Financial Internationalization

I The Issue And The BackgroundToday, economic and financial internationalization has become the fundamental characteristic of economic and financial development in the world. Because of the internationalization, both connections and cooperation, interdependency and competition among countries are intensified and it also brings both challenges and opportunities, contradictions and problems to various countries' economic and financial development. The effects and influences of financial internationalization have surpass nation border and become one of the major forces which determine the world economic structure. The 1997 Southeast Asia Crisis explicitly tells us that the issue of finance is no longer an internal affaire of a country, it has become a common affaire of the whole world economy.Under open economy, china's economic and financial development has become an essential part of the world economy. After China enters WTO, the financial internationalization process will no doubt be accelerated and the outside world will also have a stronger and stronger influence on China's economic and financial development. With professor He Zerong's inspiration, I began to combine China's economic and financial realities with the world's situation, and to study the issue of financial internationalization from a more deep and broad prospect.In many research papers on financial internationalization, the definition of financial internationalization is simplified as doing financial business or establishing financial subsidiaries in foreign countries. That is not a complete and scientific definition. In my understanding, the definition of financial internationalization should be unified and it should accommodate every country in the world. From the perspective of financial development, financial internationalization is a way of 金融国际化研究optlmlzatlon financial resources allocation Inthe world based onInternational movementotcapltal and International cooperation andtransmission ofvarlous countries'monetarypollcles．FinancialIntematlonallzatlonhelpsto stabilize world economic development andraise the living standad of＊thed peoPle．It Is an Integration based ontlnderstanding,coordination,equalltx mutual benefits anddevelopment；ItIs also a new International financial orderthatevery country accepts andobserves．lResearchMethod l．The combination oltheory and practice； 2．The combination ofhlstory and reality二 3．The combination olqualltatlve analysis and quantitative analysis； 4．The combination ofspeclfic study and general study．皿 Research Logic and Contents l．Research Logic．Based on the theory of financial development,thispaPer explains the lutedependentrelatlonshlp between financialIntematlonallzatlon and economic Internatlonallzatlon and the corefunction offinanclal development In modern economic development．Thedefinition and the contents ofnnanclal Internatlonallzatlon Is given．Then,the atlthor discusses the m司or content and precondition offinanclallfltCYfl3tloflsllZ8tlofl一CUryCflCy lfltCfflst1OflsllZ8tlofl．B6glflfllflg frofficurrency Internatlonallzatlon,the authordeeplystudlesthe issue ofcapltalIntel·natlonallzatlon．Duringtheprocess offinanclal Internatlonallzatlon,many new situations,new contradictions and newproblems are rising,such as the positive andnegatlve sides of financial Innovation,theInternational transmission of financial crises,monetary policy coordinationand International tlnanclal supel"vision,etc．The author puts forward hisown opinions onthese lssLles． 2．Basic Contents． 13 v 内 容提要I Chaptermroductlon．The issue offinanclal development Isstud...