The Domestic Politics of the Yen's Re-internationalisation: Dynamic Interaction and the Core Executive.
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 d...
| Published in: | Asian Studies Review Vol. 45; no. 3; pp. 489 - 509 |
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| Main Authors: | , , |
| Format: | Article |
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Taylor & Francis Ltd
Sep2021
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| Subjects: | |
| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=151799442&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 151799442 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 10357823 SDR jtl: Asian Studies Review issn: 10357823 maglogo: Y pubinfo: dt: Sep2021 vid: 45 iid: 3 pid: 377 pub: Taylor & Francis Ltd artinfo: ui: 151799442 10.1080/10357823.2020.1841736 ppf: 489 ppct: 20 formats: fmt: – @attributes: type: T – @attributes: type: P size: 1.1MB tig: atl: The Domestic Politics of the Yen's Re-internationalisation: Dynamic Interaction and the Core Executive. aug: au: Lu, Chang Rong Wang, Yue Liu, Lian affil: Tongji University Sun Yat-sen University Asian Development Bank Institute su: Japanese yen Globalization Koizumi, Jun'ichirō, 1942- Budget Japan sug: subj: Japan Japanese yen Globalization Koizumi, Jun'ichirō, 1942- Budget keyword: core executive currency internationalisation dynamic interactive mechanism Prime Minister-controlled policy process resource exchange Yenre-internationalisation ab: 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. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: Copyright of Asian Studies Review is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. item: Asian Studies Review holder: Taylor & Francis Ltd dt: @attributes: year: 2021 holdings: @attributes: islocal: N |
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