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 The world monetary system - Currency relations

Soderzhanie.Vvedenie 1

1. The development of the global monetary system. 3

1.1. From the gold coin to the gold-standard motto 3

1.2. The Bretton Woods monetary system 5

1.3. Jamaican currency system 8

1.4. European Monetary System 11

2. The exchange rate and the factors influencing its value 14

3. The single currency system in Europe. 24

4. The direction of the evolution of the global monetary system. 32Zaklyuchenie 40 References 42


A large number of industrial and trading companies, banks, governments and individuals various international monetary and financial transactions. These operations may have a significant impact on the overall performance of economic entities, including Russian, who has been actively involved in international monetary transactions. This circumstance is related relevance and practical importance of the study of the world monetary system. After all, few people realize how the implementation of monetary and financial operations, such as, for example, one firm settles on the other, with a foreign firm. It seems that everything is clear, the other one paid in US dollars at the rate of all. And that is why it is in US dollars rather than in your own currency? And what is the course? On what parameters define it? All these questions, and many others can be answered by examining in detail the development of the global monetary system.

Especially now, when Russia emerged financial and economic crisis. And the dollar with crazy speed is growing up and it does not hold, many are beginning to wonder why the ruble was in such a position. When the European Union January 1, 1999 plans to introduce a new common to all countries outside the European Union currency, the so-called EURO, it is now the theme of the global monetary system is more than urgent.

Currently, there are many publications on economic theory. And such books as "Economics" edited by Bulatov and "Fundamentals of international monetary and credit relations" edited by Kruglov helped me a lot in the study of the topic. They give a new assessment of the factors and conditions for economic development. In these modern magazines as "ECO", "World Economy and International Relations", "Business Week" has enough information to understand how arranged, and how the world monetary system. Which once again confirms the relevance of my chosen topic. Just for the study of this topic were used recent data from the newspapers: "Financial News" and "Financial Russia".

The study of the global monetary system, I built on the following schedule:

In the first chapter, reviewed in detail the development of the world monetary system since its inception and to the existence of these days. Then, realizing that the world monetary system can not exist without the necessary regulatory instruments, in the second chapter, reveals such a thing as the exchange rate and consider in detail the factors that affect the value of the exchange rate. In the third chapter, I elaborated on the study of the creation of a new national currency system. And in the fourth final chapter, describing the expected future further development of the global monetary system.

The goal of my work show that the formation of the global monetary system - this is a very difficult process, it is influenced by all macroeconomic indicators. The development of the global monetary system - a never-ending process, because there is no limit to perfection, and what would be the perfect model of the world monetary system was not there's always something that needs to be fixed or replaced.


From the gold coin to the gold-standard motto.

The world monetary system is a historical form of organization of international monetary relations, fixed in interstate agreements. That is, currencies of different countries, each of which has its own national "uniform", mediate the process of the international movement of goods, services, capital and labor.

First world monetary system spontaneously formed in 1816 in the UK. Legally, it was framed mezhgosudarst-governmental agreement at the Paris Conference in 1867, which recognized the gold the only form of world money. The organization of the monetary system and international payments anticipated consolidation of the gold monetary functions and the formal establishment of a fixed gold parity of the national currency. [1] Fixed gold parity was also the official price of gold. Gold coins were in circulation and had a force of legal tender. Central banks were obliged to exchange paper money for gold at par. Was allowed free import and export of gold in any form. Exchange rates were fixed on the basis of gold parities of national currencies and varied only within narrow limits "gold points", which determines the flow rate (mainly transportation and insurance), associated with the movement of gold between countries. [2]

In the context of the gold standard of balance of payments adjustment was carried out mainly by spontaneous modulations of gold from one country to another through private channels. State almost did not participate in the management of international payments, and official gold reserves were the main regulator of an unbalanced-vannosti balance of payments.

