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ROBERT TRIFFIN, JAPAN, AND THE QUEST FOR ASIAN MONETARY UNION

Published online by Cambridge University Press:  11 September 2023

Ivo Maes  and
Ilaria Pasotti
Ivo Maes
Affiliation:
Ivo Maes: Robert Triffin Chair, University of Louvain and Ichec Brussels Management School. E-mail: maesivo2@icloud.com.
Ilaria Pasotti*
Affiliation:
Ilaria Pasotti: Consultant, Archivio storico Intesa Sanpaolo.
*
E-mail: pasotti.ilaria@gmail.com
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Abstract

Especially with the Asian financial crisis of 1997–98, Asian countries have advocated a profound reform of the international financial architecture. Their proposals focused on two main axes: a reform of the global financial system, and stronger regional monetary integration in Asia. There are here significant parallels with the ideas of Robert Triffin (1911–1993). Triffin became famous with trenchant analyses of the vulnerabilities of the international monetary system. The Triffin dilemma is still present among international monetary policy-makers, also in Asia. Triffin put forward several proposals for reforming the global monetary system, but he also developed proposals for regional monetary integration. These were very much based on his experience with the European Payments Union, and focused on the creation of a (European) reserve fund and a (European) currency unit. In this paper we focus on Triffin’s proposals for an Asian payments union in the late 1960s, giving special attention to Japan (in Triffin’s time, the biggest Asian economy; moreover, Triffin had an important Japanese network).

Type
Article
Information
Journal of the History of Economic Thought , Volume 46 , Issue 1 , March 2024 , pp. 92 - 116
Copyright
© The Author(s), 2023. Published by Cambridge University Press on behalf of History of Economics Society

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Footnotes

The authors would like to thank the participants of the Bank of Japan workshop and the 2022 World Economic History Conference session, “Japan as Number Two,” as well as Jacques de Larosière, Barry Eichengreen, Dennis Essers, Mariko Hatase, Aiko Ikeo, Kazuhiko Yago, Shin Kubo, Niels Thygesen, Sylvie Rivot, Pierre-Hernan Rojas, Catherine Schenk, Dominique Torre, Raf Wouters, and three anonymous referees and Pedro Duarte for comments and suggestions. The usual restrictions apply.

References

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Rhee, Changyung, Sumulong, Lea, and Vallée, Shahin. 2013. Global and Regional Financial Safety Nets: Lessons from Europe and Asia. Bruegel Working Paper no. 6. Bruxelles.Google Scholar
Rojas, Pierre-Hernan. 2021. “At the Origins of European Monetary Cooperation: Robert Triffin, Bretton Woods and the European Payments Union.ˮ In Cunha, Alexandre M. and Suprinyak, Carlos Eduardo, eds., Political Economy and International Order in Interwar Europe. Cham: Palgrave, pp. 139–178.CrossRefGoogle Scholar
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Schumpeter, Joseph A. 1954. History of Economic Analysis. New York: Oxford University Press.Google Scholar
Shanmugaratnam, Tharman. 2006. Asian Monetary Integration: Will It Ever Happen? The Per Jacobsson Lecture. Singapore: International Monetary Fund.Google Scholar
Solomon, Robert. 1977. The International Monetary System, 1945–1976. New York: Harper & Row.Google Scholar
Suzumura, Kotaro. 2006. “Shigeto Tsuru (1912–2006): Life, Work and Legacy.” European Journal of the History of Economic Thought 133 (4): 613–620.CrossRefGoogle Scholar
Toniolo, Gianni, with Clement, Piet. 2005. Central Bank Cooperation at the Bank for International Settlements, 1930–1973. Cambridge: Cambridge University Press.Google Scholar
Triffin, Robert. 1940. Monopolistic Competition and General Equilibrium Theory. Cambridge: Harvard University Press.Google Scholar
