Britain is the first global hegemonic country in modern history.

with the development of colonial trade and investment, the international financial system has gradually developed and followed the global economic governance mechanism of "center-periphery".

under the "center-periphery" model, Britain is the hegemonic country, and Britain and other colonial suzerain countries form the central country. They cooperate with each other to maintain the colonial trade balance system, and the pound is the international currency. The balance of international payments is achieved through the free import and export of gold under the gold standard system. When the balance of payments is unbalanced, the central countries will cooperate with each other.

2. International financial governance mechanism under American hegemony

(1) Jamaica Accord marks the establishment of "center-periphery" governance mechanism in the United States based on credit currency.

(The Group of Seven is the center and represents the developed countries, while the periphery is other liberated nation-states.

(2) Adjustment mechanism of international balance of payments: interest rate adjustment, IMF intervention and loan adjustment.

"ternary paradox": the adjustment function of floating interest rate is limited; The IMF has limited ability to solve the temporary imbalance of income and expenditure in crisis countries; The ability of the World Bank to help poor countries to narrow the gap between the rich and the poor is limited.