목차
ABSTRACT 1
INTRODUCTION: THE END OF EXORBITANT PRIVILEGE? 2
JAPAN IS NO LONGER THE WORLD’S LARGEST NET CREDITOR 1
JAPAN’S EXTERNAL POSITION: LARGER—AND MORE EXPOSED TO EXCHANGE RATE EFFECT AND MARKET RISK 3
EXORBITANT PRIVILEGE: RETURN DIFFERENTIALS 4
SHIFTS IN CURRENCY COMPOSITION: A MIRROR FROM JAPAN’S SIDE 6
CHANNEL 1: SAFE-ASSET DEMAND AND MARKET LIQUIDITY 9
CHANNEL 2: SAFETY IN CRISIS 12
CONCLUSION 13
REFERENCES 14
