Li reform of the international monetary system and internationalization of the renminbi (2016)

314 227 0
Li   reform of the international monetary system and internationalization of the renminbi (2016)

Đang tải... (xem toàn văn)

Tài liệu hạn chế xem trước, để xem đầy đủ mời bạn chọn Tải xuống

Thông tin tài liệu

... Currency Internationalization Internationalization of Major Currencies Current State of the Internationalization of the Renminbi Cost-benefit Analysis of the Internationalization of the Renminbi. .. 11:45:06 AM b2181 Reform of the International Monetary System and Internationalization of the Renminbi Part One Evolution of the International Monetary System The international monetary system has gone... AM b2181 Reform of the International Monetary System and Internationalization of the Renminbi Reform of the International Monetary System 113.00 grains3 of pure gold, while the value of one U.S

Ngày đăng: 15/09/2018, 09:39

Từ khóa liên quan

Mục lục

  • Contents

  • Preface

  • About the Author

  • Part One Evolution of the International Monetary System

    • Chapter 1 The Gold Standard

      • 1.1 Origin of the Gold Standard

      • 1.2 Characteristics of the Gold Standard

      • 1.3 Breakdown of the Gold Standard

      • 1.4 Evaluation of the Gold Standard

    • Chapter 2 The Gold-exchange Standard

      • 2.1 Origin of the Gold-exchange Standard

      • 2.2 Characteristics of the Gold-exchange Standard

      • 2.3 Breakdown of the Gold-exchange Standard

      • 2.4 Evaluation of the Gold-exchange Standard

    • Chapter 3 The Bretton Woods System

      • 3.1 Origin of the Bretton Woods System

      • 3.2 Characteristics of the Bretton Woods System

      • 3.3 Development of the Bretton Woods System

        • 3.3.1 The fi rst dollar crisis

        • 3.3.2 The second dollar crisis

        • 3.3.3 The third dollar crisis

      • 3.4 Evaluation of the Bretton Woods System

    • Chapter 4 Patterns in the Evolution of the International Monetary System

      • 4.1 A Dynamic Analysis of the Evolution of the International Monetary System

      • 4.2 An Analysis of Development Trends in the International Monetary System

        • 4.2.1 Trend towards credit-based currencies

        • 4.2.2 Trend in evolution of BOP adjustment mechanism

      • 4.3 Lessons Derived From the Evolution of the International Monetary System

  • Part Two The Current International Monetary System

    • Chapter 5 Characteristics of the Current International Monetary System

      • 5.1 Establishment of the Jamaica System

      • 5.2 Characteristics of the Jamaica System

        • 5.2.1 A dollar-dominated multi-currency structure

        • 5.2.2 Emergence of diversifi ed exchange rate regimes featuring a core vs. periphery framework

        • 5.2.3 Co-existence of global and regional coordination mechanisms

        • 5.2.4 More diversifi ed but still imperfect balance of payments (BOP) adjustment mechanisms

      • 5.3 Evolution of the International Economy under the Jamaica System

    • Chapter 6 Appraisal of the Current International Monetary System

      • 6.1 Positive Role of the Contemporary International Monetary System

        • 6.1.1 Mitigating the Triffi n Dilemma

        • 6.1.2 Making the rigid exchange rate system fl exible

        • 6.1.3 Diversifi ed coordination mechanisms: Remedying inadequacy of bretton woods institutions

        • 6.1.4 Money creation function of the dollar was good for global economic development during a particular period

      • 6.2 Flaws of the Contemporary International Monetary System

        • 6.2.1 Built-in instability

        • 6.2.2 Unequal rights and obligations between the core and periphery countries

        • 6.2.3 Global economic and fi nancial disequilibrium

    • Chapter 7 Sustainability of the Current International Monetary System — An Analysis

      • 7.1 The Dollar Cannot Shoulder the Responsibility of a Standard International Currency

      • 7.2 Balance of Payments (BOP) Disequilibrium — A Long-term Dilemma for the International Monetary System

      • 7.3 The Financial Crisis Reveals Conflicts in the Current International Monetary System

        • 7.3.1 A brief review of the fi nancial crises under the current international monetary system11

        • 7.3.2 The linkage between financial crisis and the current international monetary system

