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Changes in the international financial system and China Strategies

Author: YangFei
Tutor: WangXueHong
School: Yunnan University of Finance
Course: Finance
Keywords: International financial system Bretton Woods system Jamaica system dollar hegemony RMB internationalization
CLC: F832
Type: Master's thesis
Year: 2010
Downloads: 424
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Abstract


After the 1870s, the international financial system has undergone the international gold standard, the Bretton Woods system 1910s-1940s chaos and the existing Jamaica system. Especially after the disintegration of the Bretton Woods system, regional financial crisis frequently occurred, as the center of the international financial system, the United States had undergone the financial crisis in 2008, and quickly transferred to the world. Sustained global economic imbalances, the distribution of benefits imbalances, exchange rate fluctuations, the proliferation of global liquidity are the norm.The irrationality of the current international financial system the key reasons. So how to run of the existing international financial system, what are the disadvantages, while China’s growing integration into the global economy, how to deal with the challenges of the international financial system will be the focus of this paper. Development of anything is a historical process, is constantly changing. Based on this background, this paper focus on the changes of the international financial system as the main line, and combine the equilibrium model and the historical method, meanwhile using the mathematical economics, game theory, and new institutional economics to further demonstrate the problem to be explained, while the full paper also reflects the hegemonic stability theory. First is the literature review of the international financial system and theory of the international financial system. The second chapter is devoted to the international financial system and its operational characteristics, gold standard system runned well, and sterling hegemony is its central feature, but with the decline of sterling hegemony, the international gold standard began to disintegrate. The third chapter discusses the evolution of the Bretton Woods system, the dollar hegemony and the interests’imbalance between the center and the external country is the core, the relative decline in the United States and the special status of Griffin dilemma caused the collapse of the Bretton Woods system. Chapter IV describes the characteristics of Jamaica and disadvantages of operating system, which is the focus of this paper. U.S. dollar hegemony is still the core characteristics that make the private sector and public sector face soft budget constraints, the dollar unlimited Issuance. After the Cold War, globalization accelerated, speeding up the adjustment of the global industrial restructure, the United States also had to adjust the industrial structure, while the U.S. has implemented financial liberalization policies, low-end industries to developing countries, the United States is committed to developing high-tech industries and high-end services. However, in light of the unsustainable innovation of high-tech industries, the United States has had to rely on the consumer sector, real estate and financial services industry to support economic development after the high-tech bubble burst in the early 21st century. But consumer sector, real estate and financial services are closely linked, as long as one of them has problems, the whole economy risk will be enlarged. Now let’s review the relationships between the world economy and the U.S economy, the EU and the U.S is closely related by trade and private capital, while East Asia and the United States is closely related by trade and the official capital, East Asia have huge current account surplus and dollar foreign exchange reserves. Under the impact of the American domestic economy ,the international economy and the unequal international politics and economic order, dollar fluidity expands continually, increasing financial capital flows all of the world, and the financial crises occur frequently in different countries and areas. Certainly, it is not said that the financial capital flowing is the only factor which attribute the crises, its economic structure was also an important factor in these economies. Chapter V details the current global financial crisis and its links with the international financial system and the international financial system reforms. This paper argue that the international financial crisis of 2008 is the result of the international financial system defects , the dollar hegemony, the global economic imbalance and lack of financial supervision is the main reason. The dollar hegemony can not vanish in the short term, but to take gradual improvement methods to adjust global economic imbalances, strengthen international financial regulation and reform of international financial institutions. Chapter VI based on the forward of the current international financial system, put forward some ideas in the reform of the international financial system and the response measures. Sovereignty monetary system is an ideal measure, it is a difficult to become a reality, the internationalization of RMB is China’s response to defects in the international financial system , technical conditions to ensure that the renminbi as an international currency, but speeding up economic restructuring and building a sound market economy system is the core to maintain the RMB International Competitive Strength, and put forward economic restructuring of the policy recommendations should also be actively involved in reform of the international financial system and regional monetary cooperation.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking
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