monetary system of the world is a form of organization of monetary relations established at this stage of market development.Its emergence is due to the emergence of money and the start of their operation as a means of payment in international payment transactions.
evolution of the monetary system has become quite a natural phenomenon, without which the world economy would be impossible.As an introduction, and the abandonment of the gold standard - is a response to the demands of the times, as well as confirmation of recurrence of human history and the world economy.
Stages of development of the international monetary system and their features
1. The system of the gold standard (1821-1939), according to which any currency had to be backed by gold.Banks in each country pledged to ensure free convertibility of their money on noble metal on request.The currency system assumed fixed exchange rates fixed for each individual currency.Of course, this has a positive effect on the development of trade between the countries and the international investment thanks to stabilize the economic situation.However, this monetary system, and had a number of shortcomings that led to the fact that on the eve of the Second World War it was abandoned.Among them is the well-being of the population is not dependent on the development of the economy and by increasing or decreasing the production of gold, as well as the inability of countries independent monetary politiki.2.The Bretton Woods system (1944-1976).This monetary system presupposes floating exchange rates, allowing them to respond to market changes.The course of currencies was fixed in dollars, and the US government was to ensure the exchange of its currency for gold.It was during this period created such influential international monetary organization as the IMF, the main goal of which is precisely the development of trade between the two countries, as well as cooperation among them in the field of monetary relations.But over time, it appeared that the government was not interested in adjusting the exchange rates of its currency and the proper level of liquidity can not be guaranteed.In addition, dependence on the US, too, has not been pleasant for many stran.3.In 1976 it was decided to go to the Jamaican currency system, according to which the exchange rate of any currency is determined by the law of supply and demand.Modern monetary system requires a separate definition of central banks of the exchange rate regime, which ensures its long-term flexibility and short-term stability, which favorably affects the development of trade and finance.The disadvantages of the Jamaican currency system include: high inflation, sharp changes in exchange rates and the volatility of the economic situation in the market.In this regard, the leaders of each country should pay more attention Strategic and Operational Planning, for now, only on their concerted action depends on the well-being of the population.
