Abstract
We build a simplified externality model extended into global monetary field and get the conditions from the worst, basic to best disciplines about the issuances of national and international currencies. Then, we assess and design several international monetary systems. We find for the national currency system with an “international public currency” (IPC), it can fully achieve a good feasibility with a “well-informed” best issuance discipline; but for the others, for example, multi-polar currency, “monetary dictatorship”, “exorbitant privilege” and single common currency, there are some different forms and degree of flaws. Thus, we should consider directly striding toward this IPC system.
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