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

Theme 9. GROSSHOVO-CREDIT SYSTEM OF THE GREAT BRITAIN

9.1. Rosette of a penny system

Pound sterling vikoristovuvavshis in the British Isles back to the Viniknennya there centralized power (IX-X century). The name of the penny single image of the cob vagovym vist: from one pound of money, 240 pensions were paid, they were also called "sterling".

From the middle of the XIV century gold coins were circulated in obigu ’with a stretch of gold at the state’s power and bimetalism. England earlier, a lower world power, went over to golden monometallism: in fact, for example, in the XVIII century, legally in 1816. Prior to the first release of bank notes, the Bank of England was regulated by the act of R. Pilya (since 1844). From the act of banknote of guilty boulevard 100-vidotskovo secured with gold.

Війна wiked about the rash of the penny obigu powers. Writing pripinennya rozmіnu banknotes for gold (sickle of 1914 p.), The state took the form of a penny for pennies to cover its war vitrates. Masa of pennies to obigu in 1913-1918 pp. zbilshilasya z 35 million to 399 million p. st .; at 1920 p. Won reached 555 million pounds. Art. At the end of the day with economical difficulties, who wished in vain, they were called up to inflation: commodity prices for the most part were stronger than the average. With the method of stabilization of the pound sterling department at 1920 p. having learned the course on deflation, pursuing the policy of "expensive" pennies. In order to satisfy the interests of financial oligarchs, yak, obvious big profits, the capital deposit is behind the cordon, the pool is located at the savings of the highest purchase pound sterling. Deflation policy was sprinkled, on one side, lower prices, at that time, like Nimetchin and France violated inflation, and on the other, more acute economic crisis of 1920-1921, the greatest amount of unemployment, lower pay.

Groshov’s reform of the years 1925-1928 it’s small on metal stability system. The ear of reform for the quarter of 1925, as long as the United Kingdom set up bank notes for gold at a pre-existing parity for a piece of gold with a gold-plated standard. The pound sterling rate of the Bank of England pidtrimuvav for an additional high regional rate, scho overshadowed the interests of industry kills, so it rejected "cheap" pennies. At 1928 p. Groshov’s reform ended with the adoption of the law on granting the Bank of England rights to financial bank notes with rozmir 260 million Art., and for pogodzhennyam z_ skarnbnitsyu - i ponad I will mean a sum.

Svitova economic crisis in 1929-1933 pp. weakened the position of Great Britain on foreign markets and the mass market vіdkliva capіtalіv from the country. 21 spring 1931 p. rozmіn poundіv sterlіngіv on gold і zolonі bulo zupineno і zdііsneno devaluation. Gold reserve to the Bank of England of transfers of transfers at the order of the currency stability fund established at the Skarbnitsa in 1923 for the regulation of the pound sterling rate. Great Britain has actively joined the currency currency of the United States and Japan. The Yak method is to fight for the foreign market, won the low price of the pound sterling.

Viina caused disorganization of the economy, a penny of power. Z 1939 to 1945 p. groshova masa grew 2.5 times, prices increased by 75%. Proteins of the United States’s boulevards were lower than in the former Soviet Union, they fought, including the United States. The whole of them were placed on the side of a wagon of income from the UK financial support of the United Kingdom (40%), the only role was played by the sterling bargaining, the dominant control of the prices, the ration of the product, the price of the product,

Suchasna inflation is the result of the super-offsets of suspension and structural imbalances in the English economy.

I’m important to play a role in the inflationary process of promoting the state’s vitality, as well as being funded for the position. At the Birch River 1986 p. tilki the bargaining power reached 167.5 billion f. Art., abo 47% of the internal national product (GNP) of the state. Razmіshchennya sovereign valuables at the banks of the country є zbіlshennyu groshovo masi. At that, from 80-90 years of age, the UK has a temperament of inflation boules, less than those of deceased industrialized regions. All the bachimo z indicators of the monetization factor of 1990-1995 pp. (tab. 26).

