The Operation And Reform Of The Current International Monetary System Under The American Financial Crisis

Since the collapse of Bretton Woods System,there has happened a financial crisis almost every ten years worldwide and these financial crises are always related to American exchange rate,interest rate and the rest.Although every crisis has its own occasionality,the break out of these crises is certain.After each crisis,there is a profound consideration in the international society and an improvement in the technological level.However,crises still continue to happen in this or that way.From this point,the whole world,specially developing countries,has payed more than gained from the current International Monetary System.It is the current International Monetary System that leads to the repeating occurrence of these financial crises.The present American Financial Crisis is no other than the result of the inner drawbacks of the current International Monetary System.Whether to change the current International Monetary System completely or to perfect and reform current International Monetary System on the present basis is the focus problem of every country and the balance question for developed countries and developing countries at this critical stage of the world economy development.This paper mainly discusses the current International Monetary System under the American Financial Crisis,attaching importance to the inner drawbacks and future developing direction of the current International Monetary System.The paper describes the history of the International Monetary System,causes of the American Financial Crisis,flaws of the current International Monetary System,feasibility of the reform of the current International Monetary System and the developing chances and challenges for China in this financial crisis.Lastly,the paper presents a series of policy suggestions regarding the discussed contents above.