Currency relations in modern economics. The topic is currency relations in the global economy. Theoretical foundations of currency relations

INTRODUCTION…………………………………………………………………………………2

Ch. 1. International monetary relations: structure, essence, mechanism…………………………………..……….3
1. The world monetary system and stages of its development…………..………………3
2. Exchange rate and currency market…….…………………………….…….….6
3. Currency relations and the monetary system………………………….………9

Ch. 2. Government regulation exchange rate………………………..14
1. The need and goals of state regulation of the exchange rate………………………………………………………………..………………..14
2. State regulation measures.

Currency convertibility………………………………………………………18

Conclusion………………………………………………………………………………..24
List of used literature………………………………………………………26

INTRODUCTION

All economic relations arising on international level, are mediated by money, which acts as currencies. The need to streamline financial settlements is the need to form an international monetary system that plays a certain role in the modern world economy.

International monetary relations are one of the most complex areas of the economy. It is sometimes difficult even for a specialist to understand the laws of its development and functioning. However, in the context of the transition of the Russian economy to a market economy, every person should have an idea of how the world monetary system works, why exchange rates of some currencies for other currencies fluctuate, and, as a rule, build their behavior in the field of savings and purchases. This knowledge is even more important for enterprises whose activities are related to export - import operations, and the investigator, with translation Money from currency to another, and back: such knowledge will help to avoid unnecessary risk, maximize profits, and develop a strategy for behavior in the domestic and international markets.

Currency relations arose as a result of the development of international trade, which creates the need for the exchange of national currencies.
For example, American exporters selling goods in France want dollars, not francs, but French importers of American goods want francs, not dollars. This is a problem that can only be solved thanks to the fact that the French exchange francs for dollars on the foreign exchange market. In essence, this is the main operation in international relations. However, in order to understand how it is carried out and what and what consequences arise from its repeated and massive implementation, it is necessary to trace the economic logic of the emergence and development of the modern world monetary system.

International monetary relations: structure, essence, mechanism.

1. The world monetary system and stages of its development.

Each country has its own national monetary system: that part of it, within which foreign exchange resources are formed and international payments are made, is called the “national monetary system.”

On the basis of the national monetary system, the “world monetary system” operates - a form of organization of international monetary relations. It has developed on the basis of the development of the world market and is secured by international agreements.

The world monetary system includes the following mandatory “elements”:
* International means of payment;
* Establishment and maintenance mechanism exchange rates;
* Procedure for balancing international payments;
* Conditions for convertibility (reversibility) of currencies;
* Operating hours of foreign exchange and gold markets;
* Rights and responsibilities of interstate institutions regulating currency relations.

Of course, the world monetary system did not emerge in such a developed, complex form right away. It has gone through a long evolution, which began following the industrial revolution and the formation of the world economic system. Conventionally, this evolution can be divided into three stages.

The first world monetary system was a gold standard system.
The gold standard began in 1867, when the Paris Agreement recognized gold as the common means of payment in international relations. Signs of the gold standard were the free import and export of gold, the unlimited exchange of paper money for gold, the constant gold content of paper money and the free minting of gold coins.

Under the gold standard, the emerging balance of payments deficit was covered only by gold, which invariably led to a decrease in the country's gold reserves. Since the gold content of paper money was unchanged, the amount of money in the country inevitably decreased, which led to a decrease in effective demand and prices. As a result, the flow of gold between countries automatically regulated the balance of payments.

Gold is a commodity whose production is limited due to limited reserves in nature and difficulties in extraction. Because of this, under the gold standard, the government could not arbitrarily increase the amount of paper money in circulation and thus stimulate inflation. Stable monetary circulation and stable exchange rates stimulated international trade, as they were reduced by the uncertainty of its results. At the same time, tight binding currency exchange to gold did not allow maneuvering, especially during periods of decline in production and crises.
Under such conditions, some countries refused to exchange banknotes for gold.

At the beginning of the twentieth century. new difficulties arose in using the gold standard. The expansion of production and the increase in commodity mass required an increase in the amount of money in circulation. But since the monetary unit was firmly linked to the quantity of money, and gold reserves changed slowly, there was a tendency for the share of gold in the money supply in official reserves to decrease. The increased government intervention in the economy that began during this period required a flexible mechanism for change money supply in the country, which is impossible under the gold standard. Credit money began to increasingly replace gold. The process that began was accelerated by the First World War, as a result of which the gold standard was replaced by the gold exchange standard.

The gold exchange standard was based on gold and leading currencies that could be exchanged for gold. It was adopted at the Genoa International Economic Conference in 1922. The new system maintained gold parities, but restored the regime of freely fluctuating exchange rates.
Regulation of currency systems was carried out through the implementation of an active currency policy, the development of international norms and rules. In subsequent years, some stabilization of currency relations began, but the global crisis
30-years prevented this process. Before the start of the Second World War, virtually no country had a stable currency, and during the war, all countries, regardless of their participation in it, introduced currency restrictions and froze the exchange rate.

The danger of a repeat of the currency crisis that occurred after the First World War forced the development of a new world monetary system during the Second World War. It must be borne in mind that by this time the leader in world development had moved from Europe to the United States, and in fact two projects were being considered: American and English. They both proceeded from the preservation of the gold exchange standard, freedom of trade and movement of capital, and stabilization of exchange rates.

In 1944, as a result of the agreement, the Bretton Woods monetary system was adopted. It provided for a gold exchange standard based on gold and two reserve systems - the pound sterling and the US dollar, and the creation of two international monetary organizations:
International Monetary Fund (IMF) and International Bank reconstruction and development (IBRD). This system lasted until 1971, when the exchange of dollars for gold was stopped and the dollar exchange rate began to be established in the foreign exchange market under the influence of supply and demand. In 1976, IMF member countries adopted the second amendment to the IMF's charter in Kingston, Jamaica, laying the foundation for the Fourth Monetary System. According to this system, gold ceased to serve as world money; it began to be sold on the market at prices reflecting supply and demand. Each country received the right to choose any method of establishing the exchange rate.

2. Exchange rate and foreign exchange market.

Since during settlements it becomes necessary to pay bills in the currencies of other countries, you need to buy it. The buying and selling of currencies takes place in the foreign exchange markets. The foreign exchange market is the totality of all relations that arise regarding a foreign exchange transaction. This is an officially established center where buying and selling takes place foreign currency. There are many organizations and individual intermediaries operating in the foreign exchange market. First of all, the foreign exchange market includes the Central Bank, large commercial banks, non-bank dealers and brokers. The bulk of the currency circulating on the market is bought and sold in non-cash form, and only a small part accounts for cash turnover.

There are world, regional and national currency markets. They differ in the number of currencies used, the volume of sales and the nature of foreign exchange transactions. World currency markets are located in London, New York,
Zurich, Tokyo, Singapore. They carry out transactions in the most common currencies in global circulation, and regardless of the reliability of the practice, they do not carry out transactions with local currencies. On regional markets carry out transactions with the currency that is most common in a given territory. There is a national foreign exchange market in almost every country.
The national currency system is part of the country's monetary system, within the framework of which foreign exchange resources are formed and used, and international payment turnover is carried out. National currency systems are formed on the basis of national legislation, taking into account the norms of international law. Their features are determined by the conditions and level of development of the country’s economy, its foreign economic relations, and objectives social development. The exchange rate refers to the price of one monetary unit expressed in the monetary unit of another country. There is a distinction between the buyer's rate, i.e. the price at which the bank buys foreign currency for the national rate, and the seller's rate, at which it sells foreign currency for the national one.
The difference between the rate of the seller and the buyer is a mark, which is spent to cover the costs of organizing operations and forms the profit of banks.

Equality national currencies on a cost basis, essentially expressed by the ability to compare costs different goods, produced in different countries, or rather, using exchange rates, prices for goods in different countries are compared. As a result, the profitability of purchasing goods or investing capital in the economy abroad is determined in comparison with a given country.

The exchange rate depends on many factors, and primarily on the demand and supply of currency in the market, therefore, all factors influencing the demand and supply of currencies and its exchange rate. Such factors include high growth rates of national income in a given country. The result of this will be an increase in the income of individual citizens, growth aggregate demand for goods, including imported ones, which will lead to an increase in demand for foreign currency and an increase in its exchange rate. The change in the preferences of consumers focusing on imported goods will act in a similar way.

High inflation rates in the country ensure the national currency, and its exchange rate begins to decline relative to the currencies of countries where inflation rates are lower. The negative consequences of this are primarily felt by countries that have a large volume of international transactions. Therefore, real exchange rates must be calculated, i.e. parity purchasing power, which represents the ratio of prices for similar goods and services produced in the compared countries.

The country's balance of payments also has a certain impact on the exchange rate.
If the balance sheet is positive, then the exchange rate of the national currency rises, so foreign debtors buy it much more, and vice versa. Currently, the balance of payments is increasingly influenced by capital movements, which also affects the exchange rate.

The movement of capital largely depends on the difference in interest rates in different countries. Increasing interest rate stimulates the import of capital into the country, and a reduction in the rate forces them to seek use of free capital abroad, which increases the instability of the balance of payments. Low rates interest in other countries encourages banks to buy foreign currency from them, increasing its supply. As a result, the exchange rate of the national currency rises.

In addition, the exchange rate may be influenced by the development of currency speculation, the popularity and confidence in a particular currency, the actual timing of international payments and, of course, the monetary policy of the state.

The exchange rate can be of two types. The first is a freely floating exchange rate, or, as it is also called, floating. Under floating exchange rates, the exchange rate, like any other price, is determined by the market forces of supply and demand. Significant fluctuations under the influence of supply and demand are typical for exchange rates of both strong and weak currencies.

The size of the demand for foreign currency is determined by the country’s needs for the import of goods and services, tourists’ expenses, and various types of payments that the country is obliged to make. The size of the currency supply will be determined by the volume of the country's exports, the loans that the country receives, etc.

Of course, stating the fact that the exchange rate is formed under the influence of supply and demand in itself is not enough, which indicates the real interest affecting exchange rate relationships. The demand and supply of foreign currency, and therefore the exchange rate, is directly or indirectly affected by the entire population economic relations countries. Both internal and external.

Among the factors that directly influence the dynamics of exchange rates are such as national income and the level of production costs, the real purchasing power of money and the level of inflation in the country, the state of the balance of payments, which affects the demand and supply of currencies, and confidence in the currency on the world market.

In this case, the state is outside the foreign exchange market, and the rate is set only on the basis of demand and supply of currencies, i.e. it is absolutely flexible.

Another type exists when the government rigidly fixes exchange rates. This causes a different situation in the currency market.

With a rigid fixed exchange rate, which is set for a certain period, supply and demand, as a rule, do not change, reflecting a relatively constant demand and supply of currency at a given price. As the exchange rate changes, the demand and supply of currency changes accordingly.

In practice, these foreign exchange market models rarely exist in their pure form, and one is supplemented by the other as needed.

The ongoing monetary policy has a certain impact on both internal position country and its position in the world economy.
Therefore, when implementing reforms in Russia, from the very beginning, much attention was paid to currency relations. Liberalization of the foreign exchange market led to the organization of the foreign exchange market using free and controlled floating mechanisms.