In the 90s, the Bank of England has been able to manage the most significant influences on the stabilization of national currency, while the rate is directly credited

Table 26

UK Monetization Coefficient

1990 p.

1991 p.

1992 p.

1993 p.

1994 p.

1995 p.

90,4

91.7

93.3

94.6

94.2

98.4

squad. The number of pennies is worthless at the border between the direct directions to the largest pennies in the economy. The sum of the Gotivka from 1999 p. p_dtrimuyutsya on the river 24 billion f. Art. With a string of craps for obg obg fake pennies with a nominal 20 f. Art. The Bank of England has praised the decision about the issue of banknotes of the whole nominal amount of 10 billion f. Art. I’m going to step in and replace the notes of the old zrazka until 2003. The bill is new, it’s a special zahist, which is why you can give it more money. Set up the banknote help and be sure to pay attention. At 1998 p. in obig the banknote of a new note for the sum of 349 million f. Art.

Pislya Other svitovoj vіyni Great Britain experiencing periodic periodic crises, such as superconducting to the pound sterling exchange rate.

First, I’ve won the devaluation of the English currency by 30.5% Bulo spent in spring 1949; Gold gold went down from 3.58 to 2.488 g, and the official rate to the US dollar - from 4.03 to 2.80 dollars. for 1 f. Art. To the whole entrance she did not care less about the attempt to save the exchange pound sterling for dolars for precision operations at sickle 1947 p. At the result, after 35 days, I will save the exchange of foreign exchange reserves in the form of surpluses, the deficit in the trade balance will increase, I will add up to the pound sterling in the balance in the period from 1947 to 1948. Inflation has been strengthened. Devaluation is not viral currency problems of Great Britain. The crisis currency was repeated in 1951, 1955, 1958, 1960, 1961, 1964, 1965 p.

At the leaf fall 1966 p. a devaluation of 14.3% and gold in English currency was carried out, it was reduced to 2.13 g, and the exchange rate to the dollar was reduced to 2.40. Having inflated these calls to the balance sheet, having become apparent through the second period - from 1969-1971 pp. Great Britain is small, a great positive balance for accurate operations. Zavdyaki tsyomu at chest 1971 p. at a massive look at the ruinous ruins of foreign exchange rates, the pound sterling to the dollar was actually valued at 1.57% and set at the level of 2.600571 dollars. Proteus stabilization of the pound sterling has appeared netrivoy.

Short-term economic pidyom at 1972 p. I called up to the great deficit in the challenge of trading, the supply of power to foreign capital and wagging at the crisis of the pound sterling. Vitratshi sales of two households ponad 5 billion dollars. at the training course, English unit of 23 worms 1972 p. having checked the floating rate mode. Prior to kіntsya roku, the pound sterling rate went down by 10% equally from breastfeeding in 1971 p., To kіntsya 1973 p. - by 17, from 1974 p. - at 18, at 1975 p. - at 27, at 1976 p. - by 40%.

From the middle of 1977 p. The position of the pound sterling has been periodically replaced by a link with a rush of capital to the state. Videobutton of naphtha to Great Britain at the Sea of ​​Pounds in the minds of the highest prices for naphtha by putting pound sterling at the same time the status of "naphtha-currency", which is attractive for international investors. Prikhid until the end in 1979 p. M. Thatcher, a conservative government, is a kind of monetarist recipe (including higher interest rates) for better economic policy, building on this trend. Zavdyaki add to the short-term foreign earth capital pound sterling at 1981 p. pіdvishivshissya until Rivne 1971 p. - $ 2.40 Zhovtnі 1979 p. forwards 1931 p. Bulo packaged all currency exchange obmezhennya.

Prote polіpshennya positsіy pound sterling did not bulo trivial. Vidovannannya Great Britain for the pace of economic development, increased productivity, structural restructuring in the city has developed.