Triffin, Robert. 1946. “National Central Banking and the International Economy.” In International Monetary Policies: Postwar Economic Studies. No. 7. Washington, DC: Board of Governors of the Federal Reserve System, pp. 46–81.Google Scholar
Triffin, Robert. [1951] 1966. “The Path from EPU to European Monetary Integration.” In Triffin, Robert, The World Money Maze: National Currencies in International Payments. New Haven and London: Yale University Press, pp. 450–462.Google Scholar
Triffin, Robert. 1953. “Système et politique monétaires de l’Europe fédérée.” Economia Internazionale 6 (1): 207–212.Google Scholar
Triffin, Robert. 1957. Europe and the Money Muddle: From Bilateralism to Near-Convertibility 1947–1956. New Haven: Yale University Press.Google Scholar
Triffin, Robert. 1960. Gold and the Dollar Crisis. The Future of Convertibility. New Haven: Yale University Press.Google Scholar
Triffin, Robert. 1966. The World Money Maze: National Currencies in International Payments. New Haven: Yale University Press.Google Scholar
Triffin, Robert. 1967. “Payments Arrangements within the ECAFE Region.ˮ Report and Recommendations of the Seminar on Financial Aspects of Trade Expansion, United Nations Economic Commission for Asia and the Far East Economic Commission for Asia and the Far East. Bangkok, Thailand, August 1967, pp. 35–59. Reprinted as Center Paper No. 114, Economic Growth Center, Yale University, 1967, 61 pp.Google Scholar
Triffin, Robert. 1968a. Our International Monetary System: Yesterday, Today and Tomorrow. New York: Random House.Google Scholar
Triffin, Robert. 1968b. “Interventions.ˮ “Japan and Development of Asia: On Professor Triffin’s APU Concept, Round Table Discussion.” Oriental Economist 36 (697): 26–38.Google Scholar
Triffin, Robert. 1969. “International Monetary Cooperation in Asia and the Far East.ˮ Pacific Trade and Development, Papers and Proceedings. April. Volume II. Ann Arbor: The Japan Economic Research Center, University of Michigan, pp. 243–283.Google Scholar
Triffin, Robert. 1976. “Reminiscences.” In Ad Multos Annos! Looking Back and Ahead on Shigeto Tsuru. Tokyo: Dai Nippon Printing, pp. 65–67.Google Scholar
Triffin, Robert. 1981. “An Economist’s Career: What? Why? How?ˮ Banca Nazionale del Lavoro Quarterly Review 34 (138): 239–259. Reprinted in San Paolo Prize for Economics. Torino: Istituto Bancario San Paolo, 1987, pp. 113–135.Google Scholar
Triffin, Robert. 1990. “Conversation avec Catherine Ferrant et Jean Sloover.” In Ferrant, Catherine and Sloover, Jean, eds. (with the collaboration of Dumoulin, Michel and Lefebvre, Olivier), Robert Triffin: Conseiller des Princes. Bruxelles: Ciaco, pp. 9–69.Google Scholar
Tsuru, Shigeto. 1964. “Survey of Economic Research in Postwar Japan.ˮ American Economic Review 54 (4): 79–101.Google Scholar
Tsuru, Shigeto. 1982. “A Peripatetic Economist.ˮ Banca Nazionale del Lavoro Quarterly Review 35 (142): 227–244.Google Scholar
Tsuru, Shigeto. 1993. Institutional Economics Revisited. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
United Nations ESCAP. 2014. Asia and the Pacific. A Story of Transformation and Resurgence. Economic and Social Survey of Asia and the Pacific 1947–2014. Bangkok: United Nations.Google Scholar
Vernengo, Matias, and Caldentey, Esteban Perez. 2014. “Heterodox Central Bankers: Eccles, Prebisch and Financial Reform.ˮ In Epstein, Gerard A., Schlesinger, Tom, and Vernengo, Matias, eds., Banking, Monetary Policy and the Political Economy of Financial Regulation: Essays in the Tradition of Jane D’Arista. Cheltenham: Edward Elgar, pp. 47–70.Google Scholar
Wakasugi, Ryuhei. 2010. “Obituary.ˮ International Economy 14: 3–9.Google Scholar
Yago, Kazuhiko. 2012. “La Banque du Japon dans le système monétaire international.ˮ In Feiertag, Olivier and Margairaz, Michel, eds., Les banques centrales à l’échelle du monde. Paris: Sciences Po, pp. 127–145.Google Scholar
