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

Theme 7. FRANCE-CREDIT SYSTEM FRANCE

7.1. Rosette of a penny system

Prior to the First World War in France, such as in the rest of the country, having discontinued the golden monometallism in the yogh classic form, a kind of complaint with the law in 1873 p. On the cob of the viii the golden monometallism has recognized the collapse. 5 sickle 1914 p. the law on pinning by the Bank of France the exchange of gold banknotes for gold was adopted. The country has moved from metal to papier-penny systems, and so on, we’ve started to think for a banknote banknote, as a result of a deficit in the sovereign budget, a wicked-out bill of war. Immediately, with the adoption of the law on pinning the exchange of banknotes for gold, the law on the adoption of the sum of banknotes of the amount of 6.8 to 12 billion francs was adopted. The hour of the weekly limit of banknotes is not just the same as in 1918 p. reach 30 billion francs

Zbіlshennya deficit to the sovereign budget of the super-juvenile population of the internal and external bosses of the country. Zagaglniy state borg France і zbіlshivsya z 39 billion fr. for example, 1914 p. up to 151 billion francs 1918 p., of them 123.8 billion francs. becoming an internal boss. The first part of the price of bargaining became the loans of the banking system. So, for the rock of the world, the poses of the Bank of the French Empire reached 17.2 billion francs. They vikoristovuvali yak dzherelo banknotnoy emіsіі і for the credit sector of the private sector. The result of the total amount of banknotes in circulation (from 1914 on deciduous fall of 1918) grew from 6.683 to 29.072 billion francs, but at least 4.5 times less. More than 80% of the total amount of contributions has been increased on the flowing rachunas of the leading commercial companies.

Groshov was awarded one franc in obigu at 1789 p. Yak ofіtsіyna groshova odinitsya businesses from 1803 p.

banks. Nevidpovіnnost of groshovy masi to the needs of commodity obigu was favored by the high-speed virobnitsva - the yo-yo yo for rocky vinyi decreased to 58%. Overhead growth of the groshovy masi was an indication of the appreciation of francs and wholesale and retail prices (the index of wholesale prices was up to 3.65, and distribution up to 2.8).

The characteristic peculiarity of repeated inflation in France was that they were torn until the middle of 1926, as long as the purchase of the franc was unchanged with the current level 9.5 times less. The inflation of the Bula is connected with the great vitrates for the renovation of the closed hour of the state gratitude of the private and the private and regional districts of the country. Qi Vitrati caused a chronic deficit of the sovereign budget. Tilki at 1926 p. the sovereign budget was unbalanced. To cover the sovereign deficiency, posits were victorious, as a result of which the internal sovereign borg was born in 1918–1924. from 123.8 to 284.3 billion francs, or 2.3 times. The sum of banknotes, vypuschenich in obg obnovnnі rocky, 30% overdid the sum of banknotes, vypuschenich at rock viniy. Foreign trade of the Bank of France in Lipno 1926 p. became 37.5 billion francs. About the oath of the inflationary note of banknotes in obig obchit to take into account the fact that the total sum in 1926 p. more than before the previous hour, it increased 8.5 times, while the number of virobnitsvo is less by 20%.

Zbalansuvavshi the sovereign budget for the boutiques of low-income taxes (the direct indirect), the order is based on the health policy. Fixed banknote notes and viro banknote maturity were supervised at half the purchase price of a franchise. Reduced in 1927 p. The index of wholesale prices up to 6–6.5 and the adopted balance were adjusted for the franc rate and adjusted for turning to the gold standard.

The result of the penny reform of the chervny 1928 p. by the method of the shewed devaluation, France turned to the gold standard. The golden war of the franc bulo was changed equally 5 times. At the time, France, such as the United Kingdom, introduced the gold standard not in the forward gold coin form, but in gold-pouring. Amount for gold pidlyagala sum 215 yew. fr., scho dignified approximately 12.5 kg of gold. Vidovodno to devaluation of the franc rate of one hundred percent of the US dollar declining against the previous from 5.16 to 25.53. Zgіdno with the minds of reform 1928 p. the banknote of France has a banknote registered, 35% of banknotes and deposits are available to the Bank of France the banknote is secured with gold.

To establish France in the country (middle of Belgium, Holland, Switzerland, Italy), thus removing the gold standard from the period of the economic crisis in 1929-1933. It should be clarified that the crisis was more and less damaging to France. The influx of gold in the country for 1930-1933 pp. becoming $ 2 billion For example, 1932 p. gold reserves of France were 83 billion francs, or 28.5% of the total centralized reserves. The stinks were 5.6 times overreaching the UK gold reserves and 20% lower than the US gold reserves.

