Officially established cash ratio. The country's monetary unit. Features of the functioning of paper-credit monetary systems

Country currency is a legally established means of payment, mandatory for conducting settlement transactions on the territory of the state. Its physical carrier is paper banknotes or banknotes and metal coins issued to ensure cash circulation. The monetary unit also circulates in non-cash form for settlements between business entities and individuals.

Payment means in each of the independent states have their own names, approved, as a rule, by a special legislative act.

List of currencies of the largest countries in the world:

• Australia – Australian dollar;
• Argentina - Argentinean;
• Brazil – Brazilian real;
• Great Britain - pound sterling;
• - euro;
• India – ;
• Canada – Canadian dollar;
• People's Republic of China - yuan;
• Russian Federation – ;
• United States of America - dollar;
• Japan - yen.

The names of national monetary units may have historical origins from the names of coins that were in circulation in a given territory. In another case, these are specially invented synthetic words. So, when the issue of a European currency was being decided, a neutral name was proposed - the euro. This name did not infringe on the national pride of the residents of any of the countries that joined the union.

Monetary units of all countries of the world have three-letter designations in the form of codes established by the international standard ISO 4217:2008. They are used in official banking and legal documents for the convenience of users and allow them to uniquely identify currency. This is especially true for means of payment that have the same name. For example, the American dollar is coded USD, the Canadian dollar is CAD, and the Australian dollar is AUD.

In the vast majority of countries, for the convenience of payments, there are exchangeable monetary units. Usually they are one hundredth of the country's main currency. Thus, the Russian ruble consists of 100 kopecks, and the American dollar – of 100 cents. The names of many small change coins have Latin roots, the basis for them is the word centum - one hundred.

In some states, there are more complex systems of subordination of the main and exchange currency units:

• In Saudi Arabia, one consists of 20 qirsh, which in turn is equal to 5 halalas.
• In Madagascar and Mauritania the basis money circulation The five-fold number system is used. One ariary is equal to 5 iraimbilanya, and one ougiya consists of 5 khums.
• The Sovereign Military Order of Hospitallers of St. John of Jerusalem of Rhodes and Malta has a currency called the Maltese and consists of 12 tari or 240 grains.
• In Libya, Tunisia, Oman, Bahrain, Iraq and Kuwait, the means of payment consists of thousands of small change coins.
• In Vietnam, Hong Kong, Jordan, China and Macau, the ratio between the main currency and the exchange currency is 1 to 10.

In countries with high inflation, small coins are practically not used in cash and non-cash payments. So in our country the penny has practically gone out of circulation; a similar situation arose in Japan at one time. The return of small change usually occurs during monetary reform in the form of denomination. A recent example is the economic transformation in the Russian Federation in 1998.

The concept of monetary units of account

In some states, special means of payment are being developed and used for making payments by transferring funds between accounts. Cash units of account can only be used in the sphere of non-cash circulation. In most cases, they are entries in registers on electronic or paper media and have a time-limited effect.

In some countries, due to economic instability, surrogate means of payment or foreign currencies may be introduced. They can be used in cash circulation, for which banknotes are issued and coins are minted. Thus, on Liberty Island, in parallel with the Cuban peso, its convertible form is used, and in Myanmar, a special exchange certificate is used.

Exchange rate defined as the value of one country's currency expressed in another country's currency. The exchange rate is necessary for currency exchange when trading goods and services, movement of capital and loans; to compare prices on world commodity markets, as well as cost indicators of different countries; for the periodic revaluation of foreign currency accounts of firms, banks, governments and individuals.
Exchange rates are divided into two main types: fixed and floating.
The fixed exchange rate fluctuates within a narrow range. Floating exchange rates depend on market supply and demand for a currency and can fluctuate significantly in value.
The fixed exchange rate is based on currency parity, i.e., the officially established ratio of monetary units of different countries. Under monometallism - gold or silver - the base of the exchange rate was monetary parity - the ratio of monetary units of different countries according to their metallic content. It coincided with the concept of currency parity.
Under gold monometallism, the exchange rate was based on gold parity - the ratio of currencies according to their official gold content - and spontaneously fluctuated around it within the limits of gold points. However, with the abolition of the gold standard, the gold dot mechanism ceased to function.
In modern conditions, the exchange rate is based on currency parity - the relationship between currencies established in legislative order, and fluctuates around it.
In accordance with the amended IMF Charter, currency parities can be established in SDR or other international currency unit. A new phenomenon since the mid-70s has been the introduction of parities based on a currency basket. This is a method of measuring the weighted average exchange rate of one currency against a specific set of other currencies. The use of a currency basket instead of the dollar reflects the trend away from the dollar to a multi-currency standard.
The development of foreign economic relations requires a special tool through which entities acting on international market, could maintain close financial cooperation with each other. Such a tool is banking operations for exchanging foreign currency. The most important element in the system of banking transactions with foreign currency is the exchange rate, since the development of IEO requires measuring the value ratio of currencies of different countries.
The exchange rate is required for:

· mutual exchange of currencies when trading goods, services, during the movement of capital and loans. The exporter exchanges the proceeds of foreign currency for national currency, since the currencies of other countries cannot circulate as a legal means of purchase and payment in the territory of a given state. The importer exchanges national currency for foreign currency to pay for goods purchased abroad. The debtor purchases foreign currency for national currency to repay debt and pay interest on external loans;

· comparison of prices on world and national markets, as well as cost indicators of different countries, expressed in national or foreign currencies;

