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

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，排挤了美元。作为一种国际货币，工具货币的角色至关重要。这项研究首先考察了欧元作为一种国际货币的发展与德国马克的发展以及欧元区的金融和资本市场的关系。然后，我们将上述发展应用于东亚，并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(债券市场的优秀债券)的扩张超出了之前的预期。但外汇交易是在每个欧元区国家的外汇市场上以分散的方式进行的，金融市场上的机构整合仍有待观察。此外，欧元作为外汇工具货币的作用弱于德国马克，因为欧元区国家之间的国际交易往往是国内交易。即使E…更多的欧元具有来自欧元货币和资本市场的优点，欧元到目前为止还没有显示出其预期的能力，也无法缩小与美元的差距。(1)欧元是欧元区的国际货币。(2)从贸易中介到全球货币交易，欧元具有国际货币的全部功能。在这一点上，欧元与德国马克是不同的。(3)由於欧罗区内的金融市场、资本市场和外汇市场尚未合而为一，暂时很难预期欧元会成为相对美元的国际货币。至于日元的国际化，我们确认在九十年代末，泰国增加了日元的使用。这是因为日本的银行和海外关联公司在考虑到所谓的“日本溢价”的情况下，继续进行以日元计价的交易。最大的政策问题是如何接手这一趋势。较少

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