Under the monetary system in the modern world is understood as the monetary circulation in developed countries and financial relations with other countries.The world monetary system did not immediately took the form in which we are accustomed to see her.
Initially, the system has evolved spontaneously, no attempt to control it.While it was based on the gold standard, but gradually it began to be regulated.As a result, it came to the fact that it is based on paper-credit money.
modern world monetary system has gone a long way of development, which largely repeated the steps that had to go through and the national monetary systems of individual countries.For example, the original any national monetary system based on the gold standard, gold has been a guarantee of stability and acts as a payment method.Later, the use of gold coins abandoned, using only bullion as collateral.In the last stage, these systems have use of paper-credit money, it is already a major role gets credit.
monetary system in the international arena
Around the same way done and the world currency system.While on the world stage are several other laws of development of the situation was similar trends.The main difference is that in international relations has never been a period of gold coin and bullion use persisted for several centuries.
However, at the same time there is a development of the various subsidiary lending money.Initially, they started special notes or checks.All this is an expression of debt of a country in other states or the international community.
world monetary system in the twentieth century
the beginning of the twentieth century the situation began to change in the world, is primarily expressed in economic and trade relations between states.In this situation, the world monetary system fails to satisfy the requirements of such a relationship.It took reforms that could bring the system to a new level.
national and world monetary system had become less spontaneous, so needed a reliable control.In this regard, the 30th year of the state switched from using gold bullion standard for paper and credit relations.This system gave some additional opportunities for economic regulation.
greatly affect this situation the Second World War, which significantly changed the balance of power in the world.In particular, the large gold reserves are concentrated in the US, so spread the influence of the dollar.
In 1944, the first time it was decided to formalize the principles of the world monetary system.At the UN Conference recognized the basis of gold and the dollar and sterling have called the major currencies of the world.Then it was founded the International Monetary Fund.All this helps to make the world a convertible currency, and it has helped resolve many relationships and get rid of the chaos that prevailed then in the international economy.
Later, however, the situation began to change Europe, and Japan were able to bypass the US gold reserves, so shaken the economic basis underlying the international monetary system.The dollar began to fall, and many countries have refused to support the exchange rate of their national currencies with the dollar in the equation.US devalued the dollar, and in many countries moved to floating rates.
Since 1973, the price of gold began to define the international markets and the world monetary system got rid of the influence of gold.Such attitudes still persist, although periodically amended, which would meet international requirements.
