1 Background背景

對于大國而言，當發生國際突發事件時，如果需要依靠國際貨幣發行國提供流動性支持，這對該國而言是很被動的。而且，一國持有的國際貨幣一般是投資于國際貨幣發行國的金融市場或存放于該國的金融機構，如果國際發行國采取凍結持有國財產的方式，該國將處于極為不利的地位。

For a big country , when the international emergency occurs , if the need to provide the country rely on international currency liquidity support , in terms of which the country is very passive. Moreover, a country's international currency holdings are generally invested in international financial markets, currency issuing country or deposited with financial institutions in the country , if the international issue of States to take the country to freeze assets held in the country will be at a great disadvantage .

因此，為了應對流動性危機，與美國簽訂貨幣互換協議，需要美國提供流動性支持。對于國際貨幣發行國而言，可以自主提供其它國家都愿意接受的國際流動性，從而避免出現依靠他國提供流動性的被動局面，這是大國要求使用本幣的根本原因，也是提高一國政治獨立性的一個重要手段。
Therefore, in order to deal with the liquidity crisis , and the United States signed a currency swap agreement requires the United States to provide liquidity support . For international currency issuing country , will be free to provide other countries are willing to accept international mobility and thus avoid relying on other countries to provide liquidity to the passive situation , this is a big country requires the use of the currency of the underlying causes , but also improve a country's political independence an important means .
 

In addition , the International Monetary is a soft power , the state issued an international currency generally have strong political, economic and technological strength , has a high reputation in the international community , which is the issuer of other non- international unmatched .
 

Game between the major powers are manifold , including not only the country's military, economic , technological, cultural and other aspects , the issue of international currency is one of them , as the international currency issuing country 's economic policies will have a greater impact on other countries , Therefore , the country 's status as an international currency will help improve the country's right to speak in international affairs .

 

2 . currency internationalization process貨幣國際化進程

 

2.1 The main currency internationalization process and inspiration2.1主要貨幣國際化的進程和啟示

 

  International road today three world currencies varies , but is relying on the same basis , that strong economic strength . The last century, America was the world under specific historical conditions of political, economic imbalance of power is thought the premise of international dollar , the euro is in a region , the entire region of Europe to achieve regional political , economic equilibrium , to enhance international economic and financial product competitiveness , the pattern of internationalization of the yen is seeking international status and international interests in the new world monetary and economic system of the product. With the end of World War II, the United States became a world superpower , it has the ability to dominate the international political and economic structure , the formation of international rules and institutions all reflect the interests of the United States , this advantage is no one country is not available .#p#分頁標題#e#

European countries on the natural conditions are a small country, no country can completely dominate European affairs , for the common interests in the region , to ensure that regional political and economic stability , enhance the impact of the region in the international political and economic systems through a common system would scattered power agglutination together, reducing unnecessary internal consumption ( such as multiple exchange rate conversion costs ) , to enhance the region's political , economic strength, expand the international influence of the region 's purpose , and thus the performance of regionalization , half international. Euro internationalization model for other regions of the world to achieve regional economic integration of the Commonwealth , the International Monetary process can provide valuable experience .

Yen become the main currency in the formation of a new international economic order process , with its growing economic strength , to seek international monetary and financial benefits from its own financial deepening reform and development completed . Japan's economy due to the rapid rise of Japan insisted on opening up its development strategy , make full use of foreign resources and markets , in an advantageous position in the international division of labor , the development of foreign trade and investment led to the internationalization of the currency finance.

 

Additionally, the Japanese government adopted a prudent fiscal and monetary policies to ensure the balance of international payments , in most years to achieve external payments surplus. Thus , the yen has sufficient reserves for security, international reputation enhanced influence in international economic and trade finance activities expand. Enhance international capacity to pay in yen when it is time for the international role of the dollar 's decline , the Japanese government to seize this historic opportunity to reform and financial liberalization is deepening, and ultimately the internationalization of the yen. Comprehensive comparison , the euro is an international model of regional economic union in the region to promote the internationalization of the currency can draw a path , the yen internationalization patterns of international currency is a sovereign country can learn from the path of the U.S. dollar against most international countries do not draw meaning.

