TY - JOUR
T1 - Tokyo's ultimately failed bid for first-tier international financial center status
T2 - Why did it fall short?
AU - Mckay, Huw
N1 - Publisher Copyright:
© 2014 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.
PY - 2014/10/1
Y1 - 2014/10/1
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=84907897105&partnerID=8YFLogxK
U2 - 10.1162/ASEP_a_00287
DO - 10.1162/ASEP_a_00287
M3 - Review article
SN - 1535-3516
VL - 13
SP - 1
EP - 25
JO - Asian Economic Papers
JF - Asian Economic Papers
IS - 3
ER -