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Index

Note: 'n.' after a page reference indicates the number of a note on that page.

Acceptance System 48 adjustment policies of key-currency

country 22-3 external and internal balances under

'managed currency' system 27-31

'rules of the game' under gold standard 23-7

advisory councils 81 altruism, key country 138 Amsterdam 131 automobile industry 43

Baker-Miyazawa Accord 163 balance of payments

Bretton Woods system 2; ceiling 54-7; fixed exchange-rate system 4, 6-8; international reserves 19,22; Japanese economy 37-9,43—4, 54-8

and financial internationalization 66

stage theory 67-70 see also current account

balance of trade 75 Bankers' Acceptance (BA) market

international short-term capital movements 48

trade finance 45 Bank for International Settlements

(BIS) 124, 163 Bank of England

adjustment policies 23-6 foreign bond issues, regulations

132 Bank of Japan (BOJ)

balance of payments, ceiling 55 capital controls 41, 60n. 11 internationalization of yen 145 Japan Offshore Market (JOM) 85

policy making 80 trade finance 45

Bank of Japan Law 88n.30 Bank of Tokyo (earlier Yokohama

Specie Bank) establishment 45 internationalization 91

Bank Rate 26 banking

foreign assets 65, 66 international assets 65-6 internationalization xvii, 90,

114-15; growth factors 99-108; international financial intermediation 108-14; late starter and rapid growth 91-9

Basel Committee capital adequacy guidelines 106,

108 financial cooperation 161

Berlin 131-2 'Black Monday' (October 1987)

154,160 Bond Issue Council 41 bonds, Japan 41 Bretton Woods system xiii

financial cooperation 164-5 as gold exchange standard xvi,

1-3, 31-2; adjustment policies of key-currency country 22-31; fixed exchange-rate system 3-8; supply and demand of international reserves 8-22

Japan's experiences xvi, 36-7, 57-9; closed financial system, functions 42-9; external framework of Japanese economy 37-42; high-speed growth 49-57

179

180 Index

Bundesbank 124,125 anti-inflation policy 141 European Monetary Union 126

by-pass finance 85, 124

call market 125 Canada

bonds 18 pegging, abandonment 19 trade with USA 122

capital accounts, Japan 75 balance of payments 37-9

capital controls, Japan 39-42, 57 removal xvi-xvii, 62-3,86-7;

macroeconomic background 71-8; political economic background 78-85; stages 63-70

capital flows 152-8, 163-5 Certificates of Deposit (CDs) 73 China 142, 143, 144 Chukoku funds 73 clean floats xv, 79 closed financial system, functions 42

Foreign Exchange and Foreign Capital Laws 43-4

international short-term capital movements 47-9

trade finance 44-7 Commerz Bank 148n. 13 competitiveness

balance of payments, ceiling 56 between banks 103 influence of currency denomination

104 international financial centre 131 undervaluation of yen 53, 54

computer industry, liberalization 43 concealed reserves 101 Consumer Price Index (CPI)

exchange rates 77 inflation 50-3

contraception pills 116-17n.29 cooperation, financial 158-9

implications for capital movements and exchange rate system 163-5

incentives 161-3 workings 159-61

cost of capital 107-8 cotton textile industry 50 Cunliffe Report 26 current account

imbalance 79-80,84 Japan 74-8 surplus xiv see also balance of payments

DawesPlan 167n.9 debt problems 152-4, 159-60 debt rescheduling 153,156 de Gaulle, Charles 22 demand drafts 96 deregulations, internationalization of

banking 99-102 Deutsche Bank 87n.7, 148n. 13 devaluation 4-6,8

international reserves 22 key currencies 17

development finance xv Diet 80 dirty float xv, 79 disintermediation 73 D-Mark

internationalization 119-21, 141; of banking 104-5; financial transactions 123-7; real transactions 121-3

revaluations 5 role 118

dollar, US crisis 2,22-3

depreciation, and oil shocks 153 East Asian transactions 142-5 gold convertibility 1 as key currency 16-19, 127-9,

