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Tokyo's Ultimately Failed Bid for First-Tier International Financial Center Status: Why Did It Fall Short?

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  • Huw McKay

    (Westpac Bank)

Abstract

Tokyo's bid to ascend to the very top tier of international financial centers (IFCs) was ultimately unsuccessful. This paper argues that to overcome the large disadvantages of being a latecomer, the IFC goal must be elevated above other competing objectives so that the necessary intermediate steps can be achieved in timely fashion. The most important specific failing was the inability of the Japanese yen to become a major international vehicle currency. With a sharper and earlier policy focus, particularly in the area of yen trade invoicing, Tokyo's bid for first tier IFC status would have been a more compelling one. © 2014 The Earth Institute at Columbia University and the Massachusetts Institute of Technology

Suggested Citation

  • Huw McKay, 2014. "Tokyo's Ultimately Failed Bid for First-Tier International Financial Center Status: Why Did It Fall Short?," Asian Economic Papers, MIT Press, vol. 13(3), pages 1-25, Fall.
    • Handle: RePEc:tpr:asiaec:v:13:y:2014:i:3:p:1-25
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    Cited by:

    1. Sinan Esen & Korhan Gokmenoglu, 2016. "Financial Centres Index and GDP Growth," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(4), pages 198-206, April.

    More about this item

    Keywords

    IFC; fail; Tokyo; yen trade invoicing; late comer;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G00 - Financial Economics - - General - - - General

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