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Penny-kreditnі Sistemi zarubіzhnih kraїn - Іvanov VM

Subject 9. Penny and credit system VELIKOBRITANІЇ

9.1. Rozvitok groshovoї Sistemi

Pound sterlіngіv vikoristovuvavsya on Britanskih Islands zadovgo to viniknennya there tsentralіzovanoї powers (IX-X cent.). Hosting Project tsієї groshovoї odinitsі vіdobrazhaє її Pochatkova vagovy vmіst: s one pound srіbla karbuvali 240 pensіv, SSMSC nazivali slit "sterlіngami".

Іz the middle of the XIV century. in obіgu z'yavilisya Zoloti coins i protyagom kіlkoh stolіt in derzhavі panuvav bіmetalіzm. Anglіya ranіshe, nіzh INSHI powers, until golden pereyshla monometalіzmu: factuality - naprikіntsі XVIII century, Yurydychna - at 1816 p.. Before Pershoї svіtovoї vіyni emіsіya banknotes Bank Anglії regulyuvalas act Pіlya R. (z 1844 r.). Zgіdno s act of banknotes povinnі boule 100 vіdsotkovo zabezpechuvatisya gold.

Vіyna viklikala rozlad trumpery obіgu powers. Pіslya pripinennya rozmіnu banknotes for gold (Serpen 1914 p.) Power Pocha vikoristovuvati emіsіyu pennies for pokrittya svoїh voєnnih vitrat. Masa pennies in obіgu in 1913-1918 pp. zbіlshilasya s 35 million to 399 million pounds. Article .; in 1920 r. Won dosyagla £ 555 million. Art. In zv'yazku s ekonomіchnimi trudnoschami, viklikanimi vіynoyu, tse prizvelo to іnflyatsії: tovarnі tsіni for sіm rokіv zbіlshilisya mayzhe vtrichі. W metoyu stabіlіzatsії pound sterlіngіv Uryadov in 1920 r. uzyav course for deflyatsіyu, provodyachi polіtiku "expensive" pennies. Tse vіdpovіdalo іnteresam fіnansovoї olіgarhії, yak, otrimuyuchi velikі pributki od kapіtalovkladen behind a cordon, have been viewed zatsіkavlena zberezhennі visokoї kupіvelnoї spromozhnostі pound sterlіngіv. Deflyatsіyna polіtika spriyala, s one side, znizhennyu tsіn, in one hour yak at Nіmechchinі i Frantsії viruvala іnflyatsіya and other s - zagostrennyu ekonomіchnoї Creasy pp 1920-1921, posilennyu bezrobіttya, znizhennyu zarobіtnoї pay..

Penny reform in 1925-1928 pp. low on metі stabіlіzuvati penny system. The ear on the reform pripadaє kvіten 1925 p., If Velikobritanіya vstanovila rozmіn banknotes for gold for dovoєnnim parity for rakhunok zaprovadzhennya zolotozlivkovogo standard. Pound sterlіngіv Bank Anglії pіdtrimuvav for Relief visokoї oblіkovoї rates scho superechilo іnteresam Promyslova kіl Yakimov brakuvalo "cheap" pennies. In 1928 r. Penny completed reform of acceptance of law about nadannya Bank Anglії rights fіdutsіarnu emіsіyu rozmіrі banknotes at £ 260 million. Art and for pogodzhennyam Skarbnitsya Zi -. i Ponad zaznachenu the bag.

Svіtova Ekonomichna crisis in 1929-1933 pp. weaker pozitsії Velikobritanії on zovnіshnіh Rinko i viklikala Masov vіdpliv kapіtalіv s Kraina. 21 Veresnya 1931 p. rozmіn funtіv sterlіngіv to Zoloti Zlivko Bulo zupineno i zdіysneno devalvatsіyu. Gold reserves of the Bank Anglії CCB sent messages in rozporyadzhennya stabіlіzatsіynogo Monetary Fund stvorenogo skarbnitsі at 1923 p. regulyuvannya for the pound sterlіngіv. Velikobritanіya actively involved in the foreign exchange vіynu іz US Yaponієyu i. Yak method for Borotba zovnіshnі markets Agricultural Art Won vikoristovuvala znizhennya the pound sterlіngіv.