Yongding, Yu. 2022. “Is the US Dollar’s Global Hegemony at Risk?ˮ Project Syndicate, May 5.Google Scholar
Zhou, Xiaochuan. 2009. “Reform of the International Monetary System.” Speech at the People’s Bank of China, 23 March. BIS Review, no. 41.Google Scholar
International Monetary Fund, Washington, DC (IMFA)Google Scholar
National Bank of Belgium, Brussels (NBBA)Google Scholar
National Security Archive, George Washington University, Washington, DC (NSA)Google Scholar
Uri, Pierre, Historical Archives of the European Union, Fiesole (Firenze) (HAEU)Google Scholar
Triffin, Robert, Université catholique de Louvain, Louvain-la-Neuve (RTA)Google Scholar
Triffin, Robert, Yale University, New Haven (RTYA)Google Scholar
Shigeto Tsuru Archives, Institute of Economic Research, Hitotsubashi University (STA)Google Scholar
United Nations Archives, New York (UNA)Google Scholar
Caldentey, Esteban Perez, and Vernengo, Matias. 2018. “Heterodox Central Banking in the Periphery.ˮ Research in the History of Economic Thought and Methodology 36: 81–100.CrossRefGoogle Scholar
Caldentey, Esteban Perez, and Vernengo, Matias. 2021. Prebisch’s Critique of Bretton Woods Plans: Its Relation to Kalecki and Williamsʼ Ideas. The Idea’s Working Paper Series. Oxford, UK: International Development Economics Associates.Google Scholar
de Larosière, Jacques. 1991. “Robert Triffin and the Reform of the International Monetary System.” In Steinherr, Alfred and Weiserbs, Daniel, eds., Evolution of the International and Regional Monetary Systems. Essays in Honour of Robert Triffin. London: Macmillan, pp. 135–143.CrossRefGoogle Scholar
de Man, Henri. 1927. Au-delà du marxisme. Bruxelles: L’Églantine.Google Scholar
Dosman, Edgard J. 2008. The Life and Times of Raúl Prebisch, 1901–1986. Montreal: McGill-Queen’s University Press.CrossRefGoogle Scholar
Faudot, Adrien. 2022. “Robert Triffin and the Case for Exchange Controls.” Cahiers d’Economie Politique 81 (2): 163–189.CrossRefGoogle Scholar
Helleiner, Eric. 2009. “Central Bankers as Good Neighbours: US Money Doctors in Latin America during the 1940s.” Financial History Review 16 (1): 5–25.CrossRefGoogle Scholar
Ikeo, Aiko. 2000. “Economists and Economic Policies.” In Ikeo, Aiko, ed., Japanese Economics and Economists since 1945. London, New York: Routledge, pp. 143–184.Google Scholar
Ikeo, Aiko. 2011. “The American Economist Martin Bronfenbrenner (1914–1997) and the Reconstruction of the Japanese Economy (1947–1952).” CHOPE Working Paper no. 2011-11, June 2011.Google Scholar
Johnson, Harry. 1969. “Comments on Robert Triffin’s Paper.” Pacific Trade and Development, Papers and Proceedings. April. Volume II. Ann Arbor: The Japan Economic Research Center, University of Michigan, pp. 284–287.Google Scholar
Jolly, Richard. 2009. “From Ecafe to Escap.” UN Intellectual History Project-Briefing Note no. 20, November 2009.Google Scholar
Kaplan Jacob, J., and Schleminger, Günther. 1989. The European Payments Union: Financial Diplomacy in the 1950s. Oxford: Clarendon.Google Scholar
Kashiwagi, Yusuke. 1968. “Interventions.” “Japan and Development of Asia: On Professor Triffin’s APU Concept, Round Table Discussion.” Oriental Economist 36 (697): 26–38.Google Scholar
Kashiwagi, Yusuke. 1986. La mondialisation des opérations financières. Washington: Fondation Per Jacobsson Conférence de 1986.Google Scholar
Kojima, Kiyoshi. 1971. Japan and a Pacific Trade Area. London: Macmillan.CrossRefGoogle Scholar
Lipscy, Phillip. 2003. “Japan’s Asian Monetary Fund Proposal.” Stanford Journal of East Asian Affairs 3 (1): 93–104.Google Scholar
Maes, Ivo. 2004. “On the Origins of the Franco-German EMU Controversies.” European Journal of Law and Economics 17 (1): 21–39.CrossRefGoogle Scholar
