Ukuvela jikelele lwemali izinhlelo kafushane. Izigaba yokuziphendukela kwemvelo kohlelo yemali global

Ukuvela lwemali emhlabeni wonke aqondiswe ukusebenza zokuzala. It is kunqunywa izigaba eyinhloko ukuthuthukiswa hhayi kuphela ezweni kodwa futhi emnothweni kazwelonke. Ngezinye izikhathi, izimiso kohlelo yemali izwe liqala ukuba uphikise isakhiwo umnotho wezwe, kungahambisani ukusatshalaliswa kwezinsiza phakathi kwezikhungo ezinkulu. Lokhu kuholela esimweni esibucayi MFR. kuphakama lwemali ukuphikisana ngenxa okungathobeli izimiso isakhi indlela global ngokushintsha izimo zokukhiqiza, ukuhweba nokusatshalaliswa amabutho emhlabeni. Ukuvela lwemali emhlabeni wonke, okuyinto uzobe kafushane ebhalwe ngezansi, kunqunywa izidingo kweminotho kazwelonke kanye nemiphakathi yomhlaba, abone isidingo sokushintsha ibhalansi amabutho. Ukuzivumelanisa nezimo kuphela futhi kokuhlukana, ikhono ukuzivumelanisa nesimo of kwezezimali, futhi isisekelo khona kanye nentuthuko emphakathini wanamuhla.

izakhi Main: ukuvela uhlelo yemali global

MBC enqobe indlela olunameva kumiswa yakhe phambi ukuthatha format yesimanje. Ukuze zonke nomlando wakhe omude ukuthuthukiswa izimiso uhlelo kwashintshwa izikhathi 4, ephelezelwa isinqumo ezifanele nomhlangano wamazwe omhlaba. Njengoba ayefa ukushintsha igama isakhiwo ngokwaso, oqala ukufanisa igama lomuzi lapho inkomfa owawuse.

Cabanga izigaba yokuziphendukela kwemvelo kohlelo yemali global:

• I Paris uhlelo e-1867, eyaziwa ngokuthi i- "izinga legolide." Ngayinye lwemali kazwelonke kwaba ejwayelekile okuqukethwe igolide, esekelwe okuyinto kushintshiswane yezinye zezimali noma igolide. Kube elintantayo exchange rate.
• uhlelo Genoese ngo-1922, eyaziwa ngokuthi i- "igolide exchange ejwayelekile". Ngaphezu zigcine igolide, lwemali ngamunye sasekelwa lwemali omhlaba anothile nezomnotho kuleli zwe, ikakhulukazi i-British okokuphrinta.
• I Bretton Woods uhlelo ngo-1944, eyaziwa ngokuthi i- "dollar ejwayelekile". Imfuneko ukuze kwakhiwe uhlelo bekulokhu ukuthuthukiswa esebenzayo of America ngemva kwempi. Igolide iye yasetshenziswa ekukhiqizeni inani elilinganiselwe.
• uhlelo Monetary kuyinto 1976 - 78 iminyaka, eyaziwa ngokuthi "indinganiso abolekise izinyathelo ezikhethekile." CRA isinyathelo amafa format (ayisipesheli ngokubhala-akhawunti IMF). Ukwethulwa SDR kungenxa isifiso sawo wonke amazwe ukuze uvikele ukuzinza kwe-aspect zasemizaneni ngamazwe.

"I-Gold Standard"

Ukuvela lwemali emhlabeni wonke owaqala ngokuvukela "standard igolide", esasivutha kusuka 1867 kuze 20s kwekhulu lama-20. Kumiswa isakhiwo wezimali kwaba nokuguqulwa. Umfutho esiyinhloko MBC Paris wakhonza njengephayona izinguquko kwezezimboni kwekhulu le-19 futhi lanwetshwa izinga legolide esikhuluma ngokuhwebelana komhlaba wonke. I izici eziyinhloko kohlelo lwezezimali okulandelako:

