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.

• 在制度创新阶段即从金汇兑本位制到布雷顿森林体系,是创新型利益集团主导,即美国取代英国成为国际货币制度的供给者;