An important element is, which is necessary for:

• mutual exchange of currencies in trade in goods, services in the movement of capital and loans. The exporter exchanges the received foreign currency for the national one, since the currencies of other countries cannot be circulated as a legal purchasing and legal tender in the territory of this state. The importer exchanges national currency for foreign to pay for goods purchased abroad;
• comparison of prices of world and national markets, as well as cost indicators different countries denominated in national or foreign currencies;
• periodic revaluation of foreign currency accounts of firms and banks.

Exchange rate - the price of a monetary unit of one country, expressed in foreign monetary units or international currency units (SDR, euro). Externally, the exchange rate is presented to the exchange participants as a conversion factor from one currency to another, determined by the ratio of supply and demand in the foreign exchange market. However, the value basis of the exchange rate is the purchasing power of currencies, which expresses the average national levels of prices for goods, services, investments. This economic category is inherent in commodity production and expresses production relations between commodity producers and the world market. Producers and buyers use the exchange rate to compare national prices with those of other countries. As a result, the degree of profitability of the development of production or investment is revealed.

When goods are sold on the world market, the product of national labor receives social recognition on the basis of an international measure of value. Thus, the exchange rate mediates the exchange of goods within the world economy.

Factors affecting the exchange rate:

• inflation rate;
• the state of the balance of payments;
• difference interest rates in different countries;
• activity of foreign exchange markets and speculative foreign exchange transactions;
• the degree of use of a certain currency in the European market and in international settlements;
• speed of international payments;
• the degree of confidence in the currency;
• monetary policy.

Impossible without currency exchange and their quotes. Currency quotation - this is the definition of their course. Fixed exchange rate - it is the legal relationship between the two currencies. Floating exchange rate set at trading on the currency exchange. In Russia the main role when determining the exchange rate, the Moscow Interbank currency exchange, which is administered by the Central Bank of the Russian Federation. Based on the trading results, the Bank of Russia carries out fixing, i.e. establishment dollar exchange rate US to the ruble. Currency fixing is carried out twice a week: on Tuesday and Thursday. There is also cross course - it is the ratio between two currencies, which follows from their rate in relation to the rate of a third currency.

Historically, there were two methods of quotation foreign currency to the national:

• direct quotation, at which the rate of a unit of foreign currency (base currency) is expressed in national currency (quoted currency);
• indirect quotation when the exchange rate of the national currency is expressed in a certain number of foreign currency units. Thus, the exchange rates of the British pound sterling, the Austrian dollar and the euro against the US dollar are traditionally given in an indirect quotation, i.e. indicates the amount of US dollars per unit of currency.

Current course, or spot rate - this is a cash rate, i.e. cash transaction. Calculations are made on it within two days.

Forward rate - this is the rate for the calculation of the foreign exchange (forward) contract) "after a certain time after the conclusion of the contract.

Fundamentally equilibrium exchange rate - under it, the country can successfully maintain internal and external macroeconomic equilibrium.

Distinguish courses the seller and buyer. A bank that quotes a currency always makes a currency transaction at a favorable rate for it. Banks sell foreign currency at a higher price (seller's rate or selling rate) than they buy it (buyer's rate or buying rate). The difference between the rates (margin) serves to cover the bank's expenses and, to a certain extent, to insure currency risk.

There is a regularity in the relationship between the market exchange rate and parity purchasing power(PPP) population. In countries where the per capita GDP is high and a large number of goods are produced, this ratio is close to one: in Europe - more than one, in the USA - less than one. In Africa, the ratio between the market rate and PPP is 6-7, in Russia - 3. A change in this ratio in a positive direction presupposes the production of competitive goods and services, high competitiveness of the economy as a whole, based on high labor productivity, economical use of resources, new production technologies ...

All currencies, depending on the degree of exchange rate change, are divided (methodology of the IMF from 1982):

• with a fixed rate (fixing to one currency, to a currency basket);
• with a limited flexible exchange rate (in relation to one currency, within the framework of a joint policy);
• with a floating course (corrected course, guided float, independently floated).

Exchange rate - the price of a monetary unit of one country, expressed in foreign monetary units or international monetary units (SDR, euro). Externally, the exchange rate is presented to the exchange participants as a conversion factor from one currency to another, determined by the ratio of supply and demand in the foreign exchange market. However, the value basis of the exchange rate is the purchasing power of currencies, which expresses the average national levels of prices for goods, services, investments. This economic category is inherent in commodity production and expresses the production relations between commodity producers and the world market. Producers and buyers use the exchange rate to compare national prices with those of other countries. As a result, the degree of profitability of the development of production or investment is revealed.

When goods are sold on the world market, the product of national labor receives social recognition on the basis of an international measure of value. Thus, the exchange rate mediates the exchange of goods within the world economy.

Factors affecting the exchange rate:

· Rates of inflation;

· The state of the balance of payments;

· The difference in interest rates in different countries;

· Activity of foreign exchange markets and speculative foreign exchange transactions;

· The degree of use of a certain currency in the European market and in international settlements;

· Speed ​​of international payments;

· The degree of confidence in the currency;

· Monetary policy.

Currency transactions are impossible without currency exchange and their quotes. Currency quotation - this is the definition of their course. Fixed exchange rate - it is the legal relationship between the two currencies. Floating exchange rate set at trading on the currency exchange. In Russia, the main role in determining the exchange rate is played by the Moscow Interbank Currency Exchange, which is administered by the Central Bank of the Russian Federation. Based on the trading results, the Bank of Russia carries out fixing, i.e. establishment of the US dollar against the ruble. Currency fixing is carried out twice a week: on Tuesday and Thursday. There is also cross course - it is the ratio between two currencies, which follows from their rate in relation to the rate of a third currency.

Historically, there have been two methods of quotation of foreign currency against the national one:

· direct quotation, at which the rate of a unit of foreign currency (base currency) is expressed in national currency (quoted currency);

· indirect quotation when the exchange rate of the national currency is expressed in a certain number of foreign currency units. Thus, the exchange rates of the British pound sterling, the Austrian dollar and the euro against the US dollar are traditionally given in an indirect quotation, i.e. indicates the amount of US dollars per unit of currency.

Current course, or spot rate - this is a cash rate, i.e. cash transaction. Calculations are made on it within two days.

Forward rate - this is the rate for the calculation of the foreign exchange (forward) contract) "after a certain time after the conclusion of the contract.

Fundamentally equilibrium exchange rate - under it, the country can successfully maintain internal and external macroeconomic equilibrium.

Distinguish courses the seller and buyer. A bank that quotes a currency always makes a currency transaction at a favorable rate for it. Banks sell foreign currency at a higher price (seller's rate or selling rate) than they buy it (buyer's rate or buying rate). The difference between the rates (margin) serves to cover the bank's expenses and, to a certain extent, to insure currency risk.

1. Economy as a sphere of social life. Labor process and its elements.

2. Subject and structure of economic theory. General and private economic sciences.

3. Functions of economic theory

4. Methods of economic science

5. The relationship between economic theory and politics

6. The concept of needs and their classification

7. Concept, classification and characteristics of resources: labor, land, capital.

8. Production capital (funds) and ways of its rational use

9. Limited resources and problems of choice in the economy

10. Economic benefits: classification, main characteristics

11. Production, reproduction and economic growth

12. Essence and functions of the economic system

13. Properties and structure of the economic system.

14. Classification of economic systems

15. Property in economic system... Modern theories of property.

16. Subjects and objects of ownership

17. Types and forms of ownership

18. Reforming property in the Republic of Belarus (denationalization of the economy and privatization of state-owned enterprises).

