Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/256816 
Year of Publication: 
2022
Series/Report no.: 
NBB Working Paper No. 405
Publisher: 
National Bank of Belgium, Brussels
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, especially his book Gold and the Dollar Crisis. 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).
Subjects: 
Triffin
Bretton Woods
international liquidity
regional monetary integration
Asian Payments Union
Japan
JEL: 
A11
B22
B31
E30
E50
F02
F32
Document Type: 
Working Paper

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