This thesis analyzes the current disputes between the United States and China over the exchange rate of the Chinese currency renminbi using an International Political Economy (IPE) analysis. Monetary relations are not mere economic affairs, but bear geopolitical implications. Money is power. Money is politics. The pursuit of monetary power is an important part of great power politics. Based on this assertion, the thesis studies past cases of monetary power struggles between the United States and the Great Britain, the Soviet Union, Japan, and the European Union (EU), respectively. The thesis then investigates the dollar’s status as the dominant international reserve currency in the current international monetary system, as well as the power that this unique status can generate and provide. The dollar’s monetary hegemony has become the main characteristic of the current international monetary system and an important power source for continued U.S. hegemony. The dollar’s hegemony and the asymmetrical interdependency between the dollar and the renminbi are the source and the key basis for the recent U.S.-China monetary disagreements. The U.S.-China monetary disputes reflect not only each country's respective domestic interests and perceived benefits, but also the monetary power struggle between the two biggest global economies. Predictions are also entertained for the future monetary relations between the two countries, as well as the geopolitical implications that this relationship may have for the U.S.-China bilateral relationship in coming decades.

本論文以「美元霸權」為核心，討論美國做為貨幣霸權對於國際金融體系的影響。首先介紹霸權穩定論之理論內涵與發展，經過重新檢視霸權穩定論的思想內涵後，筆者發現霸權穩定論有許多缺陷並提出修正。其次，討論美元霸權在布列敦森林體系瓦解之後的形成與運作。美元霸權的起源是1971年尼克森將美元與黃金脫鉤，之後，經由1974年「石油-美元計價機制」與金融全球化進一步鞏固美元的霸權地位。最後，以「石油金融化」現象為例，說明美國是如何結合「石油-美元計價機制」與「金融全球化」來鞏固美元霸權地位，最後也導致國際金融體系的不穩定。 本文認為，美國將石油市場變成了一個大型賭場。石油價格暴漲暴跌將對世界經濟，尤其是發展中國家帶來不利影響。「石油-美元計價機制」是一種「誘捕」，它強化了從屬國家對美元的依賴。憑著不對稱的金融相互依賴，美國穩居霸權地位。然而，一個穩定的國際金融體系不能只靠主導國家權力的使用，一個階層狀態的國際關係，還必須有從屬國家配合的意願。隨著「二次大戰效應」的消失，美國無法再以國內市場的龐大需求滿足發展中國家的出口導向政策，因此，身為主導國家的美國必須運用國際金融發展的不對稱性，提供從屬國家支持美元霸權的誘因，此種不對稱性的互賴關係也是美元霸權的權力來源。此外，霸權權力具有自我毀滅的傾向。在金融全球化的過程中，政府的權威不斷被削弱，導致政治反應能力遠遠落後於經濟力量的發展。若美國不採取行動管理國際金融體系，取得主導國家的正當性，則衰落是不可避免。