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Perspectives on Japan's continuing exorbitant privilege

Author

Listed:
  • Kenneth S. Rogoff

    (Harvard University)

  • Takeshi Tashiro

    (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.

Suggested Citation

  • Kenneth S. Rogoff & Takeshi Tashiro, 2025. "Perspectives on Japan's continuing exorbitant privilege," Working Paper Series WP25-22, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp25-22
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    File URL: https://www.piie.com/publications/working-papers/2025/perspectives-japans-continuing-exorbitant-privilege
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    JEL classification:

    • F30 - International Economics - - International Finance - - - General

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