Occasional Papers

The Internationalization of Currencies: An Appraisal of the Japanese Yen

Author/Editor:

Yusuru Ozeki ; George S Tavlas

Publication Date:

January 15, 1992

Summary:

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.

Series:

Occasional Paper No. 1992/001

Subject:

Balance of payments Banking Bonds Capital outflows Currencies Exports Financial institutions Foreign direct investment International trade Money Nonbank financial institutions Securities