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A penny is a loan - Savluk M.I.

6.6. SVITOVA TA MIDDLE CURRENCY SYSTEMS

As a result of the evolution of the international gospodarhood and the international gospodar of the highest ratings based on the national currency systems, the mechanisms of the mid-term currency regulation are formed on the basis of the national currency regulation - the regional and international currencies.

The Svitova currency system is completely divided by the powers and secured by international covenants, a form of realizing foreign exchange loans.

Warehousing currency system є:

* Forms of international interest in payment (gold, national currency, international currency units - SDR, ECU, Euro);

* unification of the currency parity regime and course;

* Think of the possible conversion of currencies;

* unifikatsiya rules of international roses;

* the regime of foreign exchange and gold markets;

* international monetary and financial organizations;

* International regulation of currency exchange transactions.

The Svitova currency system has passed through its development at this time, being enriched with a step by step the development of the Svitovaya market, international calls, types of national penny systems.

The first in the history of the new currency currency system of the system is based on the gold standard. Vaughn took shape verily on the occasion of XIX-on the cob of the XX century. yak sukupnіst national currency systems. It didn’t give rise to any international standards, they regulated currency exchange rates, but for the most part they didn’t consume it. The paid turnover of servants is overwhelmingly gold. The basis of exchange rates for all periods is becoming currency gold parity. Exchange of national currency to foreign currency was not excluded, having lifted the highest level of foreign currency and gold from abroad to the country, it was consistent with the stability of foreign exchange rates. Currency exchange rates for currency parities and for the interchange of gold reserves. The system has led to the minds of the rapid development of productive forces and the establishment of a pan-capitalistic viral tribute to the age of competitive competition.

Transition of capitalism to a monopolistic stage of calls before the gold-coin standard has entered into superecreation with new economic minds. Winning becoming a concentration center and a centralized capital, interests the monopolies and powers, by galvanizing the regulation of the economy for their interests.

In addition to the gold-coin standard, I have written the first year of the Prize of the Prizes, the mechanism of the gold standard, which has been legally issued for the decisions of the Genoa Conference (1922 p.). Tse Bula friend svitova currency system.

At the period of economic and economic crisis 1929-1933 pp. With the collapse of the gold standard, the United One Currency System ceased to exist. Won broke into currency blocks, like vikoristovuvalsya like a number of currency wines. Persim at 1931 p. Having appeared the sterling block is written for gold standard in Great Britain. To the warehouse I saw the edges of the British Empire and the Empire of Power.

At 1933 p. In the USA, the Dolar block was set up for gold as a standard, until the warehouse was apparently reached by the USA, Canada, as well as Latin America. France, Belgium, Netherlands, Switzerland, and then Italy and Poland were opened in 1933. gold block. Many countries have saved at the rock of the world economic crisis of the gold standard. Yogo Bulo was packaged in a deprive of 1936 p.

The prejudice of the country before that of the first foreign currency block began with the introduction of a solid national currency exchange rate to the main currency, the need for the accumulation of gold and foreign currency reserves at the banks of the country, through the majority of banks through the whole of the banks. In an hour and a month, on the basis of foreign currency blocks, currency zones were set up on the basis of currency blocks. In the form of foreign currency blocks in the country, they included up to currency zones, boules connected with the hegemonic country є a single monetary and financial regime and the same system of currency exchange.

The creation of foreign exchange blocs and, more recently, of foreign exchange zones has overshadowed the tendency to international state support of zv'yazkiv, which has been favorably favored. At the same time, in the midst of fate, the currency sphere of the Bula is the arena of the state middle superstition. Everything zoomed in the temple of the dynamism of the development of the private currency system.

For example, another order of the world with a complex set of problems, I will arrange a win-win, I need the creation of a new currency system of the currency. For the sake of succession, the United States came forward, as if they were interested in expanding their energy to the global market.

At the same time, at the bank treasury of the United Kingdom and the United States, there were two plans for negotiation - Keynes's English plan and White's American plan. J. M. Keynes Visunow Idea Form for Replacing the Gold of New Payments - “Regulated Currency”, established on the basis of the so-called “International Clearing Union”. Navpaki, White’s plan by putting great value in gold in the international monetary system.

