The Japanese Yen As An International Currency

Author : Mr.George S. Tavlas,Yusuru Ozeki
Publisher : International Monetary Fund
Page : 66 pages
File Size : 48,6 Mb
Release : 1991
Category : Business & Economics
ISBN : UCSD:31822016929879

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The Japanese Yen as an International Currency by Mr.George S. Tavlas,Yusuru Ozeki Pdf

The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.

Author : Toru Iwami
Publisher : International Monetary Fund
Page : 96 pages
File Size : 50,7 Mb
Release : 1994-04-01
Category : Business & Economics
ISBN : 9781451846034

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The Internationalization of Yen and Key Currency Questions by Toru Iwami Pdf

The role of the yen in the International financial system is reconsidered from a comparative (historical) approach. Compared with the D-Mark in the postwar years, the limited use of the yen results not so much from regulations on capital movements as from the structure and behavior of Japanese economy. The history of the pound-sterling and the U.S. dollar reveals the fact that such factors as the network of foreign trade and economic size constitute the basis and “inertia” of a key-currency. Thus for a currency to rise to a key-position in global transactions, real factors are more decisive than financial market arrangement. Seen from the foreign economic relations, it is not possible for Japan to own a key-currency independent from the U.S. dollar.

Author : Mr.George S. Tavlas,Yusuru Ozeki
Publisher : International Monetary Fund
Page : 72 pages
File Size : 44,5 Mb
Release : 1992-01-15
Category : Business & Economics
ISBN : UCSD:31822015452766

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The Internationalization of Currencies by Mr.George S. Tavlas,Yusuru Ozeki Pdf

A 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.

Author : T. Iwami
Publisher : Springer
Page : 186 pages
File Size : 53,7 Mb
Release : 1995-10-27
Category : Business & Economics
ISBN : 9780230372634

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Japan in the International Financial System by T. Iwami Pdf

Japan experienced a remarkable growth in international finance, through a series of liberalization measures in the 1980s. However, her position in the global financial system is still limited, as the reserve currency share of yen illustrates. Why does such a contrast exist? Historical comparison with Britain and the United States as well as extensive data provide a key to answer the question.

Author : Mr.Dennis P. J. Botman,Mr.Irineu E. de Carvalho Filho,Mr.Waikei W. Lam
Publisher : International Monetary Fund
Page : 21 pages
File Size : 51,8 Mb
Release : 2013-11-06
Category : Business & Economics
ISBN : 9781475513424

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The Curious Case of the Yen as a Safe Haven Currency by Mr.Dennis P. J. Botman,Mr.Irineu E. de Carvalho Filho,Mr.Waikei W. Lam Pdf

During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen’s safe haven behavior. In contrast, we find evidence that changes in market participants’ risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.

Author : Philipp Hartmann
Publisher : Cambridge University Press
Page : 212 pages
File Size : 55,8 Mb
Release : 1998-12-10
Category : Business & Economics
ISBN : 9780521632737

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Currency Competition and Foreign Exchange Markets by Philipp Hartmann Pdf

A study of international currencies which focuses on the role of the Euro.

Author : Beate Reszat
Publisher : Routledge
Page : 247 pages
File Size : 55,5 Mb
Release : 2002-04-12
Category : Business & Economics
ISBN : 9781134766192

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The Japanese Foreign Exchange Market by Beate Reszat Pdf

In recent years, Japan's financial market has seen dramatic changes, in particular the explosive growth of currency trading and the increasing international role of the yen. This book gives a comprehensive overview of this activity. This work is the first non-Japanese language title to examine the prolific rise of Japan's foreign currency exchange market, its idiosyncracies, and its future role in the global economy. It is vital reading for economists and students of Japan-related subjects.

Author : Beate Reszat
Publisher : Routledge
Page : 285 pages
File Size : 44,6 Mb
Release : 2002-04-12
Category : Business & Economics
ISBN : 9781134766185

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The Japanese Foreign Exchange Market by Beate Reszat Pdf

In recent years, Japan's financial market has seen dramatic changes, in particular the explosive growth of currency trading and the increasing international role of the yen. This book gives a comprehensive overview of this activity. This work is the first non-Japanese language title to examine the prolific rise of Japan's foreign currency exchange market, its idiosyncracies, and its future role in the global economy. It is vital reading for economists and students of Japan-related subjects.