• Okungaguquki igolide Ukuqinisa zezimali zikazwelonke.
• Indima izindlela jikelele yokukhokha futhi izwe imali wagcwalisa igolide.
• Yemaphepha ekushayweni CB washintsha igolide ngaphandle kokuvinjelwa. At inhliziyo exchange babe parities igolide. Ukusuka izinga lokushintshisana avunyelwe ngaphakathi parities yemali, okuyinto akha izinga elilungisiwe.
• Ku-traffic ngamazwe, kanye igolide neyaziwayo iphawundi.
• Ngaphakathi, supply imali ngokuvumelana yegolide isimo, okuyinto ngokuzenzakalelayo alawule ibhalansi ukukhokhelwa oda uthi.
• Ukuswelakala kokusebenza ngokuhlanganyela ibhalansi ukukhokhelwa laligcwele ngegolide.
• Phakathi States kwaba ukuhamba mahhala igolide.

Lokhu komqondo nezinga lokukhula kwengane akulona kwaphumelela kakhulu, hhayi phezulu, okuyinto kwafinyelela ekugcineni kwemvelo kohlelo yemali global. Paris uhlelo yemali wahlushwa non-ukuhambisana nemithetho wabahlanganyeli global zezimali emakethe. Flow zegolide phakathi amazwe kuyinto akuhlali. England isikhundla zombuso abakhulu zezimali, kulawula hhayi kuphela isithakazelo ebhange kodwa futhi ukugeleza igolide. Isizathu esiyinhloko ukuthuthukiswa ngempumelelo "izinga legolide" akuyona ukusebenza yayo njengoba uhlelo, nokuthuthukiswa ngendlela ehlelekile. umnotho womhlaba esikhathini eyandulela impi.

"Exchange ejwayelekile Igolide"

Izigaba yokuziphendukela kwemvelo kohlelo yemali zomhlaba ihlanganisa kwekubuswa "igolide exchange ejwayelekile", ezenzeka kusukela ngo-1922 kuya eminyakeni engu-30. Ngemva kweMpi Yezwe Yokuqala kwase isiphelile ngokwayo nabantu bonke ubudlelwane angaphandle kwezomnotho phakathi kwalawa mazwe amabili yabuyiselwa, kukhona isidingo akha MBC entsha. Engqungqutheleni, kwaphakama umbuzo e Genoa ukuthi emazweni kosozimali igolide ngokwanele ukuba alawule ubudlelwane e ingxenye angaphandle ukuhweba zokuhlala nezinye imisebenzi. Ngaphezu igolide, futhi 'Mnumzane British , kwanqunywa ukuba ukukhipha US dollar. zezimali ezimbili baye bamukela indima amathuluzi wokukhokha ngamazwe futhi wathola isiqubulo isihloko. System wathatha eJalimane nase-Australia, eDenmark naseNorway. Ngokusho imigomo yayo uhlelo cishe ngokuphelele uhambisane esasisandulele, uhlelo Paris. Igolide parities zazaziwa, futhi indima imali ezweni wayesalokhu baphathiswe igolide. Ukuvela lwemali emhlabeni wonke kuye kwabangela ukuba iqiniso lokuthi abanye imali yamaphepha kazwelonke ayikashintji igolide nezinye zezimali, ukubizwa ngokuthi isiqubulo esithi ukuthi kuphela ke umklomelo gold bullion.

Kumiswa ukuncika lokuqala

Umhlaba lwemali ohlelweni kanye kwemvelo zabo, ikakhulukazi kwemukelwa "igolide exchange ejwayelekile", kwaholela ekwakhekeni ukuncika lokuqala kwamanye amazwe ngakolunye. Babili kuphela ifomethi ye kazwelonke exchange igolide. Lena eqondile, senzelwe amakhilogremu kanye zamadola, okuyinto wadlala indima iziqubulo, futhi engaqondile, ngoba ezinye izinhlobo zemali ohlelweni. Kulesi elihlanganisiwe MBC isicelo a elintantayo exchange rate. Ngokusetshenziswa kokungenela exchange angaphandle, izizwe zomhlaba babe bebophekile ukuba asekele yiluphi uhlobo lwemali ngeziphambeko kazwelonke. Kuyinto ukusatshalaliswa exchange angaphandle izinqolobane phakathi uthi kwakheka isisekelo ukwakheka ubudlelwano.

