金融グローバリゼーションと国際通貨システム : 構造と変容(大会報告・共通論題:グローバル化の世界と市民の連帯)

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概要

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• The purpose of this paper is to consider the recent financial globalization and its relationship with the international monetary system. Firstly, I analyze the structure of the recent financial globalization and compare it with the classical globalization prior to 1914. In those days the pound sterling was the preeminent international currency under the gold standard system. Nowadays, the U.S. dollar is the leading currency, and it has dramatically increased its influence under the floating rate system since the 1970s. Particularly since the 1980s, the volume of international capital flows has increased sharply and the structure of the international financial market has become more complicated, as seen in the euro-market and the derivatives market. Secondly, I note that many developing countries, including emerging countries and countries in transition, adopted capital account liberalization in the 1990s, partly under the influence of IMF policy. However, the 1990s also witnessed currency crises in Europe, Mexico, East Asia, Russia, Brazil and some other emerging countries. One of the most important features of the recent globalization has been the extremely rapid expansion of international liquidity, denominated mainly in the U.S. dollar. I analyze this international liquidity problem and review the causes of and the policy responses to currency crises in the 1990s. Thirdly, I look at the role of the Japanese yen and the German mark, both of which have been used in international transactions since the mid-1980s, primarily in East Asia and Europe respectively, but without ever approaching the level of international use displayed by the dollar. Meanwhile, the launch of the euro in 1999 may have a great impact on the U.S. dollar's status in future. I examine recent trends in the international monetary system-not only currency union, but also currency board systems, basket-peg systems, fixed-rate systems and floating-rate systems and discuss various plans for reform of the international monetary system.

• 政治経済学・経済史学会の論文
• 2003-04-30

著者

• 上川 孝夫

  横浜国立大学経済学部

• 上川 孝夫

  横浜国立大学

関連論文

• 金井雄一著, 『ポンドの苦闘-金本位制とは何だったのか-』, 名古屋大学出版会, 2004年, iii+225頁
• 金融グローバリゼーションと国際通貨システム : 構造と変容(大会報告・共通論題:グローバル化の世界と市民の連帯)
• 古典的グローバリゼーションに関する一考察(鶴田満彦教授古稀記念論文集)
• 国際金本位制に関する覚書
• 国際通貨システムをめぐる諸論点
• アジア通貨危機と国際通貨システム
• EC通貨統合と国際通貨システム(2) : マルク国際化の構造をめぐって
• EC通貨統合と国際通貨システム : ECU・マルク・ドル
• 変動相場制と金融政策 : 1980年代イングランド銀行の通貨管理をめぐって
• 金澤史男先生の業績と足跡
• 金澤史男教授を偲ぶ
• 世界金融危機に関する覚書
• 戦時・戦後のポンド残高問題 : 国際通貨史の一論点

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