| 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)
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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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