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The Study on the Mechanism of Currency Crises with the Perspective of the International Monetary System

Author: WangLiRong
Tutor: LiuLiZhen
School: Northeast Normal University
Course: World economy
Keywords: The international monetary system. Fixed exchange rate regime Floating exchange rate system Intermediate regimes Monetary crisis
CLC: F224
Type: PhD thesis
Year: 2009
Downloads: 743
Quote: 5
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Abstract


Since the collapse of the Bretton Woods system in the 1970s, the international monetary system has entered the era of floating exchange rate system of legalization of Jamaica. So far, the international monetary system has gone through the evolution of the system from the international gold standard → Bretton Woods System → Jamaica. Every evolution of the international monetary system, all accompanied by some form of currency crises. Especially since the late 1990s, the worldwide currency crisis-prone, therefore, the mechanism of various types of currency crisis the pathway and precautions once again attracted the attention of theorists; currency crisis, financial crisis frequency hair, also led to a rethinking of the effectiveness of the current international monetary system. Along with the smooth launch of the euro, the U.S. dollar trend in Latin America expansion and the deepening of the cooperation of the East Asian currencies, the international monetary system is about to enter the, dollars regionalization and internationalization, the coexistence of euros, Europeanization and internationalization, international and regional co-operative of three East Asian currencies currency stage of development. From the perspective of the evolution of the international monetary system, cis development along the international monetary system, the change of the process, a detailed analysis of the formation mechanism of the monetary crisis in each of the international monetary system. This article consists of several parts: First, given papers related to important concepts defined on the currency crisis theory to systematically analyze; memories of the historical evolution of the international monetary system in general, in chronological order; then, with three The chapters of the fixed exchange rate system, the formation mechanism of the floating exchange rate regime and the currency crisis in the intermediate regimes, which, under a fixed exchange rate regime, monetary crisis, including the collapse of the international gold standard and the Bretton Woods system, as well as the collapse of the European Monetary System currency crisis; under the floating exchange rate system, the focus of analysis of the issue of the excessive volatility of the exchange rate in the free-floating exchange rate system; the intermediate regimes currency crisis, and analysis of the mechanism of the currency crisis in the region dollar standard and the currency board system; final how to avoid a currency crisis, the inevitability of a new regional currency cooperation mode, and the mode. Deep-seated reasons based on the perspective of the evolution of the international monetary system, the analysis of the previous currency crisis, we found that the development of the evolution of the international monetary system follows the principle of negation of negation, the constant changes in the fixed exchange rate between the floating exchange rate; international monetary system has also experienced a spontaneous formation to artificially established principles of international coordination process. Typical currency crisis mechanism under different exchange rate regimes, to reach this conclusion: precious metal gold or a powerful currency international monetary system as an international monetary standard is not feasible, is ultimately doomed the international monetary system future change trends should create a neither dependent on gold, do not rely on a single powerful monetary sovereignty of the world currency, in order to avoid the inherent weaknesses of the sovereign world currency; currently international regional monetary cooperation mode , is a necessary step in the evolution of the international monetary system.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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