The Internationalization of Currencies: An Appraisal of the Japanese Yen

Yusuru Ozeki and George Tavlas

No 1992/001, IMF Occasional Papers from International Monetary Fund

Abstract: 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.

Keywords: OP; yen; trade data; exchange rates of major Currencies; financial market market trend; foreign-currency bond; reserve data; Currencies; Foreign direct investment; Bonds; Securities; Exports; Asia and Pacific; Southeast Asia; Eastern Europe; North America; Western Europe; Europe; yen zone; section III; currency use; yen currency bloc; treasury-bill market; Capital outflows; Nonbank financial institutions; Global (search for similar items in EconPapers)
Pages: 63
Date: 1992-01-15
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