Rogoff, Kenneth S.; Tashiro, Takeshi - In: Journal of the Japanese and International Economies 35 (2015) C, pp. 43-61
in the context of another country, Japan, which has been the world’s largest creditor nation for more than two decades …. In contrast to the common perception that Japan has been a particularly poor international investor, we find that Japan … enjoys exorbitant privilege in both the broad and narrow sense. Japan also earns higher expected returns from maturity …