This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary sy...This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary system are such that the economic volume of reserve currency countries must be large enough and that the solvency capacity growth rate of reserve currency countries should be no lower than the real output growth rate of non- reserve currency countries and the real return of the reserve currency,＂ the existence of the valuation effect cannot secure the stability of a reserve currency,＂ and inclusion of the euro and the Japanese yen into international reserve currencies cannot stabilize the international monetary system, while Renminbi internationalization plays an irreplaceable role to the stability of the international monetary system.展开更多
This paper addresses the following problem:how debt chains sewed through government bonds are operated under either full commitment or limited commitment of the valuation of the debt by bond issuing countries.This pap...This paper addresses the following problem:how debt chains sewed through government bonds are operated under either full commitment or limited commitment of the valuation of the debt by bond issuing countries.This paper takes the debt relationship of the US,China and Russia as an example to study the problem.This paper finds that even under the full commitment situation,the debt chain is hard to maintain in some circumstances.In the limited-commitment situation,even if safe asset issuance is a reflection of a country's financial power,because China's safe asset issued to Russia is denoted by USD,whether or not China encounters Triffin dilemma is ultimately determined by the US.展开更多
基金the research program Renminbi Internationalization and Adjustment of Internal and External Imbalances of China’s Economy(NKZXB1222)supported by the Special Fund of Fundamental Scientific Research of Central Universities
文摘This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary system are such that the economic volume of reserve currency countries must be large enough and that the solvency capacity growth rate of reserve currency countries should be no lower than the real output growth rate of non- reserve currency countries and the real return of the reserve currency,＂ the existence of the valuation effect cannot secure the stability of a reserve currency,＂ and inclusion of the euro and the Japanese yen into international reserve currencies cannot stabilize the international monetary system, while Renminbi internationalization plays an irreplaceable role to the stability of the international monetary system.
文摘This paper addresses the following problem:how debt chains sewed through government bonds are operated under either full commitment or limited commitment of the valuation of the debt by bond issuing countries.This paper takes the debt relationship of the US,China and Russia as an example to study the problem.This paper finds that even under the full commitment situation,the debt chain is hard to maintain in some circumstances.In the limited-commitment situation,even if safe asset issuance is a reflection of a country's financial power,because China's safe asset issued to Russia is denoted by USD,whether or not China encounters Triffin dilemma is ultimately determined by the US.