At trivial negotiations in the United States, we pinned great gold reserves for rock, we agreed to adopt Keynes’s plan and, with the help of a political and economic vise, we approved all the respectable plans of White.

At the International Monetary and Financial Conference of the Kyrgyz Anti-Government Coalition, which was issued in 1944 p. at metro Bretton-Woodsi (USA), boulevards are based on the basic principle of monetary and financial arrangements, I’m probably the third third, or Bretton-woods, currency system. For the sake of pleasure, it began dіyat s chest of 1945 p. Після Піпписінії її 35 countries. The Radyansky Union at once with all the countries of the anti-Hitler’s coalition taking part in the conference, ale, cherishing political motives, having imagined to ratify them, please think.

Change your mind about the Bretton-Woods system of boules formed in 30 years of succession of love to the mechanics of international roses, based on the gold standard. The basis of the Bretton Woods system was the system of the gold and foreign exchange standard, which was transformed by the system of the gold and dollar standard in a year. The main features of the Bretton Woods currency system:

* order іz gold yak svіtі reserve and rozrahunkovі currencies vikoristovuyutsya two national currencies - the US dollar and (significantly less) the British pound sterling;

* United States pdtrimannya rozmіnu paperovogo dolar for gold for official price: 35 dollars. The United States for one triple ounce (31.103 g) of gold, ale tilki for central banks and state-owned institutions in the country;

* establishment of the International Monetary Fund (IMF), which I would like to help members with a loan for the implementation of foreign exchange interventions, and the Bank for Reconstruction and Development (IBRD, as well as Svitovy Bank);

* Of course currency rates were established through the valuation of the new gold price (scale of the price) and the previous one firmly to the value of the US dollar. The stinks could have been less than 1% offensively without the IMF’s weather. Devaluation of ponad 10% vdidvuvalis less for the misery of the IMF. Schob to protect the exchange rate between currencies, central banks boulevard currencies and currency exchange rates in dollars;

* middle-term regulation of foreign exchange loans by the leading rank through the middle of the IMF. Winning the notice of ownership by the participating countries of official currency parities and the course. For the winter parity, but the introduction of foreign currency exchange rate is the IMF;

"through exchange on centralized channels of gold for currency (at different world levels of reserves); however, on the spot, currencies for gold sovereign organizations are able to choose from foreign countries for payment balances;

* at times, through the mechanism of the IMF, with one of the hardships, one credit could be applied in foreign currencies to finance the deficit of the balance of payments.

The result of the Bretton Woods pleasing the United States is that they have the ability to finance their own great majestic vitrati for a small pile of short-term dollar bargains, which clearly reflects the need for foreign exchange.

The Bretton Woods system stretching from the 50s to 60s of rocky spirits rozvitkovі international economy zv'yazkіv. The water hour there is a mestile of gliboki internal super-transcendence. The rozmіn of paparovy dolar for gold for the official price of the most valuable in the minds of the stability of the first couplings. Assigned umova є also necessary for the teaching of steelwork of the exchange rate. Protezpechity tse in the minds of the Papier-gr oshovoy obigu appeared to be impotent.

From the end of the 60s, the crisis of the Bretton Woods currency system has vibrated, which has led to the fall of Russia. In new minds, the "Dolar standard" ceased to show the best possible strength, as it was characterized by significant growth in the domestic economy of the Japanese market and Japan. In addition, the great deficit in the balance of payments of the United States, the piled up reserves in foreign central banks, the change in the gold reserve - all of these were due to the fact that the Bretton Woods system made the deal far too tight for the United States.

Until 1970 US short-term call borg at 6 times overpowering gold reserves. If the hairdoors of the Dolar goiter'yazan had presented them at once for swapping, the United States would have blown up the goofs to bankrupt themselves. Masova was chasing after the pursuit of gold, as she had the greatest asset and the most valuable asset. The gold price was approved: ofitsina - 35 dollars. For one and that rinkova, scho in rezivovala overreached ofitsіynu.

One of the Bretton Woods system’s system, which was ruining itself, was J. Keynes’s idea of ​​creating a “regulated currency”. The United States has an interest in such currencies, to obliterate the role of gold in the international currency systems, and the role of the head reserve currency for the dollar. SDR itself became such a currency.

