internationalization. Using the generalized method of moments (GMM) estimator we show the overall size of the Bank of Japan's international … reserves, as well as the ratio of its foreign exchange reserves to international reserves, are negatively related to yen …

This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of … generate higher average welfare gains for East Asian countries than currency unions with Japan or the United States. Overall …, Japan does not appear to be a dominant player in forming a currency union in East Asia, and this trend is likely to continue …

A tripolar international monetary system-centered on the U.S. dollar, the deutsche mark, and the yen - appears to be … emerging. This paper not only assesses the role of the yen as an international currency but also presents a unified theory of … international currency use and distinguishes between the roles of a nation as a world banker and as an international financial …