19. Concept, conditions and reasons for the emergence of the market

20. Market functions and its problems

21. Types of markets and their classification

22. Market infrastructure

23. Models of a market economy

24. The role of the state in a modern market economy, functions and methods of regulation

25. Demand and factors affecting its value. Demand law

26. Supply and factors causing its change. Supply law.

27. The interaction of supply and demand. Market equilibrium and equilibrium price.

28. Elasticity of demand: concept, types, indicators

29. Elasticity of supply: concepts, types, indicators

30. Practical value elasticity analysis

31. Economic entities. Household like economic entity

32. Consumption and utility economic benefits... General and marginal utility. The law of marginal utility

33. The concept of rational consumption and its balance. Utility maximization rule.

34. Enterprise as an economic entity. Organizational and legal forms of enterprises. Types and forms of enterprises in the Republic of Belarus

35. The enterprise in the short and long term production periods. Constant and variable factors of production and the problem of their optimal combination.

36. Production function and its properties. Isoquants. The limiting rate of technological substitution.

37. General, average and marginal physical product: concept, methods of calculation, trends of change, interdependence.

38. Concept and classification of production costs.

39. Production costs in the short and long term. Isocosts.

40. Income and profit of the firm. Profit maximization rule

41. The state as an economic entity. Microeconomic regulation, its direction tools.

42. National economy and its characteristics

43. System of National Accounts (SNA)

44. Gross Domestic Product (GDP) and its methods of measurement. Other indicators of the system of national accounts

45. Nominal and real GDP. Price indices.

46. ​​National wealth, its composition and structure.

47. The origin and essence of money, their types and functions

48. The supply of money and the demand for it. Equilibrium of the money market

49. Monetary system and its structure

50. Central banks are its functions. Commercial banks.

51. Credit and its forms

52. Specialized credit and financial organizations

53. The concept of finance and their functions

54. Financial system and its structure.

55. The essence and principles of taxation. Types and functions of taxes. Tax system The Republic of Belarus

56. The state budget, its structure and functions

57. Budget deficit, its reasons and ways of covering

58. Aggregate demand and factors determining it

59. Aggregate supply and its factors

60. Macroeconomic equilibrium in the AD = DS model. Ratchet effect

61. Concept macroeconomic instability, causes and forms of its manifestation.

62. The economic cycle of its phase

63. Employment and unemployment. Types of unemployment. The economic costs of unemployment. Okun's law

64. Inflation: its causes and forms. Socio-economic consequences of inflation

65. Inflation and unemployment in Belarus

66. World economy and the prerequisites for its occurrence. The structure of the world economy.

67. The main forms of international economic relations

68. international trade and its forms

69. International movement of capital and its forms

70. Labor migration

71. Modern tendencies development of the world economy

72. The place of the Republic of Belarus in the system of world economic relations

73. The concept of the country's balance of payments

74. Structure and balance of payments

75. The concept of the exchange rate as an instrument for regulating the balance of payments

76. Factors affecting the exchange rate

77. Types of exchange rates

78. Balance of payments of the Republic of Belarus

Exchange rate is the price of a country's monetary unit, expressed in monetary units of other countries or in international monetary units (euro, SDR).

The exchange rate is one of the elements of the monetary system, which is used to:

Exchange of currencies between countries when trading in goods and services. Exporters exchange the received currency for the currency of their country in accordance with the laws, and importers exchange the currency of their country for a foreign one to pay for goods purchased abroad;
comparison of prices on national and world markets;
revaluation of accounts of banks and companies in foreign currency.

For participants in the exchange, the exchange rate is the ratio of converting currencies from one currency to another. But the value basis of the exchange rate is the purchasing power of currencies, which shows the average price levels of goods, services and investments of a country. The exchange rate enables buyers and sellers to compare prices in their own country with prices for similar goods and services in other countries. Such a comparison makes it possible to assess the profitability of the development of a particular production.

The following factors influence the exchange rate:
the size and rate of inflation;
the difference in interest rates of different countries;
balance of payments of the country;
condition foreign exchange market and speculative operations on it;
the popularity of a certain currency in the world market;
the degree of confidence in the currency;
speed of international payments.

For currency transactions obligatory exchange of currencies and quotation - determination of the exchange rate.

There are several types exchange rates:

fixed- the legally established ratio between the two currencies;
floating- is installed in the course of trading on the currency exchange (in Russia - the Moscow Interbank Currency Exchange, operating under the control of the Central Bank). According to the results of trading on Tuesdays and Thursdays, the Central Bank of the Russian Federation sets the exchange rate of the US dollar against the ruble, the so-called fixing;
cross course- the ratio between the two currencies, resulting from their rate in relation to the third currency;
current (spot rate)- the rate of the cash transaction. This type of exchange rate is used for settlements within two days;
forward- it is used for settlements under foreign exchange contracts some time after their conclusion;
fundamental equilibrium- in which the state can maintain external and internal macroeconomic equilibrium.

There are such types of exchange rates as the seller's rate and the buyer's rate. Banks sell foreign currency at a higher price (seller's rate) than they buy (buyer's rate). The difference is used to cover expenses and to insure foreign exchange risk.

All world currencies are divided into:

Fixed rate currencies (to one currency);
currencies with limited flexibility (within the framework of a joint policy, in relation to one currency);
floating rate currencies.

Belonging to a particular group depends on the change in the type of exchange rate.

Currency market- segment financial market, where transactions for the purchase and sale of foreign currency in cash and non-cash forms are made.

Exchange rate(exchange rate) - the price of foreign currency in national currency units (with a direct method of setting the exchange rate). The opposite view is called a reverse course.

Determining the exchange rate of the national currency in foreign currency at a certain point in time is called quotation. Currencies are quoted by central and largest world commercial banks.

Types of exchange rates:

Fixed exchange rate- this is an official rate that does not change, at least for a certain fairly long period.

Limited moving course - the establishment by the monetary authorities of the limits of exchange rate fluctuations, which they seek to maintain mainly through foreign exchange interventions, that is, operations in foreign exchange markets using the reserves of key currencies.

Free floating rate - should not be regulated by state and interstate bodies, but set by the market.

On exchange rate factors are affected: reflecting the state of the economy of a given country: 1. Indicators of economic growth (gross national product, industrial production, etc.). 2. The state of the trade balance, the degree of dependence on external sources of raw materials. 3. Growth money supply in the domestic market. 4. The level of inflation and inflation expectations. 5. The level of the interest rate. 6. The solvency of the country and confidence in the national currency in the world market 7. Speculative transactions in the foreign exchange market. 8. The degree of development of other sectors of the global financial market, for example, the securities market, competing with the foreign exchange market.

Q.21

Evolution of the world monetary system. The role of gold in the international monetary system.

Evolution of the world monetary system

There are a different number of stages in the development of the world currency: from two to four. The most traditional point of view is that the world monetary system has gone through the following main stages during its existence, each of which was characterized by the presence of certain internationally agreed principles of monetary and financial policy:

Gold Standard (Paris System).

Gold motto standard (Genoese system).

Fixed parity system (Bretton Woods system).

Modern system of free floating courses (Jamaican system).

The principles developed at the international level are the basis for national monetary authorities to determine their own financial policy. There are numerous examples of deviations from global principles in history, but on the whole they determine the most characteristic features of the development of world and national finance, primarily the methods of establishing and regulating exchange rates.

Gold standard system (1867-1914). In the early stages of the formation of the world monetary system (XVII – XVIII centuries), currencies were exchanged in accordance with their “metallic content”, which simplified the problem of determining the exchange rate. In different countries, different metals were used for minting coins: copper, silver, gold (as well as nickel, tin, lead and iron), however, noble metals served as a measure for determining exchange rates. In the 19th century, one part of the countries was guided by the use of gold as a measure of the value of their monetary units, the other part - silver. In France, bimetallism prevailed, so it was here that the idea arose to ensure uniformity in the determination of exchange rates.

