The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
Four Years Later, the Data Confirm That Puerto Rico Was Overpaying for Energy
English Summary
The article argues that Puerto Rico has historically overpaid for energy due to restrictions imposed by the Jones Act, which limits its access to cheaper American fuel supplies. Evidence confirming this includes massive surges in mainland fuel and LNG imports following a recent Jones Act waiver, demonstrating high demand for cost-effective US sources. Furthermore, PR's sourcing patterns align with those of unconstrained neighbors like the Dominican Republic when legal barriers are lifted. Policy implications suggest that the continued enforcement of the Jones Act acts as an artificial barrier, preventing Puerto Rico from optimizing its energy procurement and hindering economic stability.
中文摘要
本文主張，由於《瓊斯法案》施加的限制，波多黎各在能源方面歷來支付過高費用，該法案限制了其獲取更廉價美國燃料供應的途徑。支持此論點的證據包括：近期一次《瓊斯法案》豁免後，本土燃油和液化天然氣（LNG）進口出現大量激增，這證明了對具成本效益的美國來源能源存在高需求。此外，波多黎各的採購模式在法律障礙解除後，與其未受限制的鄰國——如多明尼加共和國——的模式趨於一致。政策意涵指出，《瓊斯法案》的持續執行構成了一道人為壁壘，阻礙了波多黎各優化其能源採購，並妨礙了經濟穩定發展。
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