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|home Finance A penny is a loan - Savluk M.I.|
A penny is a loan - Savluk M.I.
The result of the evolving commodity statehood and the dominance of economical and small pennies were progressively different, swelling of different forms, and it is possible to classify according to criteria (Fig. 4.1).
Deposited in form, in the simplest function pennies, to see and to see penniless systems:
- a system of metal obigu, if a groshovy metal is interrupted by interruption in obigu and all functions of pennies, and banknotes are secured by the exchange of metal;
- a system of papier-credit obigu, when yakіy in obigu lighter buy less signs for pennies metal pennies - treasury bills or banknotes.
Metal systems were historically seen in forms of metal and mono-metal. In the era of the primary accumulation of capital (XVI - XVIII centuries) penny systems, as a rule, were based on bіmetalіzmі, scho winery for hours of feudalism.
Bіmetalіzm is a groshov system, in the main role of the ignorant equivalent, the legislature closed itself behind two metals - gold and sir; coins of this metal were carved and wrapped in rivne ambushes, banknotes were sent to pay off for offending metal.
Historically, the most common type of money used in the system was the parallel currency, for which there were two gold coins and one gold coin that was added to the market, it’s only possible to pay when the gold coins were paid in gold. There were deeds of difficulty, which meant that there were two out-of-place equivalences on the markets, and that meant two world mi, two systems of value. The situation was accelerated by the constant winter relationship with gold and the average for the wart. In order to simplify the situation, the state instilled in the legislative order both the two and the other two metals, which were wrapped in fresh ambushes for the open carburet.
I will call such a recurring bіmetalіzmu dіstav "the system of ruled currency".
Alya vstanovlenie fіksovane vartіsne spіvvіdnoshennya often not zb_galosya with a real market. All of this was due to irregular productivity growth with a view of gold and that led to the fact that the profitability of one penniless metal was whining, and that of the old was underestimating. That metal, a certain Bouv for the law is underestimated, having come to defy metal, the wisdom of the One for the law of the Bull is envied. The whole manifestation of the law of Copernicus-Gresham was manifested: "Girshi pennies vitisnyayut z obigu kraschi".
So, for example, XVII century in England bulletin oftentimes the number of gold and gold is fixed at 1: 15.5, the water hour at France and the Netherlands is set at 1: 15, and the market rate is set to gold at 1: 14. Thus, in England the wartiness of gold behind the law of the bullion is envied by 4%. Tom vigіdnіshe bulo pay gold, more payer at
I decided to deny the 4% of the total payment to the economy. Yak naslidok, srіbnі coins viluchalsya from obigu. The stinks were re-melted at the cream and transported for the cordon by buying gold zlivkiv for re-charging them from the coin for obigu. Zim itself was explained by the fact that for 15 years - from 1702 to 1717 p. - in England, gold coins are bullion-chipped for 32 times and more, lower than average.
On the cob of the XIX century. the United States of America’s official relationship of gold and gold was fixed at 1:16, and in Europe - 1: 15.6. That is underestimated by the law, which was imported from the USA to Europe in exchange for gold. In the United States, there is a big deal, and in European countries - gold.
The system of "culpable" currency is called so-called bimetallic bulla, for which one of the kind of coins will be scribbled in the closed order. Butt є French groshova system, if 1873 p. the bulo was blocked by a vilné carbuvannya srbla, but for 5 frank srbnimi coins, the strength of a legitimate payment plague was unbounded. Tse Bula test vryatuvati bіmetalіzm.
However, bіmetalism did not meet the needs of the advanced market gospodarstvo, moreover, like the world’s two metals, the number of functions of pennies has been cut off. Over the world’s vartost’s, there’s only one more metal that is actually practiced. Because of the large amount of capital gross pennies to the core, more and more often they borrowed credit pennies and bezgotovkі rozrakhunki.
On the cob of the other half of the XIX century. the tsar of Europe has gone to great lengths to save bіmetalism with the help of international covenant - the so-called Latins coin union. At the conference 1865 p. Bula was placed to please the middle of France, Belgium, Italy and Switzerland for the goal of stability of a penny on a base metal basis. Tse Bula Persha test of mid-term regulation of groshovy systems. In the territory of the Latvian coinage union, the largest number of gold coins was won in case of hard gold coins and gold coins (1: 15.5), the same amount of gold coins are available for all of them. Territories of the Iners. Such a union of countries with a positive membership of the European Union of Europe, in front of the United Kingdom and Nimechchini. Ale vіn having expressed not dovgo. Znetsіnennya sіrbla for example XIX century through the price reduction, it called before the actual exchange of gold and gold coins for the wart became 1: 20, 1: 22. Yak insured, underestimated for the law of gold coins seemed to go from the sphere to the belongings. Tse Vreshti-Resht called up to the decay of the Latin monetary union. At 1878 p. Vilnius carbuvannya sribla near the lands of the Union Bulo Union is buried and all the lands of the country have gone over to golden monometallism.
