Published Journal of Political Economy Online 1 Mar 2025 Published Dec 2025Exorbitant Privilege Gained and Lost: Fiscal ImplicationsZefeng Chen · Zhengyang Jiang · Hanno Lustig · Stijn Van Nieuwerburgh · Mindy Z. XiaolanThis paper studies three centuries of U.K. fiscal history to understand the fiscal implications of safe asset supplier status — what the authors call "exorbitant privilege" — and how it can be gained …