英语论文网

tive action. The United States without a written theory as guidelines, and even without a clear idea of the international monetary internationalization, it can find a stable exchange rate this way to promote the dollar as the world currency, such a feat may now seem to have some kind of mystery that can be imagined by people. But if we look back at the history of dollar internationalization, facing the United States historical conditions of empathy, we can that exchange rate stability and each historical events between their causal relationships. The status of the international currency of the US dollar has to be referred to the dollar and gold linked to the Bretton Woods conference, which is a landmark event in the US dollar. The meeting was held in July 1944, the background is the victory of the Allied forces in World War II, the world's major capitalist countries of the strength of the contrast has changed: Europe - especially Germany and the United Kingdom economic strength, the United States has become the world's largest creditor. In this context, the United States in the face of the first issue is how to ensure that the war and the future may be provided to the European loan recovery and hedge. Solve this problem will undoubtedly require the country's debt currency against the dollar without a massive floating, but this to the ruins of the European countries and in the golden age of American is undoubtedly very difficult -- if European Renaissance, the dollar will decline. At this time, the repayment will damage the United States debt value. The only way is to rely on the treaty to determine the exchange rate of the national currency against the dollar and to increase its strength with the gold bound to increase the treaty. So the Bretton Woods conference began to bargain around the target. The Bretton Woods conference reflects the needs of the country, and it also paved the way for Europe's loans for the next Marshall program, and the 'European dollar'.
The year 1960 is the birth of Tiffin paradox, does not contradict with the prior $the above achievement. In fact, the Bretton Woods system, as it had predicted, collapsed after President Nixon announced a halt to the dollar's gold exchange in August 15, 1971. In 1973, the United States broke out the most serious economic crisis, the gold reserves have been from the initial 24560000000 U. S. dollars to 11000000000 U. S. dollars. No points on the basis of gold reserves, a serious shake the credibility of the dollar. US consumer price index in 1960 was 1.6%, rose to 5.9% in 1970, 1974 and up to 11%, which to the foreign exchange value of the dollar brought huge impact. Stable exchange rate has become the most pressing issues facing the United States. A more effective solution to a stable exchange rate, far earlier than 1975, was submitted to the United States policy maker's hand -- with the oil to prop up the dollar and to settle the oil trade with us dollars. The programmer soon received results in 1975. Earlier, the United States with Venezuela, Iraq, Saudi Arabia, Iran and other oil exporting countries have carried out several consultations, but did not achieve substantive results. I do not know whether it is a coincidence or the results of many years of operations, the fourth Middle East war in Arabia world was hit, in order to get U.S. military support, Saudi Arabia and other countries with the United States to reach a crude oil trade in U.S. dollars settlement and valuation