Research On Dollar Hegemony Problem

Dollar competition for the international monetary hegemony originated in the second world war,when the dollar and the pound to the world's reserve currency an intense debate.After the second world war ended,established in 1944 in the United States under the auspices of the Breton Woods system,established the world currency status of the dollar,the dollar hegemony has played a positive role.Canceled the gold standard in the year 1971,let go of the dollar issue limit,the dollar is the only pillar of national credit,the negative effect of dollar hegemony began to reflect.Developed countries in 1973-1982 after 10 years of stagnation,while developing countries since the 1980 s the economy worsened,the international community is generally believed that for most developing countries,throughout the 80s is a lost decade.Since the 1990s,the frequent outbreak of global financial crisis,the international community to get to know the current dollar hegemony centered the international monetary system has many disadvantages,brewing to reform the international monetary system.This paper first defines the dollar hegemony,and concept discrimination of currency hegemony,dollar hegemony,financial hegemony;Secondly analyzes the formation and operation mechanism of dollar hegemony,especially the implementation of the dollar hegemony and circulation mechanism;Third analyze and calculate the yield of the dollar hegemony,at the same time analyzed the United States to achieve and maintain the price of dollar hegemony,To judge the dollar hegemony status changed;And then focuses on the impact of the hegemony;Finally put forward policy suggestions on China's response to dollar hegemony.This article focuses on the influence of dollar hegemony.First studied the dollar hegemony influence on the world economy,mainly includes the beneficial effect is to promote the economic growth in developed countries,and lead to adverse effects of the global economic imbalances and financial crisis happened frequently.Second research dollar hegemony is the most main influence on China's economy,mainly including the dollar hegemony in China into a dollar trap and high savings dilemma,building a metrological model to empirical research on the quantitative easing inflation ties with China,Building the VAR model research dollar hegemony after forcing the appreciation of the RMB to the influence of the manufacturing industry in our country,Analysis of China under the background of dollar hegemony is likely to be engaged in“three steps”StiglitzResearch shows that:the United States to maintain the status of the dollar hegemony in the United States continually gain;The negative impact of dollar hegemony is evident after the financial crisis,the U.S.government's irresponsible monetary policy,inevitably lead to the dollar continuously cyclical changes,the only dominant currency,the dollar as the world's last dollar depreciation or sharp rise to the dangers of the world economy and financial markets;The status of the dollar hegemony in the short term is unlikely to shake,even the future international monetary system for a long time,or show the dollar hegemony characteristicsBased on the research conclusion obtained important enlightenment,put forward China's response to dollar hegemony policy suggestions:Implement a more proactive opening-up strategy;To speed up the RMB internationalization;Optimize the structure of international reserves;Strengthen international financial cooperation coordination;Promote international financial power.