Destined to Fail? The History of the Yen Bloc before the Second World War

• 발행기관: 서울대학교 경제연구소
• 저자명: 문우식(Woosik Moon)
• 간행물 정보: 『경제논집』경제논집 47권 3호, 357~379쪽, 전체 22쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2008.09.30

영문 초록

The formation of yen bloc did not result in the economic and monetary integration of East Asian economies. Rather it led to the increasing disintegration of East Asian economies. Compared to Japan, Asian regions and countries had to suffer from higher inflation. In fact, the farther the countries were away from Japan, the more their central banks had to print the money and the higher their inflations were. Moreover, the income gap between Japan and other Asian countries widened. It means that the regionalization centered on Japanese yen was destined to fail, suggesting that the Co-prosperity Area was nothing but a strategy of regional dominance, not of regional cooperation. The impact was quite long lasting because it still haunts East Asian countries, contributing to the nourishment of their distrust vis-a-vis Japan, and throws a shadow on the recent monetary and financial cooperation movements in East Asia. This experience highlights the importance of responsible actions on the part of leading countries to boost regional solidarity and cohesion for the viability and sustainability of regional monetary system.

목차

Abstract

1. Introduction

2. The Formation of Yen Bloc

3. Yen Bloc under the Greater East Asia Co-Prosperity Sphere

4. Consequences of the Yen Bloc: Increasing Divergence

5. Conclusion

References