Thus, there are three modes for setting exchange rates:
* based on gold parities (under the gold standard);
* system of fixed exchange rates;
* system of floating exchange rates, fluctuating depending on supply and demand.

1.3. Currency relations and the monetary system.

Development foreign trade caused the need to streamline international payments, involving national banknotes. Any national monetary unit is a currency and performs the function of world money, but any seller on the world market prefers to receive the equivalent of his goods in the currency of his country, therefore the connections and interaction of the national and world economies are always reflected in the currency. This implies the need for exchange monetary units one country with the money of another. The whole set financial relations that arise during the implementation of trade operations, lending, investment of capital, etc., during the functioning of the world economy, is called currency relations. New features and trends are emerging in the field of currency relations:
* the international functions of national currencies are being strengthened (national monetary units participate in international payments);
* the scale of participation of any currency in international payment circulation is determined by a complex of factors (historical, economic, international legal), including national policy;
* there is no single monetary base in the monetary sphere - world money;
* in conditions of free convertibility of currencies and capital flows between countries, the boundaries between internal money turnover and international payment turnover;
* the tendency towards the merging of the national and international monetary and credit markets is paving its way in the context of the continuing specificity and characteristics of national monetary and credit markets.

Certain elements of currency relations appeared in the ancient world in the form of bills of exchange. There were also special money changers involved in currency exchange. With the development of international exchange and the emergence of capitalist production, banks began to carry out exchanges. Today's currency relations emerged as a result of the growth of productive forces, the creation of a world market and a world economic system, and the internationalization of the entire system of world economic relations.

The subjects of currency relations can be the state, enterprises and organizations, as well as individual individuals. If the state has monopolized foreign economic relations, then individual individuals and legal entities can participate in them in an extremely limited manner and only with special permission from state bodies. In a free economy, restrictions on participation in international relations are insignificant and affect only the area of activity that is subject to a state monopoly.

Currency relations, like all international economic relations, are secondary, derived from reproductive relations that develop within the country. They depend on the dynamics and rates of economic growth, on the relationship between supply and demand in the national market, but in last years they are increasingly influenced by the developing process of internationalization of production, the development of the world market, the movement work force and capital.

The development of international monetary relations required their specific organization, as a result of which first national currency systems were formed, and then international ones. The national currency system establishes the principles of organizing and regulating currency relations within a particular country. It is part of the monetary system of a given country, but is relatively independent and has the right to go beyond national borders. In each country, the features of such a system are determined by the level of economic development and foreign economic relations. The national monetary system includes the following elements:
* national currency unit;
* exchange rate regime;
* currency convertibility conditions;
* system of the foreign exchange market and gold market;
* the procedure for international payments of the country;
* composition and management system of the country's gold and foreign exchange reserves;
* the status of national institutions regulating the country's currency relations.

On the basis of national currency systems, an international
(world) monetary system, which is a form of organization of currency relations secured by interstate agreements. It pursues global economic goals and has a specific functioning mechanism. Its main elements are:
* main international means of payment (national currency, gold, international currency units - SDR, ECU);
* mechanism for establishing and maintaining exchange rates;
* procedure for balancing international payments;
* conditions of convertibility (convertibility) of currencies;
* regime of international currency markets and gold markets;
* status of interstate institutions regulating currency relations.

In conditions market economy the movement of funds from country to country, exchange and sale of currencies is carried out primarily through the activities of large commercial banks. These banks have a network of branches in different countries or foreign currency accounts in banks in other countries.
Conducting trade and other foreign economic transactions through such banks, clients have the opportunity to deposit funds into bank accounts in one country and, if necessary, transfer these deposits to another country in a different currency.

The main economic agents of the foreign exchange market are exporters, importers, and holders of asset portfolios. Along with the “primary” subjects of the foreign exchange market - exporters and importers, who form the basic demand and supply of currencies, and “secondary” - those participants in the foreign exchange market who trade directly in currencies. These are commercial banks, currency brokers and dealers. The definition of “secondary” is very arbitrary, since currently about 90% of all transactions on the foreign exchange market are not related to trading operations. Most of the currency trading is a regular stock exchange game for the purpose of making a profit, where currency exchange rates appear as the object.

The most important actors in the field of international money circulation government bodies act. Monetary and credit relations in the global economy affect the national interests of the state. It is natural that in the course of the evolution of these relations, rules and laws were developed to regulate these relations, acceptable from the point of view of national interests.

The reserve currency occupies a special place in the national monetary system.
It serves to determine currency parity, is used to conduct foreign exchange intervention, and can serve as a means of payment.
Officially, the American dollar has the status of a reserve currency, but in practice it also serves as the German mark and the Japanese yen.

State regulation of the exchange rate.

2.1. The need and goals of state regulation of the exchange rate.

Government actions affecting the exchange rate are usually divided into measures of “indirect” and “direct” regulation.

All monetary and credit instruments have an indirect impact on the exchange rate. financial policy The Central Bank (CB) of the country.
If, for example, the Central Bank takes measures aimed at reducing inflation in the national economy, then this will certainly affect the exchange rate of the national currency: with a decrease in inflation (and other equal conditions), the exchange rate will stabilize. Thus, by reducing inflation, the Central Bank has an indirect impact on the exchange rate.

However, measures of direct regulation of the exchange rate provide a faster and more noticeable effect. These primarily include: the policy of the Central Bank discount rate and currency interventions in external foreign exchange markets. Raising discount rate,
(i.e., the interest that the Central Bank charges from commercial banks for providing them with a loan), the Central Bank directly influences the exchange rate of the national currency in the direction of its increase. After all, when high percentage commercial banks take out fewer loans and buy less foreign currency on foreign exchange markets. And a decrease in demand for currency leads to an increase in the exchange rate of the national currency.

Conducting foreign exchange intervention, the Central Bank sells (or buys) the currency of its country on external foreign exchange markets: sales help to reduce the exchange rate, and purchases help to increase it. Similar direct regulatory measures
Federal backup system(US Central Bank) was actively used to overcome the fall in the dollar exchange rate in the late 70s and early 80s. The plan to support the dollar included raising the bank interest rate and large-scale foreign exchange intervention. The implementation of this plan made it possible to first stop the fall of the dollar, and in the 80s. the exchange rate even began to grow, reaching its maximum value in 1985. It is worth noting that such an increase in the dollar exchange rate turned out to be possible only under conditions of tough monetary policy, which was consistently carried out by the government. The main direction of this policy was a comprehensive reduction in government spending.

Another direct method of regulating the exchange rate is
“devaluation” (or revaluation) of the national currency. Devaluation is aimed at reducing the value of one’s currency, and revaluation is aimed at increasing it (before the abolition of the gold standard, devaluation meant an official decrease in the gold content of a currency, revaluation meant an increase). In our time, devaluation is carried out by reducing the exchange rate of the national currency in relation to the currencies of other countries, which is announced by the country's legislative body.
Revaluation is also carried out as a legislative increase in the exchange rate. The impact of these measures on different sectors of the economy is very contradictory.
For example, devaluation is negative in its economic consequences, since it leads to a decrease in revenue in national currency, but allows additional benefits importers and lenders providing capital to foreign borrowers.

As in all spheres of world economic relations, in the sphere currency regulation, the state is forced to maneuver between liberalism
(full economic freedom) and various kinds of restrictions. There is no complete freedom in the sphere of currency relations anywhere. The state, for example, may prohibit national exporters from selling the proceeds on the market and oblige them to exchange them for national currency at the official rate. Thus, the state forms its foreign exchange reserves, which it then uses to pay for international obligations, for foreign exchange interventions, stores in reserve, etc. Foreign exchange restrictions determine the degree of cost (convertibility) of currencies.

The mode or order of convertibility (reversibility) of the national currency is very important. It defines the inclusion conditions national economy into the world, the possibility of taking advantage of international division, labor, and the movement of capital into and out of the country. The convertibility regime defines three types of currencies: “freely convertible currency” (FCC),
“partially convertible” and “non-convertible”

A partially convertible currency has the characteristic of internal and external convertibility. Internal convertibility means that citizens and legal entities of a given country can, without restrictions, buy foreign currency at the current exchange rate and make settlements with foreign partners in this currency. With external convertibility, the free exchange of any currencies for national currency is valid only in relation to foreign citizens And legal entities.

Full convertibility includes internal and external. Many currencies in the world have this feature. Of these, only five or six are considered freely usable in the sense that they are in full perform the function of world money. All international settlements and payments are carried out in these currencies. Freely usable currencies include: US dollar, German mark, Japanese yen, english pound Sterling, Swiss franc, Canadian dollar. Moreover, the main share of international payments (about 70%) is carried out using the US dollar.
Thus, the American currency maintains its position, despite the collapse of the Bretton Woods system.

The currencies of those countries where strict prohibitions and restrictions on the import, exchange, sale and purchase of national or foreign currency are applied are non-convertible. Majority developing countries, former socialist countries, Russia and almost all CIS countries have non-convertible currencies. However, as soon as a country moves towards a market type of economic management and intends to join the world economy, the transition to the convertibility of the national currency is inevitable. It should be remembered that this is not a technical operation. It entails numerous economic consequences, including negative ones, for underdeveloped, crisis, and backward economies. Therefore, the transition to convertibility must be carried out gradually, in parallel with the structural restructuring of the economy, increasing its efficiency and competitiveness with goods produced on the world market.

Thus, the nature of currency relations depends on the convertibility of the country's currency. The convertibility of a currency is not limited to the purely technical possibility of its exchange. In essence, this category means deep integration of the national economy into the world economy. The convertibility of any national currency provides the country with long-term benefits from participation in the multilateral world system of trade and settlements, such as:
* free choice by producers and consumers of the most profitable markets for sales and purchases within the country and abroad at any given moment;
* expanding opportunities for attracting foreign investment and making investments abroad;
* stimulating impact of foreign competition on the national economy;
* raising national production to international standards on prices, costs, quality;
* the possibility of making international payments in national money;
* the possibility of the most optimal specialization of the national economy, taking into account relative advantages (material, financial, labor).

Currency relations are economic relations associated with the functioning of world money and serving various types of economic relations between countries: foreign trade, export of capital, investment, provision of loans and subsidies, scientific and technical exchange, tourism, etc.

International monetary relations arose with the beginning of the functioning of money in international payment circulation and developed with the intensification of international exchanges, the movement of goods, capital and labor. The need to streamline these relations led to the formation of national and global monetary systems.

The national currency system is a form of organization of the country's currency relations, determined by national legislation taking into account the norms of international law.

The world monetary system is a form of organization of international monetary relations, determined by the development of the world economy and legally secured by interstate agreements.

2.2. State regulation measures.

Currency convertibility.

