Perspectives on Japan's continuing exorbitant privilege

Kenneth Rogoff and Takeshi Tashiro
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Kenneth Rogoff: Harvard University

No WP25-22, Working Paper Series from Peterson Institute for International Economics

Abstract: With renewed doubt about the scale, scope, and even the sign of the dollar's "exorbitant privilege," Rogoff and Tashiro revisit Japan's case, in particular, the persistent excess return on its external balance sheet, which derives in part from its ability to issue safe government debt at scale. Retaining this privilege is conditional, however, on Japan managing its debt dynamics and keeping inflation under control.

Keywords: Exorbitant Privilege; Return differentials; Safe assets (search for similar items in EconPapers)
JEL-codes: F30 (search for similar items in EconPapers)
Date: 2025-12
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