Monometallism is a groshova system, for the role of the ignorant equivalent to the vikon, there is one metal: gold (gold monometalism), but it is safe (mono-metal), while for the sake of fun the coins and cards are used for roaming.
At the time of the development of capitalist statehood, bimetalism is paid to monometalism, while monetalism is given to gold. Srіbny monometallism was lost in Russia in 1843-1852 pp., In India in 1852-1893 pp. In Holland in 1847-1875 pp.
England by feather went over to gold monometallism, for example, in the 18th century. - on the cob of the XIX century. In the remaining third of the XIX century. Think of them for a wide provision of gold currency. Zavdyaki their portability (greater visibility, which is significantly less than the value of the coin, lower than the average coins), gold coins have come to be used for obigu. Golden monometallism was introduced in Nimetchin - from 1871-1873 pp., From Shvetsia, Norway and Denmark - from 1873 p., From France - from 1876-1878 pp., In Austria - from 1892 p., In Russia and Japan - 1897 p., In the USA - in 1900 p.
Golden monometallism isn’t found in many forms: the gold coin standard, the gold-cream standard and the gold standard.
The gold-coin standard is imbued with a classic form, with the following:
- the gold of all the functions of pennies;
- gold coins and banknotes were sold in exchange, rozminіnn them. Noted in obig gold coins didn’t wake up an excitement for them. Navpaki, ikh often took the plunge to take off as the unskilled in obigu;
- vіdkrite carbuvannya coins із fіksovanim gold vmіstom. The golden war of the English pound sterling dorіvnyuvav
7.32 g, dolar - 1.5 g, franc - 0.29 g, mark - 0.35 g, Russian ruble - 0.77 g;
- the largest amount of gold and foreign currency between the countries of the country, due to which there are currency exchange rates of the foreign currency parities in the range of the Golden Dots.
Depends on the procedure established by the legislation for securing banknotes with gold, there are a lot of banknote systems. The English system of banknotes has the following principles: 1. Legislation fiksuvalo the maximum contingent of unsecured - fіdutsіarno - emіsії. Zgіdno Act 1844 p. tsey
contingent established for the Bank of England in the amount of 14 million f.
2. To solve the banknote emisi, as the law did not limit, obov'yazkovim bulo 100% metal pokrittya.
French banknote emisi system, Yaka Bula introduced at
1870 p., Transferred:
1. Legislatively established the most infamous banknote emіsіі.
2. None of the obvyazkovyh norms of metal coatings did not rise.
І Nimetska system of banknote emisi for the law of 1875 p. reduced to this:
1. In the legislative order, the maximum contingent is not secured with gold emisi.
2. Legislation allowed the issuance of not secured with gold banknotes ponad establishments maximum, ale taka dodatkova emisiya was taxed at 5 percent surcharge.
3. Not less than 1/3 of the total amount of banknotes is small; you need to have a gold reserve.
The American system of banknote emіsії, the bool was introduced indirectly with the Federal Reserve Act of 1913 p., Characterized by the following:
1. The minimum rate of metal cover was established for all banknote accounts with 40%, and the Reshta paid for security with commercial bills.
2. There was no increase in the maximum contingent of ani for financial statements, and for a banknote in general.
Rosіyska system of securing banknote emisi for the law of 1897 p. lied in this:
1. Gold security guilty blame for becoming no less than 50% of the total amount of credit cards of the sovereign bank for remembering the maximum amount for a sum of no more than 600 million kb.
2. Emisiya ponad set the sum demanded a 100 percent gold security.
The gold-coin standard is the most stable, self-regulating groshov system. Self-regulation came about in terms of adequacy of bartosti, yaki were turned into pennies to obigu, bartosti to metal, a kind of coins and ig bank butts were held in exchange for banknotes. Zavdyaki to the big deal, the uncounted carbuvannyu of gold coins and the unencumbered exchange of banknotes for gold masa pennies in the obigu verbally steadfastly consumpted to consume them through the mechanism of the belongings. In the period of decline in sales and commodity circulation, the need for pennies decreased, the stench came out of circulation, shifting to the belongings. When expanding commodity circulation, pennies went up to the sphere of obigu. Itself in such a way vіdbuvalosa reguliuvannya masa pennies in obigu.
The stability of national pennies, the stability of foreign exchange rates have spurred development, capital markets, credit markets, international trade, and capital and financial markets.