At the Paris Conference (1867), gold was recognized as a form of world and national money. All functions of money were assigned to him at the international level. The monetary system based on the gold standard ("gold monometallism") included the following basic principles:

gold is the only form of world money;

gold circulates freely, which meant:

central banks of individual countries can buy and sell gold in unlimited quantities at fixed prices;

any person can use gold without any restrictions;

any person can mint gold coins from gold bars at the state mint;

import and export of gold were not limited.

These conditions applied to both residents and non-residents of individual countries.

The advantage of using gold as world money is the relative stability of such a "currency" due to the fact that gold practically does not wear out, so that the nominal and metallic values ​​of the coins coincide. A significant disadvantage is the inflexibility of gold as a medium of circulation. That is why, in fact, such a role began to be played by bills of exchange (drafts) denominated in the most stable and popular currency of that period - the British pound sterling. Gradually, gold was replaced as a means of payment with credit money. Gold, on the other hand, was mainly used to pay the country's public debt with a passive balance of payments. In addition, the pound sterling was used informally as a reserve currency.

The gold standard meant the establishment for each national currency of the gold content (the amount of gold in a unit of the national currency), through which one can easily determine the official exchange rates of currencies in relation to each other. Since these courses are based on gold content, they talked about gold parities... Despite the presence of the gold standard, market rates were also formed under the influence of the ratio of supply and demand in the market. With significant deviations of market rates from gold parities, settlements began to be carried out in gold, which brought these rates in line with the official ones. At the same time, the transition to settlements in gold became profitable when the so-called gold dots... So, if the market rate of the national currency in relation to the foreign one has decreased to a level at which it becomes more profitable to pay for the imported goods in gold than in foreign currency, then they say that it has reached the golden point of export. The gold point of entry is defined similarly.

During the 70s of the 19th century, France, Germany and many other countries moved to the gold standard, which led to excess demand for gold and a deflationary process in these countries. At the same time, the demonetization of silver created an oversupply and inflationary pressures in countries that retained the silver standard. The choice between gold and silver was finally decided once and for all during the period of the discovery of large gold deposits in South Africa. In 1900. most of the leading countries, with the exception of China, are firmly committed to the gold standard.

The gold standard system ensured the stability of most currencies for a long period of time and contributed to the development of world trade. Under the gold standard, national currencies were freely exchanged at a fixed rate for gold, the amount of which was limited. If an increase in the amount of money within the country led to an increase in prices, then this caused a trade deficit, an outflow of gold from the country, a decrease in the amount of money in circulation, a fall in prices and a restoration of the balance of balance. Of course, this automatic rebalancing scheme is simplified, and in practice it was operated with adjustments.

Currency crisis (1914-1922). The short era of the international gold standard was interrupted by World War I and inflation in Europe, which forced the belligerent countries out of the gold standard system. The US, which along with Japan maintained the gold standard, was flooded with gold. This led to a doubling of the value of the dollar and gold. The regulatory mechanism of the gold standard has ceased to function. The factors that contributed to the destruction of the gold standard system were:

a significant increase in the issue of paper money to cover military expenditures;

the introduction by the belligerents of currency restrictions, due to which the existence of a single international monetary system became impossible;

depletion of gold resources in financing military expenditures.

Gold is the motto standard (1922-1939). In 1922. at the Genoa Conference, an attempt was made to restore the principles of the gold standard system, but in a modified form. According to the decisions of this conference, national credit money could be secured not so much by gold as mainly by the foreign currency of those countries that retained the free exchange of their monetary units for gold, i.e. British pounds sterling, French francs and US dollars. Other currencies were not exchanged for gold directly, but through a preliminary exchange for one of the three indicated currencies. The gold standard remained valid only internationally. Free minting of gold by any person was now not possible, i.e. passed to closed coinage. At the same time, a transition was made from gold coin standard to gold bullion.

But, despite the decisions taken in Genoa, in fact, the period from 1924 to 193bg. characterized by widespread demonetization of gold in national monetary systems. The demonetization of gold means the deprivation of all or part of the functions of "currency", primarily the refusal to use it as a measure for determining the rates of national currencies, means of circulation and payment. A number of countries made attempts in one form or another to restore the gold-motto standard (England - in 1925, France - in 1928) or create gold blocks (for example, between France, Holland, Switzerland, Italy and Poland - in 1933), and the gold reserves of many countries, especially the United States and France, have increased dramatically. However, as a single world system the gold-motto standard, unlike the gold standard, did not function.

The global economic crisis of 1929-1933 had a significant impact on the IFCS, which resulted in:

to a sharp outflow of capital and, as a result, imbalance in the balance of payments and fluctuations in exchange rates;

to the paralysis of international credit with the termination of payments by a number of debtor countries, which caused the emergence of separate currency zones (for example, in Germany);

to the abandonment of many countries from the gold-motto standard and the recognition of other principles of the world monetary system.

During the First World War and after it, the United States accumulated huge gold reserves, so that the gold covering of the banknotes in circulation, for example, in 1933, i.e. in the year the US abolished the gold standard, more than double the legally required collateral. The United States was a country in which until 1933. bank notes were freely and in any quantity exchanged for gold. However, the need to bring the American economy out of a deep economic crisis prompted the appearance of a decree by the President of the United States, according to which the country prohibited the storage and circulation of gold coins, bars and certificates, and soon a ban was introduced on the export of gold abroad.

The pound sterling continued to play the leading role as an international medium of exchange, although the gold backing of the US dollar was higher. This was due to the existence of a developed system of British banks abroad (mainly colonial banks), which objectively led to the opening of accounts, the provision of loans and, as a result, settlements in pounds sterling.

After 1934 the world monetary system did not correspond to the principles that were laid in its foundation. During this period, only the United States guaranteed a fixed price of gold (35 USD per troy ounce), agreed to exchange dollars for gold, but only for Central Banks. Many countries expressed the price of their currencies in dollars (via a troy ounce). The result was the gradual transformation of the dollar on an informal basis into a reserve currency and the crowding out of the pound sterling in this function.

Currency crisis (1939-1944). During the Second World War, there was no single currency market and the principles of the world monetary system were not followed. The most characteristic features in its development were:

currency restrictions imposed by most belligerents and many neutral countries;

a new increase in the role of gold as world money, since in a war environment, strategic and scarce goods could only be purchased for gold;

the associated depletion of the gold reserves of countries that were actively purchasing arms and food, and their accumulation from exporting countries, primarily the United States;

loss of the regulatory role of exchange rates in economic relations;

the use by the occupying countries, in addition to direct methods of robbery, also monetary and financial (emission of unsecured money to formally pay for the supply of raw materials and foodstuffs from the occupied countries, overvaluation of the national currency).

Bretton Woods monetary system (1944 - 1971). The global monetary crisis caused by the Second World War and previous events forced Anglo-American experts to develop a draft of a new world monetary system, the principles of which were enshrined at the monetary and financial conference in Bretton Woods (USA). In the adopted agreement (the first edition of the Charter IMF) the following basic principles of the new monetary system were determined:

Recognition of gold and the US dollar as the basis of the world monetary system. This meant the restoration of gold parities of currencies, fixing them in IMF, continued use of gold as an international reserve and legal tender, preservation of the gold-dollar standard established even before the Bretton Woods system (35USD per troy ounce), for which the US Treasury continued to exchange dollars for gold at a set price to Central Banks and government agencies. Other currencies could now only be exchanged for gold via USD. Devaluation of currencies over 10% was allowed only with permission IMF.