After the currency chaos resulting from World War I, was established gold-standard motto, based on gold and leading currencies convertible into gold. [3] The payment in foreign currency, intended for International Settlements, became known motto. The second world monetary system was legally framed intergovernmental agreement reached at the Genoa International Economic Conference in 1922. Its foundation were gold and the motto - foreign currency. After the First World War, the monetary and financial center shifted from Western Europe to the United States. This was due to the following. Significantly increased monetary and economic potential of the United States, increased export of capital. B


1924 has been a redistribution of official gold reserves 46% of gold reserves of the capitalist countries were concentrated in the United States. US launched a struggle for hegemony of the dollar, but the reserve currency status, he received only after the Second World War.

Achieved monetary stabilization was blown global crisis 30s.

Gold standard corresponded to the market conditions of free competition. The functioning of the mechanism of international monetary calculations based on the gold standard, was of great importance for the expansion of international economic relations, formation of a single world economy. However, monetary and currency system has become the gold standard to oppose the concentration and centralization of capital, interfere with the practice of pricing, to prevent coating dramatically increased internal and external public expenditure through the issue of paper money finally hamper international trade and the export of capital abroad. Manipulation of exchange rates by devaluation or revaluation of the currency, a change in accounting interest rate, inflationary or deflationary conduct policy for the movement of goods, services and capital, the use of international loans and credits - all to support the balance of payments to a certain extent temporarily balanced and postpone repayment of the negative balance (at the expense of gold reserves) for an indefinite period. In consequence of this it became clear that the regular renewal of economic relations between partners from different countries makes it possible and necessary to build their foreign currency in cash and non-cash as a kind of reserve for rapid repayment of its obligations to partners of the country with a given national currency. Hence the emergence of a structural crisis, and then, during the global economic crisis 1929-1933gg., And the destruction of the mechanism of the gold standard.

I believe that the objective basis for the elimination of the gold standard has been prepared by the development of international capital movements and the evolution of the internal payment mechanism in which the credit and bank money to dominate the place. Required constant increase in reserves in accordance with the needs of expanding economic relations and, accordingly, payment in terms of growth of the world economy and the maintenance of a balance between the gold and foreign exchange reserves, so that the price of gold was an equilibrium. Just flaws gold standard was the inability to pursue an independent monetary policy aimed at solving the internal problems of the country.


Bretton Woods monetary system.

Development of the project of a new world monetary system began in April 1942, as the country's feared shocks such as a currency crisis of the First World War in the 30s. At an international conference held in 1944 at Bretton Woods (USA), agreed on the main principles of a new international monetary unit, which became known as the Bretton Woods system. These principles were codified in the adopted at the Bretton Woods Conference "Articles of Agreement" (statute) of the International Monetary Fund (IFAC). [4] The main characteristic features of the Bretton Woods monetary system were that gold has retained its monopoly on the implementation of the final cash settlement between the two countries, that is, performing functions of a universal means of payment; but the extent of the use of gold for the actual maintenance of international circulation and its regulatory role in this area has decreased significantly. Along with gold as the international credit payment instruments settlement of balance of payments and reserve currency in global circulation widely used two national paper currencies - the US dollar and the British pound sterling (to a much lesser extent). Reserve currency could be exchanged for gold. For example, the US Treasury has continued to exchange dollars for gold to foreign central banks at the official price set in 1934, is 35 dollars per troy ounce, equal 31,1035g. [5] Both currencies can be exchanged for special in the first place, the London market of gold by central banks, government agencies.

Course parity of currencies and their convertibility became implemented on the basis of fixed currency parities, expressed in dollars. Market exchange rates did not have to bow up or down from the fixed official dollar parities of these currencies by more than 1%, that is all capitalist currency tightly "tied" to the dollar. The devaluation of over 10% is permitted only with the permission of the fund.

National currencies were used for current operations and, in many cases, and for capital. National currencies are freely exchanged in private foreign exchange markets for dollars and one another on the course. On the basis of the free convertibility of currencies in current transactions made multilateral settlements between the countries.

