@article{oai:shiga-u.repo.nii.ac.jp:00008869,
 author = {有馬, 敏則},
 issue = {18},
 journal = {滋賀大学経済学部研究年報},
 month = {Nov},
 note = {Departmental Bulletin Paper, In this thesis, I will analyze the situation in which, since the end of the convertibility of the
US dollar into gold in August 1971 and the introduction of the floating exchange rate system
in February 1973, the United States’ current account deficit and fiscal deficit have been on a
rising trend. I will also point out that the US monetary and fiscal policies, which have placed
priority on the domestic economy for decades, have been nearly stretched to their limits both
domestically and internationally, especially after the financial crisis triggered by the collapse of Lehman Brothers in September 2008. I will also discuss the ongoing crisis in the 27-member European Union. Of the 17 countries that use the single currency, the debt crisis in the GIIPS (Greece, Italy, Ireland, Portugal and Spain), most notably Greece, is shaking the foundation of the euro, the currency that has been hailed as the second-most prominent international currency after the dollar. I will also look into the possibility that, in the worst case, the situation could spiral into an international financial crisis that may exceed the Lehman shock in scale. I will then take a look at endeavors for international financial risk management in Japan, the United States and Europe with a view to forestalling a fiscal and financial crisis, and discuss ways to contain turmoil in the current international currency system and construct a more stable worldwide system. In this context, to gain an understanding of the dollar’s current standing as a reserve currency, I will analyze the shares of global currencies in governmental foreign exchange reserves in three regional categories—all countries, advanced economies and emerging/ developing economies—based on data from the IMF Annual Report 2011. I will also look into historical changes in the Special Drawing Rights, because they play an important role in conducting analytical calculations. Additionally, I will examine the historical movements of real effective exchange rates for the dollar, euro, yen and yuan, policy rates in major countries, historical changes in the US current account deficit, and historical movements in the bilateral exchange rates between the yen and the dollar, the yen and the euro, and the euro and the dollar. In doing so, I will also look into the history of the yen’s appreciation and factors behind the current strength of the Japanese currency, which is hovering near its record high.
Finally, based on these analyses, I will discuss international financial risk management with
a view to containing turbulence in the international currency system, and expound on how such a system should ideally be managed., 滋賀大学経済学部研究年報, 18, pp. 1-19},
 pages = {1--19},
 title = {国際通貨制度の動揺と国際金融リスク管理},
 year = {2011}
}