SDR - special drawing rights reserved by the International Monetary Fund (Special Drawing Rights) - piece by piece of the international reserve fund for regulating balance of payments and reserve balances and opening reserves in the IMF.

Vipusk SDR pozochchaetsya s 1 sіchnya 1970 p. At the same rate of exchange of national currencies, exchange reserves are valued. Technically, an SDR issue was secured by a special entry on the cobblestones of the IMF’s Krai members. On the other hand, the qa odinitsa is small in golden age, becoming 0.888671 g, and I was up to

Dolara SILA. Pislya devaluation dolar in 1971 and 1973 pp. course odnitsі SDR p_dvishchivsya to 1.2dol. With the transition to “floating” courses, the SDRs are identified on the basis of the average value — the “currency cat” —through the exchange rate of exchange, so that I can buy and sell at international trading.

З 1 Січень 1999 р. to the warehouse of the standard "cat" enter the currency with your pet: US dollar - 39%, Euro - 32% (deputy of the German brand - 21% of the French franc and 11%), 18% and the pound sterling - 11%.

Drawn 1971-1973 pp. the Bretton Woods system fell apart. An ear of honor came from the announcement of Toddish President of the United States R. Nixon 15 sickle 1971 p. about pinning rozmіnu dolar for gold and engaging in "suprasubstantial visits" rather vryatuvannya currency. Tse meant the actual collapse of the Bretton Woods system.

For the sake of the benefit, the Bolsheviks reached the IMF’s largest Ukrainian participant at the metro station Kinstonі on Jamaica in 1976 p. Qia system accumulated the order of 1 quarter 1978 p. Z її ratification of the Bulletin was made by the IMF statutes. The form of the Jamaican currency system, which legally closed the demonetization of gold, was taken into account by the crisis of the Bretton Woods currency system. Suchasna svitova currency system is the main character of the Papermo-currency (devizno) system.

її with the main rice є:

- International international reserve and rozrahunkovym currencies are in the order of the US dollar of the currencies of the Czech Republic and SDR. In the wake of the collapse of the Bretton Woods system, there has been a tendency towards a transition to a multi-currency reserve and rozrahunkov systems. Yak reserve currency vikoristovuyutsya nimetska mark, Swiss franc, and since 1975 p. fiercely in the middle, the Japanese became victorious, after which the pitoma wag of the American dollar at the foreign exchange reserves of the central banks significantly increased. The base of the Jamaican currency system was blundered by the SDR - special rights reserved by the IMF. The international exchange rate is small and the basis of currency parities is that of the international payment system. SDR denied the status of an alternative not less than gold, and the first dolar as international pennies. The prototype actually takes over the dollar standard, since the currency is better to sell, it is more important than the international standard (2/3 of the standard), official foreign exchange reserves, the foreign currency "cat" SDR (39%);

- gold prices from international razrahunkіv for the gold parities of currencies and ofitsіynoї price for gold. The IMF was instructed to turn to the member countries 1/6 of the gold reserve, as much as it was paid earlier at the payment of quotas, that was to realize through the auction part of the gold reserves. The IMF pinned to accept gold as payment of quotas and interest for a loan. Tse meant the demonetization of gold in the sphere of international currency loans. More than once, New York, Chicago, Tokyo, and the other centers of retail trade formed the international gold markets. The water hour will be in excess of gold at the warehouse of official gold and foreign exchange reserves in the country as a result of the high volume of goods;

- Ofііcіyne during the "floating’ currency exchange rates, so that it is quiet, so as to get into the foreign exchange market, fall in sight and offer. It doesn’t mean that there will be a daily hand of the powers of the currency markets. Central banks through the currency of interventions intersperse the flow of currencies in their currencies, but not earlier than the fiscal parities, but rather near the market currencies, I’m sure to add up. For a water hour, I will take measures to regulate currency regulation and control over the functions of the currency system through the IMF. The Fund is more important than ever to look at the currency policy of the Ukrainian party. With the help of currency stability expansion of the scope of mutual loans through the IMF in order to cover the deficit of balance of payments, the coordination of international currency and financial institutions has been strengthened.

