Money. Credit. Banks. World monetary system: evolution and current state (lecture notes)

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Money. Credit. Banks. World monetary system: evolution and current state (lecture notes)

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World Monetary System: Evolution and Current State

Prior to World War I, international monetary and financial relations were based on the system of currency standards. She was characterized by:

▪ free internal circulation of gold in coin form;

▪ free import/export of gold from country to country;

▪ currency exchange based on their metal content.

Monetary and currency systems were identical, because. international payments were a continuation of national money circulation, but gold coins were accepted by weight.

Bretton Woods Monetary System: The dollar is the main reserve currency, because he retained separate forms of exchange for gold - the system of the gold division standard. The dollar has become the predominant means of international settlements, foreign exchange interventions and reserve currencies. 1968 The United States separated the domestic foreign exchange debt from the world and banned the export of gold from the country. In 1970, the parities of the main European currencies against the dollar changed (devaluation). In 1971, the convertibility of the $ was temporarily suspended.

3. Jamaican currency system legalized the abolition of the gold standard and the introduction of special instead. currency IMF, free change in exchange rates with the possibility of limiting currency fluctuations determined the strengthening of interstate regulation of foreign exchange relations through the IMF.

Author: Shevchuk D.A.

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