Increase gold content or exchange rate. Revaluation of the national currency. Confiscational monetary reform means ...

Revaluation (Restoration) - Official increase in gold content national currency or increase value monetary unit Regarding courses of other currencies. Revaluation means the rise in prices of export goods in foreign currency and a decrease in their competitiveness in the global market.

For example, the United States used this method, restoring and strengthening its monetary unit after the civil war of 1861-1865 pp. They spent 14 years.

The main reason for revaluation is a long-term active balance balance of the state, which means the availability of shortages in its partners. Revaluation can cause some large currency speculation, when such a foreign currency amount exceeding the interventory of the Central Bank is exchanged for the national currency. The impetus for revaluation is also significant funding as part of assistance from international monetary and credit institutions, since the proportion of foreign currency in the interbank currency exchange increases. The effect of revaluation on the economy is the opposite influential devaluation. Revaluation is beneficial for importers and lenders. After it is becoming more expert, since foreign importers are forced to give more their own currency for revalued, but this worsens the competitiveness of the exporter. At the same time it becomes cheaper import, because for payment imported goods National currency need less. Lenders who have provided loans to non-residents in national currency, after its revaluation receive significant benefits and the market price of it in foreign currency will grow as they are revalued. For the population, revaluation is attractive in that it encourages the decline in prices for imported goods and inhibits inflation, but it leads to a decrease in exports, creates a real threat to unemployment. Therefore, it is necessary to evaluate revaluation in accordance with the macroeconomic situation.

With the gold standard for steel, revaluation was subjected by increasing the official gold content of the monetary unit. According to raised their exchange rate on impaired currencies. So, in 1973. The German brand was twice revalued: in March, its gold content and official Course It was increased by 3%, and in June - another 5.5%. However, the exchange of brand on gold was not restored. In the same way, the Swiss franc, Japanese yen, was revalued. The need for revaluation relatively sustainable currencies was determined by the fact that their official exchange rate and gold content were understated compared to parity purchasing power. Such a situation was disadvantageous for exporters and debtors, and for importers and creditors provided unjustified income. To eliminate such "bias" in foreign economic relations, the state has raised the official exchange rate.

Now that the golden currency content is canceled, revaluation is manifested in raising the national currency rate relative to foreign or international. Now currency rates are aligned with purchasing power parity, and therefore the need disappeared into revaluation and devaluation as elements of monetary reform. Under conditions of floating (market) currency rates, revaluation is a long (gradual) increase in the national currency exchange rate relative to other currencies or international settlement units.

Consequently, revaluation, and devaluation - phenomena equally undesirable. The currency regulatory policy should be such that the interests of exporters do not interfere, and keep the national currency stability. That is, the exchange rate must be a certain compromise between the interests of exporters and the stability of money. For Ukraine, the problem has now adopted a solution to the establishment of a fairly narrow currency corridor and conducting the relevant course (conjunctural) policy within it.

In the 90s, a large-scale was conducted in Ukraine monetary reformwhich in character can be attributed to the category of complete or structural, reforms. The most characteristic of its features include:

Multifactor condition and multipurpose directions;

Long period;

Application of temporary money as transient and their hyper hypersochese;

Creation during the reform of the new mechanism of monetary regulation;

Special social orientation of reform, etc.

Multifactory conditionality of monetary reform in Ukraine was that in addition to purely economic were and rather significant political reasons for its conduct. Ukraine in 1991. She became an independent state and on a new status should have their own money and its own monetary system capable of providing issuing and regulating the revolutions of national money. After the exit from the USSR, Ukraine turned out to be without his own emission center, and its Soviet ruble money turned out to be the money of a non-existent state, the emission of which was inherited Russian Federation.

The multipurpose directions of the monetary reform was that the holding of her little minimum three goals * 123:

* 123: (Demkovsky A.V. Money and credit: studies. Benefit. / A.V. Demkovsky. - M.: Dakor, 2005. - 528 s.; Schetinin A.I. Money and credit: Tutorial / A. I. Schetinin. - 2nd ed., Pererab. And full. - M.: Center of studies. Lit-Ry, 2006. - 432 p.)

Create national money and money system as an independence attribute and a mechanism for ensuring the independence of the Ukrainian state;

Ensure the stability of national money at the level sufficient to stimulate the economic and social Development countries;

To form and implement new methods and instruments for regulating the money circulation and money market, adequate to the needs of a market economy.

Several stages of reform can be distinguished (Table 5.7).

The reform began in January 1992. The release of a multiple use in cash in cash, and ended in September 1996. The production of hryvnia, that is, almost 5 years.

The monetary reform in Ukraine was conducted on the basis of the unconditional fulfillment by the state of all obligations taken, which led its non-infractions and maximum transparency. Temporary lag in four years between the first and last stage of the formation of the national monetary system Allowed to achieve stabilization of economic processes.

