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Reform of the global reserve system and China's choice
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Reform of the global reserve system and China's choice

11 Seiten · 2,73 EUR
(21. Juni 2016)

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The main feature of the current international monetary system is that it is still a US dollar-centered reserve regime, though the Bretton Wood system has collapsed at the beginning of the 1970s. The reserve regime is not only unstable but also unequal. Basically, the dollar-centered reserve regime has three flaws. The first one is its inherent instability, which was correctly described as Triffin Dilemma by Robert Triffin in 1961, i.e. the issuing countries of reserve currencies cannot maintain the value of the reserve currency or the stability of its exchange rate while providing sufficient liquidity to the world. The financial history in the past four decades indicates that it has been very difficult to keep the US dollar stable as a main reserve currency. With the large current account deficits of the United States, the US dollar repeatedly suffered significant depreciation, particularly at the beginning of the 1970s, the middle of the 1980s and the period of 2002-2005. Almost in each period, large depreciations of the US dollar have been related to global financial turmoil and even economic recessions in the rest of the world.

The second one is that there is a conflict between the target of domestic macroeconomic stabilization of the reserve-currency issuing country and the global need for reserve currency supply (Zhou 2009).

zitierfähiger Aufsatz aus ...
the author
Prof. Zhang Liqing

Zhang Liqing is Professor of International Economics, Dean of the School of Finance and Director of Center for International Finance Studies at the Central University of Finance and Economics (CUFE) in Beijing, China. Author, coauthor and editor of numerous publications on international economics and finance, particularly in the areas of capital flows, exchange rates, financial development and economic globalization. He was senior visiting fellow at the World Bank (1995), Tilburg University (1996), Petersons Institute for International Economics (2004), and Columbia University sponsored by the Fulbright Foundation (2005), and Australia National University (2009). He is the vice president of the China Society of World Economy. He has advised many governmental departments in China, including People’s Bank of China and State Administration of Foreign Exchange over the past decades, and served as the member of Approval Committee of Listed Companies with China Securities Regulation Commission.