To date, none of the legal state in the world can not exist without the monetary system.Monetary system and its elements are the unit of monetary circulation of the country's domestic economy, which was formed during five centuries of history with the subsequent approval of the legislation of the national government.The main difference between the monetary systems in different countries is a universal currency.
Currently, the monetary system and its components formed from structured types, which are the carriers of metallic currency system, based on real money (silver, gold, platinum coins, etc.) and the system of credit and paper circulation (monetary component of the displacedsign of the value).In turn, the type of metal of the global economy falls into bimetallism and monometallism.
Bimetallism characterized by the use of two standard cash equivalent - silver and gold.This kind of monetary system to function centuries XVI-XVIII, while there was an unlimited number of free coinage of coins with both types of metal.This kind of monetary system has led to fluctuations in the economic situation in the market, because the use of two metals causes fluctuations in the price policy for goods and services.Therefore, the development of capitalism, which required a stable monetary circulation, leading to a single transition to monometallism.Monometallism characterized using a single metal (silver or gold) as universal equivalent.With the development of this type of monetary system of gold monometallism acquired substantial changes, divided into the gold coin, bullion and gold exchange standard.The gold standard used freely within the country but was banned for external trade posts.At the end of the long First World War, this standard was canceled due to a sharp metal deficit due to military spending.His replaced by gold bullion and gold exchange standard.These types involve the exchange of banknotes for gold bullion or mottos (cash payment of foreign currency), which also could be exchanged for gold.However, these standards were abolished following the global economic crisis, which led to the introduction of a single paper-credit treatment system.This system is based on a single issue of banknotes within the country.The monetary system in Germany is a clear example of the historical development of money circulation.
international monetary system and its elements was formed in 1944 at a meeting of Monetary and Financial Conference of the United Nations organization in the United States in Bretton Woods, where it was decided to introduce inter-state gold exchange standard.It was discussed and fixed some rules:
- Gold was recognized as the ultimate means of payment between the countries in fulfilling the function of world money, and also served as a standard for evaluation of social wealth.
- Along with the use of gold in the world economy was introduced currency US and Britain - the dollar and the pound sterling.
- Installing the market value of gold was formed on the basis of the official value of the United States.
- national currencies can be freely exchanged for dollars in the country's central bank, and then in gold.This exchange is facilitated opportunities of multilateral settlements between the countries.
a result of weakening of the external position of the US market due to the depletion of gold reserves in the country, the international monetary system and its elements, which was based on the benchmark of the dollar, suffered bankruptcy.In place of the dollar reserve currencies come - DM, SDR, ECU and the Japanese yen, and the dollar price of gold has been officially canceled.
