home Banking books Penny-kreditnі Sistemi zarubіzhnih kraїn - Іvanov VM

Penny-kreditnі Sistemi zarubіzhnih kraїn - Іvanov VM

6.2. Osoblivostі rozvitku valyutnoї Sistemi

Іnflyatsіyne znetsіnennya єni in povoєnny perіod was one s basic faktorіv znizhennya її exchange rate. Course єni perіodichno pereglyadavsya. So, $ 1. US dorіvnyuvav at 1945 p. Єnam 15, 1947 at p. - 50, 1948 at p. - 270 єnam. In 1949 kvіtnі p. vstanovleno єdiny exchange rate: 360 єn = $ 1. (Zberіgavsya to 1971 p.). Yakscho spochatku єdiny course єni to Dolar LUVs zavischeny the piece, then nadalі vіn vіdpovіdav real vіdnoshennyu Tsikh currencies at 60 Rokach sposterіgalosya znizhennya rate єni, oskіlki Dolar znetsіnyuvavsya bіlshe, nіzh єna.

In zv'yazku s Creasy Dolar Uryadov Yaponії zaprovadiv serpnі 1971 at p. plavayuchy course єni. Naprikіntsі 1971 p. єnu Vpershe in povoєnny perіod Bulo revalvovano in lyutomu 1973 p. conducted another revalvatsіyu. In the minds crisis svіtovoї valyutnoї system at 70-80 Rokach course yaponskoї kolivavsya currency.

Pochinayuchi s 70 rokіv course єni pіdvischivsya s 315 єn for Dolar in 1971 to 195 in 1978 єn p. In 1979 r. vіn znizivsya 240 єn for Dolar i in CCB nestіykim away. W 1984 r. Course znovu Pocha Shvydko pіdvischuvatisya - s 252 єn for Dolar to 130.2 єni sіchnі 1988 at p.

Pіdvischennyu rate єni spriyali sider structural perebudova Economy Yaponії on suchasnіy tehnologіchnіy osnovі, pіdvischennya konkurentospromozhnostі yaponskih eksportnih tovarіv, zbіlshennya kupіvelnoї spromozhnostі єni in the minds vіdnosnoї stabіlіzatsії trumpery obіgu i tsіn. Zbіlshennya rate єni takozh Bulo pov'yazano s polіtikoyu Washington spryamovanoyu pіdtrimannya on the piece undervalued Dolar: from Taqiy sposіb admіnіstratsіya US pragnula rozshiriti amerikansky eksport, utrudniti yaponsky іmport i on tsіy osnovі skorotiti defіtsit in zovnіshnіy torgіvlі Yaponієyu s i in platіzhnomu balansі in US tsіlomu.

Income od zovnіshnoї torgіvlі perekrivali negative balance for іnshimi statte platіzhnogo balance. Tom zolotovalyutnі reserve dosyagli at 1978 p. 33 billion dollars.

In the 80 Ti Rocky konkurentospromozhnіst yaponskih tovarіv uniquely pіdvischilasya tіlki not for rakhunok NAUKOVO-tehnіchnogo Progreso that znizhennya materіalo- i trudomіstkostі virobnitstva and minutes from rezultatі commodity dempіngu. Tom Tsey perіod zolotovalyutnі reserve Shvydko zbіlshuyutsya, Especially z 1986 r. (At zhovtnі 1987 p. Stench have become 76.2 billion USD.), Peredusіm for rakhunok surplus torgovelnogo balance. Suchasna єna Je odnієyu s reserve currency, yak until 1997 p. Bula naystabіlnіshoyu in Azії.

In the minds of the great nagromadzhennya Monetary rezervіv i riziku їh znetsіnennya Yaponіya vikoristovuє tsі reserves for zovnіshnoekonomіchnoї ekspansії. Won Je naybіlshim lender in svіtі. Yaponіya forsuє his zovnіshnoekonomіchnu ekspansіyu at zavischenomu kursі Dolar schodo єni. Zdіysnyuєtsya away іntensifіkatsіya strukturnoї perebudovi Economy on osnovі vikoristannya novіtnіh dosyagnen NAUKOVO-tehnіchnogo Progreso.

However ekspansії Yaponії protidіyut US i Kraina Zahіdnoї Єvropi.

Before problems in vіdnosinah Yaponії s іnshimi kraїnami prizvela traditsіyna strategіya uchastі Kraina in mіzhnarodnomu podіlі pratsі pid extinguished "ROBIT maintained upstream those scho robit Zahid good." Ob'єktivno spriyali tsomu takozh Novi Etap rozvitku іnternatsіonalіzatsії svіtovoї Economy i pov'yazanі s CIM rozvitkom dosyagnennya Yaponії. Іnternatsіonalіzatsіya Economy became odnієyu s basic minds pіdnesennya Kraina pіslya Creasy pp 1991-1993.

