彼得森经济研究所：2025年对日本持续存在的过高特权的看法报告（英文版）

Debate has resurfaced over whether the United States’ “exorbitant privilege” is fading. Coined by the former French finance minister Valéry Giscard d’Estaing, the phrase captures how the United States is able to take advantage of global demand for US dollar bonds, including both public and private, to buy highyielding assets abroad, including, for example, equities and direct foreign investment. Certainly, the dollar’s reserve currency status—including its role as the lingua franca of global