The past and future of the international monetary system : with the performances of the US dollar, the Euro and the Cny

This book examines essential problems in the current International Monetary System, especially those concerning the International Standard. To do so, it focuses on the different monetary systems of today's major currencies – the US dollar, the euro and the CNY, as well as the performance of the standards used in the international monetary system, i.e., the SDRs. In addition, it projects the potential consequences of including the Chinese CNY in the current SDR system, thus proposing a reform of the SDRs. The analytical research is mainly based on a performance comparison of the major international standards in the current international monetary system. The author illustrates that the political/policy reactions and economic philosophies underlying each monetary system constitute not only reasonable responses to the current international monetary system, but also fundamental factors in decisions concerning changes to or reforms of the international monetary system.div> Acknowledgments 7 Contents 8 Abstract 9 1 Introduction 10 2 A Short Review on the International Monetary System 14 2.1 The History of International Monetary System 14 2.1.1 Definitions of International Monetary System 14 2.1.2 History of International Monetary System 15 2.1.3 Structure and Characteristics of International Monetary System 18 2.2 Proposals on Reforming the IMS Studies 20 2.2.1 Maintaining the Status Quo of Dollar-Led International Monetary System 20 2.2.2 Constructing CNY-Included Multi-Polar International Monetary System 20 2.2.3 Improving the Value and Allocation of SDRs 22 2.2.4 Constructing a Supranational International Monetary System 23 2.3 Research Question 24 2.3.1 Analytical Framework 25 2.3.2 Significance of the Work 26 3 Sovereign Dollar: ``The Dollar Is Our Currency, but It's Your Problem'' 27 3.1 Monetary System in the U.S 27 3.1.1 Structure of Monetary System in the U.S 28 3.1.2 Monetary Authority and Its Performance in the U.S 29 3.1.3 Monetary Supply in the U.S 36 3.2 ``The Dollar Is Our Currency, but It's Your Problem'' 39 4 Regional Euro: ``Creative, Ambitious, but Trapped'' 43 4.1 Monetary System in the Eurozone 43 4.1.1 The Structure of the Monetary Authority in the Eurozone 44 4.1.2 Monetary Authority and Its Performance in the Eurosystem 45 4.2 ``Creative, Ambitious, but Trapped'' 54 5 Rising CNY: ``The Elephant in the Room'' 58 5.1 Monetary System in China 58 5.1.1 Structure of the Monetary Authority in China 58 5.1.2 The Central Bank in China 60 5.1.3 Money Supply in China 63 5.2 Path Toward International Money 68 6 Supranational SDRs: Another Way Worth Trying? 72 6.1 The Methods for Establishing the SDRs and Its Working System 74 6.1.1 The Background of Trying Another Way 74 6.1.2 The Methodology of Establishing the SDRs and Its Working System 76 6.2 Another Way Worth Trying? 83 6.2.1 The Intrinsic Weakness of the SDRs 84 6.2.2 A Bridge to Supranational Standard 85 7 Conclusion 91 7.1 Summary 93 7.2 Added-Value of the Book 94 7.3 Limits of the Research Work and Future Research 94 Bibliography 95 Front Matter....Pages i-xi Introduction....Pages 1-4 A Short Review on the International Monetary System....Pages 5-17 Sovereign Dollar: “The Dollar Is Our Currency, but It’s Your Problem”....Pages 19-34 Regional Euro: “Creative, Ambitious, but Trapped”....Pages 35-49 Rising CNY: “The Elephant in the Room”....Pages 51-64 Supranational SDRs: Another Way Worth Trying?....Pages 65-83 Conclusion....Pages 85-88 Back Matter....Pages 89-91