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exorbitant privilege
The term exorbitant privilege refers to the alleged benefit the United States has due to its own currency (i.e., the US dollar) being the international reserve currency. Accordingly, the US would not face a balance of payments crisis, because it purchased imports in its own currency. Exorbitant privilege as a concept cannot refer to currencies that have a regional reserve currency role, only global reserve currencies.
Academically, the exorbitant privilege literature analyzes two empiric puzzles, the position and the income puzzle. The position puzzle consists of the difference between the (negative) U.S. net international investment position (NIIP) and the accumulated U.S. current account deficits, the former being much smaller than the latter. The income puzzle consists of the fact that despite a deeply negative NIIP, the U.S. income balance is positive, i.e. despite having much more liabilities than assets, earned income is higher than interest expenses.〔Curcuru, S. E., Thomas, C. P., & Warnock, F. E. (2013). On Return Differentials. ''International Finance Discussion Papers'', 1077, Board of Governors of the Federal Reserve System.〕
==Origin==
The term was coined in the 1960s by Valéry Giscard d'Estaing, then the French Minister of Finance.〔Barry Eichengreen, ''Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International monetary system''()〕 It is frequently mis-attributed to Charles de Gaulle, who is said to have had similar views.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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