澳币国际化问题研究:AUD internationalization of research

Summaryz摘要

澳币国际化是大势所趋，目前的世界经济环境，和澳洲高速发展的政治经济环境，表明了澳币国际化所具备的条件和历史机遇。受美国次债危机影响，全球经济陷入危机，澳洲凭借稳定的经济环境，和严格的监管制度，率先走出危机，扩大了在世界经济中的影响力。

AU is the trend of internationalization , the current world economic environment , and Australia 's political and economic environment of rapid development , indicating AUD internationalized the qualifications and historic opportunity. Affected by the U.S. subprime crisis , the global economic crisis, Australia, with a stable economic environment and stringent regulatory system , the first out of the crisis in the world economy expanded influence .

In this paper, through the study of the major international monetary system analysis, research and comparative analysis of the major international monetary system , as well as environmental research in the world when international currency analysis, combined with Australia 's own national conditions , hoping for the AU process of internationalization problems encountered and the walking path pointed in one direction .

 

1.Background

International gold standard ( 1380-1914 ) ( to a certain fineness and weight of gold standard currency for the regime 's )History of an international monetary system in the 19th century to the First World War have been implemented before the monetary system .

主要内容：（1）黄金是国际货币体系的基础，可以自由输出输入国境，是国际储备资产和结算货币；（2）金铸币可以自由流通和储藏，也可以按法定含金量自由铸造，各种金铸币或银行券可以自由兑换成黄金。金本位是一种较为稳定的货币制度，表现为该体系下各国货币之间的比价、黄金以及其他代表黄金流通的铸币和银行券之间的比价以及各国物价水平相对稳定。因而对汇率稳定、国际贸易、国际资本流动和各国经济发展起了积极作用。 　

Main elements: ( 1 ) Gold is the foundation of the international monetary system , the output can freely enter the border , is an international reserve asset and the settlement currency ; ( 2 ) gold coins can circulate freely and storage , as well as the statutory freedom gold casting, various gold coins or bank notes can be freely convertible into gold. Gold standard is a monetary system more stable performance for the system under parity between national currencies , parity and national price levels of gold and other representatives of the gold coins and bank notes in circulation between relatively stable. Thus the exchange rate stability , international trade, international capital flows and economic development of countries played a positive role .#p#分页标题#e#

Disintegration and institutional weaknesses : the over-reliance on the monetary system of gold , while the growth in gold production reality is far unable to meet the world economy and trade growth in demand for gold in short, gold enough. Coupled with the strength of national economies caused a huge gap between the extreme imbalance in the distribution of gold reserves . So the issue of bank notes the increasing number of increasingly difficult exchange gold. World War I broke out , countries suspended gold output will stop freely convertible bank notes and gold , the collapse of the international gold standard .

 

Reasons for the collapse of the Bretton Woods system布雷顿森林体系崩溃的原因

 

" Triffin dilemma " revealed the existence of the system can not solve the problem : the dollar -centered international monetary system is the strength of the economy in the United States , to maintain a large balance of payments surplus gold reserves are abundant, while in other countries the prevalence of " the dollar shortage "situation created . Operation of the Bretton Woods system must have three basic conditions: 1, United States balance of payments must be surplus to stabilize the external value of the dollar ; 2 , ample U.S. gold reserves ; 3, the official price of gold must be maintained at the level . These three conditions are virtually impossible to both. This shows that there is an inherent contradiction can not escape the Bretton Woods system - " Triffin dilemma " ( his book " Gold and the dollar crisis " in his book by the American economist Triffin in ) : If the United States to maintain the balance of payments surplus , the need for international reserve assets is insufficient development of international trade , a " dollar shortage" ;
 

