The Internationalization of Currencies: An Appraisal of the Japanese Yen

International Monetary Fund (IMF), January 1992, Pages: 63

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 intermediary.

George S. Tavlas

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