Igolide exchange ejwayelekile Akuzange kwaphela isikhathi eside MBC main. Ngemva ukuqedwa Inkinga 1929 - 1922 iminyaka, isistimu eyayicekeleke phansi ngokuphelele. Kakade ngo-1931, e-United Kingdom sazilahla ngokugcwele standard igolide kanye devalued le sephawundi iphawundi. Ngenxa yalokho, emazweni amaningi aseYurophu, kuhlanganise India, e-Egypt futhi eMalaysia, kwakukhona kuwa lwemali kazwelonke ngenxa ubuhlobo obuqinile Great Britain kwezomnotho. Ngo-1936, i-standard igolide ishiywe Japan neFrance. Ngo-1933, e-America, ngenxa yokulahla okucishe kufane nalokhu exchange of amanothi igolide, ukuthi akuvumelekile ukuthekelisa phesheya nezokugcina senzeka dollar ukwehla ku oda 41%. Le nkathi, okuyinto ukuvela lwemali izinhlelo global uzokhumbula isikhathi eside, kube seqophelweni kwathatha lwemali kunyatheliswa Fiat imali igolide, ngamanye amazwi, imali.

"Dollar ejwayelekile"

Edolobheni Bretton Woods ngo-1944 engqungqutheleni yamazwe ngamazwe bahlangana emazweni 44. Isivumelwano senziwa kumiswa isakhiwo korellirovannyh exchange rate uhlobo adjustable. Uhlelo sekuneminyaka 1976 kuya 1944. izici zako ezisemqoka ezisetshenzisiwe:

• Indima imali emhlabeni waya igolide. Parallel zezimali ezisetshenziswa ezifana dollar kanye ganda.
• Kwakheka zezinhlangano zamazwe omhlaba jikelele wezimali ezifana International Monetary Fund (IMF) kanye Umhlaba Bank neKwakha kaBusha nekuTfutfukisa (IBRD). Umsebenzi oyinhloko wenhlangano ukulawula ubudlelwane zezimali phakathi isimiso somhlaba baMalunga eMibuso. Zonke ilungu IMF idlala ngokuzenzakalela njengelungu we-World Bank.
• Ibe isimiso izinga adjustable, okuyinto ikuvumela ukuba noma ukugcina izinga lokushintshisana ezingeni elifanayo, noma silungise ngokufaneleyo nangohlelo ngaphambi ne IMF. Kwakuhlelwe ukusetha amanani ezingeni ukuthi kuzokwenza States ukuthuthukisa ngempumelelo ngenxa izinzuzo ukuhwebelana kwamazwe omhlaba kanye capital spillover. Uma kungenakwenzeka ukuba lelisu lolu hlelo, elibuyekeziwe izifundo.
• Isikhonkwane dollar egolideni. Ukuvela uhlelo global ngezimali (kafushane okuxoxwe ngazo kulesi sihloko) kuye kwaholela yokuthi wonke amazwe ziye zafuna dollar izinqolobane. Ilungelo ukwenza esenana ensimbini eyigugu kwaba kuphela Melika at $ 35 nencane per. Enye aMalunga eMibuso yamemezela zezimali zabo zegolide noma zamadola, sibasekela ukuthenga noma ukuthengisa labo zamadola efanayo njengengxenye emakethe exchange angaphandle.
• Ukwakhiwa reserves yesiKhwama ngamazwe. Reserve okomnikelo isimo ngasinye inquma ivolumu ekuhwebelaneni namazwe omhlaba kanye kwakuhambisana nokungabi 1/4 segolide noma zamadola 3/4 of the lwemali kazwelonke. Lokho Ingxenye ye Isikhwama ngqo kuthonywa isilinganiso avumelekile izimali zakwamanye amazwe imalimboleko IMF.

isimo emhlabeni phakathi 'dollar ejwayelekile "

