The Internationalization of Currencies: An Appraisal of the Japanese YenA tripolar international monetary system-centered on the U.S. dollar, the deutsche mark, and the yen - appears to be emerging. This paper not only assesses the role of the yen as an international currency but also presents a unified theory of international currency use and distinguishes between the roles of a nation as a world banker and as an international financial intermediary. |
Contents
Implications of Determinants of International Currency | 5 |
Summary Balance of Payments 198090 | 20 |
Appendix | 43 |
Copyright | |
2 other sections not shown
Common terms and phrases
Acquisition of foreign anese April Australian dollar Bank of Japan banker's acceptances bond issues Canadian dollar capital flows Controls on increases Controls on ratio current account denominated in yen deposits Deutsche mark developing countries direct investment domestic Euro-yen bonds European Monetary System exchange rate financial intermediary financial markets foreign currencies foreign exchange market foreign investments foreign securities Fukao government bonds imports inflation variability interest rates international banking international currency International Financial Intermediation International Financial Statistics International Monetary Fund investments to total Japanese banks Japanese exports Japanese yen liabilities limit was raised liquidity long-term capital outflows Ministry of Finance monetary policy nation nonresidents offshore market percent of total Pound sterling ratio of foreign rency residents role Selected Asian countries short-term capital Sources store of value Swiss franc Tavlas tion tional Tokyo total assets trade transactions trillion U.S. dollar unit of account various issues world banker yen's share