 

AUD AUD internationalization refers to cross borders , circulation outside , becoming internationally accepted valuation , settlement and reserve currency in the process . Its essence is to extend the functions of the domestic market by the measure of value of money in circulation means , storage means , means of payment and other international markets. AUD Australia should seize the rare opportunity of internationalization , so AUD become a diversified international reserve currency in a million, to accelerate the process of internationalization to promote Australian dollars , which is in line with the long-term development strategy in Australia.#p#分頁標題#e#

With the acceleration of economic globalization and regional economic integration, the creation of regional currencies has become an inevitable trend. National currency internationalization can bring international seigniorage revenue , reduce exchange rate risks and enhance international influence , and many other benefits. Although the currency will increase the likelihood of international economic and financial turmoil in countries suffering from the impact , but in general, more advantages than disadvantages . Therefore, all countries are speeding up the process of financial liberalization , so that a place in the national currency in the international monetary system . Let's analyze :

 

Because there is no world government and a world central bank , currency , while some countries play the role of an international currency . Established in a country or several countries ' domestic currency internationalization " on the basis of the international monetary standard system , inequities inherent in the provisions of the international exchange rate system . The current international monetary system is mainly composed of the dollar, yen , euro composition, is an asymmetric monetary system , developed since the identification of the currency right to speak, in a dominant position in the international monetary system ; Australia home because of the history and development , is being dominated position in the international monetary system . After the AU international, Australia on the issue and have the right to regulate a world currency , the impact of global economic activity and voice will also increase , once they become an important part of the international monetary system , and the stability of the global economy growth will also make an important contribution.

 

2.2 can effectively avoid the internationalization of the international balance of payments crisis國際化可以有效地規避國際收支危機

 

When a country's currency as an international currency , the country could issue financial instruments denominated in local currency , which is to create a domestic enterprise can avoid the financial crisis largely financing. If Australian businesses and governments can issue bonds denominated in Australian dollars at the international level , then even AUD exchange rate fluctuations , the Australian businesses and governments do not have to worry about the balance of payments crisis occurred because Australia debtor ( corporate or government ) revenues and in the exchange value of the debt is on the other, are Australian dollars, there is no asymmetry problem AUD income and foreign currency debt , which is a big advantage AUD internationalization can bring .

 

Seigniorage , represents revenue from the issue of currency and monetary authorities obtained . Currency sovereign credit issued by the state are not fulfilled by means of monetary monopoly distribution rights to the holders of an act to raise funds . Banknotes issued in the country , taken from their giving back to the country , the issue of world currency is the equivalent of unpaid levy seigniorage from other countries . U.S. dollar as the world's reserve currency , as of the end of last year , received more than a hundred trillion dollar seigniorage revenue from all over the world , Australia contributed about 7%. And after the AU international, Australia can not only use more international exchange in Australian dollars, thereby reducing the foreign exchange reserves , and issue the equivalent of AUD indirectly to other countries and regions, seigniorage income . With the internationalization of Australian dollars , the proportion in other countries and regions, foreign exchange reserves continued to increase its revenue will gradually increase . These seigniorage income , will be sufficient to make the Australian economy to a new level.#p#分頁標題#e#

 

The reform of the international monetary system path 3 .

After the outbreak of the subprime crisis , quickly evolved into a global financial crisis , not only in developed countries serious losses , the development of Australia family also suffered. It is based on a huge damaging effects of the crisis after crisis, national politicians have put forward an urgent need to reform the international monetary system. In a certain sense , the severity of the crisis to improve the international monetary system reform to accelerate the urgency and importance. Under the common background of the financial crisis , the international community to promote the formation of a consensus of the international monetary system reform , have made many proposals and ideas. International monetary system reform has been put on the agenda in recent years, international economic meetings to discuss each , from the whole big trend can be seen in the direction of reform of the international monetary system .

 

First, the positive effect of the establishment and efforts to improve the decision-making mechanism in the international monetary reform. In the past a long time, the Group of Eight major decision is to determine the mechanism of international economic and financial affairs. After entering the new century, with the rise of emerging market countries G8 influence significantly reduced. Especially after the financial crisis, a phenomenon first appeared as part of emerging market countries in bailout funds in developed countries , suggesting that dealing with international economic and financial affairs , the developed countries have been inseparable from emerging market countries. With the " BRIC" emerging markets , led to further expansion of the country 's economic strength , in terms of the reform of the international monetary system , G20 's influence continues to expand gradually replacing the G8 's decision-making positions . Attention of the entire international community to explain the monetary system reform the international monetary system will take the form of numerous discussions and consultations , the time needed reform will be very long , it is impossible to establish the Bretton Woods system like that , by a two- meeting took the overall framework of the international monetary system finalized , which must have a clear understanding .