Having relative independence, currency relations through the balance of payments, exchange rates, and settlement transactions influence the world economy. Considering the fact that world economy develops spontaneously, currency relations as a reflection of world economic relations are also subject to spontaneity. Therefore, government intervention, interstate agreements, and the activities of international monetary and financial organizations are aimed at, to a certain extent, weakening the spontaneity of these processes. State regulation of foreign exchange relations finds its expression in foreign exchange policy.
Monetary policy is a set of economic measures carried out government agencies and interstate institutions in the field of international and other economic relations with their current and strategic goals. It is an integral part of the general state economic policy.
It is necessary to distinguish monetary policy:
* current;
* long-term (structural).
Current foreign exchange policy is the daily, operational regulation of the current foreign exchange market and the activities of the foreign exchange market.
The official purpose of such regulation is to maintain balance of payments equilibrium and ensure the orderly functioning of the mechanism of the national and world monetary systems.
The current monetary policy is implemented by the Ministry of Finance, the Central Bank, and exchange control. The forms of this policy are: a) discount policy, that is, maneuvering the discount rate
The Central Bank, which, along with other measures of a monetary and financial nature, is designed to regulate the amount of money supply in circulation, the price level, the volume of aggregate demand in the country, as well as the inflow from abroad and the outflow of short-term capital abroad; b) monetary policy, currently carried out mainly in the form of foreign exchange intervention, which is the purchase and sale of foreign currency by government agencies in order to influence the exchange rate of the national currency; c) changes in the exchange rate (devaluation, revaluation); d) changes in the currency convertibility regime: tightening or, conversely, weakening of currency restrictions; e) receiving or providing foreign currency loans and subsidies to compensate for emerging gaps in international payments; f) diversification (distribution between various objects) of foreign exchange reserves, allowing to reduce losses associated with currency depreciation and ensure the most favorable structure of reserve assets.
Long-term (structural) monetary policy is the implementation of long-term structural changes in the international monetary mechanism.
It is implemented through the participation of countries in interstate treaties and agreements, mainly within the framework of the International Monetary Fund (IMF), as well as at the regional level. Activities carried out in the field of interstate currency regulation transform the elements of the international monetary system into a new state corresponding to the changed economic relations.
The directions and forms of monetary policy are determined by the economic and monetary situation of countries, the leading trends in the evolution of the world economy, and changes in the country's forces in the world market.
The foreign exchange market consists of two tiers. At the first tier, retail transactions are carried out, i.e., the sale and purchase of foreign currency by legal and individuals. If we are talking about the population, then a network has been deployed for them exchange offices, which can only be created as micro-branches of an authorized bank. As for legal entities, for them in such banks there are special units. But the relationships here are actually the same. The bank sells itself or buys currency from them. As a rule, when businesses contact a bank, they are not interested in how the bank receives this currency.
The enterprise establishes some kind of binding, for example, asks to sell currency at the exchange rate, and the bank, being an intermediary, finds a seller either from its clients, or can turn to another bank, which at that moment has an excess of foreign currency, or purchase them at interbank foreign exchange market.
The second tier is the interbank market. This is where the exchange rate is formed. Here there is an invasion, an intervention by the Central Bank, i.e. regulation of the foreign exchange market.
Interbank currency exchanges are a unique addition to the interbank market; they make it possible to concentrate supply and demand in one place and more accurately determine the exchange rate. By conducting its operations here, the Central Bank has the opportunity to influence the entire market, first on the interbank market, and through it on the client market - the first tier.
Changes in the exchange rate of the national currency have different effects on different market entities. The negative reaction of Russian consumers to the rise in prices of imported goods, which, among other reasons, is affected by the depreciation of the ruble is absolutely fair. This situation is aggravated by inflationary processes and a shortage of nationally produced goods. But even in conditions of market saturation in developed countries Ah, the depreciation of the national currency leads to an increase in the price of imported goods, makes them less accessible to the buyer, reduces the possibility of choice and, ultimately, reduces the level of consumption of the population. Accordingly, if the situation develops in the opposite way, i.e. The exchange rate of the national currency rises, which benefits consumers.
Exchange rate fluctuations among manufacturers are ambiguous. The negative consequences of currency appreciation are experienced primarily by export-oriented industries. An increase in the value of the national currency increases the price of exported goods, as a result, sales volumes decrease, which often leads to a reduction in production. Thus, the already mentioned increase in the yen exchange rate for a country whose economic prosperity is largely determined by export advantages can have very serious consequences.
However, in a situation with rising exchange rates, there are producers who benefit from it. These are those whose production is based on imported raw materials, materials, and equipment. Reducing the cost of imported products reduces production costs and strengthens the company’s position in the market. There are industries that react poorly to exchange rate fluctuations. These are those whose production is limited to the domestic market and is not associated with either export or import.
It is understood that, no matter what consequences fluctuations in exchange rates lead to for various market entities, the most optimal situation, by virtue of its predictability, would be a stable exchange rate of the national currency as an important condition for successful economic activity.
To clarify the macroeconomic consequences of exchange rate fluctuations, we remind you that exports and imports can be considered as components of total expenditures. Exports, like investment and consumption, provide impetus to growth in national production, income and employment. An increase in exports is an increase in the actually purchased goods produced national industry, i.e. an increase in aggregate demand.
Accordingly, an increase in imports means an increase in the consumption of goods produced abroad and a decrease in the aggregate demand for domestic goods.
From this we can conclude about the impact of exchange rate fluctuations on aggregate demand. An appreciation of the currency makes the situation worse for exporters and better for importers, i.e. both factors, from the point of view of aggregate demand, act in the same direction - towards its decrease. A depreciation of the currency, contributing to an increase in exports and imports, can contribute to the growth of aggregate demand, i.e., the volume of national production that can be purchased, other things being equal.
Regarding the impact of exchange rates on aggregate supply, i.e., the volume of production that can be produced, then the situation here is the opposite. Let us remember that a depreciation of the currency causes an increase in prices for imported raw materials, supplies, and equipment. This causes an increase in production costs, and the result may be a reduction in production volume.
A sharp drop in the exchange rate can lead the economy into a state of so-called “supply shock,” that is, lead to a reduction in real output while simultaneously increasing prices. In normal economic situation the negative impact of currency depreciation on aggregate supply is neutralized by an increase in net exports. However, if, due to certain reasons, export growth does not occur, then the impact of the supply shock on economic system due to a sharp drop in the exchange rate can be significant.

CONCLUSION.

In the context of deepening integration of the economies of industrialized countries, the monetary system plays an increasingly important and independent role in world economic relations. It has a direct impact on the defining economic situation country factors: growth rates, production, prices, wages, not the growth rate of international exchange, etc.

There are national, global and regional (interstate) currency systems.

The basis of the world and regional monetary system is international division labor, commodity production and foreign trade. International monetary relations are the most important component of the foreign exchange economy, through which payment and settlement transactions are carried out in the global economy. The set of forms of organization of currency relations constitutes the international monetary system. basis international system are national currencies. This also includes national and collective reserve currency units, international foreign exchange assets, currency parities and rates, conditions for the mutual convertibility of currencies, international settlements and foreign exchange restrictions, the foreign exchange market and world gold markets, etc.

National currency systems represent a set of economic relations through which international payment turnover is carried out, foreign exchange resources necessary for the process of social reproduction are formed and used.

The world monetary system includes international, credit-financial and a complex of international-contractual and state-legal norms.
Ensuring the functioning of foreign exchange instruments.

Economic development and the foreign economic strategy of industrialized countries largely depend on the effectiveness of the currency mechanism, the degree of intervention of the state and international monetary and financial organizations in the activities of foreign exchange, money and gold markets.

The growing importance of the monetary system forces industrialized countries to improve old ones and look for new instruments and methods of government
– monopolistic regulation of the foreign exchange sector at the national and supranational levels.

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7. Popov V.K. Lessons from the currency crisis in Russia and other countries. V. e.

1999 No. 6 p. 100.
8. Nagovitsin A.P. Currency principles of economic security of Russia. R. e. and. 19996 No. 9.
9. Misikhina S. L. choice of exchange rate regime in transition economy. R. e. and. 1996 No. 9.
10. Raizberg B. A. Economics course. Moscow, 1997
11. Borisov E. F. Economic theory. Reader. Moscow. 1995

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in the discipline "Economic Theory"

on the topic “Currency relations in the global economy”

1. Monetary system

Economic relations associated with the functioning of world money and serving various types of international economic relations (foreign trade, migration of capital and labor, reinvestment of profits, transfer of income, loans and subsidies, scientific and technical exchange, tourism, etc.) are called currency relationships.

It is necessary to distinguish between national and world monetary systems. The first expresses the form of organization of currency relations of a given country, determined by national legislation, the second - the form of international currency relations, legally established by interstate agreements.

The national monetary system includes the following main elements: national currency, official gold and foreign exchange reserves and their composition, currency parity, currency convertibility conditions, currency restrictions (if any), procedures and forms of international payments. It is inextricably linked with the country's monetary system.

The world monetary system is gold reserve (key) currencies, international monetary units of account (SDR), the composition and structure of international currency liquidity, the regime of international loans and exchange rates, conditions for the mutual convertibility of currencies, international monetary organizations, for example, the International Monetary Fund ( IMF).

The world monetary system took shape spontaneously in the process of establishing a solid gold currency in late XIX V. in most developed countries of the world (in Russia - since 1897). Central banks were required to exchange paper money for gold at par, there was free import and export of gold, countries' exchange rates were determined on the basis of gold parities of national monetary units and fluctuated within the “golden points” associated with the costs of moving gold between countries. The gold standard was introduced, which meant mandatory use gold in international payments through its free flow from one country to another. The state had to monitor only the use of gold of a certain weight and purity, maintain the parity of paper money (banknotes, treasury notes and other banknotes) with gold, and have the necessary reserves of gold in order to eliminate imbalances in the balance of payments.

With the outbreak of World War I, the gold standard ceased to exist, and in 1922, at the Genoa Conference, an agreement was reached on the transition to a gold exchange standard. This meant that the main means of international payments became substitutes for gold - mottos, i.e. national or collective currencies. Credit and non-cash money began to occupy dominant positions. As a result, the economic tools of government bodies for carrying out international payments and regulating the balance of payments expanded significantly, which ultimately led to the replacement of the gold standard system.

Having not really recovered from the consequences of the Great Depression, countries were again drawn into world war, from which some emerged, strengthening their leading position (USA), others were defeated (Germany, Italy, Japan), and others were weakened (France, Great Britain). This left an additional imprint on the state of international payments after the Second World War.

At the Bretton Woods Conference in 1944, the participating countries agreed on a gold exchange standard and mutual convertibility of currencies. The US dollar and, to some extent, the British pound sterling began to serve, along with gold, as reserve currencies. Moreover, a constant price for a troy ounce of gold (31.1 g) was set at $35. International regulation of currency relations began to be carried out through the established specialized organization - the International Monetary Fund.

The principles of the Bretton Woods agreement were in effect until the mid-70s, when the connection between currencies and gold was undermined as a result of the global currency crisis. In particular, the share of the US dollar in the gold and foreign exchange reserves of all countries increased from 9% in 1950 to 75% in 1970. In addition, the negative balance of payments was growing in the United States, which was actively repaid not with gold, but with dollars. The potential for this crisis was built into the Bretton Woods monetary system itself. The fact is that the expansion of economic and payment relations required an increase in reserves and maintaining an optimal ratio of gold and currencies in them. The lack of reserves had a restraining effect on world trade. In response to the demand of the world community to exchange dollars for gold, the United States unilaterally stopped the exchange on August 15, 1971 American currency for gold. The consequence of this act was floating exchange rates, which opened the way to manipulation in the international foreign exchange market.

