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AN ANALYTICAL FRAMEWORK FOR A YEN AREA

Kobe University Economic Review

42

57-80

神戸大学大学院経済学研究科

1996

2009-03-16

本文ファイルは、国立情報学研究所CiNiiより提供されたものです。

The aim of this article is the presentation of a framework for analizing the possibility of the Yen becoming the key currency in the Asian area. A key currency system has two different types of settlements: direct multilateral settlements and indirect multilateral settlements. The Pound Sterling in the pre-war gold standard is the example of the first one and the U.S. Dollar of the second. Another role of a key currency system is that of a 'World Banker': international financial intermediation and liquidity creation. Japan has had a large current account surplus and has supplied 'Japan Money' to the rest of the world since the mid-'80's. But this doesn't mean that Japan has been a key country, because the Yen has not been used as a settlement currency in the circulation of Japan Money. The possibility of the creation of a Yen area in Asia rests on whether Japan can construct a circle of settlements in the Yen through trade and capital exports.

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