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Robert Triffin, Japan and the quest for Asian Monetary Union

Author

Listed:
  • Ivo Maes

    (Robert Triffin Chair, University of Louvain and Ichec Brussels Management School)

  • Ilaria Pasotti

    (Consultant at the Intesa Sanpaolo Group Historical Archives)

Abstract

Especially with the Asian financial crisis of 1997-1998, 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, especially his book Gold and the Dollar Crisis. 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).

Suggested Citation

  • Ivo Maes & Ilaria Pasotti, 2022. "Robert Triffin, Japan and the quest for Asian Monetary Union," Working Paper Research 405, National Bank of Belgium.
    • Handle: RePEc:nbb:reswpp:202203-405
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    More about this item

    Keywords

    Triffin; Bretton Woods; international liquidity; regional monetary integration; Asian Payments Union; Japan;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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