- Jamaisky's pleas de facto zafіksuvala vіdnosini, shchel already put together at svіtі, for a long time ago the dominant place of the dolar of the USA was characteristic for those who were blasphemous. At the same time, for the sake of Jamaisk, for the sake of legitimization, there was a tendency toward monetary polycentrism.

International (regional) monetary system - the legal form of organization of foreign currency transactions in Ukraine.

Shchob defend the hegemony of the dollar in the currency system, in 1979, birch. Bulo has been established for the international (regional) currency system - the European currency system (ЄВС) - a form of mid-term currency regulation of the Ukrainian currency integration complex. There are many regional monetary systems and one pole of a polycentric monetary system.

With the help of the BBC, the achievement of monetary stability and the establishment of the single currency, the main indicators of the most important indicators, the fragmentation of the regulation of the collective regulation, and the separation of the collective regulation are different. At the current plan - the whole establishment of the Western European currency pole at the polycentric currency system.

The creation of the regional regional monetary system is Wiccan, first and foremost, with a different, spontaneous fallow economy of the Czech Republic, and, in another, with the crunch of the Bretton Woods currency system. ЄВС in the main part of Viktorovyuvala elements of currency regulation, but they used to be earlier practiced in practice by the central banks of the country of Western Europe. Behind the idea of ​​the initiation of France (France and Niemechchina), the Supreme Court is guilty of a zone of European monetary stability for the protection of the United States of America and the United States of America.

Mechanism ЄВС містив three elements: європейська currency unit - ЕКЮ (European Currency Unit - ECU); the mode of total currency exchange rates - “superzmiya”; ФондEuropean Fund of Currency Spіvrobіtnitstva.

The center of the system of the Europian Bula system is the currency unit - ЕКУ, as a substitute for the unit of the European system for the unit - ЕРУ. Vid ERE ECU pushed time to follow the principle of "standard cat". A part of the national leather currency in the whole "cat" was in the form of the domestic gross domestic product of the aggregate GDP of the EU. On a daily basis, the currency components of the ECU and the pitoma of the national currencies of the "cat" ECU were identified. Vaughn became the base for the establishment of exchange rates between currencies and national members of the BBC, with the need for more central banks, as well as a single unit in special units and EU funds.

At the rishneny about the creation of the ЄВС was broadcast, what about the ECU camp:

1) the basis for the rozrakhunіv at mezhah mehanizmu, scho viznacha currency exchange;

2) the basis for the indicator’s indicator is Kolivan’s exchange rate, whether it’s a penny, which is part of the system, which is the average indicator;

3) an intercession of foreign currency interventions, laying of land and above credit;

4) an ambush of rozrahunkіv among the central banks of the Krai-member, as well as between the foreign exchange authorities of the EU;

5) a real reserve asset.

In the case of the SDR, so as not to hold real security, the ECU’s security was half-secured with gold and dolars and national currencies of the KVS member. Technically, the ECU VIP launch was recognized by the supervisor on the banknotes of the central banks in the Krai member-country of the European Union in the European currency exchange fund. S 1 September 1999 замість ЕКЮ в безготівковий обіг 11 країнами було запроваджено євро.

Другим елементом ЄВС була система сумісного коливання валютних курсів. Для кожної грошової одиниці країн-членів до початку дії ЄВС було встановлено центральний курс відносно ЕКЮ, на основі якого були визначені двосторонні паритети всіх валют, що брали участь у системі. Припустимими межами коливань курсів від центрального були ± 2,25%, для Італії ± 6% з урахуванням нестабільності її валютно-фінансового становища. Підтримка узгоджених курсів здійснювалася шляхом валютної інтервенції з боку центральних банків країн-членів ЄВС. Правила цих операцій передбачають використання валют країн-членів поряд із доларами США.

