To date, the international monetary system is a complex, rapidly developing and transforming the system.Naturally, the main countries that give one or another vector, which determines the development of the world monetary system, are the countries with developed economies.This is not surprising, since this block players in all markets of the world has a fundamental advantage in the gold-currency capabilities.
It should be noted that the evolution of the world monetary system includes four full-length stage, which is based on four different systems of international monetary relations.The first stage of development, or rather stage of formation, was a system of so-called gold standard.Under this system any currency, which had circulated in the internal market (in most countries) could be easily translated into gold.We formed a similar relationship quite spontaneously, and it happened at about the end of the 19th century.It is clear that all the stages of development of the world monetary system, including the gold standard had its own specific features.In this case it is: each monetary unit has its specific content of gold equivalent;convertibility into gold took place, both within the state and outside it;the formation of a clear correlation between the gold reserves of the country and the corresponding money in circulation.These stages of development of the world monetary system is meant by the presence of a fixed exchange rate.It should be noted that the fixed exchange rate over time with the development of economic relations has lost meaning and was replaced by a system of connected courses.
second phase, which has experienced the evolution of the world monetary system, has become the gold exchange standard.The essence of this system reduces the possibility of exchange for so-called slogans, that is, checks, promissory notes, bills of other countries, which, in turn, can be exchanged directly at the gold.This step, while continuing the further development of the world monetary system, has been adopted by the world community at the Genoa Conference, held in 1922.As you know, the role of the motto of currency in this period were presented to the British pound and, of course, the US dollar.It has since started the actual dominance of the currency in world markets.
next stage, which took place the evolution of the world monetary system, has become familiar to us gold exchange standard.This system was formed under the pressure of dynamically changing conditions of the world economy in the period of 30th - 50th years of the last century.It is worth noting that, in principle, de jure, the system was legalized in 1944 in the US Bretton Woods.In this case, monetary currency exchanged directly, without the involvement of gold, which was the principal aspects of the organization of global currency relations.It should be noted that gold is currently developing, as in previous stages of development of the world monetary system, has retained its function of priority and final settlement between the different states.
number of global crises, especially energy in 1974, finally and irrevocably discredited the Bretton Woods system.In 1976, the evolution of the world monetary system has moved into its final stage, at least at the present stage of development.A distinctive feature of this phase was the abolition of the function of gold as a monetary unit.It has become a kind of a commodity, however, very liquid.In addition, at this point, a system of so-called floating rate, which we see today.
