Theoretical Analysis And Historicla Review On The Relation Between The International Monetary System And Finanical Crisis

In 2008, the U.S. subprime mortgage crisis spreaded in the global, and then developed to a global financial crisis. in the context of continuous improvement in the economic globalization, both developed and developing countries are seriously affected in the financial crisis. Lower rate of economic growth, the world's major currency devaluation, consumer confidence, unemployment and other serious problems manifested in various countries. The reason of why financial crisis happened is naturally one of the warm issues discussed economists,and they have different ideals. Some scholars believe that the current U.S. Dollar Standard system is sustainable, the root causes of credit crisis is world economic structural imbalances.But many economists believe that the international monetary system and the financial crisis has a direct relationship, the main theory is based on the famous Triffin dilemma by Professor Triffin.Triffin believed that the current U.S. dollar as the standard currency of the international monetary system is not sustainable, and would eventually lead to crisis.So the study on the relationship between the financial crisis in the international monetary system begins.Previous scholars studying on the relationship between the international monetary system and the financial crisis just analyzed the relationship after 9O's,that is to say, only the reasons for the financial crisis during Jamaica system was analyzed, but not from a different monetary system,so convincing is not strong enough to verify the correctness of Triffin dilemma.This study analyze the relationship between monetary system and financial crisis from the gold standard (1816) in order to verify the Triffin dilemma during different international monetary rules,especially using the frequency of financial crisis, the depth, breadth and other aspects of the information history under different international monetary system to prove the correlation.This study not only prove that the "dilemma" is correct since the gold standard for the200-year history to a certain degree,that is to say, the national currency as an international standard currency there is an irreconcilable contradiction, which eventually led to the outbreak of the crisis,and prove that the Chinese macro-economic research group's financial crisis in the international monetary system and there is great relevance, noting that Western scholars have biased view to attribute the crisis to developing countries.The specific content of this article start from the evolution of the international monetary system, then analyze the characteristics of the different monetary system step by step, then analyzes the various international financial crisis of 200 years one by one,the final study of the relationship between the two, to get through a crisis involving four point of view, including the number of countries, as well as income related to the total world income the proportion of the frequency of crises, and the depth of the crisis. The depth of the crisis countries adopted indicators of GDP, prices, capital flows and trade and manufactured goods as measured by four indicators. This study mainly use empirical research methods, using a large number of empirical data analysis, and some of the empirical analysis is the main method used the correlation on financial crisis and the monetary system. And the study came to the conclusion that there exists "delicate" relationship between the international monetary system and international financial crisis. Here the subtle means the relationship is really exists but not too obvious.