На противагу політиці США, спрямованій на прискорення демонетизації золота, та на відміну від Ямайської валютної системи ЄВС використовувала золото як часткове забезпечення ЕКЮ. Країни-учасниці ЄВС орієнтувалися на ринкову ціну золота для регулювання емісії ЕКЮ та обсягу резервів у Європейському фонді валютного співробітництва (20% золотодоларових резервів країн-членів). Уведення механізму підтримки валютних курсів та використання системи валютних інтервенцій обумовили необхідність створення системи коротко- та середньострокового кредитування, яка включає:

- систему кредитування типу "своп", що існувала у межах двосторонніх відносин між центральними банками. Операції "своп" здійснюються банками тих країн, курси валют яких дося-гли межі взаємних коливань. Кредит має бути погашеним протягом 45 днів після закінчення місяця, в якому його було надано;

- фонд короткострокового кредитування. Для кожної країни визначені величина внеску у цей фонд та обсяг припустимого кредиту. Кредити надаються на строк від трьох до шести місяців з правом пролонгації до дев'яти;

- фонд надання середньострокових кредитів (від двох до п'яти років).

Новий етап європейської валютної інтеграції пов'язаний із трансформацією ЄВС у Європейський валютний союз, який передбачає утворення спільного для країн-членів ЄС Європейського центрального банку та заміну національних валют спільною єдиною валютою - євро.

Маастрихтська угода 1992 р. визначила три етапи становлення ЄВС.

Перший етап (липень 1990 р. - грудень 1993 p.):

- повна лібералізація руху капіталів усередині ЄС;

- завершення процесу формування єдиного внутрішнього ринку ЄС;

- розроблення заходів щодо зближення (конвергенції) ряду економічних параметрів для країн-членів.

Другий етап (січень 1999 p.):

- створення незалежної Європейської системи центральних банків на чолі з Європейським центральним банком;

- установлення фіксованого курсу для валют країн-членів ЄВС між собою, а також відносно ЕКЮ;

- емісія єдиної грошової одиниці;

- проведення єдиної валютної політики країнами-членами ЄВС.

У травні 1998 р. на самміті Євросоюзу було визначено 11 країн, які відповідають критеріям участі в Економічному і валютному союзі. Це - Німеччина, Франція, Австрія, Бельгія, Нідерланди, Люксембург, Іспанія, Португалія, Італія, Фінляндія, Ірландія. Саме ці країни з 1 січня 1999 перейшли до використання в безготівковому обігу спільної валюти - євро. З різних причин добровільно утрималися від приєднання до євро Великобританія, Швеція і Данія, а економіка Греції не відповідала жорстким економічним критеріям. Для повноправної участі в цьому економічному та валютному союзі було визначено такі фіксовані показники:

- дефіцит державного бюджету не повинен перевищувати 3% ВВП;

- державний борг не повинен становити більш як 60% ВВП;

- річна інфляція не може бути вищою, ніж плюс 1,5-процентних пункти до середнього рівня інфляції у трьох країнах ЄС з найбільшою стабільністю цін;

- середнє номінальне значення довгострокової процентної ставки не повинно перевищувати плюс 2-процентні пункти до середнього рівня цих ставок у трьох країнах ЄС з найбільшою стабільністю цін.

Нині країни ЄС вступили у третій етап утворення ЄВС. Станом на 1 січня 1999р. було зафіксовано валютні курси національних валют. Фінансові безготівкові операції з цього періоду можуть здійснюватися як у євро, так і в національній валюті. З 1 січня 2002 p., про що вже йшлося, євро увійде до готівкового обігу та матиме місце паралельний обіг євро та національних валют.

Передбачається, що з 1 липня 2002 р. в обігу залишиться єдина європейська валюта - євро. За стабільність єдиної грошово-кредитної політики ЄВС відповідає Європейська система центральних банків, до якої входять ЄЦБ і центральні банки країн-учасниць. Фактично грошово-кредитна політика країн-учасниць ЄВС утратила самостійність відтоді, коли центральні банки цих країн взяли зобов'язання, використовуючи відповідні ринкові інструменти, забезпечити фіксовані двосторонні обмінні курси за станом на 31 грудня 1998 p., тобто національні валюти стали де-номінаціями євро.

Основними перевагами введення єдиної валюти є:

- зменшення операційних витрат;

- розширення фінансових ринків;

- зростання їх ліквідності;

- зменшення валютних ризиків;

- спрощення міжнародних фінансових операцій;

- зростання конкуренції.

Усі ці переваги сприятимуть подальшому розвиткові міжрегіонального співробітництва, а спільна валюта євро має підстави отримати статус резервної та стати конкурентоспроможною щодо долара США.