency: A Manifestation of Existence and a Method of Quantity Estimation (for Table 2) Abstract: This paper provides an analysis of the economic cost incurred by the world through the use of the fiat international reserve currency since the end of the 1971 gold standard system. I use the Quantity Theory of Money to provide an empirical manifestation of how reserve currency yields income to its issuing country through the provision of an inflation buffer, which is equivalent to what I frame as an imperial rent of reserve currency. I then provide a method to estimate the cumulative quantity of this rent by using data of the broad money supply, nominal GDP, and the world total official foreign exchange holdings of the currency of the country in question. I estimate that the quantity of the imperial rent of reserve currency that accrued to the four major reserve currency issuing states (US, Euro Area, UK, Japan) from the end of the gold standard until the end of 2021, which was accumulated through the official channel only, is of a value equivalent to ~11.1 Trillion US Dollars, ~71 % of this amount went to the United States of America singly《〈储备货币帝国租金分析：存在性表征与数量估算方法（针对表2）〉复制数据集》 摘要：本文针对1971年金本位体系终结后，全球使用法定国际储备货币所产生的经济成本展开研究。本文借助货币数量理论，通过构建通胀缓冲机制的实证表现形式，论证储备货币如何通过该机制为发行国带来收益——这正是本文所界定的储备货币帝国租金。随后，本文提出一种基于广义货币供应量、名义国内生产总值（GDP）以及全球官方持有目标国货币外汇储备总额数据的租金累计规模估算方法。经测算，自金本位体系终结至2021年末，四大主要储备货币发行体（美国、欧元区、英国、日本）仅通过官方渠道累计获取的储备货币帝国租金规模约达11.1万亿美元，其中约71%的份额由美国单独获得。