134 as main transaction currency for

Japan 50 overvaluation 5-8 primary products 121 reserves 13-16

domestic fund flows 71-4 Dresdner Bank 148n.l3

economic power xiv-xv economies of scale 127-30 Eisenhower, Dwight D. 33n.8

Index 181

Employment Act (1946) 27 Eurobonds

issues 102 reserves 13

Eurocurrency market fund raising 94 internationalization of banking

100, 102 liabilities 65,66 yen share 124

Eurodeposits D-Mark 120 internationalization of yen 119 reserves 11-13

Euro-D-Mark bonds 124, 125 Eurodollar market 136 Eurofinance market 18 European Currency Unit (ECU)

126 European Monetary Union 126 Euro-yen bonds 102, 123-5 Euro-yen market

development 85 influence 145

European Monetary System (EMS) 159,163

exchange rates financial cooperation 163-5 Japan 74-8 see also Bretton Woods system;

fixed exchange rates; floating exchange rates

Export-Import Bank of Japan (EIBJ) capital controls 60n. 11 trade finance 46

Export Price Index (EPI) exchange rates 76-8 inflation 51,52-3

exports Bretton Woods system 3;

composition, Japan 47; dependence on 56-7; East Asia 142-4; income elasticity 53; and key currencies 17, 18

growth, Japan 75 internationalization: of banking

96; of yen 121 key country 140

external framework, Japanese economy

balance of payments problem 37-9

capital controls 39-42

Federal Reserve Board (FRB) 153 financial centres xiv historical review 130-4 financial transactions 123-7 fixed exchange rates

economic power xiv financial cooperation 164-5 overvaluation of dollar 5-8 parity change 3-5 see also Bretton Woods system;

gold standard floating exchange rates xv

current account 74-5 emergence 78-9 financial cooperation 164,165

Floating Rate Notes (FRNs) 102 foreign branches

development 91-4, 103 functions 94-6

Foreign Capital Law (1950) 40, 43-4

foreign direct investment (FDI) authorization procedures, removal

83 devaluations 6 and internationalization of banking

92 and key currencies 18-19

Foreign Exchange Bank Law (1954) 44

Foreign Exchange Law (1949) 40,43 Foreign Exchange Law (1980) 42,

43, 62, 82-4, 102 Foreign Exchange Purchase System

45 foreign loans 97-9 France

banks 65 international financial centre

131-2, 133 international reserves 20-2 private final consumption and

government expenditures 158

182 Index

Franco-Prussian War 131 French franc 26 fund flows, domestic 71-4

Genchi-gashi see foreign loans General Agreement on Tariffs and

Trade (GATT) Japan's joining 36 multilateral procedures 163 Uruguay Round 161

Genoa Resolution 8 Gensaki 73,83 Germany

anti-inflation policy 141 assets of banks 64, 65, 105-6 Euro-D-Mark bonds 124 exports 121-2 financial cooperation 160,161,

162-3 financial potential 166 foreign banks 135-6 interest rates 42 international financial centre

131-2 internationalization of banking

91,92-5, 104-5 international reserves 20-1 private final consumption and

government expenditures 158

stage theory of balance of payments 67-8

trade share 129 war reparations 156,157 see also D-Mark

global imbalance 152-8 gold 1

convertibility 1 dollar price 4, 17 i nternational reserves 8-16

gold coverage ratio 23 gold-dollar standard 1,10 Gold Pool Agreement 165 Gold Reserve Act (1934) 1 gold standard xv

Bretton Woods system as xvi, 1-3, 31-2; adjustment policies of key-currency country 22-31; fixed exchange-rate

system 3-8; supply and demand of international reserves 8-22

international synchronization of prices 6

'rules of the game' 23-7 Gold Standard Act (1925) 34n.31 government bonds 73 government debts 72 Great Britain

banks 65-6 bargaining power 159 Bretton Woods system: adjustment

policies 23-7, 29; interest rates 42; international reserves 16-17, 19, 20-2, 57

floating exchange rates, emergence 79

international financial system xiv international financial centre

131-3,134 internationalization of banking

91; growth factors 100, 101, 103

key country status 138, 139 private final consumption and

government expenditures 158

stage theory of balance of payments 67-70

see also pound sterling Great Depression 154-8 Great Society Program 2, 30 growth factors

low profitability versus low cost 106-8

regulations and deregulations 99-102

relationships with Japanese firms and yen transactions 102-6

Herstatt crisis 100 high-speed growth, Japan 36

balance of payments, ceiling 54-7

undervaluation of yen 49-54 Hong Kong

Eurodollar business 136 trade relations 143,144

Index 183

hot money 42, 59n.3 hyperinflation 150n.45

impact loans internationalization of banking

96,103-4 liberalization 85

Import Bill System 45 imports

composition, Japan 47, 56 East Asia 143-4 internationalization of banking 96 internationalization of yen 122 and international reserves 8,9,