Zmіtsnennya pozitsіy єni in svіtovomu gospodarstvі in 90 Rokach suprovodzhuvalosya rozshirennyam uchastі Yaponії in mіzhnarodnih ekonomіchnih vіdnosinah. Zrosla chastka Kraina in svіtovomu eksportі, Especially in eksportі kapіtalu de Won viyshla in seredinі 90 rokіv on Pershe Location in svіtі for obsyagom schorіchnih іnozemnih directly іnvestitsіy i to another Location for їh nagromadzhenoyu sumoyu.

Naprikіntsі 90 rokіv trivaє processes formuvannya i zakrіplennya novoї schemes spіvrobіtnitstva Yaponії s іnshimi kraїnami in fіnansovіy sferі. Zokrema, pereorієntatsіya on vnutrіshnіy popit zooms zmіnu spіvvіdnoshennya eksportu tovarіv i eksportu kapіtalu: eksport tovarіv pochinaє skorochuvatisya and vivezennya kapіtalu Shvydko zbіlshuєtsya. Basics tsogo was velichezne surplus for precisely statte platіzhnogo balance that peretvorennya Yaponії on naybіlshogo іnvestora. Dwellers skorotiti surplus of 11 billion dollars., Mіnіsterstvo transport napriklad, uhvalilo bring programa z 1995 r. Quantity yaponskih turistіv, SSMSC viїzhdzhayut across the border, up to 10 million chol.

Rozglyanemo rozpodіl yaponskih іnvestitsіy for regіonami svitu. Statistics svіdchit scho "naypopulyarnіshim" regіonom for іnvestuvannya Je Pіvnіchna America. Velikі strukturnі zmіni vіdbuvayutsya in pototsі kapіtalu, yaky spryamovuєtsya in Azіatsky regіon: zmenshuyutsya іnvestitsії in vidobuvnu promislovіst, dedalі bіlshy potіk spryamovuєtsya on stvorennya virobnichih pіdrozdіlіv yaponskih fіrm. Skorochuєtsya chastka іnvestitsіy in Latinskіy Ameritsі that Afritsі, more podorozhchannya єni robit vigіdnimi іnvestitsії in Zahіdnu Єvropu. In the 90 Ti Rocky zbіlshuєtsya potіk directly from іnvestitsіy Promyslova rozvinenі Kraina.

Otzhe, zarubіzhnі kapіtalovkladennya Yaponії become one іz kanalіv vagomoї transformatsії її uchastі in mіzhnarodnomu podіlі pratsі, spriyali Formation novoї modelі ekonomіchnogo zrostannya that pіdvischennyu єni rate in 1990-1996 pp.

In zhovtnі-listopadі 1997 p. vibuhnula fіnansovo-i bіrzhova foreign exchange crisis, yak ohopila bagato kraїn Pіvdenno-Shіdnoї Azії i Yaponіyu. Krisa viyavilasya vіdplivі kapіtalіv from across the border, znetsіnennі natsіonalnih currencies padіnnі rate corporative i Reigning paperіv.

In takіy situatsії Bank Yaponії pochinaє provoditi masshtabnі valyutnі іnterventsії, tobto vikidati on valyutnі bіrzhі Zi svoїh gold and foreign rezervіv vіlno konvertovaniya currency dwellers zbiti azhіotazhny popit on neї. In 1997 r. єna vistoyala, ale її stabіlіzatsіya koshtuvala 79 billion dollars. (Єna devalvuvala 3%).

Іz sіchnya, 1998. Course єni katastrofіchno padaє. її factual devaluation stvoryuє real zagrozu collapse orієntovanoї on eksport Economy kraїn Pіvdenno-Shіdnoї Azії and takozh (i tse Main) zagrozu masovogo naplivu yaponskih tovarіv US markets Agricultural Art i Zahіdnoї Єvropi (yak vіdomo, devaluation natsіonalnoї currency vigіdna for eksporterіv, oskіlki Veda to zdeshevlennya and otzhe to pіdvischennya konkurentospromozhnostі vіtchiznyanih tovarіv on svіtovih Rink). Same CIM poyasnyuєtsya Zgoda US Uryadov vidіliti Yaponії loan of 100 billion dollars. for vіdnovlennya rate єni.

Obsyag GDP in 1998 p. skorotivsya 2.8% obsyag Promyslova virobnitstva - Ponad 5% rіven bezrobіttya pіdvischivsya to 4.4%. Ekonomichna situatsіya in kraїnі, Especially in fіnansovomu sektorі, uskladnyuєtsya. Trivaє bankіvska crisis. Bank Yaponії vdavavsya to valyutnoї іnterventsії, ale course єni proti Dolar znizivsya. Currency fіnansova crisis 1997-1998 pp. It became provіsnikom tsiklіchnoї Creasy nadvirobnitstva.