国际货币体系改革与全球金融安全机制构建:关联与问题

The Reform of the International Monetary System and the Construction of the Global Financial Safety Mechanism:Connections and Problems

国际货币体系是全球金融安全机制构建的制度基础,从国际货币体系改革分析其与全球金融安全机制构建之间的关联性具有重要的政策含义。国际货币体系改革与全球金融安全网构建具有内在的逻辑关联。国际货币体系风险处置和危机应对功能使得全球金融稳定和安全具有了基础保障;国际货币体系对于流动性管理的重视和全球流动性管理机制建设有利于保持全球流动性的稳定;国际汇率协调有利于国际收支失衡改善和汇率基本稳定;国际货币体系改革还争取通过机制安排来弱化货币中心国的政策外溢效应;国际货币体系的治理结构改革是全球金融安全体系的基础保障之一。但是,国际货币体系改革与全球金融安全机制构建面临着诸如国际货币体系安全的内生矛盾、全球金融安全体系短板、全球与区域金融安全网络的迭代以及改革泛政治化等问题。基于国际货币体系与全球金融安全的内在关联,应在促进布雷顿森林机构的改革、构建全球金融安全网、建立流动性管理机制、推进超主权货币建设、深化区域货币合作五个方面,推进全球金融安全体系的建设,保障全球金融稳定。

The international monetary system is the basis to establishing a comprehensive global financial safety mechanism.To understand the internal connections between the reform of the international monetary system and the global financial safety mechanism has important policy implications.The reform of the international monetary system and the construction of the global financial safety network are inherently related to each other.Risk management and crisis response are the functions of the international monetary system and serve to ensure the safety of the global financial system;liquidity management and international exchange rate coordination are conducive to the maintenance of the stability of global financial system.International exchange rate coordination,the control of spillover effect of American monetary policies,and the reform of the governance structure of the international monetary system contribute to global financial safety.However,the reform of the international monetary system and the establishment of the global financial safety mechanism are faced with problems such as the Triffin Dilemma,the technical shortcomings of the global financial safety system,the ill coordination of global and regional financial security network and the growing number of political issues involved.In order to build a sound global financial safety system,cooperation should be enhanced in the following five aspects:to promote the reform of the Bretton Woods institutions;to build the global financial safety network;to establish the liquidity management system;to facilitate the construction of the super sovereign currency;and to deepen regional monetary cooperation.