11-16 and key currencies 18

Indonesia external debts 146 Official Development Assistance

145 trade relations 142, 143, 144

inflation G-7 countries 127 imported 6 Japan 50-2, 125-6 USA 2, 6, 30

Insurance Law 110 integrated circuits industry,

liberalization 43 interbank market 94 interest differentials 125-6 interest rates

balance of payments, Japan 38-9 capital controls 40,41-2 international short-term capital

movements 48-9 intermediation, international financial

108 long-term capital outflows 108-12 short-term capital movements

112-14 International Bank for Reconstruction

and Development (IBRD) 1 International Banking Facilities (IBF)

134-5 international financial intermediation

108 long-term capital outflows

108-12

short-term capital movements 112-14

international financial relations xvii-xviii, 151-2, 165-6

financial cooperation after the hegemony 158-65

global imbalance and capital flows 152-8

international financial system xiv internationalization, financial

banking xvii, 90, 114-15; growth factors 99-108; international financial intermediation 108-14; late starter and rapid growth 91-9

stages: balance of payments 67-70; implications 63-7

yen xvii, 118, 147-8; current situation compared with D-Mark 119-27; key country, role of 137-47; key currency and international financial centre 127-37

International Monetary Fund (IMF) Bretton Woods system 1 debt rescheduling 153 financial cooperation 161

international monetary system 137-9

international reserves 7 capital controls, removal 74 demand by developed countries

19-22 dollar as key currency 16-19 gold and foreign exchange 8-16

Italy international reserves 21 private final consumption and

government expenditures 158

Japan banks, internationalization xvii,

90, 114-15; growth factors 99-108; international financial intermediation 108-14; late starter and rapid growth 91-9

184 Index

Japan continued Bretton Woods system xvi, 36-7,

57-9; closed financial system, functions of 42-9; external framework of Japanese economy 37-42; high-speed growth 49-57; international reserves 19,20-1,22

financial cooperation 160,161, 162-4

financial potential 166 international financial system xiv private final consumption and

government expenditures 158 removal of capital controls 62-3,

86-7; macroeconomic background 71-8; political economic background 78-85; stages 63-70

see also yen 'Japan, Inc.' 82 Japan Offshore Market (JOM)

establishment 66,85 growth 134-5 i nternationalization of yen 123

Japan Premium 100

key country role 137 costs and benefits 139-41 international monetary system

137-9 possibilities for Japan 141-7

key currencies xiv-xv Bretton Woods system 2;

adj ustment policies 22-31; dollar 16-19; parity change 4

economy of scale 127-30 supporting elements 131-4

Korea external debts 146 trade relations 143,144

Korean War Japanese current account 75 US expenditure 17, 37

less developed countries (LDCs) capital movements 40 debt problems 152,153,154-6,

157

leveraged buy-outs (LBOs) 163 Liberal Democratic Party (LDP) 80 life insurance companies 110 liquidity see international reserves Loan Facilities of Foreign Exchange

Funds 45,60n.l7 Loans against the Foreign Exchange

Bill 45 Loans of Import Fund System 47 London

foreign branches in 94-5, 103 as international financial centre

131-2, 133, 134 long-term capital outflows 108-12 Louvre Agreement 160, 161, 163 Luxembourg 124

foreign affiliates 148n. 13

Macmillan Committee 23 Malaysia 146 'managed currency' system, external

and internal balances 27-31 Manchuria 39 Marshall Aid Program 1,17, 59n.4 Mexico, debt crisis 152, 153 Ministry of Finance (MOF)

domestic fund flows 72-3 Euro-financial business 125 Foreign Exchange Law (1980) 83,

84 internationalization of banking

97; international financial intermediation 110; Three Bureaux Agreement 100

policy making 80 Ministry of International Trade and

Industry (MITI) Foreign Exchange and Foreign

Capital Laws 60n.l5 Foreign Exchange law (1980) 83

money supply adjustment policies 24-5, 27-30 and international reserves 21

multinational firms 91, 92,94

Nakasone, Prime Minister 162 Netherlands 131 New Deal 27 Newly Industrializing Economies

