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Penny-credit systems and foreign countries - Ivanov V.M.

3.2. Bretton Woods Currency System

Persha Svitova vina called up to the magnificent trading days, the countries could not convert their currencies to gold more. The gold standard, having lost its efficiency, was independent on the basis of the success of rock and rock, and the whole depression (1929–1933 pp.) Called up to the residual decay. If Peremoga allied with Other svіtіv vіynі became obvious, in 1944 p. territories - participants of anti-Hitler’s coalitions are located near Bretton Woods (New Hampshire, USA) by the way of laying the foundations of a new international penniless system for the successful sale of goods. In the country, fragmented by the participating countries, it was overwhelmed by the need for central banks to buy and sell foreign currency, so that you can take advantage of the exchange rate for the singing rate (the regime of free exchange rates). The prices, the home of the Bretton-Woods system , were reached from 1945 to 1971.

Zgіdno z Bretton-Vudskoyu land was blamed for the International Monetary Fund , which was born in 1945. Having completed 30 Krai. Nine members є ponad 150 kraj svіtu. The IMF was entrusted with taking into account the expansion of light trading through the establishment of rules for the introduction of long-term exchange rates and the provision of credit to the country, which requires difficult balance. The rules for the sale of goods and services (establishment of quotas and quotas) are covered by the General Agreement on Tariffs and Trade (GATT - General Agreement on Tariffs and Trade) - organization, the headquarters of which are available at Geneva.

For the dominion of the IMF’s nationally registered participant in the International Monetary Fund and Standardization of International Economic Relations.

The Bretton Woods Bloc has also been associated with the International Bank for Reconstruction (IBRD), as well as one of the most attractive places to go to the country, who need to help them to get more and more comfortable. Krai. Coshti for poses to clear out the zde_lshogo through the VIP release of the regional MBRD and sales of them to the capital market of the rozvinenih land. At 1960 p. The IBRD has fallen asleep for the IDA - International Development Association (IDA), as it is, it is especially attractive for people in Ukraine to be able to develop (for example, pay off with five percent terms and zero interest rates). Koshti for their poses are formed for rakahun straight out of the country-party.

U.S. dividends came from other worldly independent economies, which concentrated a half of the old virological needs in the industrial gold and silver ore deposits of the United States of America Bank) for the price of 35 dollars. per ounce. Central banks are guilty of booly pdtrimuvati fyksovanny currency exchange rates through ntervventsii on foreign exchange markets, for the United States vinyatka, which sold and bought dolaryi assets, so that volodili yak international international reserves. The US dollar, which has been victorious for foreign assets for assets, as if they were so much foreign currency reserves, has been called the reserve currency. Later, the Bretton Woods system recognized the United States as a reserve currency.

The importance of the Bretton-Woods system sign is that it has established a regime of fixed exchange rates. In fig. Figure 5 shows, like, a victorious exchange rate model of exchange rates, a mode of fixed exchange rates in functions in practice.

Interventions at the time of envied (a) and underestimated (b) foreign exchange rates

In fig. 5, and it can be seen that the foreign exchange rate of the Epar envy. For now, use the exchange rate on Epar (2), the central bank is guilty of buying the national currency, so as to change the income curve for domestic deposits up to RETd2. In fig. 5, b the exchange rate at Epar Rivnі underestimation. There is a bank of revenge to sell national currency, so you can change RETd1 to RETd2 to clear the Epar exchange rate (2).

In fig. 5, and the situation is shown if the national currency is valued above. Curve of exact income for foreign deposits RETf1 peretina Curve of clear income for internal deposits RETd2 at the exact exchange rate Ev of the lowest parity (fixed exchange rate) Epar. Schob utrimati exchange rate Epar, the central bank is guilty of knowing the interest in foreign exchange markets by buying national currencies through the sale of foreign assets, up to the sale on the closed market. Tse means, schro groshova masa and the proposition of pennies change. If the exchange rate is higher at Epar point, then the exchange rate is estimated to be unchanged and the foreign currency curve is to be redeemed at RETf.1. The inflow of such a double-crooked income curve for internal deposits of RETd1 is shifted to the right. The central bank will buy national currency and sell foreign assets, subsidiaries, docks of curve RETd are not within reach of RETd2, and a new exchange rate

Epar - points 2 (Fig. 5, a).

Ozhera, if the national currency is overly assessed, the central bank is guilty of buying the national currency, reserves of reserve currency are in vitro, so that you can use the free exchange rate.

In fig. 5, bachimo, as the central bank intervenes to fix the exchange rates of the Epar, if the exchange rate is underestimated, if RETf1 and RETd1 are paused with the exchange rate of E1, I’m transferring Epar. For the umpteenth time, the central bank is guilty of selling national currency and buying foreign assets, which will increase the position of pennies and lower interest rates on internal deposits / D. The Central Bank for National Sales of National Currency and Lower Id Doty, Docks RETd Not to Change Own View RETd2, Remaining Exchange Rate Epar Relocation at Point 2.

