Study On International Monetary Fund Reform Under The Dollar Dilemma

After the economic crisis in 2007, Dollar falters in its position as the international reserve currency and international economic situation is changing quietly and gradually. This paper discusses that under these circumstances what direction the International Monetary Fund (IMF) should take as one of the three international economic pillars.Since the IMF was founded about sixty years ago, it has played a positive role in stabilizing international financial market, dealing with international obligation as well as preventing and resolving economic crisis. However, the new economic crisis which causes the instability of market and dollar devaluation forces the IMF to make a change.According to expound on a series of difficulties that IMF is facing, this paper exposure defects of the IMF in three aspects, policy, legal system and order. Then the paper finds out legal backing for reform in the aspect of international law, and uses it to discuss the feasibilities of all kinds of schemes of reform combining economic theories and to state the possible obstacles of reform combining the fact of international economy.Big crisis will bring up new order. Maybe we should thank this crisis for giving the IMF a perfect opportunity to reform and make it play a more important role in the international economy. As a big rising country, China should take the opportunity to promote the reform and pursue more say in the area of international economy. At the same time domestic legislation for financial reform should be intensified. By doing all these things, China can protect itself better and gain greater interests in the new international economic situation.The innovation point of this paper is writing angle:I'll begin by current international monetary system, dollar system. In other words, I'll find out the angle that the problem like frequent exchange rate fluctuations and expansion of global capital mobility are caused by American financial hegemony to reveal the problem of international monetary found agreement and the structure weakness of IMF. An analysis of the issue that the reform of IMF in the face of such international economic situation from the angle of international law.