<論説>基軸通貨国アメリカの債務国化と国債金融協調  [in Japanese] <ARTICLE>The United States as A Net-Debtor Key-Currency Country and International Monetary Cooperation  [in Japanese]

論説, Article

In 1985,the United States became the most indebted country in the world. This situation is a threat to the international financial system because the United States has been the key-currency country since the War. The effects are as follows : first, credibility of the dollar declined from 1985 ; second, market participants cannot help but to use the U.S. dollar as there is no key currency substituted for it ; third, the United States, being the key-currency country even now, does not keep currency account deficits under control ; and finally, the United States enjoys international payments by using its own currency (debt). We suggest the need for international monetary cooperation to prevent the fragility of the international financial system caused by this situation. However, cooperation is asymmetrical between the key-currency country and others since the 1980's. The system cannot continue unless we find sufficient conditions for successful cooperation among at least the United States, Japan and Germany, that is, symmetrical cooperation, which includes monitoring, multilateral surveillance, and intervention. In Section One, we examine the present situation on the United States' indebtedness, and in Section Two, U.S. transition to a net debtor country. In Section Three, implications from indebtedness as a key-currency country are examined. In Section Four, we suggest the need for monetary cooperation among the G3,which is followed by our conclusions in Section Five.