Evolution and Governance of Financial Risks Under International Monetary System Dominated by US Dollar:From Perspective of Asset Valuation
Under the international monetary system dominated by the US dollar,the essence of a financial crisis is an asset valuation crisis caused by the mismatch between the US dollar cycle and the fundamentals of the domestic economy.In other words,the US utilizes the US dollar's position as the international cur-rency and the US bonds'position as the anchor of global asset pricing to construct a"US dollar-US bond"circular system,achieving localization of interests and globalization of risks,and influencing asset valuations in other countries.Once asset valuation is established,it may trigger a self-fulfilling mechanism under cer-tain conditions,which may lead to the outbreak of financial crises.Currently,China's economy is facing great pressure,although relevant indicators are still within a safe range.Nevertheless,the impact of external risks on the financial system cannot be ignored.Mishandling may lead to an"implicit financial crisis."To prevent and resolve financial crisis,a policy system with stable asset valuations as the core should be estab-lished,and fiscal-monetary coordination should play a cornerstone role in stabilizing asset valuations.The global risk allocation pattern should be improved with the fiscal thinking of major countries.
US dollar cycleasset valuationfinancial crisisfiscal-monetary coordinationfinance of major countries
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