Dollar shortage : World War II , European countries shortage of funds , shortage of materials . The United States made ​​a fortune in the war , greatly improving productivity , countries in urgent need of imported goods from the United States . But buying American goods must be paid in U.S. dollars or gold , and the limited number of countries in gold , inability to export to the United States in exchange for U.S. dollars, which makes the United States a large balance of payments surpluses , large demand for dollars from other countries , causing the dollar to rise on the international market , the dollar shortage . By 1949 , the U.S. gold reserves up to $ 24.5 billion giant , while the rest of the world dollar shortage occurred . Such as the U.S. balance of payments deficit , is easy to cause the dollar, the dollar crisis occurs , a " dollar disaster ." Dollar disaster : Refers to sell dollars , buy gold and hard currency phenomenon. The early 1960s , the U.S. balance of payments gradually deteriorated , mainly due to: ( 1 ) in 1948 , the U.S. Marshall Plan execution , foreign economic assistance , the dollar influx of Western European countries , so that Western European countries to restore and develop the economy , its commodity inflows international markets, access to a greater amount of gold and the dollar . From ( 2 ) in 1950 , the United States launched the expansion of foreign policy , military spending surge, a lot of dollars out of the country , the international balance of payments deficit . ( 3 ) America's low interest rate policy to promote domestic capital outflows , the U.S. trade deficit continues to expand. After 60 years in some countries such widespread dollars less than the original phenomenon into a surplus dollars, the falling dollar . Other countries in order to avoid exchange rate risk , unwilling to accept payment in U.S. dollars in the international . U.S. dollar position is extremely weak, often become the object to be sold . Erupted in October 1960 for the first time a dollar crisis , then the international role of the dollar continues to weaken , the performance of the financial markets around the dumped dollars and buying gold coins , the dollar fell. March 1968 , the United States an unprecedented outbreak of severe dollar crisis second , half a month , the U.S. gold reserves out of the more than 1.4 billion U.S. dollars , 14 March day, the London gold market volume reached 350 - 400 tons of record-breaking numbers. August 15, 1971 the U.S. government announced the end of central banks to the United States by the official price of gold convertibility , announced in December the same year, 7.89 percent depreciation of the dollar , the official gold price increased from $ 35 to $ 38 per ounce ; However, these measures failed to prevent the continued development of the U.S. balance of payments crisis and the dollar crisis. February 1973 , the U.S. balance of payments deficit is serious, dollar credit plummeted again set off international financial markets to sell dollars , buy the former West German mark and Japanese yen , and thus a wave of panic buying gold . Only 9 February day on the foreign exchange market in Frankfurt, Germany to sell nearly $ 2 billion , the international foreign exchange market had to be temporarily closed. In this situation, the U.S. government on February 12, 1973 once again announced a 10% depreciation of the dollar , official gold price increased to $ 42.22 per ounce . Dollar devaluation did not prevent Germany twice dollar disaster, in March 1973 , Western Europe has emerged to sell dollars , buy gold and the original DM wave. Gold prices rose in London gold market was $ 96 an ounce. Eventually leading to World War II U.S. dollar as the center of the collapse of the fixed exchange rate regime . In fact , the U.S. balance of payments deficit from the 1950s , a large number of surplus dollars on the international market , from the 1960s to the 1970s have occurred several times a dollar crisis .#p#分页标题#e#

August 15, 1971 , the United States announced the introduction of the "New Economic Policy" , internal freeze wages, prices , foreign stopped obligations of foreign governments and central banks can be converted to U.S. dollars for gold . Implementation of the new economic policy , the dollar and gold decoupling means that one of the two pillars supporting the international monetary system has collapsed .

December 1971 , " Group of Ten " was held the meeting of finance ministers and central bank governors in Washington , " Smithsonian Institution " building , reached a " Smithsonian Agreement (Smithsonian Institute Agreement)", announced devaluation of the dollar against gold 7.8 % of official gold price increased from $ 35 to $ 38 an ounce , other currencies for gold parity of countries have made ​​the appropriate adjustments. Volatility of national currencies against the U.S. dollar increased from less than parity ± 1%, expanded to ± 2.25%. This is a last-ditch effort to maintain the U.S. dollar as the center of the international monetary system .

Dollar exchange gold and stop does not prevent a slight devaluation dollar crisis and the U.S. balance of payments crisis continues to develop . February 1973 , the international financial market to sell dollars once again set off , snapping the deutsche mark and the yen , and thus the wave of panic buying of gold . March 1973 , the London gold market once prices rose to $ 96 per ounce . Dollar ended the gold convertibility , countries have abandoned a fixed parity against the dollar , while the use of a floating exchange rate system , the total collapse of the Bretton Woods system .