Vіyna sprichinila dezorganіzatsіyu Economy, trumpery obіgu powers. W 1939 to 1945 p. Penny masa zbіlshilas at 2.5 times tsіni pіdvischilisya 75%. Prote rozmіri іnflyatsії in Velikobritanії boule menshі, nіzh in іnshih kraїnah scho voyuvali, vklyuchayuchi US. Tsomu spriyali Visoka Wagga podatkіv in fіnansuvannі vіyskovih vitrat Velikobritanії (Ponad 40%), іstotna role nagromadzhennya sterlіngovoї zaborgovanostі kolonіy that domіnіonіv, Reigning control tsіnami, ratsіonuvannya sirovini, Fuel type, produktіv harchuvannya.

Suchasna іnflyatsіya - result superechnostey suspіlnogo vіdtvorennya i structural disproportsіy in anglіyskіy ekonomіtsі.

Vazhlivu role in іnflyatsіynomu protsesі vіdіgrayut derzhavnі vitrati, SSMSC fіnansuyutsya for rakhunok pozik. In 1986 bereznі p. tіlki zaborgovanіst Uryadov dosyagla 167 500 000 000 f. Art., 47% abo vnutrіshnogo natsіonalnogo product (GNP) of power. Reigning Rozmіschennya tsіnnih paperіv from banks spriyaє zbіlshennyu groshovoї masi. Tom 80-90-Ti prophets have Velikobritanії Tempi іnflyatsії boule vischі, nіzh in deyakih іnshih Promyslova rozvinenih kraїnah. Tse E bachimo s pokaznikіv koefіtsієnta monetizatsії in 1990-1995 pp. (Table. 26).

At 90 Rokach Bank Anglії spravlyaє virіshalny vpliv on stabіlіzatsіyu natsіonalnoї currency, vіn vіdmovlyaєtsya directly kredituvati

tABLE 26

Koefіtsієnt monetizatsії in Velikobritanії

Uryadov. Emіsіya pennies zdіysnyuєtsya Suvorov in furrows zagalnogo spryamuvannya on zbіlshennya groshovoї masi in ekonomіtsі. Zagalna scrip at gotіvki, 1999. pіdtrimuєtsya rіvnі at £ 24 billion. Art. In zv'yazku s nadhodzhennyam obіg in fake pennies nomіnalom 20 lbs. Art. Bank Anglії uhvaliv rіshennya about emіsіyu tsogo nomіnalu banknotes for the amount of £ 10 billion. Art. i Povny postupovu zamіnu old zrazka bills until 2003 p. Nova bill spetsіalny Zahist Got scho Dusty mozhlivіst s bіlshoyu vpevnenіstyu vstanoviti spravzhnіst bills that ubezpechitisya od pіdrobki. In 1998 the. Banknotes in obіg zaprovadzheno new zrazka for the amount of £ 349 million. Art.

Pіslya Druha svіtovoї vіyni Velikobritanіya perezhivaє perіodichnі valyutnі crisis, SSMSC suprovodzhuyutsya padіnnyam the pound sterlіngіv.

Perche povoєnnu devalvatsіyu anglіyskoї currency by 30.5% Bulo held at veresnі 1949 p .; її gold vmіst znizivsya s 3.58 to 2,488 g, and ofіtsіyny rate to US Dolar - s 4.03 to 2.80 dollars. 1 f. Art. Tsomu sunset pereduvala nevdala sproba skasuvati obmіn pound sterlіngіv on Dolar for precisely operatsіyami serpnі 1947 at p. In rezultatі through 35 dnіv pіslya skasuvannya obmіnu valyutnі reserve the boule vicherpanі, rіzko zbіlshivsya defіtsit trade balance, up to a pound dovіru sterlіngіv Bulo pіdіrvano i in 1947-1948 pp. іnflyatsіya posilen. Devaluation not virіshila Monetary Velikobritanії problems. Monetary povtoryuvalas crisis in 1951, 1955, 1958, 1960, 1961, 1964, 1965 p.

