| Project/Area Number |
63301085
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| Research Category |
Grant-in-Aid for Co-operative Research (A)
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| Allocation Type | Single-year Grants |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kyushu University |
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Principal Investigator |
FUKAMACHI Ikuya Kyushu University, Faculty of Economics, Professor, 経済学部, 教授 (20037104)
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| Co-Investigator(Kenkyū-buntansha) |
HIRAOKA Kenji Kumamoto Shouka University, Faculty of Commerce, Professor, 商学部, 教授 (20128820)
YAMAMOTO Eiji Fukuoka University, Faculty of Commerce, Professor, 商学部, 教授 (30122758)
KATAOKA Tadashi Osaka City University, Faculty of Commerce, Professor, 商学部, 教授 (20047393)
OBA Seiji Nomura Reseach Institute, 総合研究本部, 本部長
SIMAZAKI Kyuya Kantougakuin University, Faculty of Economics, Professor, 経済学部, 教授 (10170929)
川波 洋一 九州大学, 経済学部, 助教授 (80150390)
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| Project Period (FY) |
1988 – 1990
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| Project Status |
Completed (Fiscal Year 1990)
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| Budget Amount *help |
¥15,900,000 (Direct Cost: ¥15,900,000)
Fiscal Year 1990: ¥2,500,000 (Direct Cost: ¥2,500,000)
Fiscal Year 1989: ¥4,900,000 (Direct Cost: ¥4,900,000)
Fiscal Year 1988: ¥8,500,000 (Direct Cost: ¥8,500,000)
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| Keywords | International Key Currency / International financial Market / Currency Block / Vehicle Currency / Cross-Currency Trade / Money Flow / Floating Rate System / クロス・カレンシ-取引 / 国際的マネ-・フロ- / 国際分散投資 / 国際的資産代替 / 基軸通貨 / 外国為替 / ユ-ロ市場 / クロス・ボ-ダ-取引 / マネ-フロ- / ドル本位制 / 過剰貨幣資本 / 再建金本位制 / 取引通貨 / 国際銀行業 |
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| Research Abstract |
The purpose of this study is to examine of the erosion of the Dollar's position as an International Key Currency at several levels-invoicing currency, vehicle currency (private currency). Intervention currency, reserve currency (official currency)-, and to get perspectives of the international financial system in the future.
Through analyzing the sources and debating, we got the conclusion that the Dollar's position as an international key currency at vehicle currency is eroding.
The key function of the Dollar's position as an international key currency was vehicle currency. Recentry, however, this situation is changing. Today, there are the decentralization and consolidation of international financial markets.
On the one hand, there may happen the currency blocks, such as Dollar block, Mark block, Yen block in Asia. Such a trend of international currency is indicated by the growth of the foreign exchange markets of London, New York, and Tokyo. That is decentralization of the international financial markets. On the other hand, international financial markets are integrated. The globalization of finance under the floating system facilitates the growth of the foreign exchange markets and international money flow.
The diversification of international currencies is going on under this floating system. The decline of Dollar, however, does not mean the erosion of Dollar. This is the instability of today's international financial system.
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