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

3.3. Jamaisk currency system

The contours of the new monetary system, the functionality and development of the international economy, the representatives of the IMF, who were registered in the city of Kingston in Jamaica, 1976

KINGSTON'SKY pleasures conceived the adoption of the Jamaican currency system. The system has begun to reckon with the functions of ratification of the designated treaties by the participating states at the quarter of 1978 p. In all probability, the principle principle of the Jamaican currency system .

1. The demonetization of gold is ruled out in the sphere of foreign currency lending: official gold parity, official gold price and official scale of gold (together with gold) national pennies are packed; be-yakі obmezhennya yogo private vikoristannya. The International Monetary Fund has pinned up public data about the golden currency of currencies. Unusaldok tsikh dіy gold is redeemed for a stellar product, the price of papermov’s (credit) pennies is indicated on the market when consumed and consumed. More than once, New York, Chicago, Tokyo, and the other centers of private trading formed the international gold markets. On the other hand, having rejected the call to the market for gold operations, the central banks of the largest state of the country have abandoned the call at their reserves. Having lost the status of the old pennies, the gold and the far zalisyaetsya in high quality (strategic) goods, which can be at various times due to the method of stable balance of payments to sell for the current currency.

2. Visunuto metu retake the door in 1969 p. the international payment unit of the SDR for the main reserve asset and the international reserve payment and payment. I’m talking about those that have a gold-dolar-national currency system, the Bretton-Woodsky coal system has been primed on a certain one, and a new system of “SDR-national currency” has been transformed. In their structure, the SDR denied the status of an alternative not less than gold, but the first dollar as international pennies. A reserve of SDRs is one of the international rozrahunkova odnitsy, yakіy vnoznavilsya exchange rate of national pennies, rozrakhovuvali for the golden equivalent. Proteus from the 70s of the rock sounds of the SDR іz gold was spent for the most part. For the year, SDRs are based on the cat currency of the country, often in the area of ​​international trade. Recovering from 1981 p. before the warehouse of the so-called standard cat enter five currencies: the US dollar - 42%, the German mark - 19, the French franc, the French pound sterling - 13% each. The practice of foreign currency lending is real, since it was appreciated only from the Kingston’s land, it didn’t confirm the ability to fully validate the deposit of the key international currency. Not only that, since 1981 p. US President Admiral R. Reagan went ahead and come in, they’ve started to take a look at the international position of the dollar.

Rosrachunk vartosti odnitsі SDR induced at the table. 1.

Table 1

Vartіst odnitsі SDR for 3 worms 1993 p. *

Currency

Currency component of the cat SDR

Exchange rate

Equivalent in US dollars

1

2

3

4

Nimetska brand

1.4530

1,68820

0.268333

French franc

0.8000

5,68900

0.140622

Japanese єna

31,8000

105.95000

0,300142

Pound Sterling

0.0812

1,50870

0.122506

US dollar

0.5720

1.00000

0.572000

SDR

1,403603

Primitka. 1 SDR = 1.403603 dollars. USA; $ 1 USA = 0.712452 SDR.

Exchange rates for graph 3 are shown in units of currency for 1 dollar, for a pound sterling sign, the rate is given for US dollars. In graph 4, equivalents are indicated for US dollars in the currency components of graph 2; Usual exchange rates have been imposed for the 12 year payments to the London Currency Exchange.

In addition, in the currency exchange system, the dollar will be overlooked by the real basis of the monetary and financial mechanism. The American currency is for servants about 2/3 of the international markets. Looking at the CE, I can state that the Jamaican system of functions does not follow the principles of the Papier-currency (as it was transferred to the land), but the Papier-Dolar currency standard.

3. An important and familiar mechanism of the new system є due to the "floating" exchange rates in national penny units. Such a system has two facet aspects. On one side, there’s one way to keep foreign currency at a loss, to be able to effectively respond to the latest offers of national currencies, more precisely, there is a possibility to save your money in the country. From the first side, the collation of exchange rates ruin the stability of trading stars, generate speculative operations. We have transferred to the Kingston’s land the protection of the elements of the regulation of the currency system and the regular transactions of the forex operations on the foreign exchange market.

The following options are also available: in the “non-stop” mode (“swimming”), the function is less expensive than the previous countries - the USA, Japan, Nimechchini, Canada, Great Britain, France. Most of the currencies of the inland Krai, a secure economy are slightly wicked, privyazhnaz to the international rozrahunkovyh single unit or only currency currencies. So, before the American dollar, about 40 krains are tied to the currency, 13 francs - to the French franc, 8 krains to the SDR.

The economic indicators of the leading Ukrainian regions are shown in the table. 2.

Table 2

Economic indicators of powers - members of the IMF camp on 1994 p.

Kraina

GDP, billion dollars

Export, billion dollars

Currency reserves, billion SDR

USA

6649.8

512.6

28,2

Japan

4590.0

397.0

78.9

Nimechchina

2046.0

429.7

49.5

France

1328.5

235.9

16.1

Great Britain

1019.5

204.9

26,4

The form of official and institutional structures and principles of the functionalities of the Jamaican currency system has not been completed. They should be corrected, updated with a new serpentine one by one at a time from international economic vidnosiny.