In 1966 listopadі p. devalvatsіyu held 14.3% i gold vmіst anglіyskoї currency znizheno to 2.13 g, while the rate of up to Dolar - to 2.40. Vpliv Tsikh zahodіv on platіzhny balance poznachivsya through pіvtora rock - in 1969-1971 pp. Velikobritanіya small positive balance for the bike precisely operatsіyami. Zavdyaki tsomu in grudnі 1971 p. when Masov pereglyadі rozvinenimi kraїnami Monetary kursіv pound sterlіngіv schodo Dolar factuality Bulo revalvovano 1.57% i vstanovleno rіvnі at 2.60571 dollars. Prote stabіlіzatsіya pound sterlіngіv viyavilasya netrivkoyu.

Korotkochasny ekonomіchny pіdyom at 1972 p. prizvіv to great defіtsitu in zovnіshnіy torgіvlі, vіdplivu s powers zarubіzhnih kapіtalіv vilivsya i have naygostrіshu Creasy pound sterlіngіv. Vitrativshi uprodovzh dvoh tizhnіv Ponad $ 5 billion. Yogo at pіdtrimannya rate anglіysky Uryadov chervnya 1972 23 p. zaprovadiv mode plavayuchogo rate. Before kіntsya rock pound sterlіngіv znizivsya 10% of breast-porіvnyano s 1971 r. To kіntsya 1973 p. - 17, 1974 at p. - 18, 1975 at p. - 27, 1976 at p. - By 40%.

Іz mid-1977 p. pozitsії pound sterlіngіv porіvnyano zmіtsnіli pochasti in zv'yazku s priplivom kapіtalu in power. Vidobutok Nafti Velikobritanієyu in Pіvnіchnomu morі minds in Visoko tsіn naphtha Nadab pound sterlіngіv timchasovo status "naftovalyuti" privablivoї for mіzhnarodnih іnvestorіv. Prihіd to Vladi in 1979 p. Conservative Margaret Thatcher Uryadov, yaky vibrat monetaristskі counter (in addition chislі visokі protsentnі rate) for zdіysnennya ekonomіchnoї polіtiki, posilen qiu tendentsіyu. Zavdyaki priplivu korotkostrokovih іnozemnih kapіtalіv pound sterlіngіv at 1981 p. pіdvischivsya to rіvnya 1971 p. - 2.40 dollars. In 1979 zhovtnі p. Vpershe z 1931 r. Bulo skasovano OAO All valyutnі obmezhennya.

Prote polіpshennya pozitsіy pound sterlіngіv not Bulo trivalim. Vіdstavannya Velikobritanії pace ekonomіchnogo rozvitku, pіdvischennyam produktivnostі pratsі structurally peretvorennyami in tsі Rocky posilen.

Through tse, 1981 at p. nezvazhayuchi on great asset platіzhnogo balance pochavsya vіdpliv kapіtalu s Velikobritanії. Tendentsіya to znizhennya rate anglіyskoї currency dosyagla kulmіnatsії on the cob 1985 p. (1 p. Art. = 1.09 USD.). Zgoda pound sterlіngіv descho zakrіpiv svoї pozitsії stosovno Dolar (USD 1.50-1.60.) Against schodo yogo pozitsії іnshih provіdnih slabshali currency. Serednozvazheny pound sterlіngіv from 1981 - 1986 pp. znizivsya bіlsh yak 30%.

Ninі exchange rate regulyuyut for rakhunok polіtiki interest rates (through the Bank operatsії Anglії penny on market analysis) i valyutnoї іnterventsії (in obmezhenih scale) s metoyu zmenshennya Oscillations course.