The functions of the gold-coin standard were reduced by the availability of gold reserves at the central banks, as they were serviced by the reserve fund of the internal banknote, they secured the exchange of banknotes for gold, and they had a reserve of old pennies. Vitrati powers to secure obigu gold coin boules significant. Banknotes were widely distributed for ikhs; In the process of historical development, there is a possibility of exchanging gold coins with gold coins and with their representatives - banknotes - progressively different. For example, in the USA, Great Britain and France, it was too expensive in 1815. 3: 1, 1860 - 1: 1, 1885 - 1: 3. Until 1913 p. gold coins became 1/10 of the groshovy mas. Ale groshova the system failed in stability, the basic principle of the gold-coin standard was lost.
Papier-credit systems are penniless systems, for any serviceman penniless signs (papierov abo metal), they don’t have to change internal cards. Such a penny system є regulated, the power to take care of the goiter’s duty to secure the steel wisdom of the name of the penny signs. Roserize pennies and pennies systems and systems of credit pennies not exchanged for gold.
For the Papier system of penniless money of small letters, to change the form of treasury bills, to be the sovereign treasury to cover the budget deficit. In such a case, the issue of pennies is not tied to the needs of commodity goods, but it is only necessary to cover the deficit of the sovereign budget, which should lead to reinsertion of the pennies of pennies and up to them of znets. Prior to such systems, as a matter of history, the territory, as a rule, went into an hour of extraordinary elevations, such as viii, crises of the apparition.
At the rock of the First Light, the growth of budgetary deficits, having covered their poses and the number of pennies, caused an overwhelming amount of pennies, they called up to the pinning of the big pennies of gold. At one hour, the gold-coin standard was pinned down from the lands of the country, and they took their part from the winners and those from the greater and greater lands (the USA
seven Latin American krai). Bulo is pinned up on rozmіn banknotes for gold, zooboronny yogo vivіz for the cordon, the villagers zaboronali volodyti gold at the monetary form, gold went to the scarlet, so that vidbuvsya transition to papierovyh penny systems.
According to the lack of information in the United States, a gold-coin standard was seized. At the most important country, there’s an inflection of papermoney pennies, which means that you have cleared the trivial hour and won’s closed.
For new historical and political minds, turning to a classic gold-coin form is even impotent. One of the reasons for this is irregular gold reserves. At that hour, if the pitoma of the USA was in the centralized gold reserves of 1913-1924 pp. it grew from 31.7 to 46%, the pitoma of the vagus of the European Krai fell from 49.3 to 34%. It significantly accelerated the upgrade of the gold coin standard.
The main reason for the blasphemy of pragnennya powers to the centralization of gold as an important resource for financial vipadok new viyn. There are European powers, such as Mali, the largest gold reserves (England and France), they’ve got used to come in order to centralize, keep them in good condition at the central banks.
In the course of the penniless reforms (1924-1929 pp.), Turning to the gold standard was in two new forms - gold and gold standard.
The Zolotozlivky standard is priced at a groshov system, for a large amount of gold coins and a large amount of money, exchange of banknotes would be more expensive for gold money with singers' singers. In the UK, the price of a standard 12.4 kg wagon was 1700 l. Art., at the French price zilna carriage 12.7 kg - 215 thousand. fr.
Most of the land (Nimetchina, Austria and India), while they have not got enough gold reserves, have gone over to the gold standard. In addition to the standard, there is also a common currency of gold coins and a higher amount of currency, while the exchange of banknotes is for foreign currency (devise), as well as exchange for gold. At such a way, the indirect sound of pennies of 30 units of gold and silver is indirectly wondered.
Zolotozlivkovy and the gold standard were bored with pennies without gold, because the gold function didn’t pay off. The very same standard is called “urizany” forms of the gold standard.
The residual collapse of the gold from the tandart of the yak penny system is bulo accelerated by the economic crisis of 1929-1933 pp. Unsurprisingly, the gold standard of Bulo was packaged in more than one country (in Great Britain, Nimechchin and Japan - in 1931 p., In the USA - in 1933 p.).
Writing Holy Crisis 1929-1933 pp. the gold standard the singing hour is lost more at the lands of the so-called "golden block": France, Belgium, Holland, Switzerland, Italy and Poland. At 1935 p. the gold standard was seen in Belgium and Italy, and in 1936 - Usіinshchyna. From that hour, the system of papered-credit pennies was established. And the one international monetary system, which was based on gold monetalism, did the same to the foreign exchange groups — currency blocks and zones.
From the 30th rock of the XX century in our countries a system of credit pennies has been established, not redeemable for gold. Today’s pennies for the day are credit pennies that are implicitly linked with the state turnover and really drive the rubble. That’s because you’re just penniless at your basic mass є not less than the number of wartosts, the title of platform, and the first real bit of goods, material values, and capital.