From now on, as the national currency is underestimated, the central bank is guilty of selling the national currency, so that they can take advantage of the foreign exchange rate, as well as ensure that they have their own international currency reserves.

Yakshcho kraina my zavisheniya exchange rate, then ask the central bank for the national currency to see znetsіnenny bring to change the international currency reserves of the country. Yakshcho the central bank of the country actually deductible reserves of international currencies, then you can’t overwhelm the currency vid znetsinennya, and devaluation is possible, so that the exchange rate will be set to lower rvnii.

As a rule, the country has underestimated exchange rates, then the central bank intervenes directly for foreign currency and takes into account the reserve reserves of reserve currencies of the country. Protect the central bank, perhaps, not want to buy these reserves, and then set the national currency rate on the other side of the river (revaluation).

Zauvazhimo scho if vnutrіshnі that іnozemnі deposits Je doskonalimi zamіnnikami, yak pripuskaєtsya in rozglyanutіy modelі viznachennya obmіnnogo rate is sterilіzovana іnterventsіya (Sterilіzovana іnterventsіya on the foreign exchange market - іnterventsіya in protses formuvannya Monetary kursіv for Relief neytralіzuyuchoї operatsії on vіdkritomu market analysis, scho zalishaє penny masu nezmіnnoyu .) the form of the exchange rate is not suitable for the foreign currency exchange rate for Epar, no RETf1, no RETd. For example, the currency exchange rate of currencies is generally sterilized, then the purchase of national currency has been sterilized for the excess of interest on domestic deposits for lower foreign income on foreign deposits for the entire exchange rate. From now on, the vice until znetsіnennya ( Znetsіnennya - a situation, for minds a certain rate of falling currency) national currency is not remembered. As a matter of fact, the central bank will sell its national currency, alway, sterilizing, then investing in international currency reserves, if you don’t have to spend more time to lower the exchange rate.

If there are internal deposits є with incomplete deputies, then to establish a fraudulent exchange rate you can lock in sterilized interventions. Protein, as it was, sterilized and intervented, can not utterly fix the exchange rate.

From the Bretton Woods system of foreign currency exchange rates, only the current amount was visible, if the country was “fundamentally unbalanced”, because there was a big deficit in the balance of payments, but there was a surplus in the balance. With the help of fiscal exchange rates, since the country saw a deficit in the balance of payments and spent its foreign exchange reserves, the IMF provided them with foreign exchange resources and introduced foreign currency reserves. As a result of the IMF, dictating to think of the countries-posichnikam, tempting the country with passive balance of payments zdіsnyuvati obmezhuvalnuyu monetary policy, scho advocated currency, but assimilated deficit balance of payments. As a rule, the IMF poses a lot of disadvantages in order to protect the currency, and the country allowed to devalue the currency - establish a new, lower exchange rate.

The weakness of the Bretton Woods system was due to the fact that, as long as the country with the deficit of the balance of payments spent their foreign exchange reserves, they could be embossed to hold a devalued exchange rate, but it was unavoidably unavoidable. exchange currency exchange rates ao zdіysnyuvati energіynіshu stimulyuyuchy policy. Sokrem, we’ll be super lucky that the USA as a country with a reserve currency could not devalue its currency in the same way as the Bretton Woods system, if they had to pay too much valuation. If the United States has been magnified in its own country, the scale of unemployment in 60 years of history, the most important monetary policy, the "fundamental imbalance" has arisen because of the high valuation. Oskils of the country with an active balance of payments didn’t have any readiness to revalue their foreign exchange rates, and the Bretton Woods system did not secure the balance of payments, then in 1971 out of the blue.

At 1971 p. gold reserves were 11.1 billion dollars. Tsya Suma Bula at 6 times less, nizh Dolarova Masa, scho overtook the middling. Masova was chasing after the pursuit of gold, as she was the finest asset and the most vidovar dolar. The price of gold was declared: ofitsina - 35 dollars. for one і rinkova, scho at kіlka razіv overdid ofitsіynu.

For the whole day, the USA has lost the ability to exchange dollars for gold for a fixed price, the dollars have ceased to restore the function of the international reserve currency. Viznayuchi ce, 15 sickle 1971 p. Bulletin accepted about the conversion of the conversion of Dolar to gold. Skazuvannya one of vihidnih principles of the Bretton Woods system meant the actual collapse.

The order of reasons was characterized by the sharpened internal-condominium situation in the United States, the currency of these was sent centrally to the gold-dolar system, and the collapse of the Bretton-Woods system was beaten by the same amount of power in the world. On the basis of the monopoly of the United States, especially since the beginning of ten years, for example 60 - on the cob of the 70s of the Rock three centers of the new economic supernormality took shape - the USA, Western Europe and Japan. As a rule, polycentrism in factual diversity of economic forces in the new state of thanks to the superereading of monocentrism, which was grounded in the monopolistic campus of dolar in the sphere of international currency transactions.