Through ce at 1981 p. Independent of the great asset to the balance of payments, reaping the return on capital in the UK . The tendency to a lower exchange rate of the English currency reached a crop on the cob 1985 p. (1 lbs. = 1.09 dollars.). In the course of the year, the pound sterling has closed the position of the dollar (1.50-1.60 dollars), the last position of the last major currencies weakened. The average pound sterling rate in 1981 - 1986 pp. 30% lower yak yak.

Regulate the foreign exchange rate for a round of policy of interest rates (through operations of the Bank of England on a penny market) and foreign exchange (on an equal scale) by changing the exchange rate.

In the 90s of the UK, it’s not easy to get the most economical potential, but I rightfully sent one to the other at my own merchandise. Vinyatkovo high river of living at the state power. It is economically important for the United Kingdom to keep up with progressive and industrial care, discipline and robust power, so I can give free rein to everything. Z 1990 to 1996 p. at a fast pace export growth (tab. 27).

Great Britain gradually increased competitiveness (Table 28).

Table 27

Rosetok export from the UK billion dollars.

1990 p.

1996 p.

185.2

260.7

The material basis for stability of the pound sterling rate in the 90s is to become the international ruin of the direct investment of foreign investment

Table 28

Rating of Ukraine beyond the international competitiveness

Kraina

1990 p.

1996 p.

USA

3

4

Great Britain

7

fifteen

globalization of public relations (tab. 29).

In the 90s, the "friend of the hill" of privatization in Europe is roaring. Zokrem, in 1993-1996 pp. only in the Charter regions (France, Italy, Great Britain, Nimechchina) the privatization of private enterprises is irrelevant

Table 29

Direct investment in the UK

1980 p.

1990 p.

1995 p.

63.01

218.21

244.14

became 106 billion dollars. Tse also appeared on the swaths of direct investment in the soul of the population. Stinks zbilshilsya z 1129.2 dollars. at 1986 p. up to 4119.5 dollars at 1995 p. (the United States vidovno from 774.1 to 1934.8 dollars.). Economic indicators of Great Britain by the camp in 1994 induced at the table. thirty.

The peculiarity of the Great Britain is that in the middle of the economy, the country won’t be overlooked in the table. 30 indicators of 5-4 months. The country has a small gold reserve of 736 tons in 1990 i 716 t

Table 30

Economic indicators of Great Britain (camped on 1994 p.)

GDP, billion dollars

Export, billion dollars

Currency reserves, billion SDR

1019.5

204.9

26,4

at 1997 p. Zmіnu to the pound sterling exchange rate from 1980-1997 pp. listed in the table. 31.

From now on, in the 90s, there’s an immediate upswing in the development of the inflationary trend toward a lower exchange rate of the pound sterling. Yogo course schodo SDR in 1995 p. having gone down by 80% in the whole year 1985 p. (US dollar

Table 31

Pound sterling rate to SDR i Dolar

1980 p.

1985 p.

1990 p. 1993 p. 1994 p. 1995 p.

1996 p.

1997 p.

Pound sterling for 1 SDR

100

70

72 58 57 56

63

65

Funtіv sterlіngіv for 1 dol. USA

0.419

0.692

0.519 0.675 0.640 0.645

0.589

0.598

declining to 74%). Prote up to 1997 p. the position of the pound sterling increased by 16% (the US dollar - by 7%).

The British pound sterling is the only one of the most curious currencies that can be easily converted in international financial transactions. On the 90th of the rookie, a portion has been found out, anyway, the middle, the components of the standard currency currencies, mean the SDR wart rate, - 11% (US dollar - 40%). At 1996 p. Great Britain had parameters that were installed at Maastricht for Krai ЄВС (Table 32).

Table 32

Criteria of convergence of Great Britain for the European monetary union in 1996

Norm of inflation

Interest rate

Deficit to the budget

Quota of bargaining

3,5

10.0

-3.0

55.0