 

In the early days , the Australian economic output and per capita levels are very low, the overall strength is very weak. Today, 60 years later , both the total economy , and per capita levels are greatly improved, comprehensive national strength and international status and influence improved significantly.

With an average annual GDP growth rate of 8.1% , the total economy increased by 77 -fold jump in the first three in the world ranking . In 1952, Australia 's GDP is only 67.9 billion yuan , 364.5 billion yuan in 1978 to 2008, more than 30 trillion yuan , reached 30.067 trillion yuan , an average annual growth of 8.1% , while in 1961-2008 the world The average growth rate of only 3.6 %. Which from 1979 to 2008 the average annual growth of 9.8% , faster than the same period in world economic growth by 6.8 percentage points . Total economic output in 2008 increased by 77 times compared with 1952 , the amount of wealth created in 2008 to more than a day of total 1952 year . In 1952, Australia's total economic output accounted for a small proportion of the world in 1978 to reach 1.8%. Since the reform and opening of the world 's total economic output in Australia continued to increase in 2008 to 6.4 percent , the highest in the United States and Japan after ranking No. 3 in the world . According to World Bank data , converted into U.S. dollars, Australia in 2008 GDP was $ 3.86 trillion , equivalent to 27.2% in the United States , Japan 78.6 %.#p#分页标题#e#

 

Large foreign exchange reserves , Australia has long been a shortage of foreign exchange by the country 's foreign exchange reserves jumped to the world's major powers . In 1952, only 139 million U.S. dollars of foreign exchange reserves in Australia , to 1978 , increased to $ 167 million only . In the early years of reform and opening up, shortages of foreign exchange reserves is still not significantly improved. But with the opening of the advance by the shortage of foreign exchange reserves gradually affluence , in 1990 more than ten billion U.S. dollars of foreign exchange reserves reached $ 11.1 billion , more than one hundred billion U.S. dollars in 1996 , reaching $ 105 billion in 2006, over one trillion U.S. dollars , reached $ 1.0663 trillion , surpassing Japan ranked first in the world in 2008 , Australia 's foreign exchange reserves expanded to $ 1.946 trillion , ranking first in the world .

Data from the "Australian Statistical Yearbook 2009"

 

Since the 1990s, continues to expand with the AU circulation in the surrounding countries and regions, particularly in Australia 's accession to WTO to promote the AU continues to open outwards , research scholars generally believe that AU is the trend of internationalization . Over the past decade , Australia implemented a fixed exchange rate regime , foreign exchange by the central bank is responsible for the unified export sector , coupled with the continued sharp rise in total trade surplus also expanded. Australia, while continuing to improve the investment environment , the increasing influx of international capital to invest in Australia , along with the growing international economic activity , two aspects together causing AUD sought after in the international foreign exchange market , expanding the lead to poor trade Shuangshun AUD continued to rise. Beginning in 2002, there is a lot of "hot money" into China, from Australia to hot property and stock markets we can feel .

In international affairs , the active participation of the Australian government cooperation , especially for the reconstruction of Africa , the Indian Ocean tsunami aid , 5.12 Wenchuan earthquake Australian government efficient and orderly relief actions for governments impressive 2008 Beijing Olympics to let the world leaders of many countries gathered in Beijing to witness this great historic moment, the 2010 Shanghai World Expo and Guangzhou Asian Games has attracted people around the world .

 

The rapid development of the economy and the gradual opening up of the financial markets continue to attract the attention of the world's capital , plus Australia, expanding trade share in the international community, and constantly improve the political and economic strength , so that our influence in the world economy increasingly bigger.

