那提西银行-全球-金融业-美元的“超高特权”是否还存在？

《那提西银行-全球-金融业-美元的“超高特权”是否还存在？》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、FlashEconomicsDoesthedollar’s"exorbitantprivilege"stillexist?12December2017-1475Thedollar’s"exorbitantprivilege"isexplainedbytheUnitedStates’capacitytoattractforeigncapital,especiallytotheUSTreasurydebtmarket.ThepermanentcapitalinflowstotheUnitedStates:EnabletheUnitedStates

2、tohaveacontinuousexternaldeficitwithoutnegativeconsequences;And,inaddition,evenfinanceUScompanies’investmentsintherestoftheworld.IstheattractivenessoftheUnitedStates(theUSTreasurybondmarket)stillasstrongnow,despitethepresenceoftheeuro,thelowdollarinterestrates,theincreasesi

3、ntheUSpublicandexternaldebtratios,andthedeclineintheweightoftheUnitedStatesintheglobaleconomy?Weseethatthedollar’s"exorbitantprivilege"isstillaspresent,despitethesedevelopments.PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comCORPORA

4、TE&INVESTMENTBANKINGINVESTMENTSOLUTIONS&INSURANCESPECIALIZEDFINANCIALSERVICESDistributionofthisreportintheUnitedStates.Seeimportantdisclosuresattheendofthisreport..FlashEconomicsThedollar’s"exorbitantprivilege"ThisistheUnitedStates’capacitytoattractforeigncapitaltotheUnitedS

5、tates,whichislinkedtotheparticularroleofUSTreasurydebtasaglobalrisk-freeasset,asauniversallyacceptedstoreofsavings.Asthewholeworldthereforeinvestsindollar-denominatedsecurities,theUnitedStates:-Canhaveaperpetualexternaldeficit(Chart1)withoutnegativeconsequencessinceitisfinan

6、cedbycontinuouscapitalinflows;-CanevenusethesecapitalinflowstotheUSgovernmentdebtmarkettofinancecapitaloutflowscorrespondingtocorporateacquisitionsanddirectinvestmentsabroad,etc.Chart1UnitedStates:Current-accountbalance(as%ofnominalGDP)1100-1-1-2-2-3-3-4-4-5-5-6-6Sources:Dat

7、astream,BEA,Natixis-7-780838689929598010407101316Chart2shows:-TheUSgrossexternaldebtinbonds;-USgrossexternalassetsindirectinvestmentsandinequities,withtheformerfinancingthelatter.Chart2UnitedStates:Grossexternaldebtinbondsandgrossexternalassetsinforeigndirectinvestmentandine

8、quities(as%ofnominalGDP)GrossexternaldebtinbondsExternalassetsindirectforei