特稿｜余永定：现行国际货币体系的内在矛盾和碎片化风险

Group 1: International Monetary System and Dollar Dynamics - The current international monetary system allows the U.S. to maintain economic prosperity by borrowing from the global market, creating a cycle of debt accumulation [1][4] - The transition from the Bretton Woods system to the post-Bretton Woods system highlights the inherent contradictions of using a national currency (the dollar) as an international reserve currency [2][3] - The U.S. has maintained a trade deficit since 1971, with net foreign liabilities exceeding $18 trillion by the end of 2021, indicating a growing reliance on foreign savings to finance domestic investment [5][9] Group 2: Global Financial Safety Net and Reform Directions - The global financial safety net, which includes various international reserves and lending arrangements, is currently insufficient to meet the needs of the global economy, especially for emerging markets [7][8] - Reforming the dollar-centric international monetary system is essential to reduce the necessity for non-reserve currency issuing countries to accumulate large reserves [8][9] - The need for countries to adopt flexible exchange rate systems is emphasized as a way to reduce their reliance on foreign reserves [8][9] Group 3: Regional Cooperation and Currency Internationalization - The Asian financial crisis prompted East Asian countries to seek regional cooperation to mitigate the impact of international capital flows, leading to initiatives like the Asian Monetary Fund proposal [11][12] - The ASEAN+3 framework has made progress in financial cooperation, although challenges remain due to geopolitical factors and economic shifts [12][13] - China aims to promote the internationalization of the renminbi while managing cross-border capital flows and enhancing regional financial cooperation [13][14]