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currencyFortune
•Business
Business & Economics
79% Informative
Paul Blustein argues that the U.S. dollar's standing atop the world’s currency pyramid is impregnable.
He says the dollar's supremacy stems from the unrivaled depth, breadth, and liquidity of the financial markets, as well as America 's legal and regulatory infrastructure.
The Japanese yen failed to take the greenback's throne, he says.
U.S. companies were falling far behind amid an unprecedented burst of dynamism in Japan .
The resource-poor island nation rocketed to second place in the world’s GDP rankings.
To attain such supercharged growth, Japanese policy makers adopted a development model based on what economists call “financial repression”.
By the mid-1990s the Japanese economy was mired in deflation following the bursting of its stock and property bubble.
The authorities’ many desperate efforts to revitalize the economy was a “Big Bang’s.
reform package in 1996 ended all remaining capital controls and including other steps aimed at turning Tokyo into a financial hub.
But Japan could not overcome its legacy of financial repression.
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