In 1976, new principles of the world monetary system were officially developed at the Jamaica (Kingston) Conference. The Jamaican currency system was based on special drawing rights (SDR - unit of account), floating exchange rates, and the determining and regulating functions of the IMF. With the entry into force of amendments to the IMF Charter in 1978, a certain streamlining of the international monetary system took place. In accordance with them, the official price of gold was abolished, the system of floating exchange rates was officially consolidated, the coordination of the foreign and domestic policies of the IMF member countries was strengthened, and the intention was declared to turn the SDR into the main reserve currency asset. Efforts made to regulate exchange rates ultimately led to the formation of a system of managed floating of exchange rates. As a result, a foreign exchange market has emerged in which national currencies take the same forms as monetary units on the domestic market.

Thus, a motto system began to operate in international payments, which abolished the exchange of any national currency for gold. Special Drawing Rights (SDRs) have become the standard of world money. However, this world monetary unit remained the settlement one. There was demonetization of gold. It has become one of the goods, the price of which is set in accordance with the laws of the market. However, gold remains a Special Commodity liquid asset, which can be transformed into money at any time.

The SDR assessment began to be carried out on the basis of a currency “basket”, which consists of national currencies in the following ratio: US dollar - 42%, basic Western European units (pound sterling, mark, franc) - 45%, Japanese yen - 13%.

2. Exchange rates

Let's consider the fundamental categories of currency relations and their dynamics. Under the gold exchange standard, the ratio of monetary units of different countries was established according to their official gold content. The ratio of national currencies according to their gold content is called gold parity. Since 1971, the gold content of monetary units has become a purely nominal concept, and gold parity has acquired a formal character. Since 1978, the gold content and gold parity ceased to exist in accordance with the decision of the IMF.

Along with gold parity, currency parity existed and continues to exist - this is the relationship between two national currencies established in legislative order, which is the basis of the exchange rate. Currency parity coincided with gold parity until the latter was abolished. Currently, currency parity is established on the basis of the SDR.

In contrast to currency parity, which is established by law, the exchange rate is determined by the laws of the market. The exchange rate is the ratio between two monetary units of different countries, determined by their purchasing power. Exchange rates are also set in relation to collective currencies. We can say that the exchange rate is the price of the monetary unit of one country expressed in the monetary unit of another country.

Currency, in turn, can be fully convertible (when there are no restrictions on transactions with it), partially convertible (while maintaining restrictions on certain types of transactions) and irreversible (if there are prohibitions and restrictions on transactions with it).

In addition to the exchange rate, which, as is already known, is the ratio of the monetary units of two countries, cross rates are also established. Cross rate is the rate of a third currency, calculated on the basis of the rates of two currencies. In particular, the Central Bank of the Russian Federation, knowing the exchange rate of the ruble to the dollar, sets the exchange rate of the Finnish mark to the dollar. The isolation of cross-rate calculations on different national currency markets allows operations to be carried out in order to make a profit as a result of different cross-rate quotes for the same currency. This kind of operation is called currency arbitrage.

Exchange rates may vary depending on the type currency transactions. A foreign exchange transaction carried out immediately (within no more than two business days) on a cash (cash) basis is called the spot rate. A foreign exchange transaction carried out over a clearly defined period is called a forward contract, and the fixed rate for a certain date in the future is called the forward rate, or forward rate. Therefore, it is necessary to distinguish between two types of markets: the spot market and the market for futures contracts, or forward foreign exchange transactions. Knowing the spot and forward rates, the client can choose one or another option for a foreign exchange transaction. In the first case, we are talking about a transaction in accordance with the rate established today, while in the second case, a rate is agreed today for any date in the future at which the currency will be sold, regardless of the spot rate that will be set at the same date. Participants in foreign exchange markets resort to futures contracts to either insure currency risks (hedging) or carry out speculative transactions. Insurance, or hedging, introduces an element of stability into the relations of participants in foreign trade transactions and allows them not to expose themselves to the risk of currency losses. Speculative transactions pursue the goal of extracting additional profit based on a conscious calculation of exchange rate dynamics.

Fixing the exchange rate of a national currency in a foreign one is called a foreign exchange quotation. In this case, a distinction is made between direct and reverse quotes. Direct quotation involves establishing the number of national monetary units that corresponds to one foreign monetary unit. For example, at the end of the first half of 1998, 1 dollar was exchanged for 6 rubles. 20 kopecks The inverse quotation expresses the number of foreign monetary units that corresponds to one national monetary unit. In our case, this means that 1 rub. exchanged for 0.16 US dollars, i.e. by 16 cents. Most countries use direct quotes, the UK uses reverse quotes, and the USA uses both types of quotes.

Exchange rates have a significant impact on the export of goods, services and capital, and consequently on their competitiveness in the world market. Thus, a depreciation of the exchange rate of a certain national unit, other things being equal, increases the competitiveness of goods and services of a given country and, on the contrary, weakens the interest of its economic entities in the export of capital. However, "other equal conditions» in relation to the current exchange rate of the national currency can act in the opposite direction and, therefore, weaken the effect of the change in the exchange rate that has occurred, i.e. its instability can give rise to uncertainty among enterprises and their associations about favorable long-term trends.

3. Foreign exchange market

The entire system of international economic relations is mediated by international payments in certain world or national monetary units that perform the function of world money. Moreover, the currencies themselves, national and international, become an independent object of transactions for their purchase and sale. In this regard, we can say that the foreign exchange market represents that part of the system of economic relations that arise in the process of foreign exchange transactions between their subjects. The determining entities in the implementation of foreign exchange transactions are commercial banks and other financial institutions, including currency exchanges. Moreover, the overwhelming majority of foreign exchange transactions are carried out through current and fixed-term bank accounts, when some banks act as sellers and others as buyers. This form of currency trading is called the interbank foreign exchange market. Conventionally, we can talk about national currency markets, but all of them, as a rule, are closely interconnected by a complex and fast-acting communication system, which makes them an integral part of the global foreign exchange market.

The foreign exchange market, like any other, is subject to the laws of supply and demand. Let's look at the basket of international currencies. The dynamics of the exchange rate of two currencies cannot give a real idea of their movements. The fact is that the situation is quite true when, for example, the French franc can rise against the dollar, at the same time fall against the German mark and remain stable against the pound sterling: One thing is obvious - the fall in the dollar against all three currencies are most affected by the German mark. In conditions where the number of units of each national currency included in the currency basket is fixed and the composition of this “basket” is known, it is not particularly difficult to calculate the exchange rate of any currency in relation to another based on current market quotes. At the same time, changes in current rates of national currencies will be accompanied by changes in the exchange rate of the currency “basket”. To determine the weight of each national currency in the overall basket, criteria such as the country’s share in world exports and in the GDP (GNP) of countries whose currencies are included in the country’s basket in world reserves are used.

Such collective currencies as the SDR, the ECU, and now the euro are exponents of a certain currency basket.

Under a system of floating exchange rates, an increase in the equilibrium price is called an appreciation of the currency, and a decrease is called depreciation. Under the conditions of a fixed exchange rate system, in the first case we are talking about currency revaluation, and in the second - devaluation.

Thus, we can draw the following conclusion regarding the foreign exchange rate. It will increase if the following events occur in a given country: growth in the money supply and GDP, deterioration in the balance of payments, lowering interest rates, and inflation. In addition, an increase in the exchange rate of a foreign currency is influenced by a decrease in the money supply in a foreign country and a drop in its GDP, an increase in interest rates and a decrease in the rate of price growth.

Referring to the above formula, we can say that all the processes considered, occurring in the opposite direction, will lead to a depreciation of the foreign currency in relation to the national one.

In addition to the noted factors, it is necessary to pay attention to the following explanatory and complementary circumstances. Firstly, a country's balance of payments includes the trade balance as an integral part. Therefore, a positive balance of both trade and payments has a beneficial effect on the strengthening of the national currency.

The balance of payments characterizes the state of actual payments received by a country from abroad and payments it makes to foreign partners for a certain period of time. The largest income and expense items in the balance of payments are, respectively, receipts and expenses from foreign trade activities, receipts and expenses associated with the chartering of ships, income and expenses from tourism, foreign exchange and credit operations, etc.

The trade balance is the most important part of the balance of payments and reflects receipts and expenses for exports, imports and re-exports.

The excess of the expenditure parts of the balance of payments and trade over their revenue parts leads to a weakening of the national currency and a depreciation of its exchange rate. Government policies aimed at limiting private financial assets and tax increases, as well as political instability. All this causes a reset of the national currency and a fall in its exchange rate on foreign exchange markets.

The exchange rate of the national currency depends directly on the degree of support by the state, which, if necessary, carries out special interventions and thereby prevents its excess supply.

The general aspect in which the exchange rate finds its manifestation is the establishment of internal and external equilibrium.

External equilibrium presupposes the achievement of weakened external payments as a means of maintaining a relatively stable exchange rate. Internal equilibrium is aimed at ensuring aggregate demand corresponding to full employment. Internal and external balance often come into conflict. In particular, efforts aimed at ensuring full employment and controlling inflation often lead to imbalances in payments, and, conversely, the balance of external payments can lead to a decline in employment and inflation getting out of control.

At the same time, the relationship between external and internal equilibrium and the methods for establishing it largely depend on the current exchange rate; fixed or floating. In order not to undermine the fixed exchange rate, it is recommended to use fiscal policy to regulate domestic aggregate demand, and monetary leverage to maintain the balance of payments.

Under a flexible (floating) exchange rate system, attention is focused primarily on external equilibrium, which is complemented by stimulating domestic aggregate demand through monetary and fiscal policy. Stimulating aggregate demand for nationally produced products increases their competitiveness compared to foreign ones, which leads to an improvement in the trade balance situation.

Therefore, with flexible exchange rates monetary policy has a more significant impact on national production and the country's national income than with fixed exchange rates.

As for fiscal policy, associated with an increase in government spending and a decrease in taxes, it also leads to an expansion of aggregate demand, but at the same time causes an increase in interest rates and an influx of foreign capital, which contributes to the strengthening of the national currency. Of course, in this case it is necessary to proceed from the fact that this kind of monetary and fiscal policy over a relatively long period of time can give rise to inflationary processes, and this will require measured measures in these areas of government regulation.

Regarding the current situation in Russia, when there is political and economic instability, a sharp deterioration in the situation in foreign markets as a result of fluctuations in demand and prices for goods exported by our country commodities, it is almost difficult to unambiguously determine the preference of a fixed or floating (flexible) exchange rate.

foreign national currency

Bibliography

Popov S.A. Basics of economic theory. M., 2009

Alpatov A.G. Economic theory. St. Petersburg, 2010

Gundarev A.V. Economy. M., 2008

Meshcheryakov M.N. Fundamentals of Economics. M., 2008.

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Stages of development of the world monetary system

The world monetary system developed spontaneously in the process of establishing a solid gold currency at the end of the 19th century. in most developed countries of the world (in Russia - since 1897). Central banks were required to exchange paper money for gold at par, there was free import and export of gold, countries' exchange rates were determined on the basis of gold parities of national monetary units and fluctuated within the “golden points” associated with the costs of moving gold between countries. A gold standard was introduced, which implied the mandatory use of gold in international payments through its free flow from one country to another. The state had to monitor only the use of gold of a certain weight and purity, maintain the parity of paper money (banknotes, treasury notes and other banknotes) with gold, and have the necessary reserves of gold in order to eliminate imbalances in the balance of payments.