Ukuvela lwemali emhlabeni wonke, okungase sicabangele kafushane isibonelo namazinga owawukhona ngesikhathi, okwaholela yokuthi phakathi "dollar ejwayelekile" indlela yokuthuthuka komnotho womhlaba saqala ukucela uMbuso "big eziyisikhombisa". Bona zaba mayelana 44,8% wamavoti. Melika ephethwe 18% neRussia - 2.8%. Lokhu kwakhiwa engavamile ukuthi Melika kanye nezinye 'eziyisikhombisa "States isinyathelo ngqo ukwamukela noma ukwenqaba noma yisiphi isinqumo. Njengoba sekunama-lesi sakhiwo kwabelwe imali ngokwanele ezinkulu kwezinsiza ngokomzimba on ukuthuthukisa nabaningi amazwe.

Ukuvela uhlelo yemali global: isakhiwo imali ethebuleni phakathi "dollar ejwayelekile"

Naphezu isithembiso kohlelo, akuhlalanga isikhathi eside ngenxa umehluko oyisisekelo kwemnotfo emhlabeni kazwelonke. Ukuphahlazeka Qala uhlelo wanika ukuntula yokukhokhelana of America, senza zamadola ngokuthi izabelo lwemali global. Ngu-1986, e-US kusilela zangaphandle zazilingana 1 dollar ayizigidi eziyinkulungwane. Naphezu kokuhlaselwa okukhulu nokubekezelela isimo, lomkhuba kwaba nemiphumela. Ngo-1971, uMongameli Nixon uyenqaba isikhonkwane lwemali kazwelonke ukuba igolide, njengoba Inkampani ulindele ukwehla kwamandla, futhi sebeqala igolide ukuthi Melika, ngokuhambisana ukuzibophezela, baphoqwa ukuba bathengise. Dollar kudedelwa ukuntanta ngokukhululekile, ngenkathi "dollar ejwayelekile" kuyinto namandla okukhala.

"Standard izinyathelo abolekise ekhethekile"

Ukuvela uhlelo global ngezimali, ngokufingqiwe mbuzo esihlokweni akazange yima, esikhundleni "dollar ejwayelekile" woza "ejwayelekile abolekise izinyathelo ezikhethekile." Wayelethwa wathola esikhathini kusuka 1976 kuya 1978, futhi sisetshenziswa kabanzi namuhla. I izici eyinhloko iinjamiso ezilandelako angabhekwa Jamaican lwemali izinhlelo:

• Ukuyekwa Major standard igolide.
• Demonetization zegolide ngokusemthethweni yokutholwa. Indima ensimbini eyigugu njengoba sikhala izwe lokukhokha.
• On igolide parities ukuvimbela.
• amabhange Central isakhuluma ilungelo sithengiselane igolide njengoba umkhiqizo ejwayelekile ngentengo kunqunywa emakethe khulula.
• Ukwamukelwa SDR ejwayelekile, inqubo eyayingase isetshenziswe njengoba imali ezweni, kodwa futhi ingasetshenziswa njengendlela isendlalelo sokubala exchange rate, izimpahla ezisemthethweni. CRA ngenkuthalo esetshenziselwa ngamazwe-uhlobo nemizana ngezithukuthuku okufakiwe ekulandiseni futhi iyunithi akhawunti ye IMF.
• Iqhaza reserve zezimali, US dollar yazuza futhi uphawu isiJalimane, lo esihle kakhulu iphawundi kanye franc Swiss, yen Japanese futhi franc aseFrance.
• elintantayo yakheke Izinga lokushintshisana is, by kwaneliswe isidingo emakethe lwemali.
• States Unelungelo ukusetha modi lwemali kazwelonke.
• Ozimele lwemali iyehla iyenyuka kungukuthi elawulwa.
• Kumiswa amayunithi avaliwe lwemali format, okuyinto ibhekwe ngo IMF, waba zomthetho. Isibonelo esimangalisayo kulesi sigaba imfundo - kuyinto European Monetary System (ER).

