ユーロ・カレンシー市場と「ドル体制」

抄録

Dollar's value has been fluctuating since the Nixon's shock of 1971. But the dollar functions still at present as the international currency, or key currency. On the other side, an international monetary system, which may be called the "dollar standard" has been installed now. After the shock of 1971, international networks of short-term and long-term credits have been made up. We may call the combination of the "dollar standard" and international networks of credits, which have been made up under the "dollar standard" the "dollar regime." But the networks have been facing the dangers of being cut to pieces since the Mexican default crisis of 1982. Now, this article has for its purpose three points to analyze: (a) what are the grounds on which the "dollar standard" came into being, or why does the unconvertible dollar function as the international currency ?; (b) in what manner have the international networks of credits been made up under the "dollar standard", or how has the expansion of the networks changed the international financial market ?; and (c) what limits do the networks have now, or what contradictions have accumulated in the international financial market. We may say that the "dollar regime" is on the point of collapsing. The international debt crisis and the "dollar confidence problem" are two main factors that the "dollar regime" involves, in leading the regime itself into collapsing.