With the outbreak of World War I, the gold standard ceased to exist, and in 1922, at the Genoa Conference, an agreement was reached on the transition to a gold exchange standard. This meant that the main means of international payments became gold substitutes - mottos, i.e. national or collective currencies. Credit and non-cash money began to occupy dominant positions. As a result, the economic tools of government bodies for carrying out international payments and regulating the balance of payments expanded significantly, which ultimately led to the replacement of the gold standard system.

Having not really recovered from the consequences of the Great Depression, countries were again drawn into a world war, from which some emerged strengthening their leading position (USA), others were defeated (Germany, Italy, Japan), and others were weakened (France, Great Britain). This left an additional imprint on the state of international payments after the Second World War.

At the Bretton Woods Conference in 1944, the participating countries agreed on a gold exchange standard and mutual convertibility of currencies. The US dollar and, to some extent, the British pound sterling began to serve, along with gold, as reserve currencies. Moreover, a constant price for a troy ounce of gold (31.1 g) was set at $35. International regulation of currency relations began to be carried out through a newly formed specialized organization - the International Monetary Fund.

The principles of the Bretton Woods agreement were in effect until the mid-70s, when the connection between currencies and gold was undermined as a result of the global currency crisis. In particular, the share of the US dollar in the gold and foreign exchange reserves of all countries increased from 9% in 1950 to 75% in 1970. In addition, the negative balance of payments was growing in the United States, which was actively repaid not with gold, but with dollars. The potential for this crisis was built into the Bretton Woods monetary system itself. The fact is that the expansion of economic and payment relations required an increase in reserves and maintaining an optimal ratio of gold and currencies in them. The lack of reserves had a restraining effect on world trade. In response to the demand of the world community to exchange dollars for gold, the United States unilaterally stopped the exchange of American currency for gold on August 15, 1971. The consequence of this act was floating exchange rates, which opened the way to manipulation in the international foreign exchange market.

Thus, a motto system began to operate in international payments, which abolished the exchange of any national currency for gold. Special Drawing Rights (SDRs) have become the standard of world money. However, this world monetary unit remained the settlement one. There was demonetization of gold. It has become one of the goods, the price of which is set in accordance with the laws of the market. However, gold remains a special commodity liquid asset that can be transformed into money at any time.

The SDR assessment began to be carried out on the basis of a currency “basket”, which consists of national currencies in the following ratio: US dollar - 42%, main Western European units (pound sterling, mark, franc) - 45%, Japanese yen - 13%.

Topic questions:

4. State regulation of the exchange rate. Devaluation and revaluation.

5. Balance of payments of the country.

Goals and objectives of studying the topic:

In the process of studying the topic, you will master the basic concepts of exchange rates and the main characteristics of the modern monetary system.

Objectives of studying the topic:

1. Formation of initial ideas about exchange rates, about the main characteristics of the modern currency system.

2. Analysis of the patterns of development of the world monetary system.

Objectives of studying the topic:

1. Determination of the structure of currency relations.

2. Formation of ideas about the types of exchange rates.

3. Analysis of the impact of exchange rates on the economy.

4. Determination of the main stages in the development of currency relations in the world economy.

As a result of studying the topic, you should know:

¨ methods of classifying currencies on various grounds;

¨ main stages in the development of currency relations in the world economy;

¨ advantages and disadvantages of various world and regional currency systems;

¨ types of exchange rates in the modern world economy;

¨ factors influencing exchange rates;

¨ methods of state and interstate regulation of currency relations;

¨ structure and methodology for calculating the country's balance of payments.

After studying this topic, you should be able to:

· analyze the structure of currency relations;

· calculate the dynamics of real exchange rates;

· assess the consequences of changes in exchange rates;

· assess the influence of various factors on the dynamics of changes in exchange rates;

· determine the structure and main items of the country's balance of payments;

By studying this topic, you will acquire skills

Ø Calculation of the dynamics of real exchange rates;

Ø Assessing the consequences of exchange rate fluctuations;

Ø Analysis of factors influencing exchange rates;

Ø Determining the state of the country's balance of payments;

Ø Analysis of currency relations in relation to macroeconomic indicators
.

When studying the topic, you need to focus on the following concepts:

Foreign currency;

International currency;

Nominal exchange rate;

Real exchange rate;

Fixed exchange rate;

Paris gold standard system;

Bretton Woods currency system of the gold dollar standard;

Jamaican monetary system of floating exchange rates;

EMS.

Question 1. The concept of the world monetary system. The evolution of the world monetary system. European monetary system and its features.

To study this issue you need:

You will find additional material in the books:

1. International economic relations: Textbook / Ed. prof. . – M., 2006. – P. 329-359.

2. Theor economy: Tutorial. – St. Petersburg, 2002. – P. 92-107.

3. , Kulakov economics: Textbook. – M., 2004. – P. 332-351.

4. Kireyev economics. At 2 o'clock -H. II, chapter 1 – 3.

Follow these instructions when researching the issue:

Think, on what circumstances the evolution of currency systems may depend. What changes are taking place in the modern world monetary system?

Make a list the main features, advantages and disadvantages of each of the currency systems discussed in the manual. What reasons in each specific case led to the abandonment of the old and the emergence of a new currency system?

Formulate What are the main features of the European Monetary System? How much more stable is it, in your opinion, than the Jamaican one?

What methods of fixing exchange rates are adopted in the Jamaican currency system?

Theoretical material on the issue.

§ 1. The concept of the world monetary system. Evolution of the world monetary system. European monetary system and its features.

1.1. World monetary system.

World monetary system represents the policy and practice of using various tools and methods by which international monetary and settlement relations are carried out.

The history of the world monetary system includes the Paris Monetary System (gold standard system), the Bretton Woods monetary system of fixed exchange rates, and the Jamaican monetary system of floating exchange rates. Nowadays there is also a regional currency system - the European one, which has a number of features.

The main elements of the international (world) monetary system are:

2) gold circulates freely, which meant:

d) import and export of gold are not limited in any way;

3) the rates of national currencies are strictly fixed to gold and through it to each other.

Gold, despite all the attractiveness of using it as a world currency, had a significant drawback - it was bulky and inflexible in its use as a means of circulation. Therefore, within the system, the main role of the means of payment began to be played by bills of exchange (drafts), expressed in the most stable currency those years – pound sterling. Gold was used mainly to pay for the state tax of those countries that had a passive balance of payments. In the 1870s France and Germany switched to the gold standard; in 1897, they joined the gold standard club Russian empire. By the beginning of the twentieth century. most leading countries, excluding China, became participants in the system.

Within the framework of the Paris Monetary System it is possible to distinguish several subsystems:

¨ gold coin standard (before the beginning of the twentieth century), during which gold coins were minted, their free exchange for banknotes, import and export of gold was practiced;

¨ gold bullion standard (before the start of the First World War), in which gold bullion was circulated only in payments between countries. The reason for the transition was the Anglo-Boer War, the US-Mexico War, the Russian-Japanese War;

¨ gold exchange standard (or Genoese monetary system ), in which the currencies of leading countries were used along with gold. The gold exchange standard was in effect until the end of the 30s.

The gold standard system well ensured the stability of monetary circulation and automatic adjustment of the balance of payments under the conditions of the market mechanism.

However, during the First World War, rising inflation and a decrease in gold reserves in a number of countries significantly undermined the capabilities of the gold standard. The gold standard mechanism ceased to operate in all countries, excluding the USA and Japan. The main reasons for the destruction of the foundations of the system were:

A very large issue of paper money, not backed by warring countries, to cover military expenses;

Introduction of currency restrictions by the warring countries;

Depletion of gold resources by almost all countries except the United States.

At the Genoa Conference in 1922 a decision was made to transition to a gold exchange system. Its essence is that in 30 participating countries, along with gold, mottos were used for international payments - means of payment in foreign currency, i.e. national currencies began to play the role of international payment and reserve means. At the same time, only the dollar, pound sterling and French franc had real gold backing. The exchange of banknotes for gold (in payments between countries) could be carried out both directly and indirectly, through the currencies of the countries participating in the system. In other words, national money could be backed not so much by gold as by the foreign currency of the above countries, which retained the free exchange of their monetary units for gold. Countries that had become significantly poorer during the war now had a way to make international payments, and the United States became even richer. Although the reserve currency status was not officially assigned to any currency at that time, the US dollar and the British pound sterling really played a decisive role. Soviet Russia also participated in the Genoa Conference, however, due to its refusal to pay pre-revolutionary debts, it did not become a participant in the system.

During the Great Depression, which began in 1929, a decline in production and high inflation bled the gold standard system dry.

The crisis expressed itself:

¨ In sharp capital flows, and, as a consequence, in disequilibrium of balances of payments and fluctuations in exchange rates.

3. The system could only operate in conditions when the country was producing gold. The outflow of gold and the lack of its own deposits led to the country falling out of the gold standard system. On the other hand, the discovery of new deposits and an increase in its production caused transnational inflation.

4. The inflexibility of gold as a medium of exchange.

1.3. Bretton Woods monetary system of fixed exchange rates (gold dollar standard).

The decision to create a new monetary system was made at the UN International Monetary and Financial Conference in July 1944 in Bretton Woods, New Hampshire, USA. Representatives of the countries participated. The USSR participated in the conference, which, however, refused to become a member of the new system.

The Bretton Woods conference was based on the realities of the ending World War II. During its course, the United States not only entered into short list victorious countries, but also possessed 70% of the world's gold reserves (24.4 billion out of 32.5 billion dollars, excluding the USSR), having become incredibly rich during the war years. In July 1945, US President Harry Truman signed the Bretton Woods agreements, which provided for the creation of the International Monetary Fund. Its members were required to set the nominal value of their currency in dollars or gold.

The main principles of the Bretton Woods system were:

1. The basis of the system was gold, but the only currency that had a gold content was the US dollar. Other currencies were equated to the dollar, and through it to gold. The gold content of the dollar was established - $ 35 = 1 troy ounce = 31.1 g. Thus, the national currency - the US dollar - became the world reserve currency, the main means of international payments. Within the British Empire, the pound sterling played the same role. Other countries preferred to keep reserves in foreign currency rather than in gold, which was more convenient for international payments.

2. Exchange rates were fixed and firm; the central banks of countries maintained a stable exchange rate of their currencies against the dollar through foreign exchange interventions within ±1%. This range of fluctuations depended on the demand and supply of currency on the world market. During the period the range was ±2.25%.

3. At the same time, exchange rates could now be changed more widely, within 10%, through devaluation and revaluation, which were excluded under the gold standard system (changes in the exchange rate over 10% required the consent of the International Monetary Fund). Such “one-time” adjustments (± 10%) were allowed only in case of “fundamental disequilibrium in the balance of payments,” but this term was never clearly defined.