Introduction of a currency band. The market rate of currencies had to deviate from the established parity within narrow limits (± 1%), and it was the responsibility of the central banks to maintain this “corridor” on the basis of foreign exchange interventions. They had to accumulate USD reserves for this. If the exchange rate of the national currency fell, then the central banks threw dollar reserves into the market. Otherwise, they bought up USD. In fact, this situation meant shifting the costs of maintaining the dollar exchange rate onto the national banks of other states, which was a manifestation of the US hegemony in world monetary relations. In addition, the obligation to accumulate dollar reserves led to the strengthening of the American currency.

Easing currency restrictions with the introduction of mutual convertibility of currencies, as well as restrictions on the export of capital and obligations to sell foreign currency to Central Banks.

It should be noted that these principles determined the inconsistency of the Bretton Woods monetary system, since maintaining fixed rates requires, to one degree or another, to exercise control over foreign exchange transactions. In fact, within the framework of the IFCS, a system of limited flexible courses was introduced. Therefore, the often used name of this system as "the system of fixed parities" is not entirely legitimate.

For the first time in history, international monetary organizations were created for the interstate regulation of currency relations - the International Monetary Fund ( IMF) and the International Bank for Reconstruction and Development ( IBRD) 5 . The tasks of these organizations are detailed in paragraph 15.2.

The final settlements on the balances of payments between countries were actually carried out by exchanging gold for currency and vice versa, either in a centralized way (by Central Banks and other official institutions), or in the London gold market.

A monetary system based on the key role of one currency (USD) could remain stable only with the hegemony of the United States in the world economy, which at the end of the 40s accounted for about 75% of the world's gold reserves, more than 50% of industrial production and 30% of exports. capitalist countries.

Preconditions and causes of the crisis of the Bretton Woods system. The signs of a crisis in the world monetary system under consideration matured gradually and began to appear especially clearly in the 60s. These include:

The formation of a huge deficit in the US balance of payments due to the fact that, for various reasons, there was an outflow of dollars from the country, which caused them to accumulate in the reserves of both central and commercial banks. This process led to the formation of the so-called Eurodollar market. The factors that contributed to the formation of the Eurodollar market were:

1. in the late 1940s and early 1950s, Soviet foreign trade organizations began to transfer dollar earnings from American bank accounts to European banks;

   at the end of the 50s, a sharp weakening of the GBP exchange rate began, which forced British banks to switch to conducting operations (opening accounts, granting loans, settlement and payment transactions, etc.) in USD;

   in the late 50s - early 60s, Keynesian methods of economic regulation began to be implemented in the United States, among which one of the main places is occupied by the limitation of interest rates; it reduced investment attractiveness countries for both non-residents and residents, and caused an outflow of capital from the United States.

The gradual overcoming by many countries of the technological and economic lag behind the United States with a decrease in the latter's share in world industrial production and world gold reserves. Using the dollar, which is also depreciating, as the basis of the monetary system has become illogical.

The actual use along with the dollar as reserves and other currencies, primarily the German mark, Swiss franc and Japanese yen, i.e. currencies, the market rate of which at that time tended to strengthen.

The right of the holders of dollar reserves to exchange them for gold at the official price by the end of the 1960s came into conflict with the ability of the United States to carry out this exchange.

Undervalued in the interests of the United States, the official price of gold (for its mass purchase), which served as the basis for currency and gold parities, began to deviate from the market price. As a result, the artificially established parities lost their economic sense.

Periodically, there were sharp fluctuations in exchange rates relative to each other, which is associated with the cyclical development of the world economy and the instability of balances of payments. Countries such as Germany and Japan had consistently positive balances of payments in the 1960s, while the United States and England had negative balances, which did not correspond to the official role of their currencies in the Bretton Woods system. Maintaining the allowed band of exchange rate fluctuations was associated with significant costs and did not meet the interests of countries whose currencies were more stable.

Forms of manifestation of the crisis of the Bretton Woods system. The forms of manifestation of the crisis of the system under consideration are closely related to the causes of the crisis and were expressed in the following:

"Currency fever" ("flight" to stable currencies);

"Gold rush" (massive purchase of gold and, as a result, an increase in its market price);

aggravation of the problem of international liquidity (general shortage of international means of payment and their uneven distribution between individual countries);

revaluation and devaluation of currencies due to the impossibility of keeping their rates within the established limits;

massive use of borrowings in IMF to mitigate the balance of payments deficit;

panic on stock exchanges with sharp fluctuations in securities prices (they depend significantly on exchange rates).

In the late 60s, the dollar began to fall sharply due to a significant increase in their supply in exchange for gold, there was an uncontrolled movement of dollars, which were bought by central banks to maintain the rates of their currencies in the established IMF limits. For a long time, the United States opposed the recognition of the bankruptcy of the Bretton Woods system and tried to shift the costs of saving it to other countries. Such measures include the revaluation of certain currencies, which is tantamount to a hidden dollar devaluation, but not so damaging to prestige; an increase in import duties; stopping the exchange of dollars for gold.

An attempt to preserve the basic principles of the system of fixed parities can be attributed to the Agreement of 10 countries, signed in December 1971. in Washington (Smithsonian Agreement), according to which:

the dollar was devalued (by 7.89%), and the official gold price increased to $ 38 per ounce;

the official rates of a number of currencies have been changed;

the permitted limits of fluctuations in exchange rates were expanded (up to ± 2.25%);

the newly introduced import duty in the USA (10%) was canceled.

In early 1973, another dollar devaluation was carried out (by 10%) and the official price of gold was raised (to $ 42.22 per ounce). However, since these measures did not fundamentally change the system itself, it was not possible to overcome its crisis, and in March 1973 it was decided to abandon the fixed exchange rates. But in full, the principles of the new system were formulated later, so the period 1971–76. can be defined as transient.

Modern world monetary system (since 1976). In accordance with the principles of the Jamaican monetary system, any country - a member of the International Monetary Fund (IMF) - has the right to independently choose the exchange rate regime. However, there are still certain requirements of the IMF Charter as amended in 1978. were introduced:

maintaining the stability of financial and monetary policy in the country and using the intervention of the Central Bank in case of too strong fluctuations in the exchange rate;

refusal to manipulate the exchange rate aimed at obtaining unilateral advantages;

promptly informing the IMF any proposed changes to the mechanism currency regulation and exchange rates;

refusal to peg the rate of their currencies to gold.

At the same time, the gold was stripped of its official functions international means of payment, a measure of the value of currencies, a mandatory reserve asset of central banks, i.e. demonetized. But in practice, countries can, if they wish, accumulate gold reserves, as well as settle in gold by mutual agreement. Thus, the freedom to choose the exchange rate regime is not absolute. Nevertheless, the transition to the independent choice of the exchange rate regime by countries meant that its interstate regulation was significantly weakened.

Therefore, at present, a variety of national exchange rate regimes have developed, which, nevertheless, can be classified according to certain general principles(fig. 1).

Fig 1. Varieties of modern exchange rate regimes (according to the revised IMF classification 6)

Tied are called currencies, the change in the rate of which is determined by changes in the rate of the currency or the basket of currencies to which the link is made. A basket of currencies means a set of currency values ​​recognized by a number of countries (standard basket) or by one country (individual basket), for which a weighted average value is calculated according to certain rules. Below, using the SDR example, this will be shown in more detail. In the case of pegging to a certain currency, the fluctuations in the rate of the pegged currency completely repeat the fluctuations in the rate of the leading currency. When tied to a standard basket, in some cases, a deviation of ± 1% is allowed.