Public authorities exercise some control over the functioning of the mechanism of international payments and private


currency turnover. Plus, the public authorities regulate the gold market, supporting by selling the metal from their stocks or buy the currency price of gold on the market, must not be a substantial deviation from the level of the official price.

At the same time, for the first time in the history of established international monetary and credit organizations such as the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD). Interstate regulation of currency relations, harmonization of monetary policy was carried out through the IMF. Just IMF has provided loans in foreign currency to cover the deficit balance of payments in support of unstable currencies, provided monetary cooperation countries. Ensures compliance with IMF member countries a uniform code of principles "of international monetary cooperation," the preservation of their official currency parities, rates and free convertibility of currencies. Change in parity or the establishment of foreign exchange restrictions required in each case the consent of the IMF.

And so, under pressure from the United States under the Bretton Woods system established dollar standard - the world monetary system based on the dominance of the dollar. Dollar - the only currency convertible into gold, became the base currency parities, the predominant means of international payments, currency intervention and reserve assets. This situation led to economic supremacy of the dollar and the US weakened their competitors. Support the dollar's dominance served as an acute shortage of dollars, caused by balance of payments deficit, especially in settlements with the US, and the lack of foreign exchange reserves.

Economic, energy, raw materials crises 60-ies destabilized the Bretton Woods system, the balance of forces in the global background undermine its structural principles. Since the late 60-ies gradually weakened the economic, financial, currency, technological superiority of the US over the competition. Western Europe and Japan, enhancing its monetary and economic potential, began to press the American partner. Since the US dollar is used to cover the balance of payments deficit, not gold, it has led to a huge increase in short-term external debt in the form of dollar savings of foreign banks.

The crisis of the Bretton Woods system reached a climax in the spring and summer of 1971, when it was the epicenter of the main reserve currency. Dollar crisis coincided with a prolonged depression in the United States after the economic crisis of 1969-1970. Crisis of the American monetary system put in mass selling it for gold and stable currency, as well as in the fall of the dollar. Was the most stable currency franc zone, which exists to this day, combining a number of countries in Central Africa.


Finding a way out of the crisis resulted in a compromise Washington Agreement "Group of Ten" December 18, 1971. An agreement was reached on the following points:

1. Devaluation of the dollar at 7.89% and the increase in the official price of the dollar at 8.57% to $ 38. per ounce.

2. The revaluation of some currencies.

3. Expanding the limits of exchange rate fluctuations with +/- 1% to +/- 2.25% of the parities and the establishment of central rates instead of currency parities.

4. To cancel a 10% customs duty United States. [6]

Washington agreement to temporarily bridge the gap, but not destroy them. In February-March 1973 currency crisis struck again on the dollar, and the price per ounce has fallen to 42.22%.

It can be concluded that the collapse of the second world monetary system served as a lack of reserve funds (dollars, pounds sterling, gold), which led to the inhibition of world trade, at the same time excess led to the destabilization of the system of fixed exchange rates.


Jamaican currency system.

The crisis of the Bretton Woods monetary system has generated an abundance of projects, monetary reform. Agreement countries - members of the IMF in Kingston (January 1976) has been called - Jamaica agreement. This agreement, known as the figurative name of "cocktail of Jamaican rum" [7], we define the contours of a new international monetary system.

The basis of this system are floating exchange rates and multicurrency standard. The transition to a flexible exchange rate suggested three main objectives:

1. alignment of inflation in different countries;

2. Trim the balance of payments;

3. empowerment for independent domestic monetary policy by individual central banks.

Novelty and peculiarity of the Jamaican currency system were as follows: put the standard SDR or Special Drawing Rights ("special drawing rights"), that is, "an international reserve asset, the emission of which the IMF and distributed among member countries in proportion to their IMF quotas. SDR have no material form of existence and appear only in the form of a book entry on the accounts of the central banks, as well as in a special account of the IMF. "[8]

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