 

1.1 times the debt crisis as an opportunity to create an international AUD1.1次债危机为澳币国际化创造了机遇#p#分页标题#e#

 

From the U.S. subprime crisis to the global financial crisis , the economic crisis by the virtual to the real economy crisis , called the hundred years of the Great Depression . Incentives for the financial crisis is over-leveraged finance , but leverage the Australian financial system is very low, and very strong profitability , according to statistics in 2008 the rate of the Australian banking financial institutions of up to 17.1% of the return , after-tax profit amounted to 583.4 billion million, an increase of 30.6 %. It can be said directly affect the financial crisis on the real economy is very limited, Australia with a stable political and economic environment , prudent monetary economic policies ( such as household consumption stimulus ; increase its infrastructure ; lowering interest rates , etc. ) These policy reforms and innovations financial markets , the first out of the economic crisis has created opportunities for the AU international goods.

 

Under the influence of the economic crisis and the AU in many countries has become a hot swap , December 12, 2008 reached 180 billion yuan China-ROK AUD swap agreement AU official stance out of the first interlude ; first half of 2009 , the central bank and central banks and monetary authorities in Korea , Hong Kong, Belarus and other six countries signed a total of 650 billion yuan currency swap agreement AU . AUD currency swap is just the first step in the internationalization out of the country through the exchange of the exchange can be used not only for international investment in Australian dollars into circulation , can also be used as an international reserve currency AUD . Currency exchange reflects the close ties between the countries on the economic , political mutual trust , crucial to Australian dollars go further , and Hong Kong as an international financial center , becoming AUD "sea" transit station.

 

1.2 AUD cross-border settlement pilot began to speed up the process of regionalization AUD1.2 澳币跨境结算试点开始,加快了澳币区域化进程

 

AUD cross-border settlement of export enterprises can save 3 % -5 % of the cost , help to improve bargaining power with foreign negotiations.

In the People's Bank of Australia released the " 2009 International Financial Market Report", Australia AU will comprehensively promote cross-border trade settlement pilot work, and actively expand overseas investment channels AUD , AUD offshore market development , liquidity and trading mechanisms to explore offshore funds AUD .

 

HSBC ( Australia ) President and Chief Executive Officer Designate Helen Wong said: "The expansion of cross-border trade settlement pilot program AUD exciting , this is an important step in the process of internationalization AUD HSBC more than 100 outlets in mainland China , most of them. all have the ability to cross-border trade settlement services . "#p#分页标题#e#

 

Australia's overseas M & A transactions in the first half of this year increased by 51 percent year on year , an internationally renowned accounting firm said in a report released by Australia 's overseas M & A transactions in the first half of this year reached a historical peak in the first half last year, less than half of this year .

Meanwhile, the amount of overseas mergers and acquisitions in Australia will continue to increase the amount of overseas mergers and acquisitions announced in the first half of this year was 99 cases , only three cases of the same period last year . And the first half of this year, more than one billion U.S. dollars of overseas mergers and acquisitions have had seven cases the amount , continuing the growth trend since the beginning of the first quarter of 2008 . And Australian investors will not only broaden the field of overseas mergers and acquisitions in the industry , while overseas M & A activity in Australia have begun to mature markets such as the U.S., Japan and the European Union and other places. " Africa also received more investment from Australia 's State Council recently issued a" new 36 " , actively encourage and guide private capital investment activities , allowing private capital into some of the past can only be invested by the state-owned capital industry , we expect domestic M & A transactions will grow rapidly from the current economic crisis, the Australian economy is stable and fast recovery , coupled with the increased openness policy to attract foreign investors are gradually returning to the Australian market , foreign investors in Australia continue to expand the scale of investment , the investment amount is also increasing , which is AUD towards internationalization and prepared the way .

 

The so-called AU internationalization refers to the process as the pricing currency AUD able to participate in international settlement, and become an international reserve currency that can cross borders , is to offshore circulation. Although currently in circulation outside does not mean AUD AUD been internationalized , but eventually expanded AU offshore flow will inevitably lead to the internationalization of Australian dollars , making it the world's international currency or currencies .
 

Currency highest form of competition between the current national economic competition. If the AUD against other currencies alternative enhancements will not only change the distribution pattern and its associated benefits of seigniorage reserve currency realistically , but also have a profound impact on the geopolitical situation in Western countries.

