A Study on Internationalization of Japanese Yen Under International Monetary System

• Main Authors: Kuo-Ying, Lo, 羅國應
• Other Authors: Wei-Penn, Chang
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/16511187626163893680

碩士 === 淡江大學 === 日本研究所 === 89 === The three pushing powers of capitalism are the enterprise, the finance and the technology. This thesis wants to deal with the finance part. Just before the World War II was over, the representatives from main countries held a meeting in New Hampshire and started the rigid exchange rate mechanism called Bretton Woods System. But on 1971, the U.S.A.’s President Richard Nixon declared the stop of gold-dollar converting, and since 1973, almost countries in the world adopted exchange rate floating system. But under the France and Germany’s enthusiastic cooperation, western European countries adopt European Snake as their exchange rate mechanism. On the other side, since 1980s’, Japan become the largest creditor nation and the U.S.A. become the largest debtor nation in the world. The exchanging economic position shaking the Dollar’s hegemonic position in the world economic system. For what impact does these changes of International Monetary System bring to the world economy? And what’s the result of the impact? These will be the main topics of this thesis. Internationalization of one country’s currency or the integration of several countries’ currencies could not be done only according to the economic condition. If the political leaders do not have this motivation, then no matter how mature of the objective economic condition, these ends would not come true one day. The two topics that deal in this thesis, the European monetary integration and Internationalization of Japanese Yen are the two good examples of this concept. In the beginning of the European integration, no one thought about the integration of the currency, but under the leaders’ vision and insist motivation of European countries, in 1999, the single currency Euro was born. And the European countries benefited from the single market and single currency. But looking at Japan in the East Asia, Internationalization of Japanese Yen does not make any progress because of lacking of “yen strategy” in International Monetary System. Though Japanese government will work hard on it because of the trends of the society, it is still a long way to go.