· periodic revaluation of foreign currency accounts of companies and banks.
Exchange rate- this is the exchange ratio between two currencies, for example 100 yen per 1 US dollar or 16 Russian rubles per 1 US dollar, 440 Armenian drams per 1 dollar.
Hypothetically, there are five exchange rate systems:

· Free (“clean”) swimming;

· Guided swimming;

· Fixed rates;

· Target zones;

· Hybrid exchange rate system.
Thus, in a free floating system, the exchange rate is formed under the influence of market demand and supply. At the same time, the foreign exchange forex market is closest to the model of a perfect market: the number of participants, both on the demand side and on the supply side, is huge, any information is transmitted in the system instantly and is available to all market participants, the distorting role of central banks is insignificant and inconsistent.
In a managed floating system, in addition to supply and demand, the exchange rate is strongly influenced by the central banks of countries, as well as various temporary market distortions.
An example of a fixed exchange rate system is the Bretton Woods currency system of 1944-1971.

The target zone system develops the idea of ​​fixed exchange rates. An example of this is fixation Russian ruble to the US dollar in the corridor of 5, 6-6, 2 rubles per 1 US dollar (in pre-crisis times). In addition, the mode of functioning of the exchange rates of the participating countries of the European Monetary System can be attributed to this type.
Finally, an example of a hybrid exchange rate system is the modern currency system, in which there are countries that freely float the exchange rate, there are zones of stability, etc.

1.2. Exchange rate

The exchange rate is defined as the value of one country's currency expressed in another country's currency. The exchange rate is necessary for currency exchange when trading goods and services, movement of capital and loans; to compare prices on world commodity markets, as well as cost indicators of different countries; for periodic revaluation of foreign currency accounts of firms, banks, governments and individuals.

Exchange rates are divided into two main types: fixed and floating. The fixed exchange rate is based on currency parity, i.e. officially established ratio of currencies of different countries. Floating exchange rates depend on market demand and supply for currency and can fluctuate significantly in value.

1.3. Foreign exchange markets

The global foreign exchange (forex) market includes individual markets localized in various regions of the world, centers of international trade and monetary and financial transactions. A wide range of operations are carried out on the foreign exchange market related to foreign trade settlements, capital migration, tourism, as well as insuring currency risks and carrying out intervention activities.

On the one hand, the foreign exchange market is a special institutional mechanism that mediates relations for the purchase and sale of foreign currency between banks, brokers and other financial institutions. On the other hand, the foreign exchange market serves the relationship between banks and clients (both corporate, government and individual). Thus, the participants in the foreign exchange market are commercial and central banks, government units, brokerage organizations, financial institutions, industrial and trading companies and individuals, operating with currency.

The maximum weight in currency transactions belongs to large transnational banks, which widely use modern telecommunications. That is why foreign exchange markets are called a system of electronic, telephone and other contacts between banks related to transactions in foreign currency.

The international currency market is understood as a chain of regional currency markets closely interconnected by a system of cable and satellite communications. There is a flow of funds between them depending on current information and forecasts of leading market participants regarding the possible position of individual currencies. The largest regional currency markets are distinguished: European (in London, Frankfurt am Main, Paris, Zurich), American (in New York, Chicago, Los Angeles, Montreal) and Asian (in Tokyo, Hong Kong, Singapore, Bahrain ). The annual volume of transactions in these foreign exchange markets is, according to leading central banks, over 250 trillion. dollars The world's leading currencies are quoted on these markets. Since individual regional foreign exchange markets are located in different time zones, the international foreign exchange market operates around the clock.

1.4. International monetary and financial organizations

The main supranational monetary and financial institution that ensures the stability of the international monetary system is the International Monetary Fund (IMF). Its task is to counteract foreign exchange restrictions, create a multinational system of payments for foreign exchange transactions, etc.

In addition, international monetary and financial organizations include a number of international institutions whose investment and credit activities are also of a monetary nature. Among them are the International Bank for Reconstruction and Development, the Bank for International Settlements in Basel, the European Investment Bank, the Asian Development Bank, the African Development Bank, the Islamic Development Bank, the Scandinavian Investment Bank, the Andean Reserve Fund, the Arab Monetary Fund, African Development Fund, East African Development Bank, International Development Association, International Fund for Agricultural Development, etc.

1.5. Interstate agreements

To carry out effective international trade and investment between countries, streamline payments and achieve uniformity in the interpretation of the rules for making payments, a number of interstate agreements have been adopted, which are adhered to by the overwhelming number of countries in the world. These include the “Uniform Rules for Documentary Letter of Credit”, “Uniform Rules for Documentary Collection”, “Uniform Bill of Exchange Law”, “Uniform Law on Checks”, “On bank guarantees", SWIFT Charter, CHIPS Charter and other documents.

In general, the nature of the functioning and stability of the international financial system depend on the degree of its compliance with the structure of the world economy. When the structure of the world economy and the balance of forces on the world stage change, the existing form of the international military system is replaced by a new one. Having appeared in the 19th century, the world monetary system went through three stages of evolution: the “gold standard”, the Bretton Woods system of fixed exchange rates and the Jamaican system of floating exchange rates. Let us briefly characterize these stages of the evolution of MWS.

2. GOLD STANDARD SYSTEM

The beginning of the “gold standard” was laid by the Bank of England in 1821. This system received official recognition at a conference held in 1867 in Paris. The “gold standard” existed until the Second World War. Its basis was gold, which was legally assigned the role of the main form of money. Within this system, the exchange rate of national currencies was rigidly tied to gold and, through the gold content of the currency, correlated with each other at a fixed exchange rate. So, if 1 f. Art. was equal to 1/4 ounce of gold, and 1 dollar. USA amounted to 1/20 ounce of gold, then for 1 lb. Art. you could get 5 dollars in exchange. USA (1 troy ounce of gold is equal to 31.1 g of 999 gold). Deviations from the fixed exchange rate were extremely insignificant (no more than +/- 1%) and were within the “golden points” (the so-called maximum limits for deviation of the exchange rate from the established gold parity, which are determined by the costs of transporting gold abroad).