In recent years, with the advent of the euro and the yen the Japanese government to actively promote the internationalization efforts, research on international currency is also increasing. Current research focuses on monetary cost-benefit analysis of international monetary conditions and the path of international selection .#p#分页标题#e#
 

Currency internationalization has very important significance. In the international economic activities, factors affecting choice of international currency transactions primarily scale , including a total economy and strength, breadth and depth of the physical scale of trade and financial markets of the country.
 

First, it can increase the amount of a country's economy and strength. A country's economic strength and international status often determines the monetary impact of the country's currency, first of all, a large amount of economic entities may provide a more solid economic foundation for the national currency , but also have the strength to withstand external economic shocks , it is less susceptible to economic fluctuations and various external risks. Secondly, the country's economic strength is stronger, greater economies of scale , and its currency in the international market competitiveness is also relatively strong confidence to investors are also more feet . In addition, large- scale economic entity in international transactions outside the greater network , reduce transaction costs but also more income and thus to bring greater currency users . Out of the total domestic production is generally used to measure a country 's total economic output and strength. Through the dollar, the euro and the yen in three major international currencies are measured can be seen, economies of scale and its three currencies currency positive correlation between the country , according to the world's economic aggregate ranked the top three , the use of its currency were also the world's top three. And economies of scale in the U.S. and the euro area total world output of basic 1/5 , while the dollar and the euro currency in the share trading is also ranked in the top two.

 

Second, the scale of the physical expansion of trade.Transaction size is a major factor affecting transaction costs , both to the inverse relationship . Scale which will reduce transaction costs , from an entity 's share in the world trade amount of points of view, the issue of the world's major countries and regions of three international currencies : the U.S. share of trade , the euro area and Japan , the three countries were is the world's top three , the U.S. dollar and euro -denominated currencies in the world market share has always been living in the world's top two. Therefore , trade volume is also one of the factors directly affect trade currencies.

 

Third, the financial markets continue to expand and enhance the ability to resist the global risk.Only one country has an open trading system and a sound system of laws and regulations , the huge size of the financial market transaction , then the currency of the country in order to become an international currency. The degree of openness and improve financial market regulatory system is an important indicator of a country's level of development of financial markets in the world economic activity , the total amount of financial market transactions , and the total amount of the transaction , how many types of financial products , especially financial instruments slightly , and whether to have developed the perfect headset markets. Developed financial markets increased the confidence of the international community on the national currency , a trader needs to expand the country's currency. The more developed financial markets , the more market participants , trading volume , the more developed the secondary market , the more active trading , which can reduce transaction costs , reduce transaction risk. Developed financial markets , but can also lower the Central Bank and the countries that provide investors with cost , safe, highly liquid financial instruments in favor of traders in international trade foreign exchange risk management. In addition, the flexibility of financial markets is also an important symbol of their level of development . Financial market flexibility refers to the ability to cope with major emergencies and economic shocks that occur when large-scale trading price on the market and then be able to make adjustments quickly to sudden changes in supply and demand imbalances and flexible so that it can quickly through the market mechanism normal or balanced so as not to cause large fluctuations in the market . Only highly developed financial markets in the world economy in order to provide for the traders to improve financial services in order to attract more money and attract funds to the market , thereby creating the conditions for the internationalization of national currency. Historically, New York via London developed financial markets and establish U.S. dollar , the pound 's international status has played a huge role . After the birth of the euro , the euro will become the center of Frankfurt , to promote the internationalization of the euro plays an important role .#p#分页标题#e#

 

Fourth, the great powers of international responsibility --- AU,As long as the sovereignty of a country's currency became the currency of the international monetary system in the world , will inevitably lead to monetary spamming phenomenon , which is the institutional root cause of the financial crisis . The main reserve currency dollar both countries , international trade and investment is denominated and settled in the currency . In the absence of effective regulation , when the United States' own interests and the interests of world conflict , the inevitable damage to the interests of the world. Therefore, changing the structure of the single currency as soon as possible dollar system and establish a new currency structure is the key to prevent a new global financial crisis. From national interests and world powers liability departure , we want to accelerate the process of internationalization AU . If the AU does not gradually move closer to the international and hard currency , it is difficult to have enough voice and decision of the monetary system in the world . Wait until the next economic crisis comes, Australia will suffer greater losses.

