evolution of the world monetary system
main elements: the evolution of the world monetary system
MBC overcome the thorny path of his formation before take modern format.Throughout its long history of development of the principles of the system were changed 4 times, accompanied by the relevant decision of the international conference.Undergone a change in the name of the structure itself, which starts match the name of the city where the conference was held.
Consider the stages of evolution of the world monetary system:
- Paris system in 1867, known as the "gold standard".For each national currency it was characteristic of the gold content, based on which was exchanged for other currencies or gold.There were a floating exchange rate.
- Genoese system in 1922, known as the "gold exchange standard".In addition to the gold reserves, each currency was supported by the world's leading economic currency of the country, mainly the British pound.
- Bretton Woods system in 1944, known as the "dollar standard".A prerequisite for the formation of the system became active development of America in the postwar period.Gold was used in limited quantities.
- monetary system in 1976 - 78 years, known as the "standard of special measures of credit."CRA acted format of assets (specialized recording in the accounts of the IMF).The introduction of SDR is due to the desire of all countries to secure the stability in terms of international settlements.
evolution of the world monetary system began with the "gold standard", which operated from 1867 until the 20s of the 20th century.Formation of the financial structure was spontaneous.The main impetus for the Paris MIF served as the industrial revolution of the 19th century and the expansion of international trade on the gold standard.The main characteristics of the financial system are the following provisions:
- fixed gold reinforcement of national currencies.
- role of universal means of payment and world money fulfilled gold.
- Notes issuable Central Bank changed the gold without restrictions.At the heart of the exchange were gold parities.The deviation of the exchange rate was allowed within the monetary parities that formed a fixed rate.
- in international traffic along with gold acknowledged pound.
- domestic supply of money in line with the state gold reserves, which automatically regulate the order of the balance of payments.
- Lack of balance of payments was covered with gold.
- Between the States was free movement of gold.
This stage of development is not the most effective, not the top, which is reached in the long run evolution of the world monetary system.Paris monetary system suffered from non-compliance with the rules of the global financial market participants.The flow of gold between countries is not always the case.England held the position of chief financial state, regulate not only interest rates, but also the golden threads.The main reason for the successful development of the "gold standard" is not its effectiveness as a system and calm development of the world economy in the prewar period.
«gold exchange standard»
stages of evolution of the world monetary system include the domination of the "gold exchange standard", which took place from 1922 to the 30s.After the First World War exhausted and all foreign economic relations between the two countries were restored, there is a need to form a new MBC.At a conference in Genoa raised the question of what the capitalist countries is not enough gold for the normalization of relations in the segment of foreign trade payments and other transactions.In addition to the gold and the pound it was decided to issue US dollar.The two currencies have taken on the role of international payment instrument and received a motto.The system took Germany and Australia, Denmark and Norway.According to its principles of the system is almost entirely consistent with its predecessor, the Paris system.Gold parity retained and the role of world money was still entrusted to gold.The evolution of the world monetary system has led to the fact that some national banknotes have not changed for gold and other currencies, referred to as the motto that only then exchanged for gold bullion.
formation of the first dependency
world monetary system and their evolution, in particular the adoption of the "gold exchange standard", led to the formation of the first dependency of some countries on others.There are only two GIF national currency for gold.This is a direct, intended for pounds and dollars, which played the role of slogans and indirect, for the other currencies in the system.In this consolidated MBC used a floating exchange rate.Through the use of foreign exchange intervention, the state of the world were required to maintain any deviations of the currency.That distribution of foreign exchange reserves among states formed the basis of the formation of relationships.
gold exchange standard was not long main MBC.After the liquidation of the crisis 1929 - 1922 years, the system was completely destroyed.Already in 1931, the United Kingdom fully renounced the gold standard and devalued the pound sterling.As a result, a number of European countries, including India, in Egypt and in Malaysia, the national currency collapsed due to a strong relationship with Britain economically.In 1936, the gold standard abandoned Japan and France.In 1933, in America, in parallel rejection of the exchange of banknotes for gold was recently banned the export took place abroad and the devaluation of the dollar in the order of 41%.This period, which is the evolution of the world monetary system will remember for a long time, a moment of transition to a fiat currency circulation of gold money, in other words, the loan funds.
The city of Bretton Woods in 1944 at an international conference gathered 44 countries.An agreement was reached on the formation of the structure of exchange rates korellirovannyh adjustable type.The system has existed since 1944 to 1976.Its main characteristics are:
- role of world money went gold.In parallel, we used such currencies as the dollar and the pound.
- Formed international financial institutions such as International Monetary Fund (IMF) and the World Bank for Reconstruction and Development (IBRD).The main task of the organization is to regulate the world's financial relations between member countries of the system.All member states of the IMF automatically acted as members of the World Bank.
- introduced a system of adjustable rate, which allows you to either keep the exchange rate at the same level, or adjust it by prior arrangement with the IMF.It was planned to set rates at a level that would allow states to effectively develop due to the benefits of international trade and capital overflow.If it is impossible to implement this program, courses were reviewed.
