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Academic Achievements of” the global financial crisis and the international monetary and financial system reform "
(A major project of Ministry of Education ) Academic Achievement
Date:2010-10-23       From:Lan Biao Liu, Nankai University

Further investigation on the sustainability of global imbalances found that the current global financial cycle (imbalance) is sustainable. But because of the lack of new industries leading the new technological revolution and new economic growth, the intensification of conflicts among population, environmental and resources, and the complexity of Internal restructuring of national economies, etc, the ability of the sustainable development of the global economy is restricted. Global commodity cycle (imbalance) becomes unsustainable and thus it would lead to the no longer sustainability in financial sector’s imbalance.

 

Therefore, the focus of imbalance regulation is in the real economy. In particular, the elimination of structural imbalances is important. To this end, a relatively stable exchange rate environment is undoubtedly beneficial. Further evidence of the empirical analysis is as follows. Introduction of exchange rate stability, and creation of the relatively stable international monetary environment are in line with national interests. To maintain exchange rate stability among the major powers have great significance to the promotion of trade, stable economic growth, inhibition of the currency crisis and maintaining global financial stability. At present, relatively stable exchange rates among major powers will help improve the efficiency of the global economic recovery after the crisis. Under the stable RMB exchange rate, the contribution of emerging Asia's growth to the global economic recovery is 1st time greater than other areas. As a responsible developing country, while making important contributions to the global economic recovery, China also suffered losses of their trade and real outputs, the slow process of exchange rate system and even reforms of the financial markets and the slow process of economic restructuring. Therefore, the report concluded by emphasizing that major powers should make joint efforts, strengthen cooperations, stabilize exchange system and promote the sustainable development of world economy under the globalization conditions.

 

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