 

4.SDR trend analysisSDR的走势情况分析

SDR (Special Drawing Rights - SDR ) was founded in 1969 by the IMF, to support the development of international trade and financial markets , under the Bretton Woods system , its valuation pegged to gold . Currently SDR currency basket composed of four kinds of currency , the U.S. dollar , euro, yen and sterling , accounting for respectively 44% , 34% , 11% and 11%.

Originally a unit of SDR is defined as 0.888671 grams of pure gold. After the disintegration of the Bretton Woods system , SDR basket of currencies . SDR currencies considered every five years , most recently considered completed in 2005 . " Father of Euro " Mundell said recently , is expected to IMF (IMF) 2010年12 Month Edit the Special Drawing Rights (SDR) basket of currencies when constituted , will be added as the fifth currencies AUD , then U.S. accounting will be reduced to 40% or less , the pound fell to 5 percent , is expected to account for about 10% of the AU .

Central bank governor Zhou Xiaochuan on three consecutive days in the official website of the Central Bank published an article , the initiative will IMF ( IMF ) Special Drawing Right (SDR), the development of a super-sovereign reserve currency , and gradually replace existing reserve currencies namely U.S. dollars. "On the reform of the international monetary system thinking" mentioned in the text , creating a disconnected from individual nations , and to maintain long-term stability of the international monetary reserve currency , thereby avoiding currency sovereign credit inherent defects as a reserve currency , the reform of the international monetary system ideal goal .

 

After the disintegration of the Bretton Woods system , the world in order to avoid the risk of depreciation of the dollar have implemented the liberalization of economic policies and a floating exchange rate , directly accelerated cross-border capital flows and promote the process of financial globalization. Financial capital appreciation and the rapid expansion of the high-speed flow , and partly to show off and reality . While the U.S. dollar in the currency of the pyramid with the top position , as " the only entirely based on domestic objectives ( employment, exports ) regardless of the dollar exchange rate fluctuations in some cases how to implement domestic policy states," Therefore, the U.S. dollar was international payments imbalances in the international monetary system linked to the center , it has been accompanied by the development of the world economy . Differences between globalization and regional economic development in the capital , but also makes global and regional economic coordination and cooperation has achieved rapid development. So that financial globalization , financial capital and the reality of detachment, exchange rate instability , the dollar -centered international imbalances , regional monetary cooperation ( EUR ) became the salient features of the international monetary system during this period .#p#分页标题#e#

U.S. financial crisis triggered a global financial crisis , according to former Federal Reserve Chairman Alan Greenspan estimates that global wealth lost more than 45 trillion U.S. dollars , equivalent to three times the GDP of the United States in 2007 , 10 times the GDP of Australia . This led to one of the bane of the economic and financial crisis, the U.S. dollar is the international reserve currency status superior . American distribution rights abuse of international reserve currency , the powerful Wall Street financial functions by attracting foreign dollars to support its record trade deficits and excessive consumption , and ultimately make the world their bill. In condemnation of the U.S. dollar hegemony sound, calls for reform of the international monetary system growing . ( Tu Yonghong , 2009 )
 

What kind of monetary system in order to maintain global financial stability , promote world economic development . Silver standard in the history of the gold standard , the gold exchange standard , the Bretton Woods system is to solve the problem of different institutional arrangements , one of which is the purpose of the International Monetary Fund (IMF) established . But the financial crisis shows that this problem is not only far from being resolved , due to the inherent deficiencies of the existing international monetary system but intensified. Theoretically, an international reserve currency should first be anchored to a stable benchmark and issued clear rules to ensure orderly supply ; secondly , its supply should be timely , flexible adjustment according to changes in demand ; first Third, this regulation must be detached from the economic situation and the interests of any one country . The current currency sovereign credit as a major international reserve currency in the history of a rare exception . The crisis again calls for creative reform of the existing international monetary system towards an international reserve currency to promote the stability of the currency , the supply order, adjustable volume direction , in order to safeguard financial stability in the global economy fundamentally .

