Abstract:

Changes in international monetary system involve institution stiffening, institution innovation and institution equilibrium. In the stage of institution stiffening, (Gold Standard System periods) the institution change is dominated by the monopolized interest group-the British group. In the stage of institution innovation (from Gold Exchange 126 Standard System to Bretton Woods Agreement) the institution change is led by the innovative interest group-the American group. In the stage of institution equilibrium, the change is led by the shared interest group. So international monetary cooperation becomes mechanic in supplying the international monetary system.

Key words: international monetary system, institution change, international monetary cooperation