At 90 Rokach Velikobritanіya not tіlki dosit Shvydko vіdnovila ekonomіchny potentsіal and the second on the right posіla odne s chіlnih mіsts in svoєmu spіvtovaristvі. Vinyatkovo Visokiy rіven Zhittya in tsіy derzhavі gіdny naslіduvannya. Ekonomіchne pіdnesennya in Velikobritanії vіdbuvalosya zavdyaki Progressive that іndustrіalno orієntovanomu kerіvnitstvu, distsiplіnovanіy robochіy silі that derzhavnіy polіtitsі, yak slapped Povny freedom that Act reasonably vsіlyako stimulyuvala іnіtsіativu. W 1990 and 1996. p. Shvidky pace zbіlshuvavsya eksport (tab. 27).

Velikobritanіya pomіtno pіdvischila konkurentospromozhnіst (tab. 28).

tABLE 27

Rozvitok eksportu in Velikobritanії billion.

Materіalnu basis stabіlnostі sterlіngіv the pound at 90 Rokach becoming mіzhnarodny ruh directly іnozemnih іnvestitsіy that

tABLE 28

Rating for kraїn rіvnem mіzhnarodnoї konkurentospromozhnostі

globalіzatsіya pіdpriєmnitskoї dіyalnostі (tab. 29).

At 90 Rokach rozgortaєtsya "other Hvilya" privatizatsії in Єvropі. Zokrema, at pp 1993-1996. tіlki in chotiroh kraїnah (Frantsіya, Іtalіya, Velikobritanіya, Zittau) Total value of companies privatizovanih

tABLE 29

Pryamі іnozemnі іnvestitsії in Velikobritanіyu

It becomes USD 106 billion. Tse takozh Items marked directly on obsyagah іnozemnih іnvestitsіy per capita. Pong zbіlshilisya s 1129.2 dollars. at 1986 p. to 4119.5 dollars. at 1995 p. (The US vіdpovіdno z 774.1 to 1934.8 dollars.). Ekonomіchnі pokazniki Velikobritanії pitched for 1994 p. imposed at the table. thirty.

Osoblivіst Velikobritanії polyagaє in fact scho Sered ekonomіchno rozvinenih kraїn Won posіdaє for guidance in the table. 30 pokaznikami 5-4 Location. Krajina small gold reserves of 736 tons in 1990 p. i 716 m

tABLE 30

Ekonomіchnі pokazniki Velikobritanії (pitched at the 1994 r.)

at 1997 p. Zmіnu the pound sterlіngіv in 1980-1997 pp. imposed in the Table. 31.

Otzhe, at 90 Rokach pid vplivom rozvitku svіtovoї іnflyatsії panuvala tendentsіya to znizhennya exchange rate pound sterlіngіv. Yogo course schodo SDR in 1995, p. znizivsya 80% rіvnya od 1985 r. (US Dolar

tABLE 31

Pound sterlіngіv to SDR i Dolar

vіdpovіdno znizivsya to 74%). Prote until 1997 p. pozitsії pound sterlіngіv zmіtsnіli i vіn podorozhchav 16% (US Dolar - 7%).

Ninі anglіysky pound sterlіngіv Je odnієyu s p'yati nayvazhlivіshih currencies SSMSC vіlno konvertuyutsya in mіzhnarodnih fіnansovih operatsіyah. On 90 Ti Rocky uzgodzheno yogo chastku, abo breaking bar, Sereda Components Connection standard Kaushik currencies SSMSC viznachayut vartіst SDR - 11% (US Dolar - 40%). In 1996 r. Velikobritanіya doderzhuvalasya parametrіv, vstanovlenih in Maastrihtі for kraїn ЄVS (tab. 32).

tABLE 32

Kriterії konvergentsії Velikobritanії Єvropeyskogo for monetary union in 1996, p.