4. The International Monetary Fund and the International Bank for Reconstruction and Development became important parts of the new system. The IMF, in particular, was created to provide loans to member countries to cover balance of payments deficits, develop recommendations for improving finances, and monitor compliance with currency parities and the principles of the Bretton Woods system itself.

Until about the second half of the 60s. The Bretton Woods system functioned very successfully, ensuring the post-war restoration and development of the economies of Europe, Japan, the USA and a number of other countries. However, by the end of the 60s. and this system was subject to crisis phenomena, which led to its collapse.

The main reasons for the collapse of the Bretton Woods system were:

1. Maintaining fixed exchange rates required countries to pursue a single economic policy, which turned out to be impossible due to the difference in the development goals of each country.

2. Increased inflation rates, which varied in different countries, had a significant impact on the dynamics of exchange rates.

3. The inconsistency of the principles of the Bretton Woods system with the new realities that emerged in the 60s. The system was built on the principle of American-centrism, while new centers – Western Europe and Japan – were successfully formed, and interstate contradictions intensified. In addition, the system was not designed for the emergence of a large number of developing countries in the world economy, freed from colonial dependence. The value of the dollar relative to other currencies, due to the excess supply of dollars, would inevitably fall, but under conditions of fixed rates, the IMF ordered the central banks of countries to buy the excess supply of dollars. The Bank of England was forced to sell pounds in order to buy “extra” dollars from the market.

4. The “reserve currency paradox,” which consists in the fact that a large market for Eurodollars, or “dollars without a homeland,” has gradually formed. In order for the national currency of a country to become a reserve currency, it must be available to other countries, which is only possible if the balance of payments of the issuing country is in deficit, i.e. it prints money for other countries. The world market was flooded with “dollars without a homeland,” which seemed to live their own independent lives, never returning to the United States. At the same time, the system could only function if the US gold reserves were sufficient to exchange all the dollars presented by all foreign banks, for gold. However, the excessive amount of dollars abroad, the deficit of their balance of payments, the movement of significant masses of dollars between countries in the 70s. caused doubts about the reliability of the dollar and flight from it. Countries that hold reserve currency seek to exchange it for gold. The Vietnam War and the active emission of US money increased the discrepancy between the gold reserves and the number of dollars in the world.

5. The active role of TNCs in the development of the currency crisis. TNCs concentrated 40% of industrial production, 60% of foreign trade, 80% of the developed technology of the West. Large foreign exchange assets and the scale of Eurocurrency, especially Eurodollar, operations of TNCs gave the crisis of the Bretton Woods system enormous scope and depth.

Since the late 60s. The Bretton Woods system gradually began to collapse, and 6 currency zones were formed. For example, 6 countries " Common Market» abolished the external limits of agreed fluctuations in the exchange rates of their currencies (“tunnel”) to the dollar and other currencies. The decoupling of the “European currency snake” from the dollar led to the emergence of a kind of currency zone led by the German mark. This indicated the formation of a Western European zone of monetary stability as opposed to the unstable dollar, which accelerated the collapse of the Bretton Woods system.

In 1971-72 emergency measures were taken to save the dollar: the exchange of dollars for gold for foreign central banks (“gold embargo”) was stopped, and the dollar was devalued ($ 38 per troy ounce). At the end of 1971, 96 of the 118 IMF member countries had established new exchange rates against the dollar, with 50 currencies appreciating to varying degrees. Taking into account the varying degrees of appreciation of the currencies of other countries and their share in US foreign trade, the weighted average value of the dollar devaluation was 10-12%.

In February 1973, the dollar was devalued again by 10% and the official price of gold was increased by 11.1% (from 38 to 42.22 dollars per ounce). The massive sale of dollars led to the closure of leading foreign exchange markets.

These contradictions led to the collapse of the Bretton Woods system.

1.4. Jamaican currency system of floating exchange rates.

The new monetary system was created in 1976 at an IMF conference in Kingston (Jamaica).

The main principles of the new currency system were:

1. The connection with gold has been legally eliminated - no currency has a gold content and is not exchangeable for gold. The country independently chooses the exchange rate regime, but it is prohibited from doing this through gold. However, in fact, such a connection remains, since central banks hold a significant part of their reserves in gold. In turn, the IMF returned 777.6 tons of gold to the old members of the fund in exchange for their national currencies at a price of 35 units. SDR for 1 troy ounce. The same amount of gold was sold to the IMF at open auctions in 1976–1980.

2. The new system has become polycentric, that is, based not on one, but on many currencies. Practice has shown that the national currency is imperfect in the role of a reserve currency, so it is advisable to replace it with a collective one. The role of such currencies has been SDR – Special Drawing Rights , Special Drawing Rights (SDR) and ECU – European Currency Unit (ECU).

SDR– a special accounting unit, “virtual” money, fiat currency, existing in the form of entries in accounts with the IMF, was created in 1968, began to operate in 1970. At the very beginning, the SDR rate was calculated according to the gold parity - 1 SDR = 0, 888671 gr. gold. Then, since 1974, the SDR rate was calculated based on the rates of 16 leading currencies, then (since 1981) according to a simplified basket - the US dollar (share - 42%), Japanese yen(13%), pound sterling, French franc, German mark (45%). Currently, the dollar, pound sterling, yen and euro take part in the formation of the basket of currencies. The proportions of their participation in the basket are periodically revised by the IMF (see table 34.).

Table 34

Composition of the SDR “basket”, in %

The weight of currencies is determined by the following indicators:

Economists in many countries believe that the SDR can be viewed less as a reserve currency and more as a loan. The general consensus is that they are both. As one of its creators wittily put it, SDRs are like a zebra - "an animal that may be considered by some as white with black stripes, and by others as black with white stripes."

However, due to difficulties with calculations, SDR did not gain the popularity that its creators expected, and the share of this conventional currency does not exceed 5% of the world foreign exchange market. 1 SDR is approximately 1.2 US dollars.

ECU was created in the EEC (now the European Union) in 1979 as the currency unit of the European Monetary System. It also existed in the form of entries in accounts at the European Monetary Institute. 1 ECU was equal to 1.3 US dollars. Since 1999, the ECU has replaced the euro (in non-cash form, since 2002 - in cash).

3. In the Jamaican currency system there are no limits to fluctuations in exchange rates, which are formed under the influence of supply and demand. However, the central banks of countries have a significant influence on exchange rate fluctuations by buying and selling currencies (foreign exchange interventions) and thereby contribute to the stabilization of exchange rates. Since fully floating exchange rates have a negative aspect, expressed in increasing uncertainty and unpredictability, attempts have been made and are being made to limit exchange rate fluctuations at least on a regional scale. Thus, in the countries of the EEC (EU), until 1993, exchange rate fluctuations were limited to ± 2.25%, which gave Europe stability for 6 years.

4. The role of the IMF, an institution that was created for a different monetary system, but managed to survive it, has increased. IMF member countries should not receive unilateral advantages and should not allow exchange rates to fluctuate too much.

5. In fact, the dollar retained its position as a reserve currency. Since the time of the Bretton Woods system, significant reserves of gold have been preserved both by the governments of many countries and by individuals and legal entities. In the 70s The preservation of the dollar's position was facilitated by the fact that when oil prices rose, payments for it were carried out in dollars. In the 80s The dollar's growth was facilitated by rising interest rates in the United States.

6. Within the framework of the Jamaican Monetary System, several exchange rate systems have developed.

1). Fixed exchange rates

A). The exchange rate of the national currency is fixed in relation to one, voluntarily chosen, currency and automatically changes in the same proportions as basic course. As a rule, exchange rates are fixed to the US dollar, pound sterling, and euro. This often leads to the fact that foreign currency is circulated in the country as the second national (or even the first) - Argentina, Bolivia, Peru, Romania, countries of the former USSR.

20 countries have pegged their currencies to the US dollar: Argentina, Syria, Panama, Turkmenistan, Venezuela, Nigeria, Oman, etc.

To the euro - 14 countries - Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Gabon, Cameroon, Congo, Central African Republic, Chad, Equatorial Guinea.

Other currencies include 10 countries, Namibia, Lesotho (South African rand), Tajikistan (Russian ruble), etc.

b). The national currency exchange rate is fixed to the SDR. 4 countries have such a link: Libya, Myanmar, Rwanda, Seychelles.

V). The exchange rate of the national currency is fixed in relation to a “basket” of voluntarily selected currencies. As a rule, the basket includes the currencies of countries that are the main trading partners of a given country. 20 countries have such an exchange rate - Cyprus, Iceland, Kuwait, Czech Republic, Bangladesh, Hungary, Morocco, Thailand, etc.

G). The national currency exchange rate is set on the basis of a sliding parity. First, a fixed exchange rate is established in relation to the base currency of another country (or countries), but this rate does not change automatically, but is calculated using a certain formula taking into account the dynamics of price growth rates. 18 countries have such a course (Tunisia, Vietnam, Sri Lanka, etc.)

Fixed exchange rates in the modern world economy are typical for developing countries that carry out this fixation in relation to the strongest currency.

2). Free swimming. The leading currencies are freely floating - the USA, Great Britain, Switzerland, Japan, Canada, Greece, Israel, South Africa and some others. However, when sharp fluctuations exchange rates, central banks and the Federal Reserve maintain the exchange rates of their currencies, so that this “free” float is in fact a controlled float ( dirty float ). So, for example, in 2000 - 2003. The Fed has cut interest rates several times to stimulate economic growth in the United States.

3). Mixed or group swimming. Such group swimming was typical for the member countries of the EEC (EU) and, to some extent, continues to this day, after the introduction of a new common currency- euro. Before the introduction of the euro, two exchange rates were used in cash - internal, for transactions within the Community, and external, for transactions with other countries. OPEC countries have established special mode exchange rate by tying their national currencies to the price of oil. In the future, the introduction of an Arab (oil) currency, following the example of the euro, and another currency, the Afro, are visible, the prospects of which are seen in 8 countries of West Africa.

In 1988, 58 countries decided to set the exchange rate of their currencies in relation to the currency of one of their main partners: American dollar(39), the French franc (14 franc zone countries) or other currencies (5). Other countries pegged their currencies to the SDR (17) or to another basket of currencies (29); in addition, 4 countries spoke in favor of a regime of limited flexibility in relation to a single currency and established mechanisms for currency cooperation, stabilizing their exchange rates. 19 countries spoke in favor of an independent navigation regime, including the USA, Canada, Great Britain, and Japan.

According to the IMF, in 1999, 43.57% of countries used freely floating exchange rates, 22.14% - fixed, 34.29% - mixed.

The Jamaican monetary system contributed to expanding the scope of independence of domestic economic policy from the state of the balance of payments. It became possible to adapt the national economy to the world economic situation by adjusting the exchange rate. However, the Jamaican system also showed its instability, expressed in fluctuations in the dollar exchange rate.

1.5. EMS.

Given the instability of the Jamaican monetary system, member countries of the EEC (EU) decided in 1979 to create the European Monetary System (EMS), or European Monetary System , EMS ). Initially, the EMU included 6 leading European countries, then their number grew to 12.

In the world economy it is impossible to do without an established system of currency (monetary) and credit relations between countries.

The development of international monetary relations is determined by the formation of the world economic system.

Economic relations between states regarding the exchange of goods on the world market objectively lead to international monetary relations.