One of the peculiarities of the Jamaican currency system is that it has developed according to the principles of polycentrism, as well as the currency "pluralism", because it is interconnected between the boundaries of a single system of local (regional) currency structures. Follow the guidelines for the IMF, the regional monetary structures are developing for hours and hours on the most powerful functional ambushes.

ЕйEuropean currency system , minted more in the first place, є as a result of one hour and one of the most important tools of European коintegratsії. Vaughn passed K_lka etap_v development.

On the first one, this is the currency exchange between the countries of the Western Europe and it was laid down overtly on a bilateral basis. On the whole, there were different regulation of payable balances, ready-to-buy rosaries, a check-in hall, and a check-out, and credit credit. So, the sale of 1947-1950 pp. a total of 400 currency-clearing lands were piled up; on the other hand, more than two-thirds of the internal Ukrainian commodity exchange fell.

The next step, the sought-after stage of currency exchange, became the function of 1950–1958 pp. ЄEuropean Payment Union (ЄПС), which has developed on a bagate-sided clearing basis. Tsey union dubbed 17 of the country of Western Europe. Rozrahunka at the yogo mezhah zd_isnyuvalsya for the help of another smartly penniless one - epunita, yak for gold in vistom privivnuvivala to 1 dollar. Tsya odinitsya became the prototype of the валют European Currency Unit.

Signed in 1957 The Roman Treaty on the Approval of the European Economic and Social Partnership (EU) has stolen the upcoming stage in developing currency currencies. 31 September 1959 p. Having considered the functions of the валют European Currency Union (ЄВС), they allegedly sold 17 countries, they entered before the number of СPS. Zgodom zі structure ЄВС viokremivsya Currency Union of the krai - participant of the Spilnoy market. The program targeted by the union of the Boule is fragmented by a special committee, having delighted in the colossal premier-minister P. Luxembourg Werner. Після accept 1971 р. prices of programs for Radio Ministries ЄВС of meanings, the document of distinction will be called "Vernera Plan", the realization of such a small value is more important in the development of not less than European, but the first currency currency.

A new stage of the European currency and integration obligations with the transformation of the European currency union of the European currency system.

The essence of the development of the significance of the processes began with the realization of the proposed head of the Commission of the European Union (ЄС) J. Delors, which was written in 1989 p. By joy ЄC they distantly call the "Plan of Delors" . By transferring the transformation of the European currency system to the European currency union through Europe, it’s not just the integration of the currency and integration, but the approval of the country for the European Central Bank and its replacement in the future of the national currency.

An important gift for the Realization Plan’s hat was the signature of the fierce 1992 r. in metro Maastrichti (Netherlands), Maastrichtsky, please, I signaled the constitutional and legal right to ambush the foundation of the Air Force.

The main changes in mind are approved for the benefit of the Supreme Council : healthy countries, free exchange rates for national currencies, new foreign exchange rates, international financial markets, and

The main stage of the development of the Air Force is identified.

The main pidum of the first Etapu, which ended on the cob of 1994, was the ratification of the Maastrichtian Empire to the whole of the participating countries; povna liberalizatsiya at the borders of the ЄС migrantsі capital; Zdіsnennya system of visits, direct to the close pace іnflyatsії to ryvnya krask, so you can find the best indicators; speedy budget defits.

On the other hand, having relocated to the hinges of 1994, the main organization of the VVS structural structure was misplaced. Now you can take a look at the transition to complete completion of the process of formation of the Air Force. On the cob of another stage, I transferred the form of a European system of central banks to the threat of the US Federal Reserve System - EuroPed. The functions were implemented by the coordinated penal and credit policy, as well as the monitoring of the development of the ECU system.

The transition to the third stage of the ЄВС form is most convenient for Maastrichtsky to lay down the stage of the real closeness to the Ukrainian party for the complex of singing indicators, and itself:

• In fi lation, we can re-establish the level, which is in three member countries with the most stable prices (by 1.5% more);

• rozmіr budget deficit is not guilty of overpricing 3% of the gross domestic product (GDP) of the country;

• a rise in interest rates for pre-GI loans can be increased by three points of interest rates at countries with a 2% increase;

• Collation of exchange rates of national currencies (for the daily devaluation of two front rockers) is allowed at the intervals established for ЄС (± 2.25).

Third etap targeting ЄВС міг п оч оч в в 1 1 September 1997 p. for understanding the need for economic convergence (achievement of singing criteria) as the minimum number of member countries. At the opposite time perekhid mіg vidbutisya automatically 1 sichnya 1999 r.

The participants in the Air Force became the country, the economy of such vidovovidim value criteria. Reshta kraska, which didn’t even belong to the military forces at the time of the first step, can see how to convert to convergence (Table 3).

Table 3

Criteria for convergence for the European Monetary Union, 1996 p.

