The Domestic Politics of the Yen’s Re-internationalisation
Dynamic Interaction and the Core Executive
Bibliographic Data
| ID | 12349805 |
|---|---|
| Authors | Changrong Lu (0000-0002-2351-3672, Tongji University), Yue Wang (0000-0001-8527-9175, Sun Yat-sen University), Lian Liu (0000-0001-9600-8338, Asian Development Bank Institute, corresponding author) |
| Year | 2020 |
| Volume | 45 |
| Issue | 3 |
| Pages | 489-508 |
| Publication date | 2020-11-23 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Asian Studies Review (JOURNAL) |
| Journal identifiers | ISSN: 1035-7823 • E-ISSN: 1467-8403 |
| Publisher | Routledge (PUBLISHER • GB) |
| DOI | 10.1080/10357823.2020.1841736 |
| OpenAlex | W3110556001 |
| Language | EN |
| References cited | 15 |
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
Business · Currency · Economics · International economics · International trade · Internationalization · Monetary economics · Monetary policy · Political science · Politics · Global Financial Crisis and Policies · Political Influence and Corporate Strategies · Socioeconomic Development in Asia · Finance
Currency Power
Presidents, Prime Ministers and Chancellors
The Core Executive in Britain
Prime Minister, Cabinet and Core Executive
Internationalization and Domestic Politics
Internationalization, Institutions, and Political Change
Political determinants of international currencies
The political economy of currency internationalisation
Sterling and British Policy
The Future of Sterling as an International Currency
| Citation velocity | historical |
|---|---|
| Highly cited | No |