  • Part Three Global Financial Crisis and the International Monetary System

    • Chapter 8 Causes, Development, and Impact of the Global Financial Crisis

      • 8.1 Emergence and Development of the Global Financial Crisis

      • 8.2 Causes of the Global Financial Crisis

        • 8.2.1 Loose monetary policy

        • 8.2.2 Excessive financial innovation

        • 8.2.3 Insufficient financial regulation

        • 8.2.4 Consumer credit based growth model in the age of globalization

      • 8.3 Origin of the Global Financial Crisis

        • 8.3.1 Free market economic system

        • 8.3.2 The unjust international monetary system

      • 8.4 The Impact of the Global Financial Crisis

        • 8.4.1 U.S. economy will not recover any time soon

        • 8.4.2 The global fi nancial crisis has caused slowing down of the global economy

        • 8.4.3 The reform of the international monetary system could accelerate

    • Chapter 9 Global Financial Crisis’ Impact on the International Monetary System

      • 9.1 Global Financial Crisis’ Impact on the Dollar

      • 9.2 Global Financial Crisis’ Impact on Dollar Assets

        • 9.2.1 The real estate market

        • 9.2.2 Stock market

        • 9.2.3 The U.S. treasury bond market

      • 9.3 The Global Financial Crisis Serves as a Catalyst for Reform of the International Monetary System

    • Chapter 10 Adjust Global Economic Imbalance and Reform the International Monetary System

      • 10.1 Unilateral Adjustment

        • 10.1.1 Unilateral adjustment made by trade surplus countries

        • 10.1.2 Unilateral adjustment taken by trade deficit countries

      • 10.2 Multilateral Adjustment

      • 10.3 Regional and International Monetary Cooperation

  • Part Four Reform of the Current International Monetary System

    • Chapter 11 Proposals for Reforming the International Monetary System

      • 11.1 Returning to Keynesian Plan and Establishing a New Bretton Woods System

      • 11.2 Special Drawing Rights as the International Currency and IMF as the World Central Bank

        • 11.2.1 The SDR has many benefi ts as an international reserve asset

        • 11.2.2 Some conditions should be met for the SDR to act as the main reserve asset

      • 11.3 The Dollar Serves as the Sole World Currency and the Federal Reserve Serves as the World Central Bank

      • 11.4 Enhance Regional Monetary Cooperation and Build Three Islands of Stability Consisting of the U.S. Dollar, the Euro, and the Asian Dollar

    • Chapter 12 Realistic Choice for Reforming the International Monetary System

      • 12.1 Reform of the International Monetary System Takes Time

        • 12.1.1 Lessons learnt from the evolution of international currencies

        • 12.1.2 The dollar will remain dominant in the near future

      • 12.2 A Realistic Pathway for Reforming the International Monetary System

      • 12.3 Concrete Proposals for Reforming the International Monetary System

        • 12.3.1 International currency reform

        • 12.3.2 Reform of international coordination mechanisms

        • 12.3.3 Reforming international financial institutions

    • Chapter 13 China and Current International Monetary System Reform

      • 13.1 China’s Role in Reforming the International Monetary System

        • 13.1.1 China is not in a position to lead the reform of the international monetary system

        • 13.1.2 China and the reform of the international monetary system reform

      • 13.2 How China Should Involve Itself in the Reform of the International Monetary System

        • 13.2.1 Promote the internationalization of the renminbi in an orderly way

        • 13.2.2 Strengthen regional monetary cooperation

        • 13.2.3 Promote the creation of non-sovereign currency and the reform of international fi nancial institutions

        • 13.2.4 Guard against risks China faces in the process of reforming the international monetary system

  • Part Five Regional Currency Cooperation

    • Chapter 14 Regional Currency Cooperation Theory

      • 14.1 Economic Criteria for Countries to Enter into a Currency Union

      • 14.2 Cost-benefit Analysis for Joining a Currency Union

      • 14.3 The Endogeneity of Optimum Currency Areas

    • Chapter 15 European Currency Cooperation

      • 15.1 European Monetary System: Predecessor to the EMU

      • 15.2 Founding of the EMU

      • 15.3 Experiences and Lessons of European Currency Cooperation

    • Chapter 16 East Asian Currency Cooperation

      • 16.1 Current East Asian Currency Cooperation

        • 16.1.1 The Chiang Mai Initiative (CMI)