Pegged currencies are sometimes referred to as fixed rate currencies. This is not entirely accurate, since fixation is carried out in relation to one currency (or basket), and in relation to other currencies there is a free float. The overwhelming majority of pegs are made to the US dollar (over 20 currencies). This is due to the leading role of the US dollar in world markets. But there are also some examples of pegging to other currencies, for example, the Estonian kroon and Romanian leu - to EUR (formerly - DEM), currencies of Namibia, Lesotho and Swaziland - ZAR (the currency of South Africa), etc. A peculiar situation has developed in the French franc zone (14 countries), in which currencies XAF and XOF are used with the same exchange rate. Previously, these currencies were pegged to the franc, now - to the euro. Thus, we can talk about collective currencies that are pegged to another collective currency. The pegging to the standard basket of currencies is carried out in relation to the international monetary unit - SDR (for example, the Libyan pound, the Rwandan franc, etc.).

Focused are called currencies, which are not rigidly pegged to other currencies. So, there are a number of currencies (for example, Qatari rial, Bahraini dinar and Saudi Arabia rial), the official rates of which are pegged to the US dollar, but at the same time the corridor is maintained within ± 2 1/4%. In fact, here we can talk about preserving the Bretton Woods principles in a mini-version, but with the difference that there is no talk of a gold standard.

Until 1999 corridor-limited swimming was carried out in the EMU. Exchange rates in it were determined through the central rate of the ECU with an allowed fluctuation band of ± 15% (from 1979 to 1999 - mostly ± 2.25%). This system was also called cooperative, since the countries included in it pursued a single monetary policy. However, with the transition of most of the EMU countries to the single currency EUR, it is more logical to define this system as a system of collective currency. Since the EUR exchange rate floats freely in relation to most other currencies, now the EMU (within the EUR zone) can be classified as a system of currencies with a moving rate.

To currencies with moving course include those for which rigid vibration limits are not established. However, this does not mean that the state does not, under any circumstances, interfere in the course formation process. At the same time, the intervention can be quite active (daily or weekly adjustments with the sale or purchase of foreign currency by central banks at a set rate). In this case, they talk about controlled or guided swimming... If the exchange rate adjustments are sporadic and are carried out mainly in emergency cases, for example, with sharp falls or increases in the market rate of the national currency, then we talk about independent systems. These include, in particular, the US dollar, Canadian dollar, Japanese yen.

V last years specific exchange regimes began to appear in countries that abandoned their national currency in favor of foreign, or recognized foreign currency as legal tender in the country along with the national currency. This applies to countries such as Ecuador and Panama, which use USD as their national currency (Panama also has its own national coins in circulation - PAB balboa).

A brief overview of exchange rate regimes suggests that it is not entirely correct to define the current global monetary system as a floating rate system, as is often argued. It would be more correct to speak of a system of free choice of exchange rate regimes.

The IMF approval is also closely related to the legal demonetization of gold in the IMF as the official reserve and payment means of the SDR. According to the original plan, this unit was supposed to replace gold in IMF relations. with its members and them among themselves.

Already at the beginning of the 60s in a number of industrial developed countries a lively discussion began about the inadequacy of the available international means of payment - at that time mainly USD and gold. It led to the IMF decision to start issuing new international monetary units, which for the first time in history were created on the basis of an international agreement. In 1978. due to the diminishing role of gold in the world monetary system in the IMF Charter the goal was set to turn the SDR into the main reserve facility, for which the scope of this unit was expanded, and attractive rates on loans in SDR were set.

However, the implementation of this goal is hampered by a number of circumstances:

the impossibility of full control by the IMF over the use of other elements of international liquidity;

the emergence of a multi-currency reserve system (not only USD);

an increase in the freedom of movement of capital, and, as a consequence, the volume of international transactions.

SDRs are non-cash accounts that can only be held by the IMF itself, the countries participating in the SDR system, and so-called other owners. Participation in the SDR system is voluntary. Since 1980 all member countries of the IMF participate in it. Other owners can be banks of issue that carry out their tasks for more than one member of the IMF, as well as other official institutions. Individuals cannot be SDR account holders. They can use this unit only as a counting unit, for example, to express the denomination securities in SDR or indicate the contract amount for the delivery of goods in this unit. However, settlements must be made in any currencies.

In IMF financial relations with its members, the SDR is used as a means of payment when making deposits to the fund, repaying loans, as well as paying interest on loans. IMF can fulfill its obligations to the creditor country instead of SDR currencies, as well as replenish the reserves of countries with this monetary unit. Member countries can use their SDR reserves without political and economic commitment. It was found that IMF members may, in case of financial need, buy other currencies on SDR. In this case, they must contact the IMF, which determines from which countries participating in the SDR system a purchase can be made, and organizes the exchange process.

The exchange rules, called designing, were set by the IMF. and registered in its Articles of Association. It is considered unacceptable to use SDR in the course of design only for the purpose of changing the structure of the country's reserves, i.e. without the intended use of the purchased currencies. SDRs cannot be directly used to intervene in foreign exchange markets, but in such cases must first be exchanged for some kind of currency. However, since 1987. no design transactions took place.

The countries participating in the SDR system are obliged to buy this currency in the amounts established by the IMF. At the same time, the IMF takes into account the financial position of countries and seeks to attract to the purchase of SDR initially those of them that have sufficiently strong reserve and payment positions, and distributes obligations to purchase SDR among them evenly.

For a certain time, the rule of reconstitution of the minimum established SDR volume was in effect, according to which, in the event of spending the SDR, countries were obliged to restore this volume after a certain time through new purchases of SDR. However, since 1981. it was canceled.

SDR are created in the process of posting new issues. There are two types of placement: general and one-time placement.

In case of general placement, newly issued SDR placed among all member countries in proportion to their share (quota) in the authorized fund of the IMF. Such an operation is carried out no more often than once every 5 years by decision of a qualified majority of the Board of Governors (at least 85% of the votes). The largest recent placement took place on January 1, 1981, bringing the total to $ 21.4 billion. SDR.

A special one-time placement can be carried out among a limited number of IMF members, for example, in the case of joining the IMF new members. In September 1997, the IMF Board of Governors put forward a proposal for additional placement, taking into account the fact that more than 20% of IMF members have never participated in a placement before. However, for the proposal to take effect, it is required that at least 3/5 of the IMF members vote for this decision. with a total vote of 85%. This situation has not yet been realized. However, if a decision is made, then the number SDR will practically double.

In the total volume of international reserve funds SDR are less than 2% (excluding gold), which is associated with the limited use of this unit. Thus, SDR is mainly used not as an international reserve instrument, but as an official unit in the relationship of the IMF with member countries.

The use of SDR has gradually expanded. In particular, they include: fulfillment of financial obligations under international treaties; use in swap transactions; granting loans; pledge operations and donations. As noted, some countries peg their currencies to the SDR. The circle of other owners is expanding, who are granted the right to carry out all permitted operations with SDR. Currently, this includes about 20 institutions, including, for example, the World Bank, Bank for International Settlements, Swiss National Bank and others.

Establishing the SDR interest rate and assessing its rate. Initially, the SDR was defined in the Charter as 0.888671 of pure gold, which corresponded to 1 USD, but with the abolition of the gold parity, the need to determine the gold content of the SDR has disappeared. Since SDRs are not traded in foreign exchange markets, they do not have a market price like national currencies. Therefore, to determine the price of SDR, the method of a basket of four major world currencies (USD, EUR, GBP, JPY) is used. Each currency is assigned its own relative weight, which is determined by the following indicators:

The country's share in world exports of goods and services.

The use of currency as a reserve means by various countries.

The list and weights of currencies are revised every 5 years based on these indicators.