 

Secondly, the international monetary system in the new economy driven by constant change . When compared with the disintegration of the Bretton Woods system , the current world economic landscape has changed significantly , a prominent manifestation is the rapid rise of emerging economies . According to " The Economist" magazine, is currently emerging economies in global GDP share of over 50% , the proportion of total world exports has jumped 20 percent in 1970 to the current 40% , and holds the world 70% of foreign exchange reserves , the importance of the international economic field greatly enhanced. In the current financial crisis , the limitations of the existing international economic coordination mechanisms fully exposed , the U.S. and Europe to serious differences on many issues , it is difficult to form a unified national action in the early stages of the financial crisis for their own interests but also fragmented, failed to take joint action to curb the spread of the crisis . These cases show that major international economic affairs , including the reform of the international monetary system , including , without participation of emerging economies , but the final say by the United States and a few other countries, it will be difficult to achieve the desired purpose. Multipolarity in the international political and economic situation today, and only rely on the checks and balances of multilateral negotiations and diplomatic power of the international community , in order to make up the gradual improvement of the international monetary system , which emerging economies will play an important role.#p#分頁標題#e#

 

 

4 Australia's regional economy澳洲地區經濟

 

 First, actively participate in the reform of the international monetary system . The current international financial rules enacted by the developed countries several decades ago , has long been dominated by developed countries , the development of Australia's home only passively to adapt. Although the financial crisis can not be fundamental reform of the original system , but many of the existing rules to modify and improve it is entirely possible . Australia should actively participate in international financial affairs of dialogue , consultations to jointly more emerging market countries and developing Australia's home , advocating new ideas to increase the enthusiasm and the right to speak in the international economic activities in emerging countries to improve the international status and influence to promote the reform of the international monetary system , which is not only the demands of Australia's political and economic interests , but also represents the aspirations of the majority of the development of Australia's home.
 

Secondly , for the advancement of the whole economy and society , and actively seek to have more of the voting rights and the right to speak in economic activity , and then expand the IMF 's influence in the future of the international monetary system reform , IMF will play an increasingly important role in strengthening the support and participation of its undoubtedly meet the future benefit of Australia. In the process of the reform of the international monetary system , IMF core functions and role of multilateral institutions as will be further enhanced. Due to the economic interests of the great powers are not balanced, resulting in IMF voting rights and share distribution is also very unreasonable allocation of funds as the right to vote based on " share " can no longer reflect current developments and changes in the international economic landscape . Therefore should be re- allocated fund shares , broaden the base of the right to vote , to increase the proportion of the voting rights of developing Australia's home. Australia should be based on its own strength and ability to actively seek to have more fund shares and voting rights in the IMF , while various forms of capital increase for the IMF to make its own contribution towards the improvement of the international monetary system in the operating mechanism of the rules development and institutional reform have more say .
 

Third, we must strive to actively promote the regionalization and internationalization of Australian dollars . AUD has been widely used in cross-border trade settlement between Australia and neighboring countries , AUD acceptance in the international arena has been steadily improving , overseas markets are being gradually formed AUD . In the future, should continue to expand the use of Australian dollars in the surrounding area , encourage trading partners to conduct bilateral trade using the AU , and the AU as a reserve currency , while foreign aid and foreign loans priority AUD . To dominance of Australia's financial and monetary policies to fight in the international monetary system , improving AUD position in the world , Australia should take advantage of the ASEAN regional economic development , strengthening of multilateral, bilateral and regional economic cooperation , and actively promote the formation of AU Economic Area , expand the scope of currency swaps , promoting AUD become the dominant currency in the Asian region , and became a very important world currency. AU to accelerate the process of internationalization , both need to build a new pattern of diversified international monetary system , but also to promote the reform of the international monetary system , the inevitable choice to promote balanced international economic development .#p#分頁標題#e#

 

