publication . Article . 1996

The Use of the Yen as a Reserve Currency

Peter M. Garber;
Open Access
  • Published: 01 Jan 1996 Journal: Monetary and Economic Studies, volume 14, issue 2 December, pages 1-21
The depreciation of the U.S. dollar in 1995 rekindled discussion about the organization of the international monetary system, including calls to expand the roles of the yen and the deutsche mark as reserve currencies. The yen has not assumed a greater role because sufficient yen instruments are unavailable. The measures that make the yen relatively illiquid result partly from public debt management policy and control over the competitive advantage of the government in securities issuance. From a narrow perspective, it is quite easy to expand the role of the yen as a reserve currency: raise the supply of Treasury bills to approximately \60 trillion, eliminate the...
free text keywords: Reserve currency;Internationalization;Market liquidity;Transaction tax; Securities settlement
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