Significantly, the gold reserves at France are higher for the tune, due to the cordon of supplies and the supply of foreign capitals, which are more likely to occur during the preparation and construction period of the 19th reform reform.

However, turning to the gold standard, France set herself in the nerves to fight for the foreign markets of the country, so they pinned a swap of banknotes for gold. Rocky’s crises, and then depressions and lands, began to wear their own currencies on hats by stimulating export and sharing imports, which France could not rob with a gold franc.

The knowledge of Ukrainian currencies , which was seen in the gold standard, spurred a low price and a singing voice. The nature of the price of the internal market of France has declined steadily. The Fates of the Great Depression were characterized by the non-fall of virobnitz, which often appeared in 1932, and due to the budget deficit.

Pursue of the economic and financial establishment of the country, the struggle between the supporters and the opponents of the gold standard, the sharpening of the class struggle before the franchise of the United States and the United States of America. In addition, the French bourgeoisie was intent on transferring capital for the cordon, but it was more important to improve the economy and financial stability of the country and relieve the need for reassignment under the command of the National Front. As a result, the gold reserve of the Bank of France is 83 billion francs. at 1932 p. down to 50 billion francs. at 1936 p.

Such minds have 26 spring 1936 p. The French franchise has appreciated the decision about the quick exchange of gold banknotes and the first one of the same amount of devaluation of the franc, which has lowered the gold rate by 25%. At 1937 and 1938 p. bullo zdіsneno shch two devaluation francs. Higher devaluation of the golden franc in France has decreased by 58%. Meta circu dii - take into account the internal price and lower franc rate for the competitive competitiveness of French products on the domestic market.

Pislya pripinennya exchange of banknotes for gold for regulating the exchange rate of the franc method of the currency of the interventional currency valuation stable fund. However, on the cob of Other Holy Land (Sunday 9, 1939), France procured currency exchange. The water hour was accumulated in 35% gold secured banknotes and deposits to the Bank of France, which helped to secure the necessary credit for the protection of the state.

At the rock of the Other world franc, you can get more, the currency of the least excused capital is the United States, Great Britain and Nimechchini. All the zezninnya bulo was the strongest in znetsinennya in the rock of the Persian svitovo viniy. About the step of the inflationary reinsertion of the channel of the penny in the whole period of time to give such a data: for 1937-1945 pp. the number of banknotes increased by 6.1 times, the amount of banknote current payments - by 5.8 times, and the promissory note decreased by 39%. Wholesale prices for the period were 4.2 times higher.

The heir to the devaluation of the French franc the collapse of the gold standard in 1936 p. its golden equivalent decreased by 32.75 times and became 0.0018 g, and the rate of the US dollar decreased by 37.5 francs. at 1938 p. before

493.7 fr. at 1958 p.

Having reached the balance of payments, France 29th day 1958 p. odnochasno of somoyu for rahunkom povoєnnoyu devalvatsієyu Vpershe pіslya vіyni zaprovadila zovnіshnyu konvertovanіst (Konvertovanіst zovnіshnya - tse vіlne nagromadzhennya pevnoї currency on rahunkah nerezidentіv (Yurydychna i fіzichnih osіb іnshih kraїn) perekaz її for a cordon chi konversіya in іnshu currency (view chastkovoї konvertovanostі currency)) franc for precision operations for non-residents.

With a devaluation scale, the price scale has become nastily malim, which is the order of the viaduct of the denomination of the franc. On the cob 1960 p. new francs were issued in the bulletin, 100 times older. The gold rate of one franc was increased by 0.0018 to 0.18 g, and the rate was from 493.7 to 4.937 francs. for dolar.

Reduced by 29% in the franc exchange rate as a result of two devaluation in 1958 I have improved the rate of inflation and have taken advantage of the export of goods and the need for tourism, as well as the supply of foreign capital, positively indicated at the balance of payments and the gold and foreign currency reserves. З 1050 million dollars. at 1958 p. stink zbilshilsya to 6994 million dollars. at 1967 p. France, behind the oath of gold and foreign exchange reserves, received a third of the US and FRN. Flying on the great gold and foreign exchange reserves, France’s detachment in 1967 I will save money by exchanging foreign currency transactions and allowing the import and export of gold.