Author : Peter B. Kenen
Publisher : Unknown
Page : 44 pages
File Size : 45,9 Mb
Release : 1983
Category : Dollar, American
ISBN : UCSD:31822002977221

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The Role of the Dollar as an International Currency by Peter B. Kenen Pdf

Author : B. Brown,Robert Z. Aliber
Publisher : Springer
Page : 259 pages
File Size : 43,8 Mb
Release : 2002-05-01
Category : Business & Economics
ISBN : 9781403907103

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The Yo-Yo Yen by B. Brown,Robert Z. Aliber Pdf

The violent fluctuations of the Japanese yen through the 1980s and 1990s have played a critical role in Japan's economic decline. Brendan Brown highlights the causes of the yen's bizzare behaviour, and analyses the consequences for the Japanese and global economies. Through this analysis he presents an original hypothesis, linking the periodic sharp upswings of the Yen to poor economic performance and offers a new view as to where the responsibility for failure of the Japanese currency market to function normally lies.

Author : Tetsuji Murase
Publisher : Unknown
Page : 50 pages
File Size : 44,7 Mb
Release : 2000
Category : Japan
ISBN : STANFORD:36105110004533

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The Internationalisation of the Yen by Tetsuji Murase Pdf

"Argues that three conditions need to be fulfilled before the yen can become a major international currency ... Focuses on the importance of market principles ..." -- Abstract.

Author : Ronald I. McKinnon,Kenichi Ohno
Publisher : MIT Press
Page : 288 pages
File Size : 48,8 Mb
Release : 1997
Category : Business & Economics
ISBN : 0262133350

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Dollar and Yen by Ronald I. McKinnon,Kenichi Ohno Pdf

Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics. From the mid-1950s to the early 1990s, Japan grew faster than any other major industrial economy, displacing the United States in dominance of worldwide manufacturing markets. In the 1970s and 1980s, many books appeared linking the apparent decline of the United States in the world economy to unfair Japanese practices that closed the Japanese market to a wide range of foreign goods. Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics. The authors argue against the prevailing view that the trade imbalance should be corrected by dollar depreciation, saying that adjustment through the exchange rate is both ineffective and costly. Stepping outside the traditional dichotomy between international trade and international finance, they link the yen's tremendous appreciation from 1971 to mid-1995 to mercantile pressure from the United States arising from trade tensions between the two countries. Although sometimes resisted by the Bank of Japan, this yen appreciation nevertheless forced unwanted deflation on the Japanese economy after 1985--resulting in two major recessions (endaka fukyos). The authors argue for relaxing commercial tensions between the two countries, and for limiting future economic downturns, by combining a commercial compact for mutual trade liberalization with a monetary accord for stabilizing the yen-dollar exchange rate.

Author : Mr.Jun Nagayasu
Publisher : International Monetary Fund
Page : 34 pages
File Size : 53,7 Mb
Release : 1998-06-01
Category : Business & Economics
ISBN : 9781451850857

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Japanese Effective Exchange Rates and Determinants by Mr.Jun Nagayasu Pdf

This paper empirically analyzes Japanese long-run exchange rates from several perspectives. Several exchange rate models are considered, including the purchasing power parity, the real interest differential model, and the hybrid models à la Hooper and Morton (1982). A notable feature of the latter models is that the current accounts are introduced as determinants of the exchange rates; one type of hybrid model uses the actual current account, and the other the optimal current account, which is calculated using the present value model suggested by Campbell and Shiller (1988). The paper finds that the long-run specification is sensitive to the specification of the model.

Author : Jeffrey A. Frankel
Publisher : Unknown
Page : 96 pages
File Size : 50,8 Mb
Release : 1984
Category : Banks and banking, American
ISBN : UCSD:31822003446614

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The Yen/dollar Agreement, Liberalizing Japanese Capital Markets by Jeffrey A. Frankel Pdf

Author : Richard Werner
Publisher : Routledge
Page : 516 pages
File Size : 43,5 Mb
Release : 2015-03-04
Category : Education
ISBN : 9781317462194

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Princes of the Yen by Richard Werner Pdf

This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.