The need to transport gold abroad arose when a balance appeared in foreign trade, which was repaid by equivalent gold transport. At the same time, gold payments had no restrictions.

The varieties of the “gold standard” are: 1) the gold coin standard, under which banks freely minted gold coins (valid until the beginning of the 20th century); 2) the gold bullion standard, under which gold was used only in international payments (beginning of the 20th century - beginning of the First World War); 3) gold and foreign exchange (gold exchange) standard, in which, along with gold, the currencies of countries included in the “gold standard” system, which is known as the Genoese standard (1922 - the beginning of the Second World War), were also used in calculations.

During the First World War and especially during the Great Depression (1929-1934), the “gold standard” system experienced crises. The gold coin and gold bullion standards have become obsolete, as they no longer correspond to the scale of increased economic ties. Due to high inflation in most European countries, their currencies have become inconvertible. The United States became a new financial leader, and the “gold standard” was modified.

The Genoa International Economic Conference of 1922 cemented the transition to a gold exchange standard based on gold and leading currencies that were convertible into gold. Mottos appeared - means of payment in foreign currency, intended for international payments. Gold parities were maintained, but the conversion of currencies into gold could also be carried out indirectly, through foreign currencies, which allowed states that were impoverished during the First World War to save gold.

During the period between the wars, countries consistently abandoned the “gold standard”. The first to leave the “gold standard” system were agricultural and colonial countries (1929-1930), Germany, Austria and Great Britain in 1931, and the USA in April 1933 (having taken upon themselves the obligation to exchange dollars for gold at a price of 35 dollars per troy ounce for foreign central banks in order to strengthen the international position of the dollar), in 1936 - France. Many countries have introduced currency restrictions and exchange controls. At this time, on the basis of the national currency systems of leading countries, currency blocks and zones began to emerge.

A monetary bloc is a grouping of countries dependent in economic, monetary and financially from its leading power, which dictates to them a unified policy in the field international relations and uses them as a privileged sales market, a source of cheap raw materials and a profitable area for investing capital.

The purpose of the currency bloc is to strengthen the competitive position of the leading country in the international arena, especially in times of economic crises. The currency bloc is characterized by the following features: the exchange rate is attached to the currency of the country leading the group; international settlements of the countries included in the bloc are carried out in the currency of the hegemonic country; foreign exchange reserves of the participating countries are stored in the hegemonic country; Treasury bills and government bonds of the hegemonic country serve as security for dependent currencies.

At this time, the sterling, dollar and gold currency blocks were formed. The sterling bloc was formed in 1931. It included the countries of the British Commonwealth of Nations (except Canada and Newfoundland), the territories of Hong Kong, Egypt, Iraq and Portugal. Later Denmark, Norway, Sweden, Finland, Japan, Greece and Iran joined it. The dollar bloc, led by the United States, was formed in 1933. It included, in addition to the United States, Canada, as well as the countries of Central and South America. The gold bloc was created in 1933 by countries that sought to maintain the gold standard - France, Belgium, the Netherlands, Switzerland, and later Italy, Czechoslovakia and Poland joined it. By 1936, due to the abolition of the gold standard system in France, the bloc collapsed. During the Second World War, all currency blocs ceased to exist.

Benefits of the gold standard:

1) ensuring stability in both domestic and foreign economic policies, which is explained by the following: transnational flows of gold stabilized exchange rates and thereby created favorable conditions for the growth and development of international trade;

2) stability of exchange rates, which ensures the reliability of forecasts cash flows company, cost and profit planning.

Disadvantages of the gold standard:

1) the established dependence of the money supply on the extraction and production of gold (the discovery of new deposits and an increase in its production led to transnational inflation);

2) the inability to pursue an independent monetary policy aimed at solving the country’s internal problems.

Second world war led to the crisis and collapse of the Genoese monetary system, which was replaced by the Bretton Woods system.

3. BRETTON WOODS MONETARY SYSTEM

The second monetary system was formalized at the UN International Monetary and Financial Conference, held from July 1 to July 22, 1944 in Bretton Woods (USA, New Hampshire). The International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), called the International Bank, were also founded here.

The goals of creating the second MBC were:

restoration of extensive free trade;

establishing a stable equilibrium of the international exchange system based on a system of fixed exchange rates;

transferring resources to states to counter temporary difficulties in the external balance.

The second MBC was based on the following principles:

fixed exchange rates of the currencies of the participating countries to the rate of the leading currency have been established;

2) the exchange rate of the leading currency is fixed to gold;

3) central banks maintain a stable exchange rate of their currency against the leading (within +/- 1%) currency through foreign exchange interventions;

4) changes in exchange rates are carried out through devaluation and revaluation;

5) the organizational unit of the system is the IMF and the World Bank, which are designed to develop mutual monetary cooperation between countries and help reduce the balance of payments deficit.

The US dollar became the reserve currency, since only it at that time could be converted into gold (the US had 70% of the world's total gold reserves). The gold ratio of the US dollar was established: 35 dollars. for 1 troy ounce. Other countries have pegged their currencies to the US dollar. The dollar began to perform on an international scale all the functions of money: an international medium of exchange, an international unit of account, an international reserve currency and a store of value. Thus, the US national currency simultaneously became world money and therefore the second MMS is often called the gold-dollar standard system.