Izwe uhlelo yemali: Ukuziphendukela kwemvelo kwezinto nonlinear yayo hlobo

Umhlaba lwemali uhlelo ngokulandelana ngokubukeka kwabo eziye zaholela ekwakhekeni European Monetary System, okuyinto uba iqoqo ubudlelwane kwezomnotho mayelana ukusebenza zezimali zikazwelonke ngaphakathi ukuhlanganiswa kwezomnotho European. EMU - iyingxenye ebalulekile of lonke MBC. Isakhiwo siqukethe izingxenye ezintathu eziyinhloko:

• ECU ejwayelekile yokutholwa ngo-1979, lapho kuchazwa indlela entsha reserve ECU, okuyinto uba ngesakhiwo Ngohlelo 12 zezimali European.
• Mahhala elintantayo izinga ngeziphambeko kwibanga ngaphakathi 15%, kokubili phezulu futhi phansi. Kwakheka indlela ka exchange rate kanye nokungenelela.

Eyayenziwe ngokubala amayunithi uhlobo SDR kanye ECU ayikwazi ukusetshenziswa njengohlobo lwemali sangempela ezivukayo ngenxa nokuhlanganiswa eziningi uthi. Kusukela ngo-1999, angu-11 kuzo 15 bavumile isingeniso kwegazi bokusetshenziswa kwemali eyodwa - euro. Kakade 2002, ezweni lonke, okwakuhilela wayinikeza yini imvume ukwamukelwa lwemali entsha okuhlanganiswe ngokugcwele endaweni European futhi washiywa ngokugcwele imali yayo.

Yini nenqubo kumele bahlangabezane kubahlanganyeli "euro indawo"?

Evolution of the lwemali zohlelo jikelele, ngokulandelana iBhayibheli ngohlelo lokulandelana kwezenzakalo okuzoxoxwa ngenhla, akanalo nje isakhiwo komugqa. Yegatsha baba EMU singahlangana yiliphi izwe emhlabeni, okuzokwenza ukuhlangabezana eziningi zindlela:

• Ukwanda izinga lokwehla kwamandla emali kuleli zwe akufanele bube ngaphezu kuka-1.5% ngaphezulu kwenani lika-ukusebenza ezifanayo on ensimini mazwe amathathu nokwanda kwentshiseko eliphansi ukubaluleka kwezimpahla namasevisi.
• Ukushoda isabelomali kuleli zwe kufanele ibe ngaphansi 3% we-GDP.
• izikweletu zomphakathi kumele kube phakathi 60% we-GDP.
• Izinga lwemali kazwelonke iminyaka engu-2 kufanele ungaweqi ephasishi esabekwa amazinga EBU (+/- 15%).

uhlelo Monetary eziyizici Emazweni asethuthukile kwezezimboni, ilawula hhayi kuphela ukuthengiselana lokukhokha yemali, kodwa futhi yangaphakathi nokuphuma kwemali. Lona abekucabanga kakhulu emhlabeni namuhla. Ngesikhathi esifanayo, ukuvela izinhlelo lwemali global nezinkinga lwemali yesimanje kuhlobene kusukela kwaqala komunye umthombo.

MFS nokuxhumana kanye nezinhlelo zezimali zikazwelonke

Ukuvela lwemali zohlelo jikelele, okuzoxoxwa kafushane kulesi sihloko uqalise nge isakhiwo angesabi isebenze esekelwe yegolide, futhi kancane kancane olwesimanje e isakhiwo aqondile futhi elawulwa, ogxile iphepha-credit nezinto zethu ezibonakalayo. Ukuthuthukiswa kwe-MBC kuyinto ushiya i isinyathelo, ne ezahlukene iminyaka engu-10, kodwa phakathi naleso sikhathi evelele kumiswa izakhiwo yemali kazwelonke. isakhiwo ngezimali is kancane kancane siguqulwe kusuka leligolide elimisiwe gold bullion e kumnotho wasekhaya ke in exchange igolide, ekugcineni bafika uhlelo iphepha-credit, lapho indima esemqoka fanele likhokhele izindawo.

Ake azihlangani ingqikithi kulokho okwase kungamakhulu uhlelo yemali emhlabeni. Ithebula elingenhla kuzovumela ukulandelela izigaba eziyinhloko yokuziphendukela kwemvelo.