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Robert Triffin, Japan and the quest for Asian Monetary Union

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  • Maes, Ivo
  • Pasotti, Ilaria

Abstract

Especially with the Asian financial crisis of 1997-1998, Asian countries have advocated a profound reform of the international financial architecture. Their proposals focused on two main axes: a reform of the global financial system and stronger regional monetary integration in Asia. There are here significant parallels with the ideas of Robert Triffin (1911-1993). Triffin became famous with trenchant analyses of the vulnerabilities of the international monetary system. Also now, the Triffin dilemma is still present among international monetary policymakers, also in Asia. Triffin put forward several proposals for reforming the global monetary system, but he also developed proposals for regional monetary integration. These were very much based on his experience with the European Payments Union, and focused on the creation of a (European) Reserve Fund and a (European) currency unit. In this paper we focus on Triffin’s proposals for an Asian payments union in the late 1960s, giving special attention to Japan (in Triffin’s time the biggest Asian economy, moreover Triffin had an important Japanese network).

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  • Maes, Ivo & Pasotti, Ilaria, 2024. "Robert Triffin, Japan and the quest for Asian Monetary Union," SocArXiv 8xgtv, Center for Open Science.
    • Handle: RePEc:osf:socarx:8xgtv
    DOI: 10.31219/osf.io/8xgtv
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    References listed on IDEAS

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    3. Ivo Maes, 2013. "On the origins of the Triffin dilemma," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(6), pages 1122-1150, December.
    4. Maes, Ivo, 2008. "The Spread Of Keynesian Economics: A Comparison Of The Belgian And Italian Experiences (1945–1970)," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(4), pages 491-509, December.
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