Currency interventions were considered as a mechanism for self-adaptation of the second international financial system to changing external conditions, similar to the transportation of gold reserves to regulate the balance of payments under the “gold standard”. Exchange rates could be changed only when a fundamental imbalance in the balance sheet occurred. These changes in exchange rates within the framework of fixed parities were called revaluation* and devaluation** of currencies.

*Revaluation is an official increase in the exchange rate of the national currency against foreign currencies.

**Devaluation is an official decrease in the exchange rate of the national currency in relation to foreign currencies.

As a country with a leading currency, the USA, after the Second World War, had a constantly negative balance of payments (with the exception of the period of the Korean War in the early 50s). On average, the balance ranged from 2 to 3 billion dollars. However, this did not negatively affect the economic situation of the United States, but only contributed to the expansion of American capital to other countries. Apart from obligations to sell gold, the Bretton Woods system did not have any mechanism for sanctions in the event of the inflationary policy of the country of the leading currency. The weakness of the dollar only led to an expansion of the monetary base and an increase in foreign exchange reserves in a country with a strong currency, without causing any opposite effects in the United States. Under these circumstances, the United States had practically unlimited possibilities for pursuing its monetary policy based on domestic economic goals.

The second IMF could exist only as long as US gold reserves could ensure the conversion of foreign dollars into gold. However, by the beginning of the 70s. there was a redistribution of gold reserves in favor of Europe: in the 60-70s. The dollar holdings of European central banks tripled and by 1970 amounted to $47 billion. against 11.1 billion dollars. in the USA. There are also significant problems with international liquidity, since in comparison with the increase in international trade volumes, gold production was small: from 1948 to 1969, gold production increased by 50%, and the volume of international trade by more than 2.5 times. Confidence in the dollar as a reserve currency is also falling due to the huge US balance of payments deficit. New financial centers are emerging (Western Europe and Japan), which leads to the US losing its absolute dominant position in the world. The paradoxical nature of this system, based on an internal contradiction known as paradox or Triffen's dilemma, is clearly manifested.

According to the Triffen dilemma, the gold-dollar standard must combine two opposing requirements:

1) the issue of a key currency must correlate with changes in the country’s gold reserves. Excessive emission of a key currency, not backed by gold reserves, can undermine the convertibility of the key currency into gold and over time will cause a crisis of confidence in it;

2) the key currency must be issued in quantities sufficient to ensure an increase in the international money supply to service the increasing number of international transactions. Therefore, its emission should far exceed the country's gold reserves.

Thus, there is a need to revise the foundations of the existing monetary system. The crisis of the second currency system lasted 10 years. The forms of its manifestation were: currency and gold rush; massive devaluations and revaluations of currencies; panic on stock exchange in anticipation of changes in exchange rates; active intervention of central banks, including collective intervention; activation of national and interstate currency regulation.

Key stages of the crisis of the Bretton Woods monetary system:

1)March 17, 1968 A dual gold market was established. The price of gold in private markets is set freely according to supply and demand. According to official transactions for the central banks of countries, the convertibility of the dollar into gold remains at the official rate of 35 dollars. for 1 troy ounce;

2) August 15, 1971 Temporarily prohibited the convertibility of the dollar into gold for central banks;

3) December 17, 1971 Devaluation of the dollar against gold by 7.89%. The official price of gold increased from 35 to 38 dollars. for 1 troy ounce without renewing the exchange of dollars for gold at this rate; the boundaries of permissible exchange rate fluctuations expanded to +/- 2.25% of the announced dollar parity;

5) March 16, 1973 The international conference in Paris subordinated exchange rates to the laws of the market. Since that time, exchange rates are not fixed and change under the influence of supply and demand, contrary to the IMF Charter. Thus, the system of fixed exchange rates ceased to exist.

After the Second World War, six main currency zones were formed:

a) British pound sterling;

b) US dollar;

c) French franc;

d) Portuguese escudo;

d) Spanish peseta and

e) Dutch guilder.

The most stable was the currency zone of the French franc, which exists to this day, uniting a number of countries in Central Africa.

After a long transition period during which countries could try various models monetary system, a new world monetary system began to emerge, which was characterized by significant fluctuations in exchange rates.

The structure of the modern world monetary system was formally agreed upon at the IMF conference in Kingston, Jamaica, in January 1976. The basis of this system is floating exchange rates and a multicurrency standard.

The transition to flexible exchange rates implied the achievement of three main goals:

1) equalization of inflation rates in different countries;

2) balancing the balance of payments;

3) expansion of opportunities for independent domestic monetary policy by individual central banks.

The main characteristics of the Jamaican currency system are as follows:

1) the system is polycentric, i.e. based not on one, but on several key currencies;

2) the monetary parity of gold was abolished;

3) freely convertible currency, as well as SDRs and reserve positions in the IMF, became the main means of international payments;

4) there are no limits to exchange rate fluctuations. Exchange rates are determined by supply and demand;

5) central banks of countries are not obliged to interfere in the operation of foreign exchange markets to maintain a fixed parity of their currency. However, they carry out foreign exchange interventions to stabilize exchange rates;

6) the country itself chooses the exchange rate regime, but it is prohibited from expressing it through gold.

7) The IMF monitors countries' policies in the field of exchange rates; IMF member countries should avoid manipulating exchange rates in a manner that would impede effective adjustment of balances of payments or gain unilateral advantages over other IMF member countries.

According to the IMF classification, a country can choose the following exchange rate regimes: fixed, floating or mixed.