(NIEs) 144

Index 185

New York foreign branches in 95 as international financial centre

132, 133-4 Nixon, Richard 1,4 Mh currency, theory of 4, 140 nuclear power 162

Official Development Assistance (ODA) 145

oil crises capital controls, removal 86 current account imbalance 79-80 debt problems 152-3 domestic fund flows 72 Foreign Exchange Law (1980)

82-3 regulations 101-2

Organization for Economic Cooperation and Development (OECD) 36

Organization of Petroleum Exporting Countries (OPEC) 153

Paris 131-2, 133 Paris Club 161 parity change, Bretton Woods system

3-5 Philippines

external debts 146 Official Development Assistance

145 Plaza Agreement 154, 160, 161

exchange rates 76 policy making 80-1 political parties 80 portfolio investments 109-12 pound sterling

Asian countries, transactions in 50

devaluation 5, 17, 22 as key currency 16-17, 128-9,

132-3 prestige, key country 138 prices, synchronization 6 primary products 121, 157 priority finance 40,41 priority production system 40 productivity and exchange rates

77-8

productivity (growth) gap inflation 52 profitability of banking 106-7 public opinion 81-2 public works 72 Purchasing Power Parities (PPPs)

52, 60n.22

Reagan, Ronald 157, 160, 166 real transactions 121-3 reconstruction period, Japan 36 regulations, internationalization of

banking 99-102 reputation, key country 138 reserves see international reserves revaluations 5 Russo-Japanese War 39

Samurai bonds 102,135 saving, domestic

financial internationalization 70, 73

international financial intermediation 108

scale economies 127-30 security houses 92 seigniorage 140 short-term capital movements 47-9

international financial intermediation 108, 112-14

Singapore Eurodollar business 136 trade relations 143, 144

Smithsonian Agreement 5 stage theory, balance of payments

40, 67-70 Stamp Bill System 45 sterling see pound sterling stocks, capital 107 stop-go policy 57 Sushi bonds 110 Switzerland

foreign bond issues 135, 149n.34 international reserves, demand for

19, 20-1 syndicate loans 90,91, 101

debt problems 153 financial cooperation 164

Taiwan 143 taxation, USA 35n.32

186 Index

Thailand 146 Three Bureaux Agreement 100, 102,

125 Three Locomotive Approach 72 Tokyo market, internationalization

134-7 Tokyo Stock Exchange 85 trade bill finance see usance bill

finance trade finance 67

internationalization of banking 91,96

Japan 44-7 Treasury Bills (TBs) 26 Triffin dilemma 2,31-2 trust business 85

underwriting 102 uniformity principle 33n.2 United Kingdom see Great Britain United States of America

banks 65-6 Bretton Woods system 1,31-2;

adjustment policies 23, 27-31; aid to Japan 37; fixed exchange-rate system 3-8; interest rates 42; i nternational reserves 11-12, 17-22

external assets and liabilities 64 international financial centre 132,

133-4 international financial relations

151 -2; cooperation 158-60, 162-6; d-bt problems 152-^4, 157; private final consumption and government expenditures 158

international financial system xiv, xv

internationalization of banking 91, 92-4, 95; foreign loans 98; growth factors 99, 100, 101, 104; international financial intermediation 112, 113

internationalization of yen: foreign trade 122-3, 126; trade share 129

Japanese capital controls, removal of 84-5, 86-7; fiscal deficits 79-80; floating exchange rates, emergence 79; Japanese current account surplus 84; stage theory of balance of payments 67-70

key country status 138-40 Tokyo market, internationalization

134-5 see also dollar, US

unit labour costs (ULCs) 76-8 Uruguay Round 161 usance bill finance 96

vehicle currency function, dollar 129, 130

Vietnam War Japanese exports 54 US inflation 2, 30 US taxation 35n.32

Volker Shock 140 voluntary export restraint (VER)

161

wars, and international financial centres 130-2

West Germany see Germany Wholesale Price Index (WPI)

exchange rates 76-8 inflation 51,52-3

yen internationalization xvii, 118,

147-8; current situation compared with D-Mark 119-27; key country, role of 137-47; key currency and international financial centre 127-37

transactions 104-6 undervaluation 49-54, 84-5, 86-7

yen-denominated investments 43 Yen/Dollar Committee 42, 62,

84-5 yen shift 48 Yokohama Specie Bank (later Bank of

Tokyo) 87n.7