Мировая валютно-финансовая система

World currency-financial system

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• Bretonvudsky system

World currency-financial system 1. Formation of the international development currency-financial system 2. The world currency market: the functioning mechanism Degree the countries in the world economy is shown in an exchange of a part of its national money for a foreign currency and back. In each country a lawful instrument of payment is its national money. With reference to the international economic relations they are currency. In the course of an exchange of results of activity between the countries there are international currency relations which I represent! ' itself set of the public relations developing between the countries in the course of fulfilment of the international currency, settlement, credit and financial operations. In development of foreign economic relations the world currency system as the form of the organisation of the currency relations regulated by the national legislation and the international agreements was generated. In the course of evolution its basic elements changed and improved: Functional forms of world money (gold, currencies, the international units of account); Conditions of mutual convertibility of currencies; Modes of currency parities and rates of exchange; Degree of currency restriction and regulation; Conditions of the reference of the international proceeds of credit (checks, bills) and Forms of international payments. The first world currency system has received the name Parisian. In Paris in 1867г. There has passed the international conference of industrially developed countries which have come to the end with signing of the international contract. Its main line the gold maintenance and fixed rates of currencies. Rates of exchange could fluctuate round monetary parity within the limits of gold points for the size of cost of transportation between the monetary centres of the Great Britain and the USA. In the private! And, at cost of transportation of gold in концеХ1Хв. Through Atlantic 0,025 dale. For ounce its export from the USA was favourable at the exchange rate 4,891 dale for pound and above. Gels the course fell below this level, it became favourable to import gold from England. Accordingly a course approximately 4,911дол. For pound was called as a gold point of export, 4,861-zologoj a point imnorta (at monetary parity 1фунт=4,866дол.). (9; 414) If as a result of depreciation the rate of exchange was beyond gold points, outflow of gold from the country as it is compensated falling began, returned the rate of exchange on a former place. But actually any mass export of gold did not occur. The problem dared by attraction of the short-term capital by change of interest rates. So, in beginning HHv. The Great Britain tested deficiency of the balance of payments. There was a reduction of monetary weight, interest rates grew, inflow of the short-term capital from abroad at the expense of what deficiency of the balance of payments was financed amplified. As a whole for the Parisian system synchronism of development of the largest states, low rates of inflation, unification of stabilisation measures of a monetary policy were characteristic relative political stability in the world. The First World War, financial crisis and a new world order (the Versailles system) created essentially new conditions promoting occurrence of new currency system. The second currency system was issued in 1922г. At the international economic conference in Genue. It has received the name Genoa and has existed 22года. The Genoa currency system was based on the standard. As the motto the foreign currency in any form acted. And though officially the status of the reserve has not been fixed to one currency, the American dollar and English pound constantly competed for the status of world currency. The Great Britain tried to restore the pre-war gold standard, but unsuccessfully. As a result of constant increase of a course of pound its balance of payments worsened. In 1928г. The law on which all international payments were carried out in gold has been passed. This measure against Great depression obviously specified also a pas world currency crisis. The exit from the created position saw in devaluation of currencies, as has made the majority of the states. Naturally, in a prize there were countries having positive balance of the balance of payments. On this background of the country, being protected from a foreign competition have been compelled to enter high import duties and tariffs. Reduction of volumes of world trade and international payments became result. "Great depression of 30th years" has led to crash of system of the gold standard. With a view of working out of bases of new world currency system in 1944 in reton-Vudse the international conference of the allied countries has been called. As a result of this conference the arrangement on creation of the adjustable connected rates of exchange which name Bretonvudsky system has been reached. The new system should keep advantages of former system of the gold standard (the fixed rates of exchange), marking thus its lacks. Further at conference the International currency fund (IMF), called to make new currency system real and capable has been created. This world currency system based on rather fixed rates of exchange and operated through IMF, has existed with some updatings up to 1971. The IMF continues and to take now the major place in the international finance. What represented Bretton - Vuds system of regulation of the connected rates of exchange? What has caused its disintegration '? Keeping traditions of the gold standard, each member country of IMF has been obliged to establish gold (or dollar) the maintenance of the monetary unit, thereby defining currency parity between the currency and currencies of all other countries-participants. Further, each country has been obliged to keep a course of the currency the invariable. The countries entering into Bretton-Vuds system, are obliged to bring contributions to IMF depending on the sizes of their national income, a population and trade volume. Thus the country could take the short-term loan necessary for intervention in functioning of the currency markets, providing stability of national currency. The bretton-Vuds system provided use as the international reserves of gold and dollar. The dollar has been recognised as world money for two reasons. First, CILIA left the Second World War with the strongest economy. Secondly, the USA accumulated enormous quantity of gold and the period with 1934 for 1971 buying up and gold sale to foreign financial bodies under the fixed price of 35 dollars for ounce pursued a policy. Thus the dollar was translated in gold on a presentation; the dollar. stal to be considered as a gold substitute and consequently "same good, as gold". Yo, with a regret, growth of gold reserves lagged behind quickly extending scales of international trade and the finance. Therefore has got a role of a world currency reserve increasing on the importance. The world countries received dollar as reserve currency as a result of deficiency of the balance of payments of the USA. As the quantity of the dollars which are with a pas hands at foreigners, promptly grew, and gold reserves of the USA were reduced, other countries to ask began inevitably a question: really the dollar was really "so is good, how gold"? Ability of the USA to keep convertibility of dollar in gold became more and more doubtful. For preservation behind status dollar rezervnoju means it was necessary to eliminate deficiency of the balance of payments of the USA; but deficiency liquidation would mean an exhaustion of a source of additional dollar reserves for system. This problem has risen in all growth in the early seventies. Having faced steady and growing deficiency of the balance of payments of the USA, the president R.Nixon has suspended on August, 15th, 1971 convertibility of dollar in gold. The new policy has broken link between gold and international cost of dollar, pustin dollar in "swimming" and having allowed market forces to define its cost. Free fluctuation of dollar has deprived Bretton-Vuds system of fixed rates on; sherzhki and it has ceased to exist. The modern (fourth) currency system has received the name Jamaican as the major agreements have been signed in the Valve, on Jamaica in January 1976г. Main principles of this system have been fixed in 1978г. In the second amendment to articles of the Agreement of IMF. In the main this system continues to operate now. Distinctive features: gold, however gold continues to play a role of a reserve active and extreme money thanks to the real cost; the standard has been replaced by standard SDR which formally has been declared by a basis of currency parities, but in practice and did not become the main payment means, the cost standard; The mode of the floating rate of exchange has been established, on possibility of a choice fixed or a floating rate thus remains; The IMF has possibility to carry out rigid supervision of an establishment of rates of exchange, to provide liberalisation of currency relations in interests of stabilisation of the international economic relations. жүктеу/скачать 111 Kb. Достарыңызбен бөлісу: