The paper uses historical data on interest rates from 1920 to 2016 to explore whether a world rate of interest exists and whether a monetary hegemon affects it. The first principal component of long-term interest rates accounts for 75% of the variation in a matrix of 17 countries and proxies for the world rate of interest. The U.S. played the role of a hegemon, influencing long-term bond rates. After the introduction of the euro in 1999, interest rates in most European countries followed German interest rates but German rates followed U.S. rates even more than before the introduction of the euro. In two countries on the northern periphery, Denmark and Sweden, interest rates shadow German rates and the low rates have contributed to rising house prices and rising mortgage debt. Independent monetary policy calls for targeted controls on capital flows.

本文使用1920年至2016年的利率历史数据来探讨世界利率是否存在以及货币霸权是否会对其产生影响。长期利率的第一个主要成分占全球利率的17个国家和代理矩阵的75％。美国扮演霸主的角色，影响长期债券利率。在1999年引入欧元之后，大多数欧洲国家的利率都遵循德国的利率，但是德国的利率甚至比引入欧元之前的利率高出美国。在北部边缘的两个国家（丹麦和瑞典），利率掩盖了德国的利率，低利率导致房价上涨和抵押债务上升。独立货币政策要求对资本流动进行有针对性的控制。