Every working day of the IMF re-evaluates the SDR rate for the currency basket taking into account the market rates of the respective currencies in relation to USD. Table 1.is an example of a course assessment SDR... Formula for determining the course SDR as follows:

(3)

d i - relative weight of currency i;

SR i (USD) - direct USD rate in relation to currency i, that is, the value of this currency in US dollars.

Similarly, the course SDR can be defined in any other currency of the basket.

The use of the basket method allows to smooth out exchange rate fluctuations to a certain extent, to which the rates of individual currencies are exposed, and, consequently, to reduce the exchange rate risk. For this reason SDR is actively used for the denomination of financial assets not only by the IMF itself, but also by other international organizations and firms. SDR also used in multilateral interstate agreements as a unit of account.

The fund pays interest on the SDR system allocated to the participants, and, conversely, pays interest for the SDR provided to it. The value of the interest rate since 1981 corresponds to the weighted average of short-term interest rates in countries whose currencies are included in the SDR basket. The interest rate is revised weekly.

The modern role of gold in the world monetary system. With the second change of the IMF charter (1978) the role of gold has fundamentally changed. It began to matter only as one of the assets, but still quite significant, since the IMF, due to the previous gold payments, has sufficiently large reserves (more than 100 million ounces). All institutions of the participating countries can carry out transactions in gold at free market prices. IMF has two options for using gold, which implies a majority decision of 85% of the votes. First, the IMF gold can be sold at book value (1 ounce = 35 SDR) to countries that were members of the IMF by the end of 1975 (restitution of the gold reserve). Secondly, the fund can sell gold to member countries or on the market at the market price. The additional revenue received in addition to the book value is credited to special account (Special Disbursement Account- SDA). Regular loans can be disbursed from this account to improve the balance of payments of members. IMF, assistance to developing countries, including in the form of interest subsidies.

Between 1976 and 1980 the IMF sold 1/3 of its previous gold reserves (about 50 million ounces). A significant part of the market sales of gold reserves IMF(28%) was sent as gratuitous aid to a large number of developing countries in proportion to their quota in the IMF. The rest of the proceeds were transferred to Trust Fund (Trust Fund) , created in 1976 as an IMF-managed special asset for the implementation of the program for the sale of gold in favor of developing countries even before the approval of the second amendment of the IMF Constitution. However, the funds in favor of this fund also came from the income of the IMF for invested capital, from donations, in the form of funds from the sale of gold, which were not demanded by a number of developed countries. The 55 poorest countries received Trust Fund assistance. Following the issuance of the last loans, the Trust ceased to exist in 1981. Interest and principal were transferred from that moment to the SDA account.

The further role of gold in the world monetary system will depend on how countries manage the still significant reserves of gold (over 900 million ounces or 27 thousand tons). In the European Monetary System, part of the reserves to the European Monetary Cooperation Fund and subsequently to the European Monetary Institute were contributed in the form of gold. With the creation of the European Central Bank, the reserves of the latter are formed from the foreign exchange reserves of the countries participating in the euro area, but at the same time, the central banks of these countries retain the right to maintain and increase their gold reserves.

Currency(English currency) - the country's currency used to measure the value of goods.

Classification of currencies.

1. By the principle of belonging.

Currency can be categorized into different types by the principle of belonging:

· National currency;

· foreign currency;

· International (regional) currency;

· Reserve currency;

Reserve (key) currency(English reserve currency) - foreign currency in which central banks other states accumulate and store reserves for international settlements on foreign trade operations and foreign investments.

Initially, the pound sterling played the role of a reserve currency, which played a dominant role in international settlements. By the decisions of the conference in Bretton Woods (USA, 1944), along with the pound sterling, the US dollar began to be used as an international payment and reserve currency, which soon took a dominant position in international settlements. The reserve currency also includes the German mark, Swiss franc, japanese yen.

Reserve currency means the convertibility of the corresponding national currency, sufficient stability of its exchange rate, favorable legal regime for the use of this currency in other countries and in international exchange. Countries whose currency is used as a reserve receive certain benefits in obtaining foreign loans, importing goods, and have preferable conditions for foreign economic expansion.

International currency including also regional currencies, is used for settlements among members of international unions, international foundations or regional unions.

2. By scope and mode of application.

Another basis for the classification of currency is scope and mode of application, depending on which currency is divided into freely convertible, partially convertible and non-convertible.

Freely convertible currency - (English hard currency) - monetary units freely and unlimitedly exchanged for other foreign currencies and international means of payment, in any form and in all types of transactions.

During the period of the gold standard, the currency that could be freely exchanged for gold automatically became convertible. After the abolition of the gold content of all currencies and their gold parities in the early 70s, convertibility is understood as the ability to freely buy and sell, exchange at the current exchange rate, and be used to create various types of financial assets.

The International Monetary Fund approves and agrees to use the currency of a particular country as freely convertible. This means that freely convertible currencies can be used in all types of international banking and financial transactions, both residents and non-residents.

The mode of functioning of a freely convertible currency in practice means the absence of any currency restrictions.

The degree of currency convertibility is in direct proportion to economic potential country, its scale externally economic activity, the stability of the internal money circulation, the degree of development of national commodity and money markets and capital markets. Besides, necessary condition maintaining convertibility is the constant participation of the country's central bank in foreign exchange interventions to keep the exchange rate of its national currency against the US dollar or a certain basket of foreign currencies at an optimal level.

Partially convertible currency is the national currency of countries, the convertibility of which is more or less limited for certain holders, as well as for certain types of exchange operations. This type of currency is exchanged only for some foreign currencies and is not used in all foreign trade transactions. This group includes currencies of most developed and developing countries. The degree of convertibility is determined by the state in special legislative acts. The law establishes the procedure and list of foreign currencies for which the national currency can be exchanged, as well as the quantitative expression of such an exchange, the purchase and sale of currency on foreign exchange markets is allowed, the range of subjects of such transactions is indicated. The law also regulates the range and degree of restrictions on foreign exchange transactions, the conditions and procedure for their implementation. First of all, this concerns foreign trade transactions, the purchase and sale of foreign currency, the opening of foreign currency accounts, etc.

Depending on the breadth of the circle of persons and transactions related to the use of currency, the concept of external convertibility is also distinguished, which applies only to foreign individuals and legal entities and only in current calculations.

There is also the concept of internal convertibility of the national currency, which means the ability for citizens and organizations of a given country to purchase foreign currency for the national currency and pay for foreign trade transactions without restrictions. Internal convertibility is not possible without solid investments in foreign currency, especially at the initial stage of implementation. For example, for the introduction of internal convertibility of the Polish zloty, significant foreign exchange assistance was provided.

Non-convertible currency is a national currency that functions within one country and cannot be exchanged for other foreign currencies. Closed currencies include the currencies of countries that impose various restrictions and prohibitions on the purchase and sale of foreign currency, on the import and export of national and foreign currency, as well as apply other measures of currency regulation. The main reasons for currency restrictions are a shortage of foreign exchange, pressure from external debt, and the difficult state of the balance of payments. It should be noted that in most member countries of the International Monetary Fund, some currency restrictions are common, primarily related to international settlements on current transactions, as well as the movement of investments. Currency restrictions were even more widely used in countries that have recently joined the IMF. These are, first of all, the countries of Eastern Europe, the CIS states. In these countries, foreign exchange restrictions will gradually decrease as they enter market relations and more flexible and efficient use of economic instruments in the field of foreign exchange regulation and the transition, first to the internal, and then to the general convertibility of the national currency.

3. By the functional role of the currency.

When carrying out currency transactions, it became necessary to highlight certain terms that characterize the position and functional role of a particular currency used in these transactions. From this point of view, the following terms are used in currency relations: price currency, payment currency, loan currency, loan repayment currency, bill currency, clearing currency and etc.