The fixed exchange rate has a number of varieties:

1) the exchange rate of the national currency is fixed in relation to one voluntarily chosen currency. The exchange rate of the national currency automatically changes in the same proportions as the base rate. Developing countries usually fix the exchange rates of their currencies against the US dollar, British pound sterling, and French franc;

2) the exchange rate of the national currency is fixed to the SDR;

3) "basket" exchange rate. The national currency exchange rate is tied to artificially constructed currency combinations. Typically, these combinations (or baskets of currencies) include the currencies of the main countries - trading partners of a given country;

4) rate calculated on the basis of sliding parity. A fixed exchange rate is established in relation to the base currency, but the relationship between the dynamics of the national and base exchange rates is not automatic, but is calculated using a specially specified formula that takes into account differences (for example, in the rate of price growth).

The currencies of the USA, Canada, Great Britain, Japan, Switzerland and a number of other countries are in “free float”. However, often the central banks of these countries support exchange rates when they fluctuate sharply. That is why they talk about “managed” or “dirty” floating of exchange rates. Thus, the central banks of the USA, Canada and Germany intervene to smooth out short-term fluctuations in the exchange rates of their national currencies, while others change the structure of their foreign exchange reserves.

Mixed swimming also has a number of varieties. First of all, this is group swimming. It is typical for countries that are members of the EMU. There are two exchange rate regimes for them: internal - for transactions within the Community, external - for transactions with other countries. There is a firm parity between the currencies of the EMU countries, calculated on the basis of the ratio of central rates to the ECU with a fluctuation limit of +/- 15%, established since 1993 (before that, the rate fluctuation limit was in the range of +/- 2.25 %). Exchange rates jointly “float” in relation to any other currency not included in the EMU system. In addition, the special exchange rate regime in OPEC countries belongs to this category of exchange rate regimes. Saudi Arabia, the United Arab Emirates, Bahrain and other OPEC countries have pegged their currencies to the price of oil.

In general, developed countries have exchange rates that are in pure or group float. Developing countries usually fix the exchange rate of their own currency to a stronger currency or determine it on the basis of a sliding parity (Table 1.2).

Table 1.2. Exchange Rate Regimes (1995)

Play an important role special rights borrowing – SDR. They are one of the official reserve assets within the Jamaican Monetary System. The second amendment to the IMF Charter, which came into force in 1978, established the replacement of gold by the SDR as the scale of value. SDRs have become a measure of international value, an important reserve asset, and one of the means of international official settlements.

Only IMF member countries can participate in the SDR system. However, membership in the Fund does not mean automatic participation in the SDR mechanism. To carry out operations with SDRs, the SDR Department has been established within the IMF structure. Currently, all member countries of the IMF are participants. At the same time, SDRs function only at the official, interstate level, at which they are put into circulation by central banks and international organizations.

The IMF has the authority to create “unconditional liquidity” by issuing funds denominated in SDRs for participating countries in the SDR Department. SDRs are also issued when the IMF Executive Board concludes that at this stage there is a long-term general shortage of liquid reserves and there is a need to replenish them. An assessment of this need determines the size of the SDR issue. SDRs are issued in the form of credit entries in special accounts with the IMF. SDRs are distributed among IMF member countries in proportion to the size of their quotas in the IMF at the time of issue. The quota amount for each IMF member state is established in accordance with the volume of its national income and the size of foreign trade turnover, i.e. The richer the country, the higher its quota in the Fund.

The Fund may not issue SDRs to itself or other “authorized holders.” In addition to member countries, the IMF can receive, hold and use SDRs, as well as, by decision of the IMF Board of Governors, adopted by a majority of at least 85% of the votes, countries that are not members of the Fund, and other international and regional institutions (banks, currency funds, etc.) having official status. At the same time, their holders cannot be commercial banks and individuals.

The functioning of the Jamaican currency system is inconsistent. Expectations associated with the introduction of floating exchange rates were only partially fulfilled. One reason is the variety of options available to participating countries under the system. Exchange rate regimes in their pure form are not practiced over a long period. For example, the number of countries that pegged their currencies to the dollar for the period 1982-1994 decreased from 38 to 20, and to the SDR - from 5 to 4. It should be noted that if in 1982 only 8 countries carried out independent floating, then in 1994 there were already 52 of them. Countries that announced the free floating of their currencies maintained the exchange rate through interventions, i.e. instead of pure swimming, controlled swimming was actually carried out.

Another reason is the US dollar maintaining its leading position in the Jamaican currency system. This is explained by a number of circumstances:

a) since the time of the Bretton Woods currency system, significant reserves of dollars have remained among individuals and governments around the world;

b) alternative to the dollar, universally recognized reserve and transaction currencies will be constantly in deficit as long as the balance of payments of countries whose currencies can claim this role (Germany, Switzerland, Japan) have stable surpluses;

c) Eurodollar markets create dollars regardless of the state of the US balance of payments and thereby contribute to supplying the world monetary system with the necessary means for transactions.

The Jamaican monetary system is characterized by strong fluctuations in the exchange rate for the US dollar, which is explained by the contradictory economic policies of the United States in the form of expansionary fiscal and restrictive monetary policies. This fluctuation in the dollar has been the cause of many currency crises.

Semilyutina Natalya Gennadievna - Candidate of Legal Sciences, Deputy Head of the Financial Markets Development Department of the Legal Department of the Moscow Interbank Currency Exchange (MICEX) - one of the leading financial exchanges in Russia

Exchange rate is the price of one country's currency expressed in another country's currency.

