国際資金循環と基軸通貨制度 : 基軸通貨論試論

概要

論文の詳細を見る
In this paper we tried to combine the theories of international currency and the global flow of funds analysis into a theory of the key currency system. First, the key currency system is based on the national settlements system. An international transaction is setteld through the infrastructure of a national currency. Here, the key country acts as : (1) the place of international settlement, (2) the international financial intermediary, and (3) the international banker (through credit creation). Second, the type of key currency depends on the structure of international transactions at the customers level. The vehicle currency role is vital in the case in which many currencies are used as the invoice/transactions currency, and is not necessary when transactions are settled in any single currency. Third, the global flow of funds around the key country is very important, because the balance of payments structure of the key country and the form of the flow of funds determines the quantity and quality of international liquidity.
神戸大学の論文
1996-03-21