Maes, Ivo. 2006. “The Ascent of the European Commission as an Actor in the Monetary Integration Process in the 1960s.” Scottish Journal of Political Economy 53 (2): 222–241.CrossRefGoogle Scholar
Maes, Ivo. 2008. “The Spread of Keynesian Economics: A Comparison of the Belgian and Italian Experiences (1945–1970).” Journal of the History of Economic Thought 30 (4): 491–509.CrossRefGoogle Scholar
Maes, Ivo. 2013. “On the Origins of the Triffin Dilemma.” European Journal of the History of Economic Thought 20 (6): 1222–1250.CrossRefGoogle Scholar
Maes, Ivo, and Pasotti, Ilaria. 2018. “The European Payments Union and the Origins of Triffin’s Regional Approach towards International Monetary Integration.” History of Political Economy 50 (1): 155–190.CrossRefGoogle Scholar
Maes, Ivo, with Pasotti, Ilaria. 2021. Robert Triffin: A Life. Preface by de Larosière, Jacques. Oxford: Oxford University Press.CrossRefGoogle Scholar
Meadows, Dennis L., Meadows, Donella, Randers, Jørgen, and Behrens, William. 1972. Limits to Growth. Falls Church: Potomac Associates.Google Scholar
Metzler, Mark. 2013. Capital as Will and Imagination: Schumpeterʼs Guide to the Postwar Japanese Miracle. Ithaca: Cornell University Press.Google Scholar
Murano, Takashi. 1968. “Interventions.ˮ “Japan and Development of Asia: On Professor Triffin’s APU Concept, Round Table Discussion.” Oriental Economist 36 (697): 26–38.Google Scholar
Odawara, Kenichi. 1968. “Interventions.ˮ “Japan and Development of Asia: On Professor Triffin’s APU Concept, Round Table Discussion.” Oriental Economist 36 (697): 26–38.Google Scholar
Okita, Saburo. 1993. Saburo Okita. A Life in Economic Diplomacy. Canberra: Australia-Japan Research Centre, Australian National University.Google Scholar
Pacific Economic Cooperation Council. 2005. The Evolution of PEEC. The First 25 Years. Singapore: PEEC International Secretariat.Google Scholar
Paul, Arthur. 1969. “Comments on Robert Triffin’s Paper.ˮ Pacific Trade and Development, Papers and Proceedings. April. Volume II. Ann Arbor: The Japan Economic Research Center, University of Michigan, pp. 288–290.Google Scholar
Rhee, Changyung, Sumulong, Lea, and Vallée, Shahin. 2013. Global and Regional Financial Safety Nets: Lessons from Europe and Asia. Bruegel Working Paper no. 6. Bruxelles.Google Scholar
Rojas, Pierre-Hernan. 2021. “At the Origins of European Monetary Cooperation: Robert Triffin, Bretton Woods and the European Payments Union.ˮ In Cunha, Alexandre M. and Suprinyak, Carlos Eduardo, eds., Political Economy and International Order in Interwar Europe. Cham: Palgrave, pp. 139–178.CrossRefGoogle Scholar
Samuelson, Paul. 1976. “Reminiscences of Shigeto Tsuru.ˮ In Ad Multos Annos! Looking Back and Ahead on Shigeto Tsuru. Tokyo: Dai Nippon Printing, pp. 52–57.Google Scholar
Schumpeter, Joseph A. 1954. History of Economic Analysis. New York: Oxford University Press.Google Scholar
Shanmugaratnam, Tharman. 2006. Asian Monetary Integration: Will It Ever Happen? The Per Jacobsson Lecture. Singapore: International Monetary Fund.Google Scholar
Solomon, Robert. 1977. The International Monetary System, 1945–1976. New York: Harper & Row.Google Scholar
Suzumura, Kotaro. 2006. “Shigeto Tsuru (1912–2006): Life, Work and Legacy.” European Journal of the History of Economic Thought 133 (4): 613–620.CrossRefGoogle Scholar
Toniolo, Gianni, with Clement, Piet. 2005. Central Bank Cooperation at the Bank for International Settlements, 1930–1973. Cambridge: Cambridge University Press.Google Scholar
Triffin, Robert. 1940. Monopolistic Competition and General Equilibrium Theory. Cambridge: Harvard University Press.Google Scholar
Triffin, Robert. 1946. “National Central Banking and the International Economy.” In International Monetary Policies: Postwar Economic Studies. No. 7. Washington, DC: Board of Governors of the Federal Reserve System, pp. 46–81.Google Scholar
