Japan and the Changing Global Financial Order

The global financial system has been undergoing enormous structural changes in recent years. Not only have financial markets become integrated to a degree unparalleled in the post1945 period, but immense shifts are also under way in the underlying power positions of states. Although full European monetary and financial union will pose a serious threat to American financial hegemony in the near future, the more dramatic shift to date has been the growth in Japan's financial power. This essay addresses two issues associated with Japan's increased role in the world's financial system. The first section seeks to clarify the debate concerning the degree to which Japan's rise has undermined the financial hegemony of the United States. By putting Japan's current position in a long historical context, it is shown that Japan's financial influence has often been exaggerated. At the same time, however, there are strong reasons to believe that it will continue to grow in the coming years. The second section

Business · Context (archaeology · Economics · Financial market · Financial system · Hegemony · Order (exchange · Political economy · Political science · Politics · Position (finance · Power (physics · Finance · Global Financial Crisis and Policies · History · Law · State Capitalism and Financial Governance

• The Worlds of Finance

  Open Access•Randall Germain, Randall D Germain•European Journal of International…•1996

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