Comparative Study on the Deutsche Mark zone in Europe and "Yen zone" in Asia

1990年代，德国马克成为欧洲的国际货币，因为交易成本较低而摆脱了美元。这使得EMS货币之间的相互稳定成为可能。它提出了一个稳定的外汇汇率制度，甚至作为一个可能的形式之一，日元集团是否可以在亚洲建立在欧洲的方式。该研究项目旨在明确欧洲的德国马克区的结构，并与欧洲进行比较，探讨在东亚乃至日元区建立稳定汇率制度的可能性。研究小组在汉堡和东京举行了两次国际研讨会，并采访了英国、德国和东南亚（新加坡、马来西亚和香港）的银行、中央银行、贸易公司和制造企业。德国马克的外汇交易成本在年底左右下降 ...更多信息 在20世纪80年代和90年代初，马克和西欧货币之间的波动性由于欧洲货币体系的成功而降低，马克的使用大幅增加，主要是因为机构投资者开始在欧洲进行跨境投资。2.不是法兰克福，而是伦敦的金融和外汇市场成为这些交易的中心。因此，马克区与磅区或美元区不同，英国和美国在这些地区扮演金融中心的角色。与其说我们称之为市场区，不如说是基于跨境投资组合交易的“欧洲金融和货币区”。3.欧元将欧洲金融和货币区转变为单一货币区，因此欧元作为国际货币的力量似乎不如德国马克那么强大。4.东亚一直是一个完美的美元区，日元的外汇交易成本不太可能比美元便宜。与欧洲相比，没有日元集团的条件。因此，日本必须避免所谓的东京金融市场空心化，并设计一个稳定的日元与东亚货币之间的汇率制度。少

In 1990's the Deutsche Mark became an international currency in Europe, getting rid of the dollar because of cheaper transaction cost. It has made it possible for EMS-currencies to be stable with each other. It proposes whether a system of stable foreign exchange rates, and as one of possible from for it, even a Yen-bloc can be formed in Asia following the way of Europe. This Grant-in-Aid for International Scientific Research (Joint Research) tried to clarify the structure of the Deutsche Mark zone in Europe and investigate in comparison with Europe whether a system of stable exchange rates in East Asia and even a Yen-bloc is possible. The research team held two international symposia in Hamburg and Tokyo and had interviews with banks, central banks, trading houses and manufacturing companies in England, Germany and South East Asia (Singapore, Malaysia and Hong Kong).Our conclusions are as follows : 1. The foreign exchange transaction cost of the Deutsche mark decreased about the end o … More f 1980's and the beginning of the 1990's, since volatility between the Mark and the western European currencies lowered as a result of the success of the European Monetary System on the one hand and the use of the mark tremendously increased mainly because institutional investors began to invested portfolios on crossborder base in Europe on the other hand. 2. Not Frankfurt but London financial and foreign exchange market played the center of these transactions. So, the Mark zone is not similar to the Pound Sterling zone or the Dollar zone, where Britain and the USA played as the financial center. We call not so much the Market zone as the "European financial and currency area" based on crossborder portfolio transactions. 3. The Euro transforms the European financial and currency area into a single currency zone, so that the power of the Euro as an international currency seems not so strong as the D-Mark. 4. East Asia has been a perfect dollar zone and it is highly improbable that the forex transaction cost of the Yen becomes cheaper than that of the dollar. In comparison to Europe, there is no condition for a Yen bloc. It is important for Japan to evade so-called hollowing of Tokyo financial market and to design a regime of stable forex rates between the Yen and East Asian currencies. Less