2008全球金融危机和2020年新冠肺炎引发的金融市场动荡揭示了现有国际货币体系的内在缺陷，中国需要加强国际合作，改革现有体系，并且进一步推进人民币国际化。本项目从理论和实证两个方面对国际货币体系进行分析。理论方面，我们在第三代货币搜索模型中加入了贸易融资和相关的信贷安排，从而将货币的多种职能融合到统一的理论框架中，并且对不同的国际货币体系进行了福利分析 。实证方面，我们利用 SWIFT数据库中详细的双边结算货币信息，结合理论模型的相关推断，系统验证了国际货币的驱动因素，并且利用网络分析方法考察了各个货币网络之间的相互影响和溢出效应。最后，结合以上分析结果，本课题对国际货币体系的未来进行展望，并且就进一步推动人民币国际化提出政策建议。

The 2008 global financial crisis and the 2020 financial chaos revealed the inherent fallacy of the current international monetary system. China needs to cooperate with the international community, reform the current system, and further promote RMB internationalization. This project provides theoretical and empirical analysis of the international monetary system. On the theoretical part, we add trade finance and related credit arrangement to an otherwise standard monetary search model, so as to provide a unified framework for differnt functions of money. This framework also facilitates our welfare analysis of comparing different international monetary systems. On the empirical part, we take advantage of SWIFT dataset and explore the drivers of cross-border currency use. We further checked the spillover effect among different currencies. With all these studies and analyses, we have prospect of the future system and propose measures to advance RMB internationalization.