ABSTRACT

Domestic political factors are often overlooked in discussions about the determinants of currency internationalisation. By studying the re-internationalisation of the Yen, our research found that the dynamic interactive mechanism between policy actors has a profound impact on the overall course of domestic currency internationalisation. In the case study, along with the establishment of the “Prime Minister-controlled” model, the “bureaucrat-controlled” policy process of Yen re-internationalisation led by the Ministry of Finance (MOF) experienced substantial intervention by the Prime Minister and related influences. The case study shows that Koizumi exerted pressure on the MOF and the Bank of Japan (BOJ) via budgeting power and the flexible use of resources. Moreover, the MOF and the BOJ relied on accumulated professional financial experience and the resources of legally binding independence in financial policy to successfully safeguard organisational interests and core policy concepts. Our research shows that resource exchange between the three entities helped the Prime Minister to minimise policy confrontation effectively while objectively promoting the interdependence of fiscal, monetary and financial policies, which drove sharp change in the Yen re-internationalisation policy and its long-term outlook. This case study of Japan suggests ongoing concern about the increasing politicisation of the distinctly professionalised currency internationalisation policy.

摘要

在讨论货币国际化的决定因素时，国内政治因素往往被忽视。通过研究日元的再国际化，我们的研究发现，政策参与者之间的动态互动机制对本币国际化的整体进程有着深远的影响。在案例研究中，随着“总理控制”模式的建立，由财政部（MOF）主导的“官僚控制”的日元再国际化政策进程经历了总理和相关部门的实质性干预。影响。案例研究表明，小泉通过预算权和资源的灵活使用，对财政部和日本银行（BOJ）施加了压力。而且，财政部和日本央行依靠积累的专业金融经验和具有法律约束力的金融政策独立性资源，成功维护了组织利益和核心政策理念。我们的研究表明，三个实体之间的资源交换帮助总理有效地减少了政策对抗，同时客观地促进了财政、货币和金融政策的相互依存，从而推动了日元再国际化政策及其长期前景的急剧变化。这个日本的案例研究表明，对明显专业化的货币国际化政策日益政治化的持续关注。我们的研究表明，三个实体之间的资源交换帮助总理有效地减少了政策对抗，同时客观地促进了财政、货币和金融政策的相互依存，从而推动了日元再国际化政策及其长期前景的急剧变化。这个日本的案例研究表明，对明显专业化的货币国际化政策日益政治化的持续关注。我们的研究表明，三个实体之间的资源交换帮助总理有效地减少了政策对抗，同时客观地促进了财政、货币和金融政策的相互依存，从而推动了日元再国际化政策及其长期前景的急剧变化。这个日本的案例研究表明，对明显专业化的货币国际化政策日益政治化的持续关注。