International monetary (monetary) relations are economic relations related to the functioning of national currencies in the world market, money service exchange of goods between countries, the use of currency as a means of payment and credit.

Currency relations in one way or another accompany international trade, export of capital abroad, scientific and technical exchange, lending, international payments and other economic and cultural ties between states.

There are national and world monetary systems.

The national currency system is a form of organization of the country's currency relations, which is determined by national legislation.

The world monetary system is a form of organization of international monetary relations, determined by the development of the world economy and legally enshrined in international agreements.

State and interstate regulation of currency relations finds its expression in currency policy.

Monetary policy is a set of economic measures implemented by government agencies and international institutions in accordance with their program targets.

The Russian currency system has its own history. The history of the ruble reflects the history of our state, its economic reforms and eras of prosperity.

The term "ruble" originated in the 13th century. in Novgorod. The ruble began to be called half of a chopped hryvnia - a silver ingot weighing about 200 g, which served at that time as a monetary and weight unit. Since 1534, when a unified monetary system of the Russian state was formed, the ruble became its main monetary unit. At the beginning of the 17th century. the silver content of the ruble was 48 g. Under Peter I, the world's first decimal coin system was created, the basic unit of which remained the ruble, equal to 100 kopecks.

In 1769, the Russian government issued the first paper rubles - banknotes. In 1841, a paper credit ruble appeared in circulation.

In 1897, it was announced that the ruble would be converted to a gold base (0.774 g of gold).

The first Soviet ruble was issued in 1919 in the form of a credit note. In 1921, the first silver Soviet coins were issued in the RSFSR.

Monetary reform of 1922-1924 A paper chervonets with a gold backing equal to the gold content of the pre-revolutionary ten-ruble coin and treasury notes were put into circulation.

In 1950, the ruble was converted to a gold base containing 0.222 g of pure gold. In 1961, with a 10-fold increase in prices in the USSR, the gold content of the ruble was determined to be 0.987412 g of pure gold. It remained this way until 1992.

At the end of the 19th century, one country after another began to switch to a gold currency, in which one metal, gold, became the measure of value and means of payment. Officially, European countries switched to a gold currency in 1871-1898, the USA - in 1900.

1.504 g of gold, in 1934 - 0.889, in 1971 - 0.818.

On August 15, 1971, the US President made a statement that Washington was canceling the exchange of dollars for gold. The President's statement practically abolished the gold content of the US dollar. On April 1, 1978, the Jamaica Monetary Agreement was adopted, according to which gold is no longer the basis of international payments. The paper dollar has acquired an unprecedentedly high, fantastic price.

Law of the Russian Federation of September 25, 1992 No. 35371 “On monetary system Russian Federation" it was announced that "the official monetary unit (currency) of the Russian Federation is the ruble. The introduction of other monetary units on the territory of the Russian Federation and the issuance of monetary surrogates are prohibited" (Article 3).

This Law also declared: "The official ratio between the ruble and gold or other precious metals not established." The official exchange rate of the ruble to the monetary units of other states is determined and published weekly by the Central Bank of the Russian Federation (Bank of Russia).

Thus, the currency system of the Russian Federation is enshrined in national legislation. Its basis is statutory monetary unit of the state ( Russian ruble), which becomes a currency in international economic relations.

Main legislative act regulating currency relations of the Russian Federation is the Federal Law of December 10, 2003 No. 173FZ “On Currency Regulation and Currency Control”. The Law defines the basic concepts: foreign currency and currency values, current transactions of the foreign exchange balance, capital transactions. Also defined key concepts currency legislation: resident, non-resident, currency regulation regimes. This Law establishes that residents may have accounts in foreign currency that is not a freely convertible currency in banks outside the territory of the Russian Federation for settlements under international agreements construction contract concluded with subcontractors performing certain types of work (services), settlements related to the purchase of those necessary for execution the said agreements goods, and settlements with seconded specialists - citizens of the Russian Federation. Residents are required to notify tax authorities at the place of your registration about the opening of these accounts and report monthly on the flow of funds in these accounts with an appendix bank statements on such accounts.

Currency control in the Russian Federation is carried out by the Government of the Russian Federation, currency control authorities and currency control agents in accordance with the legislation of the Russian Federation. The currency control authorities in the Russian Federation are the Central Bank of the Russian Federation, federal authorities executive authorities authorized by the Government of the Russian Federation. Currency control agents are authorized banks reporting to the Central Bank of the Russian Federation. Control over foreign exchange transactions by credit institutions and currency exchanges is exercised by the Central Bank of the Russian Federation.

The nature of currency relations largely depends on the convertibility of the countries' currencies. Currencies are divided into freely convertible, partially convertible, and non-convertible.

A freely convertible currency is a currency that can be freely, without restrictions, exchanged for another foreign currency. Freely convertible currencies have become: the US dollar, the Canadian dollar, the Japanese yen, the currencies of the member countries of the European Community (Common Market) and some others.

Partially convertible is the national currency of a country in which certain restrictions apply to certain types of foreign exchange transactions. Partially convertible currency is exchanged only for some foreign currencies, but not all.

Non-convertible (closed) is a currency that is applied (used) only within one country and is not freely exchanged for foreign currencies. Among currencies there is a term "soft" currencies. “Soft” currencies include currencies whose exchange rate is gradually falling.

The Russian ruble has moved from an inconvertible currency to the category of currencies with internal convertibility. It is freely exchanged for currency within Russia and the CIS countries.

For a number of years, the Moscow Interbank Currency Exchange has been conducting transactions for the purchase and sale of currencies of the CIS countries for rubles - Ukrainian hryvnia, Belarusian rubles, Kazakhstani tenge.

International trade in goods, export of capital abroad, sale of scientific and technical products are inextricably linked with currency exchange. Typically, the exporter seeks to sell his goods for freely convertible foreign currency. The importer exchanges his national currency for foreign currency to pay for goods purchased abroad. The exchange rate is used to ensure exchange equivalence.

The exchange rate is the relationship between national and foreign currencies. The exchange rate is determined mainly by the purchasing power of each currency, which, in turn, depends on the demand and supply of goods, the supply and demand of the national currency in the foreign exchange market, the security of the currency with the national wealth of the country, the stability of the currency and confidence in it.

In the monetary and financial mechanism of the USSR, there were three types of ruble exchange rates to foreign currencies: official, commercial, and market.

Central Bank to set the official exchange rate along with economic factors the supply and demand of the national currency on the foreign exchange exchange are taken into account. In 1992, the Moscow Interbank Currency Exchange was founded. Among the founders of this exchange is the Central Bank of the Russian Federation, which allows it to pursue an active policy in the foreign exchange market, influence and set the official ruble exchange rate.

In accounting Russian organizations To convert foreign currency into rubles, only the official ruble exchange rate is used.

The commercial ruble exchange rate was introduced on November 1, 1990 at the rate of 1.8 rubles. for 1 US dollar. It was used in export-import transactions for international payments for trade and other transactions.

In accordance with the Decree of the President of the Russian Federation of October 15, 1992 “On liberalization foreign economic activity on the territory of the Russian Federation" the commercial exchange rate of the ruble is no longer established.

The market exchange rate of the ruble is the rate formed on the foreign exchange exchange based on current supply and demand when making foreign exchange transactions. Foreign currency is purchased and sold at the domestic market rate at the market rate.

The establishment of the exchange rate by the Central Bank of the Russian Federation or a regulatory act of the Government of the country is called the currency quotation.

According to the Central Bank of the Russian Federation official courses foreign currencies to the ruble of the Russian Federation for accounting purposes and customs duties as of January 1, 2006 were as follows1:

The current exchange rate of the ruble to the dollar is considered unrealistic. It does not reflect their real ratio. Today's dollar exchange rate is extremely overvalued, which is damaging the Russian economy.

Not only the ruble exchange rate against the dollar is unreasonably undervalued, but also the exchange rate of many other currencies of the CIS countries. This caused significant damage to international trade and the economy of the CIS countries and Russia, and also gave rise to a wave of cash speculation in the money market.

To solve the problem of currency convertibility and establish the real exchange rate, it is necessary to stabilize the economic, social situation and monetary circulation within the country, increase competitive products in the domestic and foreign markets, strengthen the external balance of payments, and limit inflation to a minimum.

The dynamics of the dollar exchange rate against the ruble according to the Central Bank of the Russian Federation are given in table. 21.8.

Fluctuations in the rates of national currency units are due to two main factors: firstly, the real value ratios of the purchasing power of currencies in domestic markets foreign countries; secondly, the supply and demand of national currencies for international market subject to constant changes due to the flow of capital from one country to another.

As can be seen from the table, the level of dollarization of the Russian economy is very high. This can be explained by the instability of the Russian economy caused by the implementation of market reforms, a significant decrease - more than 2 times - in the volume of industrial and agricultural production (2000 compared to 1990). Russia's share in international trade has declined and is now around 2%.

Strengthening the prestige of the ruble is associated with ensuring the rise of industrial and agricultural production in the Russian Federation. The second way is related to strengthening state control for foreign exchange transactions

1 Russian Statistical Yearbook, 2006. P. 772. The rates are set without the Bank of Russia’s obligation to buy and sell the specified currencies at this rate.

market. One of the measures on this path is to change the settlement procedure for purchase and sale transactions on the country's currency exchanges. It is necessary to establish strict control over the export of foreign currency abroad and implement real measures to reduce inflation rates.

International payments by trading operations are carried out, as a rule, in freely convertible currency, closed foreign currencies. The bulk of payments for commercial transactions are carried out non-cash. Settlements are made, as a rule, through banks that have established correspondent relations with each other, i.e., having agreed on the procedure and conditions for conducting banking operations. Correspondent relationships are formalized by concluding an interbank agreement. Banks that have established correspondent relations exchange documents (cards of sample signatures, telegraphic transfer keys, etc.).

In world practice, certain forms of payments, methods of their execution and payment of payment documents have developed.

According to the economic content, international payments are divided into two groups: a) trade and b) non-trade.

Trading includes the following types of payments:

payments and receipts for foreign trade transactions;

payments and receipts on an international loan;

payments and receipts for international transportation of goods by various modes of transport (sea, rail, etc.).

Non-trading settlements include:

payments for the maintenance of diplomatic organizations, trade, consular and other missions and international organizations;

expenses for the stay of various delegations, groups of specialists and citizens in other countries;

money transfers abroad on behalf of public organizations and individuals.

The following types of payments are made in foreign trade:

advance payments made via transfer;

payments upon delivery of goods or after delivery based on submitted documents (using a letter of credit or "collection"). In recent years, the use of plastic cards and checks;

payments upon receipt of goods and invoices made in the form of transfers;

payments when due.

Payments are usually made through registered foreign banks located in the payer’s country, or through branches and branches of foreign banks. Payment transactions are carried out by foreign banks with which correspondent relations have been established, i.e. with which there are agreements on the procedure and conditions for conducting banking operations. Correspondent relations are established with banks of those countries that have diplomatic relations. In the absence of diplomatic relations, agreement with central banks states

The main forms of payment are bank transfer, collection and documentary letter of credit. Less commonly used are bill of exchange and check forms of payment.