However, the progressive overtaking of devaluation has taken place and be aware of the competitiveness of opportunities. Tsomoy also sprinkled inflation, but she didn’t crouch. Independently on the currency exchange of gold and foreign exchange reserves steadily decreased in the sickle in 1969 p. became 3595 million dollars., and with urakhuvannyam vorozistan of short-term foreign loans - nearly 1200 million dollars. against 6994 million in 1967 p. The saving in these minds of the constant exchange rate of the franc has threatened the fake foreign currency of gold and foreign exchange reserves. Schob unique, 8 sickle 1969 p. Bulldozed to Chergov devaluation of the franc: the gold price was reduced by 0.18 to 0.16 g, and the rate of the American dollar was reduced from 4.937 to 5.554 francs, to 12.5%.

Yak to devalvatsії so i pіslya neї Uryadov times namagavsya obmezhiti posilennya іnflyatsії, skorochuyuchi vnutrіshnє spozhivannya for rakhunok obmezhennya zbіlshennya zarobіtnoї pay i skorochennya spozhivchih kreditіv, zmenshennya defіtsitu sovereign budget for Relief pіdvischennya podatkіv on pratsyuyuchih, obmezhennya bankіvskih kreditіv that іnshih zahodіv. However, the pace of the znets of the franc did not decrease, but significantly increased, because the main reasons for the inflation were not blown up. So, for 1961 - 1980 pp. The index of surviving prices is 50% higher, for 1980-1990 pp. - by 151.6, for 1991 - 1997 pp. - by 67%. And for the period 1961-1997 pp. surviving prices increased 6.3 times.

France has a great deal of inflation, mainly in the main trading partners. Yak zobibotby z іninflyatsіyu zatosovuyut so і antiіinflyatsіynі programs: streamevannya zbіlshennya іn for a rakhunok uvov_lnennynya a tempo of economical zrostannya, the shortened capital and social programs. Frank reckoning heavily exchanged in the currency of the Inland Krai, so as to become heavily convertible currency, less than 1990 p.

The material basis for the conversion of the franc to a heavily converted currency and the improved rate of inflation in the 90s has become more frequent parts of the country from the export of $ 216.6 billion. at 1990 p. up to 288.5 billion dollars at 1996 p. Tsoyom also having spared the international ruch direct investment of foreign (PII) in the economy of the country, which is connected with the distribution of "other privileges" of privatization from France

(tab. 12, 13).

Table 12

Direct foreign investment $ billion

1980 p.

1990 p.

1995 p.

22.62

86.51

162.42

Table 13

Direct foreign investment per capita

1986 p.

1995 p.

603.8

2457.7

The increase in PII was positively reflected in the stability of the gold and foreign exchange reserves of the country (Table 14).

Table 14

Gold reserve of France t

1990 p.

1997 p.

3182

3182

For this indicator, France’s resignation in the third month of the middle of the country with the unallocated US economy and the FRS. The wag of the French franc, which is a cat of currencies, as if they had signified the SDR wisdom in the 90s, became 11% (US dollar - 40%). The franc to dolar i SDR exchange rate is filed with the table. fifteen.

Table 15

French franc to SDR I Dolar

1990 p.

1993 p. 1994 p. 1995 p. 1996 p.

1997 p.

At 1999 p. 100 francs = 1 SDR

79

71 74 79 76

72

French francs for 1 dol. USA

5,129

5.896 5.346 4.9 5.237

5,773

From now on, the forerunner of stable processes in the economy of the 90s franc franc has become convertible.

History of the establishment of the franc as a matter of convertible currency Yes, please see the following:

• so that you can resolve the problems associated with foreign exchange reserves, but at the exchange rate, you need to renew the currency and monetary policy;

• Warehousing currency policies, yaklivlya iz zagalnogo ubranicirovannyh monetary monetary policies, blamed buti currency control;

• without foreign exchange policy, control is more tactful when used, moreover, at the watch’s side.

The franc zone — the zone in the French franc є reserve currency — was formed in an hour in the French colonial system. France vikoristovuvala franc yak znaryaddya dodatkovo operational colonial peoples. With the collapse of the colonial system, the French franc zone has spent its colonial base, and the warehouse has been slower. Zdobuvshi state autonomy, greater number of colonies violated from the zone of the franc. The stinks were adjusted by power banks, pennies and healthy systems, and the pennies are polished. Nine in the franc zone, apart from France, includes Monaco, 13 politically independent lands of Africa, overseas departments and territories in France: Benin, Burkina Faso, Gabon, Equatorial Guinea, Cameroon, Congo, Cote d'Ivoire, Cala Island, Kaluga Island, Kaluga Island, Kaluga Wallis i Futuna, French Polynesia, Central African Republic, Chad, Comoros Islands.