Price currency(also called the currency of the transaction) - this is one of the conditions, along with the currency of payment, which are usually agreed between the exporter and the importer and are fixed in the foreign trade contract and denotes the monetary unit in which the price of the goods is expressed in the foreign trade contract or the amount of the international credit provided is established. The currency of the price can be the currency of the exporter or importer, the lender or the borrower, as well as the currency of third countries or any international unit of account.

Payment currency- This is the currency in which the actual payment for the goods in a foreign trade transaction or the repayment of an international loan occurs. This capacity can be any currency agreed between the counterparties. When making settlements in freely convertible currency in trade and economic relations with developed Western countries, as a rule, the national currencies of these countries are used. In trade between developing countries currencies of developed countries are used.

The payment currency can be the same as the transaction currency, but it can also differ from the last one. In the latter case, the contract provides for the procedure for determining the conversion rate of the transaction currency into the payment currency, indicating:

1) the date of recalculation;

2) the foreign exchange market, the quotes of which are taken as a basis;

3) usually average rate between the rates of the seller and the buyer.

Loan currency indicates the currency in which export credits are granted. As a rule, they are provided in the national currencies of the exporter or importer, however, in recent years, loans have also begun to be provided in the currencies of third countries or in international units of account. Ultimately, the choice of the currency of the export-import loan is negotiable. The state of the loan currency has a direct impact on the level of interest rates on loans and the value of the transaction. This is due to the existence of the so-called "strong" and "weak" currencies. If the loan is provided in “weak” currencies, the rates of which have a general tendency to decrease, then lenders bear the risk of debt depreciation, and, consequently, certain losses. If the loan is provided in "strong" currencies, the rates, which are constantly increasing, then the risk of losses due to the increase in the amount of debt is borne by the borrowers.

Clearing currency is used in the implementation of intergovernmental agreements on the mandatory offset of counterclaims and obligations arising from the value equality of commodity supplies and services rendered. For clearing settlements, the payment currency is the same as the clearing currency. Russia is currently implementing clearing agreements with India, Afghanistan, Iran, Egypt, Syria, Cuba. The currency clearing system provides for a number of mandatory elements stipulated in intergovernmental agreements: the system of clearing accounts, the volume of clearing, the clearing currency, the system for clearing payments, the scheme for the final repayment of debt upon the expiration of the interstate clearing agreement with the transition to settlements in freely convertible currency.

Currency of a bill- this is the currency in which the bill is issued. Usually, in the domestic circulation, bills of exchange are presented in the currency of a given country, and in international circulation - in the currency of the country of the debtor, creditor or third country. A bill of exchange is one of the types of security, meaning a written promissory note, - v modern conditions is one of the most important settlement and credit instruments used in international trade.

Russian organizations also actively use promissory notes in export-import operations. The main distribution was received by bills of exchange, the recipient of the money for which was the USSR Vnesheconombank, and now - the authorized banks.

4. By the position of the currency in the market.

There is another classification of currency into the already mentioned "weak" and "strong". This is about the relationship between the exchange rate and the position of the currency on foreign exchange market .

Moreover, these terms are often applied to currencies that cannot be called weak at the international level. So, traditionally, in the European Union, the following are recognized as “strong” currencies: the German mark, the British pound sterling, the Swiss franc, the Dutch guilder, and the “weak” currencies are the French franc, Italian lira, and the Belgian franc. In the world currency market, the arrangement of currencies is somewhat different: the US dollar and the Japanese yen are added to the "strong" currencies, and all other currencies are considered "weak" in relation to them.

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

The exchange rate is the exchange ratio between two currencies, for example, 100 yen per 1 US dollar or 16 Russian rubles per 1 US dollar.

There are hypothetically five exchange rate systems:

Free ("clean") swimming;

Guided swimming;

Fixed rates;

Target zones;

Hybrid system of exchange rates.

So, in a free floating system, the exchange rate is formed under the influence of market supply and demand. At the same time, the foreign exchange forex market is closest to the model of a perfect market: the number of participants, both on the demand side and on the supply side, is huge, any information is transmitted in the system instantly and is available to all market participants, the distorting role of central banks is insignificant and volatile.

In a managed floating system, in addition to supply and demand, the value of the exchange rate is strongly influenced by the central banks of countries, as well as various time market distortions.

An example of a fixed rate system is the 1944-1971 Bretton Woods monetary system.

The target zone system develops the idea of ​​fixed exchange rates. An example of this is the fixation of the Russian ruble against the US dollar in the corridor of 5.6-6.2 rubles per 1 US dollar. In addition, this type can include the mode of functioning of the exchange rates of the countries participating in the European Monetary System.

Finally, an example of a hybrid system of exchange rates is the modern monetary system in which there are countries exercising free swimming exchange rate, there are zones of stability, etc. Detailed listing of exchange rate regimes different countries currently valid, can be found, for example, in the publications of the IMF. Many exchange rates can be classified according to various criteria.

Table 1

Classification of types of exchange rates.

CRITERION	TYPES OF EXCHANGE RATE
1. Fixation method	Floating Fixed Mixed
2. Method of calculation	Parity Actual
3. Type of transactions	Urgent transactions Spot transactions Swap deals
4. Method of establishing	Official Informal
5. Relation to purchasing power parity of currencies	Overpriced Understated Parity
6. Attitude towards participants in the transaction	Purchase rate Selling rate Average rate
7. On accounting for inflation	Real Nominal
8. By way of sale	Cash sale rate Cashless sale rate Wholesale exchange rate Banknote

One of the most important concepts used in the foreign exchange market is the concept of real and nominal exchange rates.

The real exchange rate can be defined as the ratio of the prices of goods of two countries, taken in the respective currency.

The nominal exchange rate shows the exchange rate of currencies currently in force on the country's foreign exchange market.

Exchange rate that maintains constant purchasing power parity: This is the nominal exchange rate at which the real exchange rate is unchanged.

In addition to the real exchange rate calculated on the basis of the price ratio, you can use the same indicator, but with a different base. For example, taking for it the ratio of the cost of labor in two countries.

The exchange rate of the national currency can vary unevenly in relation to different currencies over time. So, in relation to strong currencies, it can fall, and in relation to weak currencies, it can rise. That is why the exchange rate index is calculated to determine the dynamics of the exchange rate as a whole. When calculating it, each currency receives its weight depending on the share of foreign economic transactions of a given country falling on it. The sum of all weights is one (100%). Currency rates are multiplied by their weights, then all the obtained values ​​are summed up and their average value is taken.

In modern conditions, the exchange rate is formed, like any market price, under the influence of supply and demand. Balancing the latter in the foreign exchange market leads to the establishment of an equilibrium level of the market exchange rate. This is the so-called "fundamental balance".

The size of the demand for foreign currency is determined by the country's needs for the import of goods and services, the expenses of tourists of a given country traveling to foreign countries, the demand for foreign financial assets and the demand for foreign currency in connection with the intentions of residents to carry out investment projects abroad.

The higher the foreign exchange rate, the less demand for it; the lower the foreign exchange rate, the greater the demand for it.

The size of the supply of foreign currency is determined by the demand of residents foreign country for the currency of a given state, the demand of foreign tourists for services in this state, the demand foreign investors for assets denominated in the national currency of a given state, and demand for the national currency in connection with the intentions of non-residents to carry out investment projects in this state.

So, the higher the rate of foreign currency in relation to the domestic one, the fewer national subjects of the foreign exchange market are ready to offer domestic currency in exchange for foreign currency and vice versa, the lower the rate of the national currency in relation to foreign, the more subjects of the national market are ready to purchase foreign currency.

