国際流動性に関する財政的側面について

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1 IMF SDR IMF [email protected] / /

2 Goodhart [1999] IMF /

3 international reserve 1 D 35 1 D Eichengreen [2011] % 28% 1 D 35 Special Drawing Right: SDR SDR Zhou [2009] SDR 1969 IMF SDR IMF IMF SDR IMF quota SDR IMF SDR 37

4 SDR SDR ABS Bernanke et al. [2011] /

5 br/bop/index.htm/ and _report_e.html

6 ABS McGuire and von Peter [2009] Lane and Milesi-Ferretti [2007] 2 1 financial deepening Obstfeld [2004] intratemporal trade intertemporal trade Reinhart, Rogoff, and Savastano [2003] 40 /

7

8 IMF ECB EFSF % 2 2 ECB 42 /

9 1970 IMF Obstfeld, Shambaugh, and Taylor [2010] GDP

10 3 IFS International Financial Statistics WEO World Economic Outlook Databases exorbitant privilege 44 /

11 Farhi, Gourinchas, and Ray [2011] Gorton and Pennacchi [1990] AAA

12 IMF IMF Flexible Credit Line Precautionary Credit Line IMF IMF IMF IMF 2007 IMF BIS 6 outside liquidity IMF Truman [2008, 2010] Obstfeld [2009] Farhi, Gourinchas, and Rey [2011] IMF 6 IMF BIS BIS IMF 46 /

13 IMF European Stability Mechanism Juncker and Tremonti [2010] free riding 5. SDR IMF 8 SDR SDR 8 SDR 6% % 4 SDR 1 SDR SDR SDR IMF BIS SDR 47

14 4 SDR IFS SDR SDR SDR SDR 52 SDR SDR IMF 4 SDR 7 SDR IMF SDR 48 /

15 SDR SDR Eichegreen [2011] IMF SDR SDR IMF SDR SDR IMF SDR Kenen [2010] IMF IMF official runs IMF systemic financial stability SDR SDR SDR Triffinesque IMF 8 SDR SDR SDR 8 Truman [2008, 2010] SDR outside supply 8 SDR 49

16 SDR IMF IMF SDR Truman SDR Truman SDR SDR SDR SDR 6. SDR IMF IMF IMF IMF IMF 50 /

17 Schoenmaker [2011] 51

18 Bernanke, B. S., C. Bertaut, L. P. DeMarco, and S. Kamin, International Capital Flows and the Returns to Safe Assets in the United States, , Financial Stability Review, Banque de France, February 15, 2011, pp Eichengreen, B., Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, New York: Oxford University Press, Farhi, E., P.-O. Gourinchas, and H. Rey, Reforming the International Monetary System, mimeo, 2011 (available at FGR_march2011.pdf). Goodhart, C. A. E., Myths about the Lender of Last Resort, International Finance, 2 (3), 1999, pp Gorton, G., and G. Pennacchi, Financial Intermediaries and Liquidity Creation, Journal of Finance, 45 (1), 1990, pp Juncker, J.-C., and G. Tremonti, E-Bonds Would End the Crisis, Financial Times, December 5, Kenen, P., An SDR Based Reserve System, Journal of Globalization and Development, 1 (2), 2010, Article 13 (available at iss2/art13). Lane, P. R., and G. M. Milesi-Ferretti, The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, , Journal of International Economics, 73 (2), 2007, pp McGuire, P., and G. von Peter, The US Dollar Shortage in Global Banking and the International Policy Response, BIS Working Paper No. 291, Bank for International Settlements, October, Obstfeld, M., External Adjustment, Review of World Economics, 140 (4), 2004, pp , Lenders of Last Resort in a Globalized World, Monetary and Economic Studies, 27, Institute for Monetary and Economic Studies, Bank of Japan, 2009, pp (available at fmes.html)., J. C. Shambaugh, and A. M. Taylor, Financial Stability, the Trilemma, and International Reserves, American Economic Journal: Macroeconomics, 2 (2), 2010, pp Reinhart, C. M., K. S. Rogoff, and M. A. Savastano, Debt Intolerance, Brookings Papers on Economic Activity, 34 (1), 2003, pp Schoenmaker, D., The Financial Trilemma, Economics Letters, 111 (1), 2011, pp /

19 Truman, E. M., On What Terms Is the IMF Worth Funding? Working Paper No , Peterson Institute for International Economics, 2008., The IMF as an International Lender of Last Resort, Real Time Economic Issues Watch, Peterson Institute for International Economics, October 12, 2010 (available at Zhou, X., Reform the International Monetary System, mimeo, 2009 (available at 53

20 54 /

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