Essay代写：The international monetary system－r51due

下面为大家整理一篇优秀的essay代写范文- The international monetary system，供大家参考学习，这篇论文讨论了国际货币体系。国际货币体系的变迁史也是霸权主义形成的兴衰史，它不仅影响到体系的建立，更在某种范围内决定着体系的运行和变迁，充分体现了时代的特征。在新的国际货币体系中，美元仍然占据着中心货币的地位，同时美元不再与黄金挂钩，这就意味着美元从一种由黄金支撑的货币变成了不受任何货币约束的不可兑现的国际货币，储备货币变成了以美元为中心的多种货币，因此这一段时期的国际货币体系也称之为美元本位制。

New institutional economics argues that institutional rigidity is the beginning of institutional change. "Institutional change may be driven by the need for more effective institutional performance linked to economic growth." When countries' economies develop to a certain extent, international trade and capital liquidity are constantly expanding, and the issue of international currency settlement also arises. This requires the emergence of an international rule, a system that allows it to freely govern the monetary relations of countries and to become a set of arrangements and practices on which payments for various international transactions are based. Such arrangements and practices are the international monetary system, which is constantly changing with the changes in the international economic environment, namely the changes in the international monetary system.

The basic experience of the international monetary system from spontaneous to the evolution of human design, to some extent, we can think so, history of the international monetary system also form of hegemonism and fall, not only does it affect the system's establishment, more in a certain range determines the system's operation and change, fully embodies the characteristics of The Times.

In the late bretton woods system, the international inflation caused by the massive issuance of dollars and excess liquidity became more and more serious. $1971 announced that the gold standard, bretton woods, the international monetary system into a state of confusion, snapping up the German mark appeared on the foreign exchange market and the situation of the Japanese yen, exacerbated by the devaluation of the dollar, the international gold prices rise further, rising oil prices, a new system needs to maintain the international financial market stability appears imminent.

In January 1976, members of the international monetary organization (imf) met in Jamaica to discuss the international financial order and reach the Jamaica agreement. The main content includes: one is the non-monetization of gold. Countries no longer have to tie their currencies to gold, and international settlement can be done without it. Second, diversification of international reserves. The us dollar is no longer the only means of international settlement. Sterling, franc, mark, yen and SDR were all used as international currencies. Third, fixed and floating exchange rates coexist. Countries can peg their exchange rates up and down.

The Jamaica agreement is mainly an official recognition of the international monetary system from chaos to spontaneous formation. Due to the continuation of the dollar hegemony, in the new international monetary system, the dollar currency still dominate the center, at the same time, the dollar is no longer tied to gold, this means that the dollar from a supported by gold currency into not subject to any monetary constraints do not meet international currency, becoming the reserve currency, the dollar as the center of a basket of currencies so that a period of the international monetary system is called a dollar standard.

In the process of the ascendance of the dollar standard system, due to the development of global economy and the strength of many currencies, the dollar experienced several stages from weak to strong, and finally faced many threats. In the 1970s, when the Middle East oil war broke out, the United States gained the right to price oil in dollars, which to some extent ensured the strong position of the dollar. After the plaza agreement, the dollar standard became operational. From the mid and late 1980s to the early 1990s, the third scientific and technological revolution represented by the computer rose in the United States, and the United States became the country with the highest global competitiveness. With the rapid economic expansion, coupled with the implementation of the policy of "strong dollar" by the Clinton administration, the American economy was on a brilliant track.

In the early 21st century, the euro performed well on the international monetary stage, posing a threat to the dollar standard system to some extent. The rise of the euro gradually shook up and even dismantled the dollar standard system. In the first quarter of 2007, another disaster of the United States -- the subprime mortgage crisis began to break out, which became more and more serious. It soon spread to the global financial markets, causing global turmoil. Many countries were caught in the debt crisis, which affected the growth of the real economy. In this crisis, the United States suffered a painful blow, its financial system was close to collapse, and the real economy was plunged into a deep recession. As the crisis deepened, many scholars began to think about the relationship between the dollar standard and the financial crisis, and once again called for an end to the dollar monopoly.

The reason why the system keeps changing or changing is that it cannot adapt to the changing environment. The root cause of the repeated changes in the international monetary system is the new requirement that monetary and financial arrangements cannot be made with the continuous growth of the world economy. Therefore, the fundamental goal of reforming the us dollar standard system is to make the new international monetary system change the world economic imbalance and achieve a virtuous circle of economic order. The direct goal is to get rid of the shadow of dollar hegemony and effectively restrain the irrational policy behavior of the United States. It not only reflects the flexibility of the exchange rate system, but also keeps the exchange rate system stable. It shows timeliness and soundness in the adjustment mechanism of international balance of payments. We will strengthen international monetary cooperation and strengthen the resilience of the international monetary system to risks. The possibility of the world's major currency serving as a reserve currency. The sustainability and ductility of the us dollar standard determines that the us dollar will not withdraw from the international market in the short term. However, from the analysis, we can see that the international monetary system has reached the point of reform. Can the strong currency in the world replace the us dollar as the reserve currency? Although the euro has been running smoothly since its launch, the interests of countries within the euro are not exactly the same. The inherent instability of a multinational group makes people doubt about its future development. Although Japan is an economic power with remarkable speed of development, its political subordination, coupled with the disaster in 2011, makes it difficult to make great achievements in the international arena for a certain period. At present, the RMB is on the upward trend. Many countries and regions have begun to use RMB for settlement, and some large international transactions also accept RMB presettlement. Along with China's economic strength, its influence and discourse power in the world are also increasing. In the near future, China and the United States will keep abreast with each other and even replace the United States as the dominant country. However, we should also clearly see that China has four currencies in circulation within its borders, and the RMB has not yet been internationalized, China's capital account has not been fully open to the world, the implementation of fixed exchange rate has become the target of the United States, and the internationalization of RMB is still a long way off.

On the eve of the 2009 G20 financial summit in London, zhou xiaochuan, governor of the people's bank of China, published a paper on the central bank's website entitled "thoughts on reforming the international monetary system", which caused international repercussions. He suggested that the creation of an international reserve currency that is decoupled from sovereign countries and can maintain long-term stability of its value, so as to avoid the inherent defects of sovereign credit currency as a reserve currency, which is the ideal goal of international monetary system reform.

The idea of a super-sovereign currency has a long history. But so far no real progress has been made. Many scholars have questioned zhou's proposal: the super-sovereign currency itself has no value, it only represents a monetary symbol, there is no economic entity affiliated to it, how to guarantee its circulation? Who will manage the super-sovereign currency today?

In fact, theoretically, the value of the international reserve currency should, first of all, have a stable benchmark and clear issuance rules to ensure an orderly supply. Secondly, the total supply can be timely and flexibly adjusted according to the change of demand. Third, such adjustment must be detached from the economic situation and interests of any country. Super-sovereign currency can use such a system arrangement: by a trusted global institutions to design the issue of super-sovereign currency, establishing super-sovereign currency clearing relationship with other currencies, and actively promote the international trade, commodities pricing, investment and using super-sovereign currency of an enterprise, at the same time by the agency to be responsible for the global financial supervision and coordination. The reserve shares of each country in the institution can be distributed in proportion according to the size of the capital shock in the financial crisis and the specific characteristics of the liquidity demand of relevant countries, and according to the proportion of GDP, trade volume or other economic indicators in the world.

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