Research on Legal System Reform of the International Monetary Fund

Author: Yu Wuzhou
Publisher:
Publish Date: 2001-07-01
Features: This book identifies the international monetary system as the principal norm of the International Monetary Fund (IMF) legal framework, further determining the international monetary standard and reserve asset system as its core norms. Building on this foundation, the research revolves around this core, revealing that the use of domestic currencies of one or several countries as international currencies is the root of all flaws in the floating exchange rate system. To eliminate these flaws, it is essential to strictly limit all national currencies to circulation within their respective countries of issuance while creating a cross-border international currency, forming a new monetary dualization system where the international currency serves as the upper currency and the national currencies as the lower currency. This structure ensures that the principle of equal sovereignty of all nations is reflected in the international monetary system.
The analysis in this book demonstrates that the claim "gold is no longer money" is unfounded, whereas "money is de-goldenized" holds validity, but only within a single-layered monetary system. If a gold-backed monetary system were implemented temporarily, the international currency (upper currency) could and should be re-goldenized, meaning it would be pegged to gold and maintain a fixed value. If Special Drawing Rights (SDRs) were linked to gold, they would transform from the current "basket currency" into the upper currency "international currency" in the dual monetary system, shifting from "the right to draw" to "the subject of being drawn."
Inspired by Marx's legal philosophy, this book views the objective laws of nature and human society as the intrinsic basis for the emergence, evolution, and development of law, termed "Dao." It posits that any law formulated by people must align with this Dao; if it deviates, it will inevitably face consequences and ultimately return to the desired trajectory. Based on this "Dao-Fa Theory" or "Dao-Fa Relationship Theory," the book outlines the evolutionary patterns of the IMF's legal norms, providing a solid legal foundation for its future reforms.