Fourth, still maintain the operation of the current dollar -based international monetary system in the short term . This is mainly based on the consideration of the following aspects: ( 1 ) Australia is currently the country with the largest dollar assets . Although currency reserves have diversified but still is America's largest creditor , if the dollar depreciated , it is difficult to control the loss to Australia and immeasurable . ( 2 ) Since the reform and opening up in Australia has formed a high dependence on foreign economic growth , while export-oriented economic development model will need some time to adjust to domestic demand -oriented development model. Imports and consumption in the United States and other countries and regions is an important driving force to pull Australia 's economic growth , while the U.S. dollar is based on consumption -based economic model and strong financial markets and the United States as a precondition . Once the rapid collapse of the dollar standard system , the consumption patterns of U.S. residents are bound to fundamental change , which means a sudden interruption of Australia 's export-oriented economic development model , the transition process will lead to the Australian economy a " hard landing" have a negative impact on the Australian economy . ( 3 ) Australia has one of the largest investing country in the world. Also, up to 50% of national savings rates and increasing economies of scale determines the future for a long time in Australia will be the world's largest investor. Australia has more than 2 trillion U.S. dollars of foreign exchange reserves reflects the enormous scale of foreign investment in Australia . Obvious. The normal operation of the current dollar -based international monetary system is very important for the development of Australia , Australia itself not only to the stability of the financial system , more directly related to Australia 's foreign investment and increase the value . ( 4 ) Due to the current AU yet to achieve capital account convertibility , the road to become a true world currency is still a long , if you now change the international monetary system based fundamentally on the dollar , Australian dollar may not get any real benefits. Of course , while continuing to maintain the dollar -based international monetary system functioning , while Australia should accelerate the transformation of economic growth mode , the pace of efforts to promote the internationalization of Australian dollars , the progressive realization of the AU freely convertible under the capital account . Gradually make the international monetary system AUD become an important currency. In this process, Australia should work together with the international community , a number of specific efforts to improve the existing system of international monetary system under the arrangement , and then implement the new reform measures.#p#分頁標題#e#

 

5 Conclusion結論

 

Australia is like a world power forward, the share of world trade continues to expand in the world 's influence is not short enhancement, as a big country , we should first it stable, prosperous development of the world economy in the first place , as a world economic power , we have the responsibility and obligation of the entire world monetary system to contribute.

  The financial crisis proved the U.S. economy headed currency , it is difficult to resist the invasion of financial risks , the development of Australia as a model home , we should resist the world economy will have its own monetary system, we need to reform the existing monetary system . Raise our voice in economic activity , monetary regionalization has become another model to combat the financial crisis, just Through this opportunity, we should give full play to our strengths , neighboring countries to strengthen economic cooperation , expand AUD settlement As soon as the AU led to the formation of a new Asian-African monetary economic circle , to achieve AUD internationalization.
 

  Further expand the business scope of economic activities to enhance the influence of the world economy in Australia . Dollar , euro, yen and other currencies have been able to act as an international currency, the U.S. , EU, Japan, strong economic strength and higher international credit standing fully reflected. After AU internationalization Australia has the right to have the issue and regulation of a world currency , the impact of global economic activity and voice will also increase . Meanwhile, the Australian Dollar place in the international monetary system , you can change the current state of being dominant position , to reduce the negative impact of the international monetary system to Australia.
 

Accelerate the pace of international trade and investment , reducing exchange rate risks. Enable rapid development of foreign trade foreign trade enterprises holding large foreign currency debt and debt. Due to the large exposure to currency risk , exchange rate fluctuations will have some impact on the business . After AUD internationalization, foreign trade and investment can use their own currencies and exchange rate risks settlement, companies are facing will subsequently reduced, which can further promote the development of foreign trade and investment in Australia . It would also promote the development of AUD -denominated bonds and other financial markets , and further promote the development of Australia's border trade. AUD cross-border cash flows an entity border trade and tourism economy happened, to some extent alleviated the shortage settlement means bilateral exchanges , promote and expand bilateral economic and trade exchanges and accelerate the economic development of ethnic minority border areas . In addition, many neighboring countries are rich in natural resources , shortage of market supply countries , in stark contrast with the situation in Australia . AUD outflow abroad , which for ease shortage of natural resources in Australia, favorable market oversupply .#p#分頁標題#e#

International seigniorage revenue . After the realization of the maximum benefit AUD internationalization is international seigniorage revenue . Seigniorage is the difference between the denomination banknote issued by virtue of the issue of privilege of issuing currency notes issued and obtained cost. The issue of world currencies equivalent to levy seigniorage from other countries , such income is basically no cost .
 

Australia currently has a large amount of foreign exchange reserves , is actually the equivalent of a foreign government 's huge unpaid loans, but also bear the inflation tax . After the AU international, Australia can not only reduce the loss of wealth caused by the use of foreign exchange , you can also get international seigniorage revenue for the use of funds in Australia has opened a new channel .

 

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