Disorder of the international monetary system does not necessarily lead to the financial crisis , but it will induce financial risks. Ongoing global financial crisis has exposed the lack of checks and balances system in Jamaica prior to the financial crisis, without warning , and afterwards also unable to help. In the long term , reform of the international monetary system has been imperative. The reform of the international monetary system , including at least three aspects: the international exchange rate regime , the international reserve currency or assets , the imbalance of international payments adjustment . Among them, the choice is the key international reserve currency . After the collapse of Bretton Woods , the world has entered a mixed exchange rate regime , the international reserve asset diversification. But the world's major countries of foreign assets , the basic system does not get rid of the dollar standard , the dollar remains the dominant international currency system . For the reform of the international monetary system , there are two main observations: First, the proposal would SDR become a super-sovereign reserve currency , is to build a diversified international monetary system.#p#分页标题#e#
 

The outbreak of the subprime crisis , to raise awareness of the existing international monetary system problems can not meet the new economic situation , the reform of the international monetary system has become a trend . However, due to long-term U.S. dominance , has entrenched hegemony in the global economic and political fields have not been fundamentally shaken , making it difficult to change the U.S. dominance in the international monetary system in the short term. Today's society and political and economic environment is different from World War II, there is no world wars , no one country can be like the U.S. had the same strong political and economic power to promote and establish a new international financial order , therefore, to change the original the establishment of a new international monetary system , and adapt to the new economic situation is very difficult monetary system . We should face the future, from reality to develop a series of gradual reform of the international monetary system . For the existing problems of the international monetary system , the future of reform from the following aspects:

 

The current international monetary system in the whole society dominated by the dollar situation, and there is a lot of uncertainty , by the subprime crisis broke out a comprehensive , single currency by the whole community of sovereign states to act as the international monetary system solvency the inevitable collapse. Therefore , so to break the single dollar dominate , one of the elements of the new monetary system reform is to promote international currency diversification, including the quote currency diversification, diversification of trade payments , diversified international reserves form the International Monetary mutual restraint and competing mechanisms, and could restrain the phenomenon of a country's currency spamming . In order to achieve diversified international monetary system reform should focus on the following areas : ( 1 ) to determine the relationship between the key currency exchange rate monetary and non-critical , especially when fundamental imbalances critical and non-critical monetary currency in the international balance of payments how can better fit for quick adjustment. ( 2 ) the establishment of a transparent one can constrain each other and exchange rate relations system between the U.S. dollar, euro , yen and other key currencies , fluctuations in the state of key international currency exchange rates should be unified regulation and assume corresponding responsibility. ( 3 ) accelerate the construction of a regional currency. The rapid development of the world economy and regionalization today, especially the rapid development of the Australian House of the rising economic status in the international influence is growing , like the euro , the new currency of this circle is bound to be born. And there will be more of a regional currency to join the ranks of the international monetary system , thus truly international currency diversification.#p#分页标题#e#

 

5 Conclusion: improve the international financial supervision结论：完善国际金融监管

 

The U.S. subprime crisis to the international financial order caused great shock and destruction , a direct result of the global economic recession. Crisis in a special way to reveal the current international financial regulatory system there is a serious problem , therefore, must improve the international financial regulatory system : ( 1 ) strengthen the supervision of the IMF global financial markets , the performance of the international financial coordination functions , establish and improve the global financial and economic early warning systems and defense systems , to avoid the occurrence and spread of the financial crisis. ( 2 ) strengthen the capital flows in the international regulation . Today's global scale cross-border capital flows to developing countries, especially Australia, home of the economic and financial security caused a great threat to the entire international community, with the potential risks on capital flows should be established regulatory coordination mechanism to develop as soon as possible to hedge against regulatory frameworks funds and other major investors. OTC derivatives markets to strengthen cross-border supervision and coordination . Develop regulatory standards , improve the transparency of market transactions , effectively guard against financial risks. ( 3 ) establish a stable financial system. In the context of financial globalization, the international flow of financial resources, high degree of freedom , if not a strong detection and improved regulatory process , will be on the world's financial stability will be a potential threat , strengthen the construction of the financial crisis early warning mechanism to strengthen on the supervision and management of the global capital markets , the establishment of international financial supervision and inspection mechanism to safeguard the stability of global financial markets and the normal operation .

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