Growth of the Euro as an international currency and the use of the Yen in East Asia

欧元作为国际货币的增长以及日元在东亚的使用

• 批准号: 11430018
• 负责人: TANAKA Soko
• 金额: $ 4.48万
• 依托单位: Tohoku University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (B)
• 财政年份: 1999
• 资助国家: 日本
• 起止时间: 1999 至 2001
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-11430018/
• 关键词: Euro; International Currency; Internationalization of the Yen; Capital Market in Euro Area; Capital Market in Tokyo; Investment Currency; FX intermediary currency; Deutsche Mark; ユーロ金融資本市場; ユーロ圏; ヴォラティリティ

The German Mark became the FX vehicle currency on the European FX spot markets around 1990, pushing out the US dollar. The vehicle currency role is essential for an international currency. This research investigates firstly the growth of the Euro as an international currency associated with the development of the German Mark and the financial and capital markets in the Euro area. Then, we apply the above-mentioned development to East Asia and aim to examine policy measures to facilitate the international use of the Yen.The Euro as financing currency (par excellence in bond market) has expanded more than previously expected. But FX transactions are made in a decentralized way on FX markets of each Euro area country and the institutional consolidation on the financial markets is still to be seen. Furthermore the function of the Euro as a FX vehicle currency is weaker than the German Mark because international transactions among the Euro area countries tended to be domestic. Even though E … More uro has the merit derived from Euro money and capital market, Euro does not show its expected ability so far and will not be able to narrow the gap with U.S. dollar.With regard to Euro, the conclusions are as follows. (1) Euro is an international currency in the Euro area. (2) Euro has all functions as the international currency from trade intermediation to global money transaction. In this regard, the Euro is different from German Mark. (3) It is difficult for the time being to expect that Euro will be an international currency comparative to U.S. dollar because both the financial and capital markets and the FX markets in the Euro area do not amalgamated into single yet.As for the internationalization of Yen, we confirmed that the use of Yen increased in Thailand at the end of the 1990s. This is because that Japanese banks and overseas affiliated companies go ahead with Yen ―denominated transactions taking so-called the "Japan premium" into account. The biggest policy issue is how to take over this trend. Less

1990 年左右，德国马克成为欧洲外汇现货市场上的外汇工具货币，取代了美元。作为国际货币，载体货币的作用至关重要。本研究首先调查欧元作为国际货币的增长与德国马克以及欧元区金融和资本市场的发展相关。然后，我们将上述发展应用到东亚，旨在研究促进日元国际使用的政策措施。欧元作为融资货币（在债券市场中表现出色）的扩张超出了之前的预期。但欧元区各国外汇市场的外汇交易以分散的方式进行，金融市场的机构整合仍有待观察。此外，欧元作为外汇工具货币的功能弱于德国马克，因为欧元区国家之间的国际交易往往在国内进行。尽管欧元具有源自欧元货币和资本市场的优点，但欧元迄今为止并没有表现出预期的能力，无法缩小与美元的差距。对于欧元，结论如下。 (1) 欧元是欧元区的国际货币。 （2）欧元具有从贸易中介到全球货币交易的所有国际货币功能。在这方面，欧元与德国马克不同。 （3）目前很难指望欧元成为与美元相比的国际货币，因为欧元区的金融资本市场和外汇市场都还没有一体化。至于日元的国际化，我们确认20世纪90年代末日元在泰国的使用有所增加。这是因为日本银行和海外关联公司在进行日元计价交易时考虑了所谓的“日本溢价”。最大的政策问题是如何接住这一趋势。较少的

项目成果

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高島 純子: "欧州産業と域内分業構造の形成"国際 文化 研究. 6号. 45-60 (1999)

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岩田 健治: "欧州における証券市場間競争と統合"証券経済学会年報. 36. 142-145 (2001)

Kenji Iwata：《欧洲证券市场之间的竞争与一体化》证券经济学会年度报告 36. 142-145 (2001)。

田中 素香 編著: "単一市場・単一通貨とEU経済改革"文眞堂. 327 (2002)

Soka Tanaka 编辑：“单一市场/单一货币与欧盟经济改革”Bunshindo 327 (2002)。

田中素香: "ユーロ安の背景と欧州経済の今後"商工ジャーナル. 12月号. 44-47 (2000)

Motoka Tanaka：“欧元疲软的背景和欧洲经济的未来”《商工杂志》12 月号（2000 年）。