Education in 1979 was important in the field of monetary integration and international settlements. European Monetary System (EMS). It was based on three elements: the European monetary unit - ECU, the exchange rate mechanism, and the credit mechanism. This system provided relative stability exchange rates national currencies and collective opposition to the American dollar.

A key element of the EMU was the creation of the European currency unit - the euro.

After July 1, 2002, Eurobanknotes and Eurocoins became the only means of payment in the countries of the European Common Market. This means that the US dollar in these European countries is forced out of circulation.

To regulate monetary circulation, the European central bank, which ensures a common monetary policy among member countries of the European Monetary System, which includes 14 European countries.

21.5. International financial institutions

Credit and financial relations are economic relations between the lender and the borrower when using a credit (loan) in monetary or commodity form on a repayable basis and usually with payment of interest.

Almost all participants in international economic relations enter into credit and financial relations. Foreign trade participants are especially in need of loans. Some - importers - lack foreign currency to pay the exporter, and they resort to an organization that can give them a loan. Other exporting organizations do not have enough funds to implement an investment project abroad. International credit relations are not limited to relations between exporting organizations; they are inextricably linked with international credit and financial organizations.

Lending in foreign currency has the following main types:

¦ lending for export-import transactions of foreign (international) trade;

¦ lending to government needs related to the repayment of foreign debt to banks by foreign states;

joint lending investment projects states, firms, corporations;

lending to banks for settlement transactions;

other forms of lending.

In carrying out credit and financial operations and in maintaining the stability of international payments, the most important role belongs to international credit and financial institutions (organizations).

International credit and financial institutions are international organizations created on the basis of interstate agreements with the aim of regulating credit and financial relations between countries, promoting the development of economic relations, and providing credit policy.

The largest specialized international financial institutions are the following:

1. The International Monetary Fund (IMF), created on the basis of the Bretton Woods (USA) agreements in 1944, began functioning in 1947, is an international monetary and financial organization. It is listed as a specialized body of the United Nations. The goals of creating the IMF: 1) promoting the development of international trade and monetary cooperation by establishing rules for regulating exchange rates and monitoring their compliance, a multilateral payment system and establishing currency restrictions; 2) provision of credit resources to its members in case of currency difficulties associated with imbalances in balances of payments; 3) providing loans to countries experiencing balance of payments difficulties.

Credit transactions are carried out only with official bodies of countries: central banks, treasuries, foreign exchange stabilization funds. Loans are provided in foreign currency or in the form of selling foreign currency for national currency.

The loans provided are divided into types depending on the reason that caused the imbalance of external payments. The decision to issue a loan is made by a vote of IMF members. All countries vote on a financial quota in the IMF.

When joining the IMF, each country contributes a certain amount called a quota (subscription contribution), a kind of membership fee. Quotas form the pooled cash reserves that the IMF uses to make loans. Quotas determine the weight of each IMF member.

The IMF Charter was revised three times - in 1969, 1976 and 1992. According to the Charter, the highest body of the IMF is the Board of Governors, which includes each member country of the IMF (usually ministers of countries) for a period of 5 years. The managers meet in session once a year. Largest quantity The USA (18.2%), Germany (5.6%), Canada (3.0%), England (5.1%), France (5.1%), Italy (3.1%) have votes. Russia (2.9%), etc.

At the IMF session, an Executive Board consisting of 22 executive directors is elected to monitor the activities of the countries to which loans were issued.

The IMF has a staff of 2,000 people and is headed by an Executive Director, who is also the head of the Executive Board. The main staff is located at the IMF headquarters in Washington.

178 countries joined the IMF, believing that the IMF would help grow international trade and create jobs in their economies.

Now the IMF gives loans to countries that are in dire need of fulfilling financial obligations in relation to other countries. Loans are issued on the condition that the country to which the loan is given undertakes to carry out economic reforms under the IMF program. At the same time, the IMF dictates to the country for what purposes and how to spend the loan provided. Then, through its experts, it collects information in the country about the economic policy pursued by the state.

Currently (according to available data), the borrower country pays to the IMF a fee for services and compensation for confirming the commitment to issue a loan - 0.5% of the borrowed amount, and also pays interest: usually 9% per annum.

A priority area in the IMF's activities has become the issuance of loans for the reorganization of the economies of states and subsidizing the policy of market reforms. To be sure that credit funds are used for these purposes, the IMF carefully monitors the progress of the country’s economic development during the period for which the loan was issued, provides advice to the government on carrying out reforms in the economy, tax system, banking.

Member countries of the International Monetary Fund are required to provide it with information on gold reserves and foreign exchange reserves, the state of the economy, balance of payments, monetary circulation, and foreign investments. The IMF uses this data to determine the solvency of countries.

The head of the IMF said that in 2003 Russia will be able to receive another tranche of the IMF. Why in 2003? It can be assumed that the matter is in the so-called Russian “problem of 2003”: it was then, presumably, that Russia’s financial and social troubles should have merged into one focus. However, receiving the tranche in 2003 was unlikely due to the current situation.

2. The International Bank for Reconstruction and Development (IBRD) was created in 1945 on the basis of the Bretton Woods (USA) agreements of several countries. It was created as a specialized agency of the UN. It began operations in 1946. It is now an intergovernmental financial organization, now called the World Bank. Governing bodies - Board of Governors and Directorate ( executive agency). The Governing Council includes the finance ministers of the participating countries and the heads of central banks. The Council meets once a year. The main objectives of the IBRD: 1) stimulating the economic development of the IBRD member countries; 2) promoting the development of international trade; 3) maintaining balances of payments by providing long-term loans at a fairly high interest rate.

Loans are provided to both public and private enterprises with guarantees from their governments. Part of the loans is sent to local (regional) development banks, which redistribute funds received from the IBRD.

Only countries that are members of the IMF can be members of the IBRD. The weight of a country in voting depends on the share of equity participation in the capital of the IBRD. Currently, the “seven” states (USA, Japan, Germany, England, France, Italy, Canada) have 50% of all votes in the Bank. Authorized capital Bank - $175 billion. Of the 179 current members of the Bank, Russia is one of its shareholders. The USSR formalized its membership in the Bank in 1991. In 1993, a representative office of the Bank was opened in Moscow.

According to the Bank, the Russian privatization program was the largest ever implemented in the world. The Bank supported the government's efforts with policy advice and a $90 million privatization project loan and development loan. banking system at 200 million US dollars.

The Bank's staff numbers about 6,000 people. Its headquarters are located in Washington.

3. European Bank reconstruction and development (Eurobank)

established in 1990. According to its founding documents, the Bank aims to assist the countries of Central and Eastern Europe in the transition to an open, market-oriented economy, as well as in the development of private entrepreneurial initiative. Establishment Agreement European Bank reconstruction and development adopted by representatives of countries in Paris. This is the first international financial institution in Europe in which the United States does not play a leading role. The USSR played an active role in the creation of the European Bank.

The Bank's founding documents state that the EBRD provides financing for specific projects, investment projects, investment programs, as well as technical assistance in the reconstruction and development of infrastructure.

The Bank's members initially included 12 countries, including the USSR, and since 1992 - Russia. In 1995, the Bank had 60 shareholders from 58 countries. The bank has a capital of ECU 10 billion.

Currently, Eurobank has a three-tier management structure: the Board of Governors, the Board of Directors and the Bank President.

The Board of Governors has the right of the highest management body of the Bank. The Board of Directors consists of 23 people from the Bank's member countries. The President of the Bank is elected by the Board of Governors for a term of 5 years.

The headquarters of the Eurobank is located in London.

4. European investment bank(EIB). Created in 1958 by the Treaty of Rome by a number of European states. The goals of the Bank's creation: 1) support of projects that are important for several member countries of the European Community; 2) financing the development of other regions of Europe.

The bank provides long-term loans(up to 20 years) and guarantees to private and state enterprises for the development of individual regions. The bank issues loans for the reconstruction and construction of enterprises, the creation of joint railway and highways, conversion of enterprises.

The European Investment Bank is an institution with autonomous financial status. The governing body is the Governing Council (composed of the finance ministers of the participating countries), which determines credit policy, approves annual balance sheets, makes decisions on the provision of loans and guarantees, the issuance of loans and the amount of interest rates.

The Bank's authorized capital is 14.4 billion ECU, reserves are 1.6 billion ECU. The founders of the Bank are 10 states. The Bank currently works with 60 countries in Europe and Africa.

5. The International Finance Corporation (IFC) was founded in 1956 at the initiative of the United States. It is a branch of the International Bank for Reconstruction and Development (World Bank).

The purpose of creating the International financial corporation: 1) development of private entrepreneurship in countries; 2) participation in the formation of capital of private enterprises; 3) providing loans without government guarantee to highly profitable private enterprises. Loans are issued for a period of up to 15 years in the amount of up to 20% of the project cost.

IFC has equity, management bodies and separate staff.

6. The European Monetary Cooperation Fund (EMCF) was created in 1973 within the framework of the European Monetary System. The goals of creating the EFWS: 1) providing loans to cover the balance of payments deficit of the EFES member countries; 2) strengthening the European Monetary System.

Loans are provided to countries subject to their implementation of economic stabilization programs.

Within the framework of the European Monetary System, the EFMS performs the functions of credit and settlement services for the EMU member countries.

7. Bank for International Settlements (BIS) is an interstate foreign exchange and credit bank. The BIS was organized in 1930 by the central banks of England, Germany, France, Italy, Belgium and a group of American banks led by the Banking House of Morgan. The agreement to establish the bank was signed in Basel (Switzerland).

In 1931-1933 The central banks of other European countries joined the BIS. In 1950-1970 Japan, Canada, and South Africa joined the bank. In 1982, Eastern European countries (except for the USSR, East Germany and other socialist countries that created the International Bank for Economic Cooperation) became members of the BIS.

The bank's objectives are: 1) to facilitate payments for reparation payments to Germany and war debts; 2) promote cooperation between central banks and settlements between them.

The BIS still retains its main function of facilitating settlements between central banks of countries. It unites banks from 30 countries, mainly European countries. Since 1979, the BIS has been conducting settlements between banks of countries participating in the European Monetary System, performing the functions of a depositary of the European Coal and Steel Community, and carrying out transactions on behalf of individual countries.

The Bank for International Settlements carries out deposit, credit, foreign exchange operations, purchase and sale and storage of gold, and acts as an agent of central banks.

Being Western European international bank The BIS carries out interstate regulation of currency and credit relations.

The credit and financial organizations presented here are the largest and most influential international institutions created on the basis of international agreements.

In addition to the above organizations, there are many more regional credit and financial organizations in the world. For example, we can note such organizations as the Bank of France for Foreign Trade, the African Development Bank, the Asian Development Bank, investment agencies, etc.

Russia has debt on loans previously received from foreign private banks, from a number of foreign countries and from international financial institutions.

Foreign private creditor banks united in the London Club of Creditor Banks. The Government of the Russian Federation entrusted negotiations with this club on the restructuring of payments (on deferment of payments) and payment of debts to Vnesheconombank of Russia.

Foreign creditor states are united in the Paris Club. Russia's obligations to the Paris Club include debt on loans provided to Russia and the CIS countries by states and banks under intergovernmental agreements guaranteed by governments.

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