Evolution of world and national currency systems

2.1. Becoming of the world currency system

A «gold standard», that was based on the use of gold as a money commodity, was the first form of organization of international money-currency relations. In most countries the system of gold standard was entered in last third of the XIX item Countries began to determine a course and cost of the currencies by quantitative maintenance of gold. State participating banks were under an obligation to truck paper monies for the proper quantity of gold.

Such practice lasted in 1944 to, although already at the end of 20th there was the necessity of its replacement. It was caused by First world war, by active introduction of credit money. In this time on the base of national currencies of leading countries (England, the USA, France) began to be folded currency areas — sterling, area of dollar, franc. Currencies of these countries were used in their colonies. Within bounds of areas ordinary currencies were tied to the gold parity of central currency.

In 1944 at the international currency-financial conference of UNO in Bretton-Voudi (The USA) a new currency system was legally designed - Bretton-Voudsca. In its basis was fixed idea of adaptation of currency of separate countries to the national currency systems of front-rank by that time the USA and England. Insignificant gold reserve of England did not give her the possibility to express the gold cost of pound sterling, therefore dominating position was occupied by a dollar, and a pound got status of key currency next to him. Officially this system was named a zolotovalyotnim standard, unofficially - zlotodolarovim. Basic principles of the Bretton-Voudscoi system:

• saving after gold of function of world money;

• the use as a world money next to gold of American dollar;

• to exchange the obligation of the USA to the central banks of other countries the produced dollars on gold after an official course - 35 dol. for the troyscou ounce of gold (31,1 g.);

• the use of the fixed parities of currencies to the dollar, and through him to other currencies;

• to support the obligation the oscillation of market courses of national currencies round the fixed dollar parities in the set borders;

• adjusting of international currency relations through the specially created International monetary fund (MVF).

This system put a dollar in the privileged position, and he began to prevail in international computations. The system worked normally to the middle of 60th years. From the second half of 60th years positions of Japan and countries-members of ES, national currencies of which all more frequent began to be used in international computations, changed on a market world. At the same time the USA already could not in necessary quantities truck dollars for gold. Departure from principles of the Bretton-Voudscoi system began.

On the change the Jamaican currency system came to her, is legally designed by the agreement of countries-members of MVF in kingston Valve (Jamaica) in 1976 and was gone into effect in 1978. Basic principles of the Jamaican currency system:

• demonetization is gold;

• transition to the use of national currencies in international computations;

• acceptance of the system of floating rates of exchange;

• grant of status of above all reserve mean of the international currency system to the before created international computation unit – to the special rights for borrowing (SDR), which were let out to MVF as a cashless money as a record on the special accounts of MVF.

At first a cost SDR was fixed in gold, from July in 1974 she was determined in relation to a «basket» with 16 currencies, from September 1980 - in relation to a basket with 5 currencies: dollar of the USA, brands of German federal REPUBLIC, eni, French franc and pound sterling. The structure of currency basket is looked over one time on 5 years; for the last time a structure was looked over to a 01.01.2001 year Today structure of basket such: dollar of the USA -39%, euro — 32%, Japanese ena - 18% and pound sterling - 11%. To use SDR the central banks of countries can only. Distribute them according to the quota of country in MVF.

The European currency system is the result of co-ordination of currency policy of countries of Western Europe. With the purpose of stimulation of process of zahidnoevropeyscoi economic and currency integration and defence of financial markets of country EES in 1972-1979 years the mode of common oscillation of rates of exchange was used - original form of currency corridor. This system got the name of «European currency snake» - mode of rates of exchange, which together hesitate at the narrow scopes of their mutual vibrations.

The mode of «snake in a tunnel» was used at first (April 1972 rocou-berezen 1973 years). In the graphic image a «snake» marked the narrow scopes of vibrations of courses of currencies of six countries EES (German federal REPUBLIC, France, Italy, netherlands, Belgium, luxemburg) between itself (±1,125%), and a «tunnel» is the external scopes of their common swimming in relation to a dollar and other currencies (±2,25 %). With abolition to the «tunnel» from March, 19 in 1973 the scopes of vibrations of courses of some currencies of countries SES between itself were well-kept. If the currency exchange rate of country went down from this border below, the Central bank was under an obligation to carry out currency intervention - to buy up national currency for foreign one. In May in 1972 Great Britain, Ireland, Denmark, joined to the «European currency snake», from March in 1973 - Norway, Sweden. But gradually from this union the all transferred countries went out, except for Denmark. France twice threw a «snake», in 1976 - finally. The reason of this was the unwillingness of countries to expend zolotovalyotni backlogs for support of narrow scopes of vibrations of courses of the currencies.

With the purpose of grant of credits to the countries-members EES for redemption of deficits of balances of payments, realization of computations and support of courses of currencies in an April in 1973 the European fund of currency collaboration was created (EFVS).

From March in 1979 start acting the European currency system. Creation its related to the crisis of the Bretton-Voudscoi system and origin of the Jamaican system. The primary purpose of creation EVS consisted in deepening of integration processes and prevention of expansion of American dollar at the market of countries of Western Europe. Basic lines EVS were:

• establishment of the modes of common oscillation of rates of exchange;

• creation of collective currency;

• the use of currency interventions for support of rates of exchange within bounds of the concerted rejections;

• stimulation of European integration processes.