At the exchange rate, monetary settlements are carried out between countries connected by international economic, political and cultural relations. Such transactions include: transactions for the purchase, sale, exchange of currency for payments for foreign trade, transfer of capital, etc. The level of the exchange rate under the gold standard was determined by the gold parity, i.e. the ratio of the gold content of the monetary units of the corresponding countries.

The exchange rate depends on the degree of depreciation of money in relation to gold or goods (purchasing power) and on the supply and demand for a given currency.

The following types of exchange rates can be distinguished: fixed and floating.

The fixed exchange rate fluctuates within a narrow range. Floating exchange rates depend on market supply and demand for a currency and can fluctuate significantly in value. The fixed exchange rate is based on currency parity, i.e. officially established ratio of currencies of different countries.

Confidence in the currency and its stability is of great importance for the exchange rate. In order to make the country's goods competitive in the foreign market and stimulate exports, some countries seek to depreciate their currencies.

A currency quote is the value of a unit of one currency (called the base currency) expressed in terms of units of another currency (called the counter or quote currency).

In the designation of a traded currency pair (for example, (USD - CHF), the base currency is written first, the quoted currency - second.

The quote consists of two numbers.

The first number is the bid, i.e. the price at which the client can sell the base currency.

The second digit is ask (ask or offer), i.e. the price at which a client can buy the base currency for the quoted currency.

The difference between these rates is called the spread. The size of the spread depends on the currency pair in question, the transaction amount and market conditions.

The minimum measurement of a quote is called a point (point, pips). Different instruments (currency pairs) are quoted with different precision, i.e. with different number of decimal places in the quote. Most currencies are quoted to the nearest 0.0001, some, such as the yen and its crosses, to the nearest 0.01.

Quotes can be direct or reverse.

Direct quotation - the amount of national currency per unit of foreign currency.

Reverse quotation - the amount of foreign currency per unit of national currency.

The use of direct and reverse quotes has a historical basis. The main world reserve currency is the US dollar, so for most currencies quotes are used (JSD/JPY, (JSD/CHF), i.e. the dollar is the base currency.

In a country that has developed historically and is enshrined in national legislation.

The monetary system includes the following elements:

• monetary unit - a monetary sign established by law, which serves to measure and express the prices of goods;
• types of money that are legal tender - credit bank notes (cash and non-cash), paper money (treasury bills and notes), small change bill coins;
• money supply - the sum of cash and non-cash cash, as well as other means of payment;
• emission system - the procedure for issuing bank and treasury notes by central banks and treasuries and issuance channels;
• monetary policy - totality monetary instruments(money supply parameters, reserve norms, interest levels, loan terms, refinancing rates, etc.) and institutions of monetary regulation (central bank, ministry of finance).

The type of monetary system depends on the form of functioning of money - or signs of value. In the process of evolution of forms of money and monetary relations, two types of monetary systems were formed (Fig. 2.1).

Rice. 2.1. Typology of monetary systems

Metal monetary systems - These are systems based on metal money with internal (real) value, including mono- and bimetallic.

- a monetary system in which one monetary metal acts as a universal equivalent. Developed monometallic monetary systems were historically established on the basis of copper, silver, and gold. Copper monometallism existed in Ancient Rome in HI-II centuries. BC For a long time, copper money formed the basis of monetary circulation in Russia. Silver monometallism in Russia developed as a result of the Kankrin monetary reform (1843-1852), in Holland (184-1875), in India (1852-1893), and in China it existed until 1935.

At the end of the 19th century. In most countries, silver depreciated due to the expansion of its extraction from polymetallic ores. At the same time, new gold deposits were discovered, which led to the transition to gold monometallism. For the first time, gold monometallism as a type of monetary system developed in Great Britain and received legislative recognition in 1816. At the end of the 19th century. gold monometallism is being introduced in Germany, France, Norway, Denmark, Austria, Russia, Japan, and the USA. There are three types of gold monometallism: gold coin, gold bullion and gold exchange standards.

- a monetary system in which the role of universal equivalent is assigned to two noble metals (usually gold and silver), and the free minting of coins from both metals and their unlimited circulation are provided. Under bimetallism, the ratio between gold and silver coins is established depending on the market price of monetary metals. This system existed in the XIV-XVII centuries. Three types of bimetallism are known:

• parallel currency system - the ratio between gold and silver coins was established spontaneously;
• dual currency system - the state fixed the ratio between metals, and the minting of gold and silver coins and their acceptance by the population were carried out according to this ratio;
• "lame" currency system - gold and silver coins were legal tender, but not on equal terms. Silver served as a substitute for gold coins in circulation, and was also used as a small change.

The legislative assignment of the role of money to two metals at a certain historical stage came into conflict with the nature of money as the only commodity designed to play the role of a universal equivalent. Despite the legally established equality of both metals, only one of them served as a universal equivalent. As a result, one metal is legally valued above its market value, and the other - below. This led to the displacement of coins made of metal, which was valued below market value, from circulation. Coins made of metal valued above market value become predominant in calculations. This phenomenon in the monetary system is described by the Copernicus-Gresham law - an economic law derived by the Polish scientist N. Copernicus in 1526 and finally formulated by the English financial figure T. Gresham in 1560, according to which “the worst money drives the best out of circulation” when they the same nominal value established by the state. Under monometallism, the effect of the law

Copernicus-Gresham was manifested in the fact that full-fledged coins disappeared from circulation, giving way to coins of the same nominal value, but of lower quality.

Paper credit systems are monetary systems devoid of a metallic basis, built on the representative principle. Such monetary systems currently exist in almost all countries.