At the boundaries of the zone of the French franc, there are regional currency groups - the Western African Currency Union and the Central African Currency Union.

A penny-sized zone is the franc є CFA franc *, which allows two regional banks - the Central Bank of the Republic of Western Africa and the Bank of the Central African Republic. The parity of these currencies is firmly fixed to the French franc (1 FR. CFA = 0.02 French francs). Zgіdno with the classifier of foreign currencies of the National Bank of Ukraine for 1998 CFA franc є generally convertible currency, which doesn’t need to be widespread for healthy payments for international transactions and not sold on the main currency markets of the world (Table 16).

Table 16

Classifier of foreign currencies of the NBU for 1998

Currency

Currency Code

digital

letter

CFA Francs:

Of the West African Financial Partnership of the Central African Financial Partnership

952

950

Xof

Xaf

CFA Franc - Named Colonies Francaise en Afrique.

Representatives of France vpidno to please about the issue in the zone of the French franc to take part in the governing bodies of these ugrupovan.

The basis of the currency mechanism of the French franc zone is uninterrupted by the conversion of the French franchise to single currency - members of the French franc zone. On the side of the African land, the guilty of the following rules:

• transfer the right to a grocery loan, to control a grocery loan and give credit to a bank in a franc zone;

• pidtrimuvati firm parity of national groshino units to the French franc;

• to ensure that you don’t interrupt your refresher between France and the countries - members of the French franc zone;

• hello to a large part of the foreign currency holdings (the holdings (kind of frankly - mine) - they are very cheap to the bank in foreign currencies, so you can buy them on the bank with foreign banks.) At the international pool in France, ;

• Hello, all currency transactions through the currency market of Paris. Currency policy of the national coordinat

French franc. Wanting France is guilty of guaranteeing non-payments of exchanges of national pennies for French francs, African powers will not indulge in victorious mechanism, so that they can deny an additional currency exchange for consumption. African francs are exchanged for French through the operations of the market, and at the treasury of the French banks the zones of the French franc. On the rachunks zbirigayutsya and in foreign currency funds of the peripheral regions of the French franc. France through a representative at these banks to carry out a set of policies, freeze foreign currency cash on operational rakhunki.

The rules of the French franc zone should be kept safe for the French private capital in the peripheral regions: restrictions of enfranchises CFA franc courses will free the additional expatriates by French exporters and investors from France. However vіlny perekaz only be sold to uncontrolled vіdplivu fіnansovih koshtіv in formі pributku and takozh platnі frantsuzkih spetsіalіstіv i vodnochase pozbavlyaє periferіynі Kraina Zoni frantsuzkogo franc mozhlivostі kontrolyuvati potіk kapіtalіv, SSMSC spryamovuyutsya in the Branch, vigіdnі frantsuzkim kompanіyam scho spriyaє zakrіplennyu vibіrkovoї structuring їh Economy. For additional mechanism, especially at the zone of the French franc, France has reserved a part of the overdrive, although it is small in these regions at the colonial period.

In the 70-90s rocks of the XX century Acts of the Territory, Departments and Territories of France, the French Franc started to look like French currency (Andorra, Guadeloupe Islands, Reunion, Saint-P'єr and Mikelon), and even their own French-French, Guatemala-Guatemala Comorsky islands - Comorian franc).

During the water hours in the open warehouse of the franc zone, the currency hegemony of France over the neighboring territories will relax, as if they were left at the central zone. Incoming receipts of foreign currency principles, deposits with closed zones. Наприклад, Народна Республіка Конго запровадила валютні обмеження операцій із зони франка, пов'язаних з рухом капіталу. Істотні зміни відбулись у складі адміністративних рад центральних банків країн Західноафриканського і Центральноафриканського валютних союзів, членами яких є 13 визволених країн тропічної Африки, що входять у зону франка. В адміністративних радах зазначених центральних банків вирішальне право належить африканським країнам: в адміністративній раді центрального банку Західноафриканського валютного союзу з 14 членів тільки два є представниками Франції. Попри це зона франка і далі відіграє важливу роль як одне зі знарядь неоколоніалістичної експлуатації країн, що входили до неї, тому Франція намагається зберігати її існування.

Сьогодні країни, які входять до зони франка, мають конвертовані національні валюти, купівельна спроможність їх визначається фіксованим курсом стосовно французького франка. Основу зони франка становлять переважно багатонаціональні емісійні установи, до адміністративних рад яких входять представники заінтересованих африканських держав і Франції. Двічі на рік міністри фінансів держав зони франка зустрічаються, аби узгодити питання, що становлять спільний інтерес.