Лекции - 30 - Валютные отношения в современном мире. - текст песни, слова, перевод, видео

30. Currency relations in the modern world.

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

It is necessary to distinguish between national and global currency systems. The first one is expressed by the form of organizing currency relations of a given country, determined by national legislation, the second form of international currency relations legally enshrined by interstate agreements.

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

The global currency system is gold-speaking (key) currencies, international countable monetary units (SDRs), the composition and structure of international currency liquidity, the regime of international loans and courses, the conditions of mutual reversibility of currencies, international monetary and credit organizations, for example, the International Monetary Fund (IMF ).

Any national currency is currency, it acquires a number of additional functions and characteristics, as soon as it begins to be considered not in the narrow framework of the national system of macroeconomic coordinates, but from the position of the participant of international economic relations and settlements.

From the point of view of the material and real form, the currency is any payment documents or monetary obligations used in international settlements. Usually we are talking about banknotes, treasury tickets, various types of bank accounts, as well as checks, bills, letters of credit and other means of payment.

These payment documents expressed in various currencies are bought and sold in the special market - currency. Demand and supply in the national currency market are formed as a result of a collision of monetary requirements and obligations expressed in various currencies encouraging international exchange of goods, services and capital movement. For example, an American exporter who sold a batch of computers in Germany for the euro, wants to exchange them for national currency, thereby forming the demand for dollars and the euro offer. On the contrary, the American car importer from Germany will offer dollars on the national market in exchange for euros to pay for its contract.

The demand and supply of currency are also formed in connection with all other operations that mediate international exchange and are reflected in the balance of payments of any country. We are talking about operations not only export-import (trade), but also non-trap (transport, insurance, tourism, wage transfers, pensions, etc.), as well as on capital movement, as short-term (including speculative currency transactions), So the average and long-term (provision and repayment of loans, outflow and influx of direct and portfolio investments).

The national regime of currency transactions on various types of operations for residents and non-residents determines the degree of so-called currency convertibility.

From this point of view, all currencies can be divided into three groups: freely convertible, partially convertible and non-convertible (closed).

Country activitieside countries where there are no legislative restrictions on the commission of foreign exchange transactions on any types of operations (trade, non-trading, capital movement) both for residents and non-residents is freely convertible (SC).
Partly convertible are currencies of those countries where there are quantitative restrictions or special permits for currency exchange for certain types of operations or for various subjects of foreign exchange transactions.

Finally, non-convertible, or closed