2019. 3. 17static.zybuluo.com/fanxy/zv44w1x3qlxrs04yh0rt82ic/lec4.pdf · 2019-03-17 · 2.2...

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1. �8. XÌ�2

2. {��2µ1918–19392.1 ;�À1: Eichengreen and Flandreau(2009)

2.2 ÅÖÀ1: Chitu, Eichengreen and Mehl(2014)

3. ÙXîÜ�NX3.1 ÙXîÜ�NX��)

3.2 �Ýµe�1�g�¥²L�Nz

3.3 S3"�!Pá�)��¥7K�Nz

4. F{À1Ô�

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1. �8. XÌ�2

û¬.µ¥IÇå

Ì�c°8IÀÑ�ÓGDP�'

5µ�âPWT9.0êâO�±�"


https://www.rug.nl/ggdc/productivity/pwt/

1. �8. XÌ�2

À1.µ�©Ueº

ã¡5 µ2015cIS��Õ1cÝ�w"


https://www.bis.org/publ/arpdf/ar2015e.htm

1. �8. XÌ�2

À1.µ{�Ì�

ã¡5 µ2015cIS��Õ1cÝ�w"


https://www.bis.org/publ/arpdf/ar2015e.htm

2. {��2µ1918–1939 2.1 ;�À1: Eichengreen and Flandreau(2009)

IS7K¤Æ[ Barry Eichengreen


https://eml.berkeley.edu/~eichengr/


;�À1µ{�vs.=�

Source: Eichengreen and Flandreau(2009).



;�À1µV Þ




;�À1µÄu«��£�ÀJ



2. {��2µ1918–1939 2.2 ÅÖÀ1: Chitu, Eichengreen and Mehl(2014)

ÅÖÀ1µ{�vs.=�

Note: Fig2. “Global foreign public debt

(currency breakdown in USD million; at current

exchange rates)”

Note: Fig5. “Global foreign public debt(full

sample; selected currency shares as a % of total;

at current exchange rates)”.

Source: Chitu et al.(2014).


2. {��2µ1918–1939 2.2 ÅÖÀ1: Chitu, Eichengreen and Mehl(2014)

Ì�ÅÖÀ1µÄu«��£�ÀJ

Note: Fig4 “Global foreign public debt in

sterling – Main debtors. (as a % of total, at

current exchange rates; in 1929)”.

Note: Fig3 “Global foreign public debt in US

dollar – Main debtors (as a % of total; at

current exchange rates; in 1929)”.

Source: Chitu et al.(2014).


3. ÙXîÜ�NX 3.1 ÙXîÜ�NX��)

ÙXîÜ�NX��)

I l 1941 c 3 � 11 F� 1945 c 12 � 1 F§{I�â/u/{Y0��

IJød�500õ·{��ÀÔÚNÖ"�7 Øä6\{I§{I

��7;�l 1938 c� 145.1 ·{�O\� 1945 c� 200.8 ·{�§

�Ó.�7;�� 59%"{��IS/ ÏÙIS�7;��ã�¢

å �c�"

I 1943 c§{Iã�Ü(~AÚ=Iã�Ü�¯p�d©Ol�I|Ã

Ñu§�OÔ�ISÀ17KNX§JÑü�ØÓ�Oy§=/~AO

y0 Ú/p�dOy0"


3. ÙXîÜ�NX 3.1 ÙXîÜ�NX��)

ÙXîÜ�NX��)

1944 c 7 �§3{I#¾

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3. ÙXîÜ�NX 3.2 �Ýµe�1�g�¥²L�Nz

ÙXîÜ�NX��Ýµe

1. 3ù�NX¥{��7!�§{I«ú±(dç��7�ÂÖ¶�IÀ

1�{�!�§¢1k+n��½®Ç�Ý"ÏdÙXîÜ�NX´�«

±{��Ø%�7®ç� �"

2. �²~ár(��'�]76ÄØÉ��§�]�Ú7K�e�]76Ä

î�+�§�7Ú;�À1�d�96ÄÑÉ�î��"

3. ¤áü�IS7KÅ�µISÀ1Ä7|�£IMF¤KI�¤IJøá

Ï]7/�±�æISÀ1NX�½§.Õ1£World Bank¤Jø

¥�Ï&�5r?¤I²LE�"


3. ÙXîÜ�NX 3.2 �Ýµe�1�g�¥²L�Nz

�¥²L�Nz: 1960cÚ2000c�ISn´�ä

Source: Serrano et al.(2007).


3. ÙXîÜ�NX 3.3 S3"�!Pá�)��¥7K�Nz

Ap¥JKµÙXîÜ�NX�Ci/d�·

I 1960c§{I²LÆ[ÛËA#Ap¥JÑ/du{��7!�§ Ù¦I[

�À1�{�!�§{��,��ISØ%À1�/ §�´�I�uÐI

Sn´§7L^{��(��;�À1§ù�Ò¬��6Ñ�{�3°Øä

�D§é{I5`Ò¬u)�Ïn´_�¶ {��ISÀ1Ø%�cJ´7

L�±{�1�½�jÍ§ùq�¦{I7L´��Ïn´^�I"ùü�

�¦p�gñ§Ïd´��Ø"0ù�S3gñ¡�Ap¥JK(Triffin

Dilemma)"��Ì�I[À15¿�IS��Uå�À1NX7,¬�\/Ap

¥JK0 r��$"

