2000年代前半の国際資本移動におけるアメリカの役割(<特集>国債累積下の現代経済)

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  • A Role of U.S. in the International Capital Movements in the First Half of 2000s(<SPECIAL ISSUE>The Modern Econoy with Enormous Government Bonds)
  • 2000年代前半の国際資本移動におけるアメリカの役割
  • 2000ネンダイ ゼンハン ノ コクサイ シホン イドウ ニ オケル アメリカ ノ ヤクワリ

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This paper analyzes that the role of U.S. in the international capital movements is not passive as the standard theory argues but active in the first half of 2000s. Using publications by IMF, BIS, U.S. Department of Commerce and rating agency, etc., the active role of U.S. in the international capital movements is observed. While U.S. financial institutions supply a large amount of short-term funds through repurchase agreement to hedge funds, highly leveraged institution, based in Caribbean financial centers, they also invest their funds actively for trading strategies similar to hedge funds or buying them. Interestingly, U.S. as the provider of the dominant international currency is 'active' in enhancing the liquidity in the international financial system. U.S. is the 'starting point' in the international capital movements, the standard theory explains the role of U.S. as 'a world banker' which is playing the role of a passive international financial intermediary. On contrary, U.S. has become from 'a passive world banker' to 'an active financial conglomerates in the world', as I summarized in this paper.

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