Patterns of functioning and development of metallic monetary systems

Monetary systems based on metal equivalents went through the following stages in their development:

bimetallism -> silver monometallism -> gold monometallism.

The introduction of the gold standard system (gold monometallism) was due to the formation and development of a single world market, since the strengthening of foreign economic relations required stability from the national currencies serving them. One of the direct prerequisites for states to implement the gold standard was the accumulation of gold reserves. Opportunities for this increased in the 50s of the 19th century. with the discovery of new deposits and especially in the 90s (Klondike, Yukon, South Africa). But the gold standard became an international monetary system when some countries accepted voluntary commitments to the unhindered movement of gold across borders, limiting the issue of national banknotes, and the free exchange of banknotes for gold. Thus, the gold standard had the features of the first international monetary system - the first in human history. By the end of the 19th century. From disparate national monetary systems built on a gold coin basis, an international system of gold coin standard emerged. This system required countries to uniformly implement additional elements of gold-based metallic monetary systems, such as:

• gold content of money - the weight content of gold, fixed by a given monetary unit, which is the scale for determining prices;
• gold (coin) parity - the ratio of currencies of different countries according to their official gold content;
• currency parity - the relationship between the currencies of different countries established by law. Used when the gold content of a given currency was not declared, but it was compared with other currencies that have a gold content.

Depending on the nature of the exchange of banknotes for gold, the following types of gold standard are distinguished: gold coin, gold bullion and gold exchange (gold and foreign exchange).

For gold coin standard characterized by free purchase and sale of gold coins for credit notes (banknotes) at a fixed rate, i.e. banknotes and gold coins circulate equally. The gold coin standard as the main form of organizing monetary circulation was enshrined in international agreements at the Paris Conference in 1867; gold was recognized the only form world money.

Rice. 2.2. Equilibrium in the gold coin standard system

The gold coin standard combined the features of the classical monometallic monetary system. This type of monetary standard existed until the First World War and was characterized as the most stable monetary system, which is explained by the following. From the point of view of commodity circulation, it is important that the money in circulation represents a value equivalent to the value of the goods exchanged. But money doesn't have to have that kind of value. This is what makes it possible to mix gold with banknotes - signs of value. When the sum of the values ​​of goods changes, the total value of functioning gold money is brought into conformity by changing the amount of money in circulation. The cost of the monetary unit - the gold coin - remains unchanged, since it is determined by the cost of the corresponding weight of gold (Fig. 2.2). In this case, only the amount of money in circulation is elastic with respect to changes in the sum of commodity prices. This is the reason for the gradual abandonment of the circulation of gold coins.

The gold coin standard as a monetary system had absolute elasticity only in the case of a reduction in the volume of trade turnover in monetary terms, when part of the gold coins settles in the form of treasures. But when trade turnover increases, the volume of additional issue of gold coins depends on the industrial production of gold and its entry into monetary circulation channels. When during periods of crisis there was a need for additional emission, the gold coin standard did not allow a rapid and arbitrary increase in the money supply. With the outbreak of World War I, the gold coin standard ceased to exist in most countries.

The abandonment of gold as the basis of the monetary system is happening gradually. During the monetary reforms of 1924-1929. return to the gold standard)" was made in two reduced forms - gold bullion and gold exchange standards. Gold displaced from retail circulation continues to be used in domestic and international wholesale trade, but in the form of bars - gold bullion standard. It is characterized by the exchange of banknotes for metal ingots, usually weighing 12.5-14 kg.

It was installed in Austria, Germany, Denmark gold exchange standard(gold currency): banknotes are not exchanged for bullion; in order to get gold, one had to exchange the national monetary unit (banknote) for a certain amount of currency (motto) of the country where the gold exchange standard existed, and then exchange this currency for gold. Thus, the currencies of some states were made dependent on the currencies of other states.

Gold bullion and gold exchange standards were formalized by interstate agreements reached at the international economic conference in Genoa in 1922. This conference determined the status of the reserve currency (reserve currency).

Reserve currency - This is a currency that is used primarily for international payments or the formation of foreign exchange reserves. The country issuing the reserve currency is allowed to pay debts to other countries not with gold, but with its own currency. The pound sterling and the dollar were recognized as reserve currencies during this period. After the collapse of the British Empire (the British Commonwealth of Nations was formalized by Westminster status in 1931), the role of the reserve currency was assigned to the dollar. As a result of the global economic crisis of 1929-1933. the gold standard was abolished in all countries. There was a refusal in domestic markets from all forms of payments in gold, and the relationship between the volume of gold reserves of banks and the size of money emission was lost.

In 1944, the charter of the International Monetary Fund was approved and a fixed price for gold was established—$35 per troy ounce (31.1 g). Thus it was installed gold dollar standard. The world has developed the so-called Bretton Woods monetary system, which was legally formalized in 1944 at the UN Monetary and Financial Conference in Bretton Woods (USA). The main features of this monetary system were as follows:

• gold functions as the embodiment of wealth and a means of international payments;
• the function of the means of payment is also assigned to the reserve currency - the US dollar:
• the reserve currency is redeemable for gold;
• the equalization of currencies and their mutual exchange were carried out on the basis of currency parities, expressed in gold and US dollars, officially agreed upon by the IMF member countries. Parities were stable;
• market exchange rates could deviate from fixed dollar parities by no more than 1%.

Due to the decline in gold reserves, the US government officially stopped selling gold bullion in dollars in 1971, and the gold dollar standard ceased to exist. The role of reserve currencies began to be played by the German mark, the Japanese yen, as well as collective monetary units - SDR and ECU.

