An Exorbitant Privilege in the First Age of International Financial Integration

The exorbitant privilege literature analyzes the positive differential returns on net foreign assets enjoyed by the United States in the last quarter of the twentieth century as the issuer of the global reserve currency. In the first age of international financial integration (1870-1914), the global reserve currency of the period was the British pound sterling. Whether the United Kingdom enjoyed a similar privilege is analyzed with a new dataset, encompassing microdata on railroad and government financial securities. The use of microdata avoids the flaws that have plagued the US studies, particularly the use of incompatible aggregate variables. New measures of Britain’s net external position provide estimates on capital gains and dividend yields. As the issuer of the global reserve currency, Britain received average revenues of 13.4% of GDP from its international investment position. The country satisfied the necessary condition for the existence of an exorbitant privilege. Nonetheless, Britain’s case is slightly different from the American one. British external assets received higher returns than were paid on external liabilities for each class, but British invested mostly in securities with low profile of risk. The low return on its net external position meant that, for most of the time, Britain would not receive positive revenues from the rest of the world if it were a net debtor country, but this pattern changed after 1900. The finding supports the claim that, at least partially, exorbitant privilege is a general characteristic of the issuer of the global reserve currency and not unique to the late twentieth century US.

The Aesthetics of Motion in Musics for the Mevlana Celal ed-Din Rumi

This dissertation investigates the concept of motion as a fundamental aesthetic element in the devotional music, dance, and rituals performed in honor of the celebrated thirteenth-century Persian mystic poet and saint, the Mevlana Celal ed-Din Muhammad Rumi. The main focus of the study is threefold. First, it investigates the prevalence of the notion of movement in Islamic music and culture, specifically within the Sufi communities of Turkey, in order to arrive at a broader understanding of the relationship between music, aesthetics, and worldview. Secondly, it explores how musical performance functions as a form of devotion or religious worship by focusing on the musical repertories performed in honor of a single holy figure, the Mevlana Rumi. Finally, it provides an ethnographic account of contemporary developments in Sufi musical culture in Turkey and across the world by describing the recent activities of the Mevlana's devotees, which includes members of the Mevlevi Order of Islamic mystics as well as adherents of other Sufi brotherhoods and followers of so-called New Religions or New Age. The primary research for this study involved two short one-month field trips to Turkey and India in 2002 and 2003, respectively, and a longer one year expedition to Turkey in 2004 and 2005, which also included shorter stays in Cyprus, Syria, and Egypt. Additionally, the dissertation draws directly from critical theories advanced in the fields of ethnomusicology, cultural anthropology, and ethnochoreology and focuses on the kinesthetic parameters of music, dance, trance, and ritual as well as on broader forms of socio-cultural movement including pilgrimage, cultural tourism, and globalization. These forms of movement are analyzed in four broad categories of music used in worship, including classical Mevlevi music, music of the zikr ceremony, popular musics, and non-Turkish musics.