哈佛大学国际经济学教授Jeffrey A. Frankel  关于国际金融危机后国际金融体系变化的总结《What’s In and Out in Global Money》。“In international monetary economics our exam questions remain the same. Only the answers change, from decade to decade. I nominate five concepts, which werevirtually conventional wisdom a short time ago, for my list of what is now “out.” I also nominate five concepts, which might have been described as “out” a few years ago, for my list of what is now “in.””

国际货币过时的事件：
The G-7                              7国集团
• The corners hypothesis  三元悖论
• “Currency manipulation”  汇率操纵
• Inflation targeting             通货膨胀目标制
• Exorbitant privilege of the dollar  美元霸权

国际货币新的事件：
• The G-20                                                 20国集团
• Intermediate exchange  rate regimes     中间汇率制度
• Reserves                                                 外汇储备
• Fighting asset bubbles                             资产泡沫
• Multiple international reserve assets       储备货币多元化

一。20国集团替代7国集团；
二。三元悖论并不是绝对的，因为大多数国家都在实行见于浮动汇率和固定汇率制度的中间汇率制度。“Intermediate regimes include target zones (bands), crawls,basket pegs, adjustable pegs, and various combinations of them”；
三。高额的外汇储备充分显示了抗危机能力.“Emerging market countries perhaps knew their business better than economists. Foreign exchange reserves have provided self-insurance during the global liquidity crisis. Those
countries that built up precautionary reserve holdings were able to avoid large depreciations in the “Panic of 2008”
四。以前的货币政策只关注cpi等实体经济，现在也应该关注资本市场
五。”For the first time, the credibility ofU.S. financial markets as limitless,deep, liquid, and trustworthy has been impaired by the crisis“.人们担心美元的安全性并开始寻求改革国际货币体系

http://blog.caijing.com.cn/topic_article-29-2107.shtml