Research On The International Transmission Channel Of U.S. Financial Crisis On The Dollar Standard System Perspective

With the development of financial globalization and liberalization, the economicand trade relations between countries more and more frequently, multinational capitalflow increasing, many financial crises that have occurred since the1990s showedsignificant international infectious. The2007U.S. financial crisis from the outbreak tothe rapid evolution of the global financial tsunami, caused all walks of life both athome and abroad pay high attention to the international transmission of the financialcrisis.Since the1980s, the United States relies on dollar hegemony of theinternational monetary system, mainly through trade channels to the world output ofU.S. dollars for real resources to promote economic de-industrialization process, andthrough its well-developed financial markets selling a variety of financial products torecover dollars, the U.S. dollar operating mechanism deepen the trade and financialrelations between the U.S. and other countries. When U.S. financial crisis caused U.S.financial asset depreciate, market liquidity crunch, economic slump, the crisis will betransmitted in the opposite direction of the U.S. dollar operating mechanism to othercountries, triggering a global financial crisis. It is necessary to study the internationalcontagion channels of U.S. financial crisis in the dollar standard system. Based ontheory of the traditional international transmission of financial crisis, thecharacteristics and operating mechanism of dollar standard system, start with thetheoretical level, analyzing the international transmission effect of the U.S. financialcrisis through the channels of common shock, trade, finance and the expected, thenempirical analyzing international contagion of the U.S. financial crisis in the stockmarket, further examine the international contagion effect of the U.S. financial crisison the dollar standard system, and attempts to demonstrate the dollar standard systemis a system of reasons for the amplification and expansion of internationaltransmission effect of the U.S. financial crisis.