Journal of East China Normal University (Philosophy and Social Sciences) >
The Cause and Significance of the Japanese Yen as the Main International Transaction Currency
Judging from the volume of transactions in the international foreign exchange market,the yen has become the third largest foreign exchange currency in the world. The reasons why the yen has become a major international exchange currency are as follows. Firstly,Japan has three basic conditions,namely, economic power,trade power and moderate degree of dependence on foreign trade. Secondly,Japan has completely abolished foreign exchange control and established a highly developed financial market by promoting financial liberalization for a long time,thus creating a good market environment for the internationalization of the Japanese yen. Thirdly,through the channels of euro-yen bond,yen international bond,international direct investment and indirect investment,Japan has become a major net creditor country in the world,and the yen is not only universally accepted in Japan,but also has strong universal acceptance all over the world. Finally,the long-term value stability and low interest rate have made the yen a high-quality safe-haven currency and an arbitrage currency with good price,so that it is favored by international investors. We can learn much from the successful experience of the Japanese yen to promote the internationalization of RMB. We should give priority to the realization of free convertibility of RMB and then consider expanding the use of RMB in international transactions. We should build a highly developed domestic financial market and make it become one of the basic conditions for expanding the international trade of RMB. The stability of RMB value and exchange rate should be maintained to make it become an international asset preferred by international investors.
ZHANG Yan-hong , HUANG Ze-min . The Cause and Significance of the Japanese Yen as the Main International Transaction Currency[J]. Journal of East China Normal University (Philosophy and Social Sciences), 2019 , 51(4) : 143 -153 . DOI: 10.16382/j.cnki.1000-5579.2019.04.015
陈晖,2011,《日元国际化的经验与教训》,北京:社会科学文献出版社。
[日]川本明人,1993,《第8章 国际银行业和欧洲货币市场——与美元关键货币蚕食的关联性》,见深町郁弥编:《美元本位制研究》,东京:日本经济评论社。
戴道华,2016,《试解日元作为避险货币之谜》,《国际金融》第6期。
[日]关志雄,2002,《亚洲货币一体化研究——日元区发展研究》,郎平、傅克华译,北京:中国财政经济出版社。
[日]井上伊知郎,1990,《日元德国马克直接交易的急剧扩大》,《日本经济新闻朝刊》6月16日。
[日]菊地悠二,2002,《日元国际化——进程与展望》,北京:中国人民大学出版社。
李晓,2005,《日元国际化的困境及其战略调整》,《世界经济》第6期。
[美]罗纳德·麦金农,1990,《货币稳定化的国际准则》,北京:中国金融出版社。
[美]罗纳德·麦金农、[日]大野健一,1999,《美元与日元:化解美日两国的经济冲突》,王信、曹莉译,上海:上海远东出版社。
[日]米谷達哉、寺西幹雄,2000,《试论日元国际化利用的条件》,日本银行金融市场局工作论文。
日本财务省,2003,《日元国际化推进研究会报告》,www.mof.or.jp。
[日]深町郁弥,1993,《第18章 对关键货币美元的蚕食——以媒介货币为中心》,见深町郁弥编:《美元本位制研究》,东京:日本经济评论社。
[日]伊藤隆敏,1999,《实现日元的国际化地位》,《日本瞭望》第47期。
张宇燕主编,2018,《世界经济黄皮书》,北京:社会科学文献出版社。
[日]中条诚一,1998,《货币危机是日元国际化的大好时机》,《东洋经济周刊》第2期。
[日]中条诚一,2001,《亚洲的日元国际化》,《经济学论丛》(中央大学)第9期。
Bock, R.D. and Filho, I.C., 2013, "The Behavior of Currencies during Risk-off Episodes" IMF Working Paper, 13/08.
Boman, D., Filho, I.C. and Lam, W.R., 2013, "The Cruious Case of the Yen as a Safe Haven Currency:A Forensic Analysis", IMF Working Paper, 13/228.
Grossman, S.J. and Stiglitz, J. E., 1976, "Information and Competitive Price Systems", American Economic Review, Vol.66.
Hiroo Taguchi, 1982, "A Survey of International Use of Yen", Bank for International Settlements:BIS Working Papers.
Tavlas, G. and Yuzuru Ozeki., 1991, "The Japanese Yen as an International Currency", IMF Working Paper, WP/91/2.
/
| 〈 |
|
〉 |
国家社会科学基金学术期刊资助入选期刊