Characteristic rice of ordinary penny systems є so_:
1) the loss of the name of the gold from the gold of the inherited wealth of internal and external turnover;
2) the issue of pennies in obig is not only for the credit of state thanks, but for credit of the state;
3) a wide distribution of bezgotovkoy obigu and change of gotovkoy;
4) chronic inflation;
5) sovereign regulation of a penny obigu;
6) the presentation of the official gold banknote, the security and the exchange for gold;
7) development of integration processes in the sphere of pennile-credit loans.
Credit mechanism of pennies is based on the principles of credit (commitment, security and other principles), and I change my mind for securing pennies as a way to form a special mechanism for regulating the cost of money. Ninety-five minutes of pennies are monopolized by the state, so as to take care of yourself, there is no need to protect the pennies, now you have to sign up for the central bank of the country of кра. Банк банк банк.
For singing minds, the credit nature of bank bills can be formal in nature. The Rosalad of the economic life of the slush of energy on the nature of the function of credit and financial institutions. Vidmina gold conversion, and then vidmova vid pidrimannya the market of the greenhouses repeatedly led to the proximity of credit and sovereign paper pennies. Zberіga-
Yuchi formal signs of credit pennies, banknotes were emitted without any kind of security. However, the price is less in the minds of the new disorganization of the economy. The bank system actually disintegrated, it spent a lot of money regulating flows. For example, it itself became so in the period hyperinflation 1918-1923 pp. у Німеччині, коли рейхсмарки формально залишалися банкнотами, але імперський банк-емітент фактично перестав бути центральним банком і перетворився в казначейську структуру уряду.
Випуск банкнот задля покриття бюджетного дефіциту змінює характер їх функціонування, призводить до непропорційного розбухання грошової маси в обороті, сприяє виникненню та поглибленню інфляційної ситуації.
Унаслідок значного зростання грошової маси в 1991-1993 pp. грошова система України мала характер паперовогрошової, коли за рахунок кредитів НБУ фінансувався весь дефіцит державного бюджету. Це був період повного розладу економіки, грошової та банківської систем. Інфляція у 1993 р. перевищила 10 тис. відсотків за рік.
Грошові системи залежно від ступеня втручання держави в економічні відносини можуть бути ринковими та неринковими. Неринковим грошовим системам притаманне переважання адміністративних неринкових методів регулювання грошового обігу, що проявляється насамперед у штучному розмежуванні його на готівкову та безготівкову сфери. Такі грошові системи відповідали потребам адміністративно-командних економічних систем, що мали місце у колишніх соціалістичних країнах.
Для ринкових грошових систем характерним є переважання економічних методів та інструментів регулювання грошового обігу. Такі системи властиві країнам з економічними системами ринкового типу.
За характером регулювання національної валютної системи грошові системи можуть бути відкритими та закритими.
Для відкритих грошових систем характерним є мінімальне втручання держави у регулювання валютних відносин всередині країни, що виражається у дерегулюванні валютного ринку, повній конвертованості валюти, ринковому механізмі формування валютного курсу. Таке можливе лише за умов достатнього розвитку та відкритості економіки країни.
Закриті грошові системи характеризуються наявністю значної кількості валютних обмежень, що проявляється в адміністративному регулюванні валютного ринку, неконвертованості валюти, штучному формуванні валютного курсу та ін. Такі грошові системи характерні для країн із закритою економікою. Закриті грошові системи були притаманними СРСР та країнам так званого "соціалістичного табору".
Грошова система України нині має кредитний ринковий характер, який формувався поступово в процесі ринкової трансформації її економіки, розвитку грошового ринку та його інфраструктури.
Однією з тенденцій розвитку світових відносин є інтеграційні процеси, які охоплюють не лише економічні зв'язки, а й національні грошові системи держав. Вплив світових інтеграційних процесів на трансформацію національних грошових систем найяскравіше проявився в Західній Європі, особливо в Європейському Співтоваристві, де з 1 січня 1999 р. у безготівковий обіг було введено нову грошову одиницю - євро, яка стала єдиною валютою країн Європейського монетарного союзу (ЄМС). Створенням цього Союзу завершилося формування в країнах ЄС єдиного внутрішнього ринку товарів, послуг, капіталу.
З 1 січня 2002 р. передбачається випуск євро в готівковий оборот з паралельним обігом з національними грошовими знаками, а з 1 липня того ж року - поступова заміна ними національних грошових одиниць.
Для вирішення монетарних проблем у межах ЄМС створено Європейський центральний банк, який розміщено у Франкфурті-на-Майні, а національні банки держав-членів будуть лише реалізовувати валютну політику, визначену цим банком.