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Table of Contents
Intro; Preface; Contents; 1 The Dollar-Center Global Financial System Is Non-sustainable; 1.1 Characteristics of the Present World Financial System; 1.2 Long-Term Imbalance of the U.S. External Trade; 1.2.1 Huge Exports of the U.S. Had Helped the U.S. to Industrialize and Lay the Foundation of the Center Currency Status of the U.S. Dollar; 1.2.2 The U.S. Trade Deficit Is a Long-Term Problem; 1.2.3 Trade Deficit Is Necessary for the World Currency Status of the U.S. Dollar; 1.2.4 Continuous Trade Deficit Will Erode the World Currency Status of the U.S. Dollar
1.3 Decline of the American Manufacturing Industry1.4 Military and Diplomatic Cost; 1.4.1 The Sky-High Military Spending Is an Unbearable Burden; 1.4.2 Sanction and Foreign Aid Are Costly; Appendix; 2 The U.S. Strong Desire to Maintain the Center Currency Status of the U.S. Dollar; 2.1 The Seigniorage Revenue from Other Countries; 2.1.1 The Seigniorage of the U.S. Federal Reserve from Other Countries; 2.1.2 The Seigniorage of the U.S. from Other Countries; 2.1.3 The Generalized Seigniorage of the U.S. from Other Countries; 2.2 The Interests from the Structure Power; 2.2.1 The Structure Power
2.2.2 Institutional Base of the U.S. Structure Power and Maintaining2.2.3 Powerful Influence of the U.S. Structure Power; Appendix; 3 The Unstable U.S. Dollar and Harm of the U.S. Self-centred Economic Policies; 3.1 The U.S. Dollar Is Unstable; 3.1.1 The U.S. Dollar Should Be Stable; 3.1.2 The Unstable Exchange Rate of the U.S. Dollar; 3.1.3 The Unstable Interest Rate of the U.S. Dollar; 3.2 The Harm of the U.S. Self-centred Economic Policies to Other Countries; 3.2.1 Bringing Price Fluctuations of the World Market; 3.2.2 Causing Wealth Redistribution
4 The Policies and Current Situation of RMB Internationalization4.1 Policies of RMB Internationalization; 4.1.1 RMB Convertibility Under Capital Account; 4.1.2 The Market-Oriented Reform of Interest Rate; 4.1.3 The Reform of RMB Exchange Rate Mechanism; 4.1.4 Offshore Market of RMB; 4.2 The Current Situation of RMB Internationalization; 4.2.1 The Global Share and Ranking of RMB International Payment; 4.2.2 RMB Settlement of Cross-Border Trade; 4.2.3 RMB Settlement of Cross-Border Direct Investment; 4.2.4 RMB-Denominated International Bonds
4.2.5 Domestic RMB Financial Assets Held by Non-residents4.2.6 RMB Exchange Rate Indexes; 4.2.7 RMB as an International Reserve Currency; 5 The Factors Affecting the Share of Foreign Reserve Currencies; 5.1 Theoretical Analysis; 5.1.1 Political Stability and International Status; 5.1.2 Economic Scale and Degree of Economic Internationalization; 5.1.3 Degree of Financial Market Development; 5.1.4 Stability of the Currency; 5.1.5 Network Externality; 5.2 Empirical Analysis; 5.2.1 Model and Data; 5.2.2 Empirical Analysis
1.3 Decline of the American Manufacturing Industry1.4 Military and Diplomatic Cost; 1.4.1 The Sky-High Military Spending Is an Unbearable Burden; 1.4.2 Sanction and Foreign Aid Are Costly; Appendix; 2 The U.S. Strong Desire to Maintain the Center Currency Status of the U.S. Dollar; 2.1 The Seigniorage Revenue from Other Countries; 2.1.1 The Seigniorage of the U.S. Federal Reserve from Other Countries; 2.1.2 The Seigniorage of the U.S. from Other Countries; 2.1.3 The Generalized Seigniorage of the U.S. from Other Countries; 2.2 The Interests from the Structure Power; 2.2.1 The Structure Power
2.2.2 Institutional Base of the U.S. Structure Power and Maintaining2.2.3 Powerful Influence of the U.S. Structure Power; Appendix; 3 The Unstable U.S. Dollar and Harm of the U.S. Self-centred Economic Policies; 3.1 The U.S. Dollar Is Unstable; 3.1.1 The U.S. Dollar Should Be Stable; 3.1.2 The Unstable Exchange Rate of the U.S. Dollar; 3.1.3 The Unstable Interest Rate of the U.S. Dollar; 3.2 The Harm of the U.S. Self-centred Economic Policies to Other Countries; 3.2.1 Bringing Price Fluctuations of the World Market; 3.2.2 Causing Wealth Redistribution
4 The Policies and Current Situation of RMB Internationalization4.1 Policies of RMB Internationalization; 4.1.1 RMB Convertibility Under Capital Account; 4.1.2 The Market-Oriented Reform of Interest Rate; 4.1.3 The Reform of RMB Exchange Rate Mechanism; 4.1.4 Offshore Market of RMB; 4.2 The Current Situation of RMB Internationalization; 4.2.1 The Global Share and Ranking of RMB International Payment; 4.2.2 RMB Settlement of Cross-Border Trade; 4.2.3 RMB Settlement of Cross-Border Direct Investment; 4.2.4 RMB-Denominated International Bonds
4.2.5 Domestic RMB Financial Assets Held by Non-residents4.2.6 RMB Exchange Rate Indexes; 4.2.7 RMB as an International Reserve Currency; 5 The Factors Affecting the Share of Foreign Reserve Currencies; 5.1 Theoretical Analysis; 5.1.1 Political Stability and International Status; 5.1.2 Economic Scale and Degree of Economic Internationalization; 5.1.3 Degree of Financial Market Development; 5.1.4 Stability of the Currency; 5.1.5 Network Externality; 5.2 Empirical Analysis; 5.2.1 Model and Data; 5.2.2 Empirical Analysis