I ÙXîÜ�NX��"�3u{�Q´�IÀ1§q´.À1"§�u17

LÉ�u{I�À1�üÚ�7;�".²LO�éIS|GÃãÚ;�À1

�O�I�§{��øAA�Øä/O�¶�ùq¬��{�Ó�7�ç�5F

ÃJ±�±"�´duþã¯KÚ"�§��TÀ1NXÄ:�Ø½5§�{

�Ñy�Å�§TÀ1NX�J±�U"


3. ÙXîÜ�NX 3.3 S3"�!Pá�)��¥7K�Nz

ÙXîÜ�NX�Pá��)

I {I1960c��ÔÚ/��¬Oy0¦ISã�|Ñ:ìþ,§²~

�8G¹�:ì�z"

I 1967c.Ú1968cÐ§h<ÝÅöduýÏ�7d��Uþ, m©ïÈ

�7§3{é;Úî³�I�þ�È�7�§m©¢1/h<d�0Ú

/(�d�0��7d�V;�"ù´ÙXîÜ�NX��=ò:"

I 1970c{I²L?\Pò§½|ÊHýÏ{�ò�@�§��®½|þ

#�Ó�{��È"1971c8�15FZ�toÚ\Ù{IòØ2�I

1ÑÈ�7!�£{�§l äý{�Ú�7�m�éX"ù�¯��

¡�Z�tÀÂ"

I 1973c2�Ú3�m§®½|ëYu)é{��ÝÅ5ÀÂ§�I13

�½ï�þ{��EØU{�{��@��§�ª�ï¹4{�!

=�k+n�2Ä®Ç�"gdISÀ1NX?\��Ä��#��"


3. ÙXîÜ�NX 3.3 S3"�!Pá�)��¥7K�Nz

ÙXîÜ�NX)N��7Km�

ã¡5 µR.C. ¥dA.ÚA.M.�VÍ§5IS÷*²LÆ£1n�¤6§Ül;�È§¥I<¬�ÆÑ��§2017"


3. ÙXîÜ�NX 3.3 S3"�!Pá�)��¥7K�Nz

�¥7K�Nzµ2009c�ISÝ]�ä

ã¡5 µR.C. ¥dA.ÚA.M.�VÍ§5IS÷*²LÆ£1n�¤6§Ül;�È§¥I<¬�ÆÑ��§2017"


4. F{À1Ô�

1985c2|�ÆµÌ�À1ç{�,�

5µ�âIS��Õ1êâ±�§®Ç� 1 {�ç E ü Ì�À1§F��m¶�I"


https://www.bis.org/statistics/full_data_sets.htm

4. F{À1Ô�

1980c�"F�²L��&z

]76��¡§Õ1�±¥�E�Ó'×�eü§Ì�þ½úi�õ/Ï

LÅ !�¦��7K�ª¼�]7§Õ1é¢N²L�|±åÝeü"


4. F{À1Ô�

1980c�"F�²L��&z£Y¤

7KNX�¡§F��û�Õ1J|5Uå±Yeü"


4. F{À1Ô�

1980c�"F�²L��&z£Y¤

]�d��¡§°t�À1�üÚ7K+��t§¦�/�Ú�¦d�

Ñy�¿ªO�§]�½|×��&z"


4. F{À1Ô�

1990c�&²L»«�²L�Å£Y¤

�&²L»«�§�,F�1ëYüE§�duÕ1NXSÜ��g

¯Kvk)û§O\Ä:À1��JØ�§À1oþE3±Y� §²L�\

/6Ä5�²0"


4. F{À1Ô�

F�²L��ÏPò£Dr. Slump¤

F�¢S<þGDPO�Ç�®Çµ1960–2017

5µ�â.Õ1êâO�±�§¢S<þGDP�“GDP per capita (constant LCU)”"


https://data.worldbank.org/country/japan

ë�©z

ë�©z

1. Chitu, L., B. Eichengreen and A. Mehl, 2014: When did the dollar overtake sterling as the leading

international currency? Evidence from the bond markets, Journal of Development Economics,

Vol.111, P225-245

2. Eichengreen, B. and M. Flandreau, 2009: The rise and fall of the dollar (or when did the dollar

replace sterling as the leading reserve currency?, European Review of Economic History, Vol.13(03),

P377-411

3. Fujii M. and M. Kawai 2010: Lessons from Japan.s banking crisis, 1991õ2005, ADBI Working

Paper Series, No.222.

4. Horiuchi, A. 1996: An evaluation of Japanese financial liberalization: a case study of corporate

bond markets, Chapter 5 in Financial Deregulation and Integration in East Asia(NBER-EASE

Volume), ed. by T. Ito and A.O. Krueger

5. Hoshi, and A. Kashyap 1999: The Japanese banking crisis: where did it come from and how will it

end?, Chapter 3 in NBER Macroeconomics Annual 1999(Volume 14), ed. by B.S. Bernanke and J.J.

Rotemberg

6. Kanaya, A. and D. Woo 2000: The Japanese banking crisis of 1990s: sources and lessons, IMF

Working Paper No.0017

7. Kawai, M. 2003: Japan’s banking system: from the bubble and crisis to reconstruction, PRI

Discussion Paper Series, No.03A-28

8. Serrano, M.A., M. Boguna, and A. Vespignani, 2007, Patterns of dominant flows in the world trade

web, Journal of Economic Interaction and Coordination, Vol.2(2), P111-124


https://www.sciencedirect.com/science/article/pii/S0304387813001351

https://www.sciencedirect.com/science/article/pii/S0304387813001351

https://academic.oup.com/ereh/article/13/3/377/385894

https://academic.oup.com/ereh/article/13/3/377/385894

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