Kraina

Norm of inflation

Interest rate

Deficit to the budget

Quota of bargaining

Income criterion

3.8 (1.5) *

10.0

- 3.0

60.0

Belgium

2.5 (1.9)

8.5

- 4.2 (- 4.5)

134.0 (134.5)

Nimechchina

2.8 (2.2)

7.5

- 1.7 (- 3.1)

58.0 (59.2)

Dania

3.0

10.5

- 2.5 (- 2.0)

84.0 (73.5)

Finland

3.0 (1.7)

11.5

- 3.3

88.0

France

2.0

8.5

- 4.2 (- 5.0)

54.0 (51.5)

Gretsiya

8.0

15,5

- 10.1

120.0

Great Britain

3,5

10.0

- 3.0

55.0

Ireland

3.5 (2.6)

10.0

- 2.0 (- 2.5)

83.0 (86.0)

Italy

5,0

13.5

- 8.0

126.0

Luxembourg

2.5 (2.2)

8.5

1.0 (1.5)

8.0 (5.0)

Netherlands

2.5 (2.1)

8.0

- 3.0 (- 3.0)

80.0 (78.5)

Austria

2.5 (2.4)

7.5

- 4.5 (- 5.5)

67.0 (67.5)

Portugal

4,5

10.5

- 5.5

83.0

Shvetsіya

3.0

10.5

- 9.5

115.0

Spain

4,5

11.5

- 5.2

70.0

* At the temples - a vision of criteria from 1995 p.

Most of the country ЄS from Mali I can help you see the criteria for stability of pennies and interest rates. Yak svіdchit given table. 3, Nіmechchina, France, Austria, Krai Benіliuks і Daniya nayblijsche pіdіyshli to the end of the Maastricht criterion. In the rivals of the United States, for a hint of forecasts for the UK, the parameters of the suttility are seen in the Maastrichtis.

At the third stage, the ей European Central Bank (Б CB) was set up. For the currencies of the Krai член BBC member, a fixed exchange rate has been set at the same rate until the beginning, so до until є Euro, which is not a glance.

Prote zaprovadzhennya s 1 sіchnya 1999 p. The new Western European penniless euro gave rise to a bagato nesporozumіn. For example, devaluation, the devaluation of European currencies and the American dollar is not primed. I would like to let the gigantic euro card appear less through two fates (I have nothing to do with the money from the bezelless cards), ров euro check-out accelerated the lines of bank transactions, reduced the amount of money needed to convert currencies. All of us in front of the clients.

Well, before the European currencies, I won’t bother with anything, the reformers of the European system, “Niyakih obmezhen, niyakogo primus”, were mostly dying. Exchange of currencies for Euro exchange 1 September 2002 And trivatime 6 ms., Ale convertible without any cost in Euro is possible even today, and absolutely without shipment.

At the course of the American Dolar and the Nimetsky brand, you can get a little less psychological protection of the population, which is superconducting all the new, especially in the field of economy.

From now on, the analysis of integration processes in the field of foreign exchange transactions is in English. The reintegration of the monetary union is like a final lanka of a comprehensive foreign economic integration of the United States, which is dated 1957. Roman pleasure. Urakhuvannya of the whole fact is of great importance to the value of capacities and interests in Ukraine with the functional structures of the Air Force. Necessarily healthy fundamental redesign is not only on the currency of the currency, but on the other side of the system of foreign economic issues.

ЄEuropean Currency Union means a fundamental change in the currency system. From зап zaprovadzhennyam роvro zmozhe to assert a friend providna international currency. For your understanding of the stability of the American dollar, which means you will have to keep your own currency market, the matyme of a serious competitor.

Control food

1. Rosrahuvannya exchange rate of national papermoney pennies at period gold standard.

2. Introducing the gold standard for the development of international trade loans.

3. Istotnі obmezhennya system and the gold standard.

4. Rosrahuvannya exchange rate at the period of gold-bearing standard.

5. The main provisions of the Bretton Woods system.

6. The Visa Principle of the Jamaican Monetary System.

Testi Evil self-control

1. The stage of the evolution of the monetary system:

a) the gold standard (1867 p., Paris);

b) the gold standard (1922 p., Genoa);

c) the gold standard (1944 p., Bretton Woods);

d) Jamaican currency system (1976 p., Kingston);

d) usі vіdpovіdі correct;

e) correct є відповіді c), d).

2. Development of a penniless credit system and open-minded land in the XX century Includes:

a) until 1914 p. - gold standard;

b) 1922-1930 pp. - gold and gold standard;

c) currency blocks (1931-1939 rubles);

d) the gold-dollar standard (1944-1976 pp.);

e) the Jamaican currency system (since 1976);

e) usі vіdpovіdі correct;

є) correct є відповіді a), b), c), e).

3. Integration stages in the pennant-credit sphere within the framework of the ABC:

a) mitnia, economic and currency union;

b) bank associations, economic and currency unions;

c) clearing, mitnia and currency union;

d) Eurobook, clearing, mitnia, economic and currency union.

4. Deposit of international credit and pennant-credit policy:

a) the sound of the call for trade;

b) the regulation of economic growth and the mysterious virology;

c) add economic policies;

d) occupancy;

e) secure stability price;

e) usі vіdpovіdі correct;

є) correct є відповіді b), d), e).