Triffin, Robert. [1951] 1966. “The Path from EPU to European Monetary Integration.” In Triffin, Robert, The World Money Maze: National Currencies in International Payments. New Haven and London: Yale University Press, pp. 450–462.Google Scholar
Triffin, Robert. 1953. “Système et politique monétaires de l’Europe fédérée.” Economia Internazionale 6 (1): 207–212.Google Scholar
Triffin, Robert. 1957. Europe and the Money Muddle: From Bilateralism to Near-Convertibility 1947–1956. New Haven: Yale University Press.Google Scholar
Triffin, Robert. 1960. Gold and the Dollar Crisis. The Future of Convertibility. New Haven: Yale University Press.Google Scholar
Triffin, Robert. 1966. The World Money Maze: National Currencies in International Payments. New Haven: Yale University Press.Google Scholar
Triffin, Robert. 1967. “Payments Arrangements within the ECAFE Region.ˮ Report and Recommendations of the Seminar on Financial Aspects of Trade Expansion, United Nations Economic Commission for Asia and the Far East Economic Commission for Asia and the Far East. Bangkok, Thailand, August 1967, pp. 35–59. Reprinted as Center Paper No. 114, Economic Growth Center, Yale University, 1967, 61 pp.Google Scholar
Triffin, Robert. 1968a. Our International Monetary System: Yesterday, Today and Tomorrow. New York: Random House.Google Scholar
Triffin, Robert. 1968b. “Interventions.ˮ “Japan and Development of Asia: On Professor Triffin’s APU Concept, Round Table Discussion.” Oriental Economist 36 (697): 26–38.Google Scholar
Triffin, Robert. 1969. “International Monetary Cooperation in Asia and the Far East.ˮ Pacific Trade and Development, Papers and Proceedings. April. Volume II. Ann Arbor: The Japan Economic Research Center, University of Michigan, pp. 243–283.Google Scholar
Triffin, Robert. 1976. “Reminiscences.” In Ad Multos Annos! Looking Back and Ahead on Shigeto Tsuru. Tokyo: Dai Nippon Printing, pp. 65–67.Google Scholar
Triffin, Robert. 1981. “An Economist’s Career: What? Why? How?ˮ Banca Nazionale del Lavoro Quarterly Review 34 (138): 239–259. Reprinted in San Paolo Prize for Economics. Torino: Istituto Bancario San Paolo, 1987, pp. 113–135.Google Scholar
Triffin, Robert. 1990. “Conversation avec Catherine Ferrant et Jean Sloover.” In Ferrant, Catherine and Sloover, Jean, eds. (with the collaboration of Dumoulin, Michel and Lefebvre, Olivier), Robert Triffin: Conseiller des Princes. Bruxelles: Ciaco, pp. 9–69.Google Scholar
Tsuru, Shigeto. 1964. “Survey of Economic Research in Postwar Japan.ˮ American Economic Review 54 (4): 79–101.Google Scholar
Tsuru, Shigeto. 1982. “A Peripatetic Economist.ˮ Banca Nazionale del Lavoro Quarterly Review 35 (142): 227–244.Google Scholar
Tsuru, Shigeto. 1993. Institutional Economics Revisited. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
United Nations ESCAP. 2014. Asia and the Pacific. A Story of Transformation and Resurgence. Economic and Social Survey of Asia and the Pacific 1947–2014. Bangkok: United Nations.Google Scholar
Vernengo, Matias, and Caldentey, Esteban Perez. 2014. “Heterodox Central Bankers: Eccles, Prebisch and Financial Reform.ˮ In Epstein, Gerard A., Schlesinger, Tom, and Vernengo, Matias, eds., Banking, Monetary Policy and the Political Economy of Financial Regulation: Essays in the Tradition of Jane D’Arista. Cheltenham: Edward Elgar, pp. 47–70.Google Scholar
Wakasugi, Ryuhei. 2010. “Obituary.ˮ International Economy 14: 3–9.Google Scholar
Yago, Kazuhiko. 2012. “La Banque du Japon dans le système monétaire international.ˮ In Feiertag, Olivier and Margairaz, Michel, eds., Les banques centrales à l’échelle du monde. Paris: Sciences Po, pp. 127–145.Google Scholar
Yongding, Yu. 2022. “Is the US Dollar’s Global Hegemony at Risk?ˮ Project Syndicate, May 5.Google Scholar
Zhou, Xiaochuan. 2009. “Reform of the International Monetary System.” Speech at the People’s Bank of China, 23 March. BIS Review, no. 41.Google Scholar