The purpose of this paper is to consider the recent financial globalization and its relationship with the international monetary system. Firstly, I analyze the structure of the recent financial globalization and compare it with the classical globalization prior to 1914. In those days the pound sterling was the preeminent international currency under the gold standard system. Nowadays, the U.S. dollar is the leading currency, and it has dramatically increased its influence under the floating rate system since the 1970s. Particularly since the 1980s, the volume of international capital flows has increased sharply and the structure of the international financial market has become more complicated, as seen in the euro-market and the derivatives market. Secondly, I note that many developing countries, including emerging countries and countries in transition, adopted capital account liberalization in the 1990s, partly under the influence of IMF policy. However, the 1990s also witnessed currency crises in Europe, Mexico, East Asia, Russia, Brazil and some other emerging countries. One of the most important features of the recent globalization has been the extremely rapid expansion of international liquidity, denominated mainly in the U.S. dollar. I analyze this international liquidity problem and review the causes of and the policy responses to currency crises in the 1990s. Thirdly, I look at the role of the Japanese yen and the German mark, both of which have been used in international transactions since the mid-1980s, primarily in East Asia and Europe respectively, but without ever approaching the level of international use displayed by the dollar. Meanwhile, the launch of the euro in 1999 may have a great impact on the U.S. dollar's status in future. I examine recent trends in the international monetary system-not only currency union, but also currency board systems, basket-peg systems, fixed-rate systems and floating-rate systems and discuss various plans for reform of the international monetary system.
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