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《Contemporary Economy of Japan》 2009-04
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An Empirical Analysis of the Determinants of Yen's International Status

SONG Jian-jun LIN Xiang(Finance Department,Guangdong University of Business Studies,Guangzhou,Guangdong,510320,China)  
The internationalization of Japanese Yen began in the 1970s.30 years later,however,Yen has quit from the first group of international currencies.The empirical results show that in this process,the yen's international status is influenced by various factors including the size of Japan's foreign trade,trade structure,yen's stability,dollar's inertia,and the sophistication of Japan's domestic financial market.Essentially speaking,however,the yen's international status is determined by Japan's economic and financial fundamentals.Under the current international monetary pattern featured with dollar hegemony,the attempts to internationalize the Japanese Yen by trade expansion doom to be a failure,especially when the economic and financial fundamentals are not solid enough.The analysis of this paper also provides thoughtful implications for the internationalization of RMB.
【Fund】: 广东省自然科学基金项目“具有定价基础的汇率目标区模型及人民币汇率目标区制度”(05003980)
【CateGory Index】: F823.13;F224
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