2. The mechanism of supply and demand.

The market mechanism is a mechanism of interconnection and interaction of the main elements of the market: supply, demand and price.

Peculiarity market mechanism consists in the fact that each of its elements is closely related to the price, which serves as the main instrument affecting supply and demand. In particular, demand is inversely related to the price: with an increase in the price of a product, the demand for it, as a rule, decreases and vice versa.

At the same time, the demand of the population depends exclusively on the retail prices of goods, and changes in wholesale or purchase prices do not directly affect the demand of the population until retail prices are changed. Fluctuations in wholesale prices affect the production demand of enterprises for means of production.

In addition to the relationship through price, supply and demand affect each other and directly, i.e. demand is for supply, and supply is for demand. For example, the supply of new high-quality goods on the market always stimulates the demand for them, and the growth in demand for certain goods ultimately necessitates an increase in the supply of these goods.

In a market economy, producers and consumers in their economic activities are guided by market parameters, the most important of which are demand, supply, equilibrium price. This is the pivot market relations, the core of the market.

The economic position of producers and consumers, sellers and buyers depends on market conditions, which change under the influence of numerous factors. In this case, a certain ratio between supply and demand plays an extremely important role. It often determines the fate of buyers and sellers.

The approach to the market mechanism involves understanding those economic laws that underlie its action and use. These laws are: the law of value and utility, falling demand, changes in supply, demand and supply, competition, profit, etc.

Profit fluctuations are a market barometer signaling production. The commodity producer in his economic activity guided by the interests of increasing profits. Profit depends on prices, production growth and capital turnover rate. The nature of the orientation of enterprises to profit changes in the conditions of a balanced market and a deficit economy, when collective egoism appears and the role of profit in the activities of the enterprise is hypertrophied.

The market mechanism is based on the laws of value, value, utility, which are implemented through Various types prices: prices of equivalent exchange, equilibrium, monopoly, discriminatory, zonal and other prices.

Demand and factors determining its changes

Demand is a reflection of people's needs for a particular product, service, their desire to purchase them. Consumers are not interested in goods in general, but in goods at a reasonable price. Based on this, one should speak not about absolute, but about effective demand. Effective demand characterizes not only the desire, but also the ability to buy a product.

Demand is the quantity of goods that will be bought for reasonable price and within a certain period of time.

The market mechanism allows satisfying only those needs that are expressed through demand. In addition to them, society always has such needs that cannot be measured in money and turned into demand. These primarily include the benefits and services of collective use, especially those in the consumption of which all citizens, without exception, participate. These benefits in the world economics are called public goods.

In a society with developed market economy the overwhelming majority of needs are met through the implementation of demand.

The amount of demand, its structure and dynamics are influenced by numerous factors of an economic, social and technological nature. The demand for a product, for example, can increase due to advertising, changes in fashion or consumer tastes. Despite this, you need to know that the buyer is primarily interested in how much the product that he wants to buy costs, comparing his desires with his income. This means that the demand for a particular good mainly depends on the prices of the goods and on the income allocated by the buyer for consumption.

The amount of things people buy always depends on the prices of the goods. The higher the price of a product, the less it is bought. Conversely, the lower its price, the more units of this product will be bought, all other things being equal.

There is always a certain ratio between the market price of a commodity and the quantity for which there is a demand. The high price of a product limits the demand for it; a decrease in the price of this product, as a rule, leads to an increase in demand. This relationship between price and quantity of the purchased item can be plotted on a graph.

If we postpone prices per unit of goods P on the ordinate axis, and the quantity of goods for which demand Q is presented, along the abscissa, then we will get such a graph (Fig. 1).

The image of the relationship between the market price of a product and the monetary expression of demand for it is called the demand graph, or the demand curve DD (D - from the English "demand" - demand). On the graph, the DD curve slopes gently. This curve illustrates the law of falling demand. The essence of this law is that if the price of a commodity rises while other market conditions remain unchanged, then the demand for this commodity decreases. Or, which is the same, if a larger quantity of the same product enters the market, then, all other things being equal, the price for it decreases. In other words, the quantity demanded increases when the price falls and decreases when the price rises.

The demand does not remain constant. It is necessary to distinguish between changes in the magnitude of demand, or the volume of demand, and changes in demand (the nature of demand). The amount of demand changes when only the price of a given commodity changes. The nature of demand changes when factors that were previously assumed to be constant change. Graphically, changes in the volume of demand are expressed in movement along the demand curve. The change in demand is expressed in the movement of the demand curve itself, in its displacement. This can be represented as follows (Fig. 2).

When the price changes from P 1 to P 2, when all factors, except for the price, are constant, the movement is carried out down the demand curve, the quantity of purchased goods increases from Q 1 to Q 2. D 2 D 2) shows that buyers buy more products at a given price. So, for the same price P 1, the buyer will already purchase the quantity of goods equal to Q 2> Q 1

A shift in the demand curve can be attributed to many factors. These include changes in income, prices of goods that are substitutes or supplements for a given product in consumption, tastes and preferences of consumers, expectations regarding future prices for this product or the degree of its scarcity, seasonal fluctuations, changes in the size and composition of the population.

An offer is a collection of goods with certain prices that are on the market and which manufacturers-sellers can or intend to sell.

It characterizes the economic situation in the market from the side of sellers, in each this moment the position of manufacturers offering their products on the market is not the same. Some have produced a lot of goods, while others have produced little. Some of them spent on their production less means of production and labor. Others were found to have higher unit costs. But once in the market, they all, whatever their production costs, strive to get the highest price. Moreover, the higher the price of a product, the more actively sellers will try to sell a larger amount of the product, i.e. increase the offer.

The volume of supply of each manufacturer, as a rule, varies depending on the price. If the price turns out to be low, then sellers will offer few items, keeping them in stock. If the price is high, they will offer the market a lot of goods. When the price rises significantly and turns out to be very high, manufacturers will try to increase the supply of goods. The market develops a certain ratio between market prices and the amount of goods that manufacturers wish to offer to buyers. This relationship can be displayed graphically using a coordinate system. Let the abscissa axis Q serve to denote the quantity of goods delivered to the market, and the ordinate axis denote the price movement P. The supply graph determines the shape of the supply curve S (from "supply" - supply) (Fig. 3).

If the demand curve establishes the relationship between prices and the amount of goods that consumers want to buy, the supply curve S characterizes the relationship between market prices and the amount of products that manufacturers are willing to produce and sell. In this case, unlike the demand curve, the supply curve usually rises to the right upwards. As the price rises, there is a tendency for the supply to increase.

The objectively existing relationship between supply and price is expressed in the law of supply, the essence of which is that the volume of supply of a product increases with an increase in price and decreases with a decrease.

Similarly to demand, it is necessary to distinguish between changes in supply and volume of supply. The volume of supply changes when only the price of the goods changes. On the contrary, supply change occurs when factors that were previously assumed to be constant change.

Moreover, such a movement occurs only when all factors, except for the price, are constant.

However, supply is influenced by factors other than price. As a result of their influence, the supply curve itself shifts. This does not mean a change in the volume of production, but a change in the supply itself, in its nature. Suppose a new technology is used that allows more products to be produced at the same cost. Then the supply curve shifts to the right to position S 1 S 1. The shift would mean that at each price the manufacturer will offer more of the product. So, at a price P 1 - Q 2> Q 1, and at a price P 2 - Q 3> Q 2

3. What happens to the equilibrium price of meat during the fast?

Bibliography

1. Zhuravleva G.P. General economic theory... M., 2006.

2. Kalaev O.A. Balance of payments and exchange rates in the world economy. M., 2002.