Lecture notes, cheat sheets
История экономики. Международная валютно-денежная система. Золотой стандарт (самое важное) Directory / Lecture notes, cheat sheets Table of contents (expand) 82. International monetary system. gold standard Gold standard means accepting gold as the basis for comparing national currencies. The value of a monetary unit - dollar, franc, mark, pound sterling - is officially equated to a certain weight of gold. Paper money (banknotes) is exchanged for gold at a set rate. The gold standard promotes price stability. Minor fluctuations occur when there is an inflow or outflow of gold. A sharp influx of gold, for example, during the discovery of new deposits (1845-1851), can lead to an inflationary surge in prices. Along with the gold base, some countries used silver as a standard (silver standard), others used a bimetallic standard (both gold and silver served as the standard). Finally, there was a system of paper money circulation. Thus, in the USA, a bimetallic circulation system was initially adopted; during the Civil War, “greenbacks” did not have a solid metal base - the inflationary issue of paper money served as a means of financing military expenses. After the end of the Civil War, the gold standard was adopted. Gold as a universal universal equivalent came to the fore spontaneously. When metallic money (silver, gold, copper as a bargaining chip) functioned in domestic trade and in international trade, there was no particular problem in the mandatory international standard. When making payments and converting national currencies, the determining criterion was the weight, quality of gold coins, the prevailing ratio of the purchasing power of silver and gold on the market. With the transition to a mixed system of monetary circulation and payments (metal and paper money), the problem arose of comparing the real purchasing power of the mark, pound, franc, dollar. The role of the world standard began to be played by gold, gold coins and gold bars of a certain standard and weight. This guaranteed the stability and reliability of the system of international settlements. The gold standard did not emerge overnight. In England, it was introduced (practically restored) shortly after the Napoleonic wars - in 1816-1821, in the USA, in fact, in the 30s. XIX century., Legally, by the end of the century. As a universally recognized form of world money, the gold standard was established in 1867 at an international conference held in Paris. The gold standard in its classical form, as a universal value equivalent, implies the presence of two conditions: a firm fixation of the gold content in paper currency (banknotes); ensuring the free exchange of banknotes for gold coins. It turned out to be not so easy to meet these two conditions - the country must have gold reserve (stored in the central bank), the national currency must have international authority, be accepted as a means of payment. The gold standard system was based on the commercial and industrial authority of Great Britain and the financial role of London as the world center for international settlements. Silver money (pence, then shillings) functioned in internal circulation in the country. Gold was used as a means of payment mainly in large transactions. But even at the beginning of the XVIII century. the official price of gold was set: one ounce of gold (31 g) cost 1 pounds sterling, 3 shillings and 17 pence. The price of one ounce of gold determined in this way remained until the crisis of the late 10s and early 5s. Authors: Zilbertova T.N., Takhtomysova D.A. << Back: Privatization of housing, land, small-scale privatization >> Forward: International Monetary Fund and International Bank for Reconstruction and Development We recommend interesting articles Section Lecture notes, cheat sheets: ▪ Taxes and taxation. Lecture notes ▪ Informatics and information technologies. Lecture notes See other articles Section Lecture notes, cheat sheets. Read and write useful comments on this article. Latest news of science and technology, new electronics: The existence of an entropy rule for quantum entanglement has been proven
09.05.2024 Mini air conditioner Sony Reon Pocket 5
09.05.2024 Energy from space for Starship
08.05.2024
Other interesting news: ▪ The robot will determine the salinity of the dish ▪ Sounds convey emotions better than words. ▪ Nanomechanical microchip sensor with ceramic coating News feed of science and technology, new electronics
Interesting materials of the Free Technical Library: ▪ section of the site Palindromes. Article selection ▪ Littlefinger's article is not worth it. Popular expression ▪ article How fast do nails grow? Detailed answer ▪ article Sumac consistent. Legends, cultivation, methods of application ▪ article Triple square. Encyclopedia of radio electronics and electrical engineering ▪ article How to make the invisible visible. Chemical experience
Leave your comment on this article: All languages of this page Home page | Library | Articles | Website map | Site Reviews www.diagram.com.ua |