The Secular Decrease in UK Safe Asset Market Power

Jason Choi, Duong Q. Dang, Rishabh Kirpalani and Diego J. Perez

No 31180, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We document the decline in market power of the U.K. in safe assets and quantify the resulting losses. We estimate an increasing elasticity of demand for U.K. public debt during the latter half of the 20th century. This is in sharp contrast to the U.S., which displays the opposite pattern with decreasing elasticities of demand during this time. We argue that the decline in market power of the U.K. in safe assets resulted in a sizable decline in seigniorage revenues.

JEL-codes: E0 F3 (search for similar items in EconPapers)
Date: 2023-04
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Published as Jason Choi & Duong Dang & Rishabh Kirpalani & Diego J. Perez, 2023. "The Secular Decrease in UK Safe Asset Market Power," AEA Papers and Proceedings, vol 113, pages 120-124.

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