Monetary Policy Tripartite Game Model Among China, America And Europe Against The Background Of The Financial Crisis

Based on the international monetary policy coordination theory and the tripartite game model, the paper attempts to gain theoretical and policy support for international monetary policy cooperation under the circumstances of the financial crisis. The model shows that it would be ineffective to tackle the global financial crisis without the coordination of the international monetary policies on the part of America, Europe and China. The Stackelberg model, with America and Europe as leaders and China as a follower, would increase the loss for all of them. Without China's participation, the cooperation between the US and Europe would bring about Pareto improvement for all of the three countries. If the three parts collaborate in the ame, the loss suffered by each of them would be further decreased. Therefore, facing the ever-fiercer world financial crisis, it is a win-win situation and is beneficial for themselves as well as the whole world if the three countries are willing to join hands. China should actively participate in international financial cooperation and expand its corresponding discourse right. This dissertation firstly introduces research background, research significance, research ideas and methods. Later, the dissertation illustrates research results of monetary policy coordination theory. In chapter 3, the author analyzes practice of monetary policy coordination. The forth chapter is the core part. The aim of this part is to clarify unsustainability of signal monetary policy coordination and necessity of playing an active role in the monetary policy coordination for China. In the end. this dissertation makes a summary of the analysis and how to improve international financial cooperation strategy by solving conflict of monetary policy among China. America and Europe. RMB internationalization. regional monetary cooperation, reform of IMF and rebuilding of international financial system.