Reform Of The International Monetary System After The Jamaica Agreement

The international monetary system is the maintenance of international economicorder based on the current international monetary system is still under the floatingexchange rate system since the Jamaica Agreement. Since the Jamaica Agreement, thereform of the international monetary system is struggling. However, the aftermath ofthe subprime mortgage crisis, in order to strive for developing countries, especiallyemerging market countries with large reserves of support in terms of capital, theUnited States and other Western countries to make a rare compromise of interests. Inthe IMF’s legitimacy, more than6%of the share transfer to emerging marketcountries, China in the IMF’s share has jumped to third place. The subprime mortgagecrisis on the world economy caused great trauma, but objectively accelerated theIMF’s legitimacy and effectiveness of the reform process. Behind the interests of thegame is obviously interesting, but also makes the scholars on the reform of theinternational monetary system set off a new round of hot.This paper to proceed from the interests of the game in the reform of theinternational monetary system are discussed. And learn from the field of internationalrelations on the related point of view of cooperative game and non-cooperative gameto analyze. The system is based on interest-based international monetary systemformed the basis of national estimates of self-interest. The pursuit of individualinterests does not mean endless betrayal, opt for cooperation is also measured by theindividual national interests. Study the development of the international monetarysystem, we must first understand that the international monetary system is currentlyin a cooperative or non-cooperative game-led pattern of interests, and why theexisting international monetary system can be subsisting. The new system isexpensive to establish a limit of betrayal, with a long-term vision of the country willrecognize the existing system can inhibit betrayal worthy of all support. So it is necessary to adapt to the needs of the international economic situation continues toreform the current international monetary system. Interests of the game analysis toolsto discover the shortcomings of the current international monetary system, and helpus more clearly recognize where the problem is. Pointed out that the current lack ofreform, as well as to the future direction of reform to address these issues.Under the current international monetary order in a floating exchange ratesystem, floating exchange rate conforms to the development trend of the monetarysystem, but it should be noted that this floating system, after all, is established underthe auspices of the United States and other Western developed countries, morerepresentative of developed countries interests. The current international reservesystem, in fact, the dollar-based international reserve system, so the dollar should bethe focus of IMF supervision. However, the reality is that often interfere with freedomof exchange rates in other countries, forcing the appreciation of other currencies, tocompensate for a disadvantage in trade. After the subprime mortgage crisis, theUnited States despite opposition from other countries, the issue of billions of dollarsof currency. Actually, this is indirect manipulation of exchange rates, and seriousdamage to the interests of holders of U.S. dollar foreign exchange the country. Thecurrent international monetary field contradiction embodies the contradictionsbetween the U.S. dollar hegemony and the interests of other countries, and had adeformity of international balance of payments model. Break this irrationalinternational monetary pattern, you first need the legitimacy and effectiveness of theIMF reform, so that it can truly become the international organization representingthe interests of all Member States. For this reason, only limited upgrading of the rightto vote is not enough, you must also break the IMF related systems of developedcountries to control the situation. The one hand, the abolition of the veto in the UnitedStates and the European Union, on the other hand enhance the proportion of basicvotes in total votes, the real democratic reform of the IMF. In addition, the occurrenceof the financial crisis also makes the IMF in crisis early warning function to expand.The long-term goal of the international monetary system reform is to establish theSDR the major reserve currency of the monetary system, break the dollar hegemony.This also requires a difficult and lengthy interests of the game process. Reform of the international monetary system should be conducive to the direction of development ofthe cooperative game.