- binding the dollar to gold.The evolution of the world monetary system (discussed briefly in this article) has led to the fact that all countries have sought to dollar reserves.The right to exchange currency at precious metal had only America at a price of $ 35 per ounce.Other countries have announced their currencies into gold or dollars, supporting them by buying or selling those same dollars in the foreign exchange market.
- Formation fund of international reserves.Reserve contributions of each state determines the volume of international trade and corresponded to 1/4 of gold or dollars, and 3/4 of the national currency.That proportion of the fund directly affects the allowable foreign currency loan from the IMF.
situation in the world in the period of the "dollar standard»
evolution of the world monetary system, a brief that we can consider the example of the prevailing time standards, led to the fact that in the period of the "dollar standard" direction of development of the world economy began to ask state"Big Seven".They accounted for about 44.8% of the vote.America owned 18% and Russia - 2.8%.This formed the peculiarity that America and other states, "Seven" could directly affect the acceptance or rejection of any decisions.Since the introduction of the structure has been allocated a sufficiently large number of material resources for the development of a significant number of countries.
evolution of the global monetary system: the table structure of loans in the period of the "dollar standard»
size of the loan (mlrd.dol)
Despite the prospects of the system, it did not last long due to the fundamental differences of the national economy of the world.Start system crash gave America deficiency payment system, which passed in the form of dollar reserve world currency.By 1986, the US external deficit was equal to 1 billion dollars.In spite of the tolerance of the situation, the phenomenon had its consequences.In 1971, President Nixon refuses to peg the national currency to gold, as the Company expects the devaluation of the currency, and are beginning to buy gold that America, in accordance with the commitments have to sell.Dollar released to float freely, the era of "dollar standard" is completely exhausted.
«Standard special measures lending»
evolution of the world monetary system, summarized in question in the article did not stand still, and replace the "dollar standard" come "standard lending special measures."It was adopted in the period from 1976 to 1978, and is widely used today.The main characteristics of Jamaican currency system can assume the following provisions:
- Major abandonment of the gold standard.
- demonetization of gold formally adopted.The role of the precious metal as a global means of payment voided.
- on gold parities ban.
- central banks retain the right to buy and sell gold as a regular item at the price established on the free market.
- Adoption of the standard SDR, which could be used as a world money, and used as a basis for calculating exchange rates, the official assets.CRA is actively used for calculations by an international-type entries in the accounts and as a unit of account of the IMF.
- role of reserve currencies, the US dollar gained and German mark, the pound sterling and the Swiss franc, the Japanese yen and French franc.
- floating exchange rate formed in the currency market due to supply and demand.
- States have the right to establish their own regime for the national currency.
- Frames currency fluctuations are not controlled.
- formation of closed blocks of currency format that is considered to be members of the IMF became law.A striking example of this category of education - is the European Monetary System (ER).
world monetary system: its evolution nonlinear type
global currency system in the order of their appearance have led to the formation of the European Monetary System, which acts as a set of economic relations with regard to the functioning of national currencies within the European economic integration.EMU - an important part of the entire MBC.The structure consists of three main components:
- ECU standard adopted in 1979, which defined a new form of reserve ECU, which acts in the format of the tandem of 12 European currencies.
- freely floating rates with a range of deviations in the range of 15% as well as upward and downward.It provides a mechanism of exchange rates and interventions.
artificially by counting units by type of SDRs and the ECU can not be used as a real currency arising as a result of the integration of a number of states.Since 1999, 11 states out of 15 have agreed to the introduction into circulation the single currency - the euro.Already in 2002, the country which gave consent to the adoption of the new currency, fully integrated into the European area and completely abandoned its currency.
What criteria must meet the participants of the "euro zone"?
evolution of the world monetary system, in chronological order discussed above, is not only a linear structure.EMU became a branch, may join any of the countries that will meet a number of criteria:
- Inflation in the country should not be more than 1.5% higher than the value of the identical performance in the three states with a minimum increase in the cost of goods and services.
- the country's budget deficit must be less than 3% of GDP.
- Public debt must be within 60% of GDP.
- rate of the national currency for 2 years did not have to cross the corridor set by the EBU standards (+/- 15%).
monetary system peculiar to industrialized countries, controls not only the monetary payment transactions, and internal cash flows.It is the most practical solution in the world today.At the same time, the evolution of the global currency systems and modern problems of currency tightly linked since its origins from one source.
MFS Communications and national financial systems
evolution of the world monetary system, which is briefly discussed in this article began with the spontaneous functioning structure, based on gold reserves, and gradually modernized in a targeted and controlled structure, which is based on paper-credit material resources.The development of the MBC is a step in the move, with a range of 10 years, with the dominant stages of formation of national monetary structures.The internal structure of the monetary economy gradually transformed from gold coin standard in gold bullion, then in the gold exchange, and finally came to the paper and the credit system, where the main role belongs to the credit facilities.
Bretton Woods system
(1976 - 1078 gg.)
gold - coin standard
Gold- coin standard
gold coin standard
Standard: ECU (1979 - 1988 gg.), the euro (since 1999)
The use of goldas the world's currency
Konverta- tion of currencies into gold.
gold parity.Gold as a reserve and means of payment.
Konverta- tion of currencies into gold.
gold parity.Gold as a reserve and means of payment.
ruyutsya currencies convertible into gold.