Analysis of the Interactive Mechanism between Regional Monetary Cooperation and the Formation of a Multi-level Monetary World

DOI: https://doi.org/10.62517/jel.202514530

Author(s)

Bowen Deng

Affiliation(s)

School of Arts and Humanities, Hunan International Economic University, Changsha, China *Corresponding Author

Abstract

Regional monetary cooperation, as an important path for the transformation of the international monetary system, has a deep interactive relationship with the formation of a multi-level monetary world. This article systematically analyzes the internal mechanism by which regional monetary cooperation promotes the evolution of a multi-level monetary system from three dimensions: theoretical logic, institutional construction, and practical constraints. Research shows that regional monetary cooperation provides an institutional basis for a multi-level monetary world by reducing transaction costs, diversifying systemic risks and reconfiguring the international monetary power structure. The competitive pressure in a multi-level currency world, in turn, promotes the deepening of regional currency cooperation. This interactive process reflects the inevitability of the transformation of the international monetary system from unipolar hegemony to multi-party governance.

Keywords

Regional Monetary Cooperation; A Multi-level Currency World; Optimal Currency Area Theory; Reconstruction of International Monetary Power

References

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