The use of the SWIFT financial system in strengthening international economic relations (Japan and the The united states of America as a model)
DOI:
https://doi.org/10.31272/ipj.i65.540Keywords:
SWIFT system, international economic relations, financial transactions, Japan, United States, global monetary policy.Abstract
This study examines the pivotal role of SWIFT (Society for Worldwide Interbank Financial Telecommunication) in facilitating international economic integration, focusing on Japan and the United States as key players in the global financial system. Utilizing official data from the World Bank and the International Monetary Fund, the study investigates the impact of SWIFT on cross-border financial flows, financial stability, and the promotion of international trade relations. The study reveals that the SWIFT system serves as critical infrastructure for global financial transactions, functioning both as a tool that facilitates financial and economic exchange and as an instrument of economic policy. In the case of Japan, the analysis highlights the nation's substantial reliance on SWIFT for managing global supply chain transactions and export-related financial transfers. Concurrently, the United States employs SWIFT strategically to consolidate its position as the predominant global currency issuer and to augment its geopolitical influence. The financial data presented in this study reveals distinct patterns of SWIFT utilization between the two economies, thereby substantiating the interplay among technological, political, and economic factors in determining SWIFT's role in international economic relations. The study concludes that while SWIFT promotes global financial interdependence, its strategic use by major economies also demonstrates financial hegemony, sovereignty, and economic dependence
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