The last stage of the break between monetary systems and gold was the abolition of fixed gold parities of currencies and the transition to floating exchange rates. The Jamaican International Conference, whose agreements were introduced in 1976-1978, legally enshrined the demonetization of gold, which was expressed in the following:

• the official (fixed) price of gold was abolished;
• the gold content of countries' currencies was abolished;
• gold is excluded from settlements between the International Monetary Fund and its members.

In connection with the demonetization of gold, changes occurred in the structure of gold and foreign exchange reserves of states. The reserves of IMF member countries consist of four components:

1. Foreign currency - money of other countries owned by a given country: deposits in foreign banks, investments in securities traded on the international stock market, debt obligations. A small part of this component is represented by cash currency.

2. The reserve position in the International Monetary Fund is the limit within which a country automatically receives from the fund the foreign currency necessary for settlements. The size of the limit corresponds to the amount of contributions of a given state to the capital of the fund in the form of gold and/or freely convertible currency (25% of the total contribution).

3. SDR (IMF unit of account), which a country has the right to use to purchase other currencies or for settlements with other IMF member countries.

4. The official state stock of gold has the role of a reserve, which can be sold and converted into money in the shortest possible time. The share of gold in government reserves fell from 96% in 1938 to 20% in 1995.

Features of the functioning of paper-credit monetary systems

Paper-credit (fiduciary) monetary systems are monetary systems in which banknotes are not representatives of social material wealth.

Such monetary systems were formed as a result of the demonetization of gold. There are three types of fiduciary monetary systems:

• transitional (combine metal and paper circulation);
• full fiduciary standard;
• electronic-paper monetary systems.

Currently, most countries are transitioning to electronic-paper monetary systems. Features such systems are as follows:

• issuing money in the form of bank lending to economic entities and for the increase in official gold and foreign exchange reserves;
• development of non-cash money circulation and reduction of cash;
• monopolization of the issue of cash by the state represented by the issuing bank;
• the prevailing development in the system of non-cash money circulation of electronic money payments:
  • based on multi-purpose prepaid cards (card-based systems) - based on cards with stored value, or “electronic wallets”;
  • based on “network money” (software-based / network-based systems) - the monetary value is stored in computer memory, and with the help of a special software its transfer is carried out via electronic communication networks (electronic payment systems of issuing banks, payments on the Internet);
• the increasing role of state regulation of monetary circulation.

The functioning of modern monetary systems is based on a number of principles, which include:

• centralized management of the national monetary system;
• forecast planning of cash flow;
• stability and elasticity of money turnover;
• credit nature of money issue;
• the security of banknotes issued for circulation with the assets of the issuing bank;
• independence of the issuing bank from the government and its accountability to parliament;
• providing the government with funds only through lending;
• comprehensive use of monetary regulation instruments.

Based on these principles, elements of national monetary systems are formed. The supply of money in the economy is realized by the country’s bank of issue, which issues cash, and by the system of commercial banks, which “create” non-cash money. The size of the money supply depends on the main priorities of economic policy.

The elasticity of credit emission is achieved through the refinancing policy of commercial banks and other monetary policy instruments that ensure liquidity management of commercial banks. The structure of money supply is characterized by the predominance of non-cash money in electronic form and is due to the following advantages of non-cash money:

• low costs of putting into circulation;
• high degree of control in the banking turnover system;
• high speed of calculations;
• saving costs of circulation by economic entities.

The volume of money supply in paper-credit monetary systems depends on the demand for money from economic entities, which is determined by the following main factors:

• "demand for transactions" those. money needed to implement economic activity enterprises and organizations (advancement of current assets, payment wages), as well as for current consumption of the population (purchases in the system retail, in the service sector);
• level and dynamics of prices of all goods and services ( or the price component of money demand): prices are tied to an individual specific product, so the demand for money is mediated by the demand for the product (the above factor), but depends on the level and dynamics of prices. If prices rise for the same quantity of goods, the demand for money increases in accordance with the rise in prices;
• demand for financial assets, money is not only spent on current production and personal consumption, but also invested in financial assets - securities, bank deposits, bank certificates, insurance policies. The demand for financial assets is largely determined by interest rates of return on assets (the level of dividends on shares, the coupon rate on bonds, exchange rate differences in foreign exchange rates, bank deposit rates). Rates of return directly influence the price of financial assets and thus regulate the demand for the assets themselves and the money needed for investment;
• interest rates in the credit market: since non-cash money emission is mainly of a credit nature, the level of interest rate makes credit resources more or less accessible;
• velocity of money circulation: the higher it is, the less, other things being equal, the demand for money;
• investment demand for money, associated with the expanded reproduction of the activities of economic entities (productive investment or real investment). The role of this component is especially relevant in the conditions of an emerging innovative economy, when the main competitive advantages are formed on the basis of the active use of knowledge, information, and advanced technologies;
• intensity of application of modern banking technologies, which ultimately determine the speed of settlement and payment turnover;
• general level of tax burden. Despite the apparent isolation from the problems of money circulation, it, first of all, determines the boundaries of the shadow sector of the economy and the level of capital outflow from the country and thereby affects the speed of circulation of money, the outflow of cash from real circulation, and the formation of investment resources;
• intensity of money saving processes in the banking sector expands the possibilities of using money in non-cash circulation, since the increase in money is ensured by the fact that part of the previously issued money is in banking circulation.

Monetary systems based on the circulation of irredeemable paper money currently exist in the vast majority of countries, which is explained by their efficiency, convenience and elasticity. The principles of fiduciary monetary systems also apply to international and regional monetary systems.