        • 16.1.2 The East Asian bond market

      • 16.2 Limitations of Current East Asian Currency Cooperation

      • 16.3 Evaluation of East Asian Currency Cooperation

      • 16.3.1 Problems with optimum currency areas

        • 16.3.1.1 Non-economic factors

        • 16.3.1.2 Who will be the leading country

    • Chapter 17 China and East Asian Currency Cooperation

      • 17.1 The Economic Foundation for China’s Participation in East Asian Currency Cooperation

      • 17.2 The Foundation of Business Cooperation for China’s Participation in East Asian Currency Cooperation

      • 17.3 Current State of China’s Participation in East Asian Currency Cooperation

      • 17.4 Prospects of China’s Participation in East Asian Currency Cooperation

  • Part Six Internationalization of the Renminbi

    • Chapter 18 Currency Internationalization

      • 18.1 Defining Currency Internationalization

      • 18.2 Levels of Currency Internationalization

        • 18.2.1 Degree and scale of currency internationalization

        • 18.2.2 Functions of an international currency

    • Chapter 19 Internationalization of Major Currencies

      • 19.1 Internationalization of the British Pound Sterling

        • 19.1.1 Rise and glory of the British pound sterling

        • 19.1.2 Decline of the British pound sterling

      • 19.2 Internationalization of the Dollar

        • 19.2.1 The quiet rise of the U.S. economy

        • 19.2.2 The dollar’s rise to supremacy

        • 19.2.3 Power of the dollar challenged

      • 19.3 Internationalization of the Deutsch Mark

        • 19.3.1 The Federal Republic of Germany’s economy strengthened after World War II

        • 19.3.2 Development of economic and trade ties between the Federal Republic of Germany and other European countries

        • 19.3.3 Prudent monetary policy of the Federal Republic of Germany

        • 19.3.4 Stable value and steadily appreciated exchange rate of the mark

      • 19.4 Internationalization of the Japanese Yen

        • 19.4.1 Recovery of the Japanese economy after World War II

        • 19.4.2 Trade surplus — currency appreciation — internationalization

      • 19.5 Major Currencies’ Path to Internationalization

    • Chapter 20 Current State of the Internationalization of the Renminbi

      • 20.1 Circulation of the Renminbi in China’s Neighboring Countries and Regions

        • 20.1.1 Range of the renminbi circulation

        • 20.1.2 The renminbi’s functions as an international currency

      • 20.2 Renminbi Transaction in the International Financial Market

        • 20.2.1 Renminbi NDF market

        • 20.2.2 Renminbi Exchange Market

    • Chapter 21 Cost-benefit Analysis of the Internationalization of the Renminbi

      • 21.1 Benefits of Internationalizing the Renminbi

        • 21.1.1 Enhancing China’s international position and influence

        • 21.1.2 Reducing Exchange Rate Risks While Promoting the Development of Trade and Investment

        • 21.1.3 Deepening regional economic cooperation and promoting Asian economic stability

        • 21.1.4 Increasing seigniorage and fi scal revenues

      • 21.2 Analysis of the Costs of Internationalizing the Renminbi

        • 21.2.1 Increasing pressure for opening China’s capital accounts

        • 21.2.2 Less ability for China to control its money supply and increased currency risks

        • 21.2.3 Decreased independence of domestic economic development

    • Chapter 22 Pathway Towards Internationalizing the Renminbi

      • 22.1 The Internationalization of the Renminbi is a Gradual Process

      • 22.2 From Neighbors to the World

        • 22.2.1 Strengthening economic, trade, and fi nancial cooperation with regions around China

        • 22.2.2 Short-term strategic options

      • 22.3 Internationalizing the Renminbi and Keeping Necessary Control over Capital Account are not Incompatible with Each Other

        • 23.3.1 Free currency exchange and currency internationalization

        • 23.3.2 The dollar and the yen: Capital account restrictions and currency internationalization

      • 22.4 Improve Domestic Financial Markets, Establish an International Financial Center, and Internationalize the Renminbi

  • Bibliography

  • Index

Tài liệu cùng người dùng

  • Đang cập nhật ...

Tài liệu liên quan