Convertibility

Japanese: 交換性 - こうかんせい（英語表記）convertibility

The ability of one currency to be exchanged for another. The IMF requires convertibility in current account transactions from member countries, and in the past, this, along with the US dollar being convertible into gold, supported the free trade system. The US dollar's convertibility with gold was lost with the collapse of the Bretton Woods system, but coupled with the growth of emerging economies, there has been a growing movement to demand convertibility in capital account transactions in addition to current account transactions. However, since the Asian currency crisis, the idea that capital controls should be liberalized in stages has also gained strength, and the IMF is cautious. In addition, in order to advance regional financial cooperation in East Asia in the future, it is necessary for the various currencies in the region to gradually become convertible.

(Naoyoshi Kinukawa, Director of Economic Research, Institute for International Monetary Affairs / 2007)

Source : "Chiezo" published by Asahi Shimbun Publications Co., Ltd. About Chiezo

Japanese:

ある通貨が他の通貨と交換が可能であること。IMFは加盟国に対し経常勘定取引について交換性を求めており、かつては米ドルが金に交換可能であったことと併せ自由貿易体制を支えていた。米ドルの金との交換性はブレトン・ウッズ体制の崩壊で失われたが、新興国経済の成長と相まって経常勘定に加え資本勘定取引の交換性を求める動きが強まった。しかし、アジア通貨危機以降、資本コントロールを段階的に自由化すべきとの考え方も力を得ており、IMFも慎重である。なお、東アジアで今後地域金融協力を進めて行く上で、域内の各通貨が徐々に交換性を持つ必要がある。

(絹川直良国際通貨研究所経済調査部長／ 2007年)

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