Table 5.7. Stages of monetary reforms in Ukraine and their characteristics

	Essence
First stage: January - November 1992	The appeal was released a coupon-ruble and provided its functioning. At this stage, the Government of Ukraine began to form his own emission mechanism and was able to independently ensure the needs of turnover in the money supply
	Ukrainian ruble finally entrenched in circulation as a single national, albeit temporary currency, and economic and financial prerequisites were created for its stable operation, primarily as a means of circulation and payment
Third Stage: September 1996	The monetary reform was successfully completed by the introduction of a constant monetary unit - in September 1996 p., Which was prepared by the successes of its second stage: overcoming hyperinflation, displacing a dollar from cash, noticeable transformation on the market principles of the economy, introducing new methods and tools into the practice of new methods and tools monetary regulation

According to the total result of the monetary reform of 1996 .., it was a great positive importance for the development of the Ukrainian economy and the continuation of market reforms. It is difficult to list the phenomena, which in one degree or another were the consequence of successfully carried out reform, but the most important of them:

In Ukraine, its own national currency was introduced, is one of the most important symbols of an independent state;

The course of the hryvnia became stable and in subsequent years, he albeit depending on the action of many factors, but this was no longer destructive influence for the country's economy;

The hryvnia has become attractive for citizens and business entities, and this in turn contributed to the accumulation, decrease in the barripation of the economy, mitigating the problem of non-payment, to weaken the dollarization level economic relations, expansion of long-term lending, influx foreign investment etc;

Introduction new currency It was accompanied by a denomination, and this led to a sharp reduction in circulation of the number of banknotes, significantly reduced costs and improved accounting, the work of business entities and all those who are somehow related to the organization of the money movement.

The positive consequences of the monetary reform will still be promoted by the development of the economy and market transformations in the economic mechanism of independent Ukraine.

Hryvnia has seven main protective elements.

Watermark - image of light trident lines, which is repeated over the entire banknote area and visible for looking at the light (1, 2, 5,10, 20 hryvnia) image of a portrait on a white field, repeating the portrait on the front side of the banknote and visible for looking at the light (50,100 hryvnia).

Protective thread - Vertical dark strip 0.8 mm wide in the thickness of paper visible against the light, has the inscription "Ukraine", which can be found using a magnifying glass (50,100 hryvnia).

Microtext - Words or numbers repetitive, which can be found using a magnifying glass (1, 2, 5,10, 50,100 hryvnia).

The combined pattern is located in one place on the front and reverse parties of the banknote, all the elements of which coincide on the viewing against the light (50, 100 hryvnia).

Relief elements - Elements of images that protrude above the surface of the paper and tangible (2, 5,10, 20, 50,100, 200, 500 hryvnia).

Sign for blind - The embossed element placed in the lower left corner of the banknote, which is felt by the tips of the fingers and determines the nominal banknote (50,100, 200, 500 hryvnia).

Code Figure - drawing, the image on which changes for looking at different angles to the surface of the banknote (2, 5, 10, 20, 50, 100, 200, 500 hryvnia).

Exchange rate – english Rate of Exchange - the price of a monetary unit of one country, expressed in the monetary unit of another country. The establishment of the exchange rate is called a quotation. The official increase in the currency rate (revaluation) makes the export of capital from the country, since the possibility of a cheaper purchase of foreign currency appears. Revaluation is used to combat inflation and can be carried out in order to curb exports. Distinguish: stock exchange rate, freely varying depending on the demand and suggestions and based on the use of the market mechanism; a fixed exchange rate arising from the officially established relationship between national currencies based on currency parity-defined legislative fees; nominal exchange rate, defined as the ratio of the cost of two currencies; Real currency rate reflecting the commercial currency ratio, i.e. Tax ratio of the same goods in different currencies; The undertaking currency rate, providing favorable conditions to exporters (due to the difference between the purchase price and the sale price) and the contributing influx of foreign investment; An overseas exchange rate providing additional benefits to importers.

The exchange rate is necessary to establish the proportions of currency exchange in international trade in goods and services, when moving capital in the form of investments and loans, for price comparison in world commodity markets and cost indicators different countries, reassessment of accounts in foreign currency firms, banks, governments and individuals.

Hypothetically exist five exchange rates: free ("clean") swimming; managed swimming; fixed courses; target zones; Hybrid currency exchange rate.

Many exchange rates can be classified by various features:

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 transactions
4. Method of establishment	Official, unofficial
5. Attitude to the purchasing power parity	Hurried, understated, parity
6. Attitude to the participants of the transaction	Course of purchase, sales course, medium course
7. Regarding inflation	Real, nominal
8. According to the method of sale	Cash Course, Cashless Sales Course, Warehide Currency Exchange, Banknote

One of the most important concepts used on currency marketIs the concept of a real and nominal exchange rate.

Real currency course You can determine as the ratio of prices of goods of two countries taken in the relevant currency.

Nominal currency course Shows the exchange rate of the currencies, currently operating in the country's foreign exchange market.

Exchange rate supporting permanent purchasing power parity is such nominal currency coursein which the real exchange rate is unchanged.

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

IN modern conditions The exchange rate is formed, as any market price, under the influence of supply and demand. The balancing of the latter in the foreign exchange market leads to the establishment of the equilibrium level of the market currency. This is the so-called "fundamental equilibrium".

The amount of demand for foreign currency is determined by the country's needs in the import of goods and services, tourist expenses of a given country, traveling to foreign countries, in demand for foreign financial assets and in demand for foreign currency due to the intentions of residents investment projects abroad.

The higher the foreign currency rate, the less the demand for it; The lower the course of foreign currency, the greater the demand for it.

The length of the proposal of the foreign currency is determined by the demand of residents of the foreign state for the currency of this state, the demand of foreign tourists for services in this state, the demand of foreign investors on assets, expressed in the national currency of this state, and in demand for national currency due to non-resident intentions to carry out investment projects in This state.

So, the higher the foreign currency rate in relation to the national market, the smaller number of national subjects of the foreign exchange market is ready to offer their currency in exchange for foreign and vice versa, the lower the course of the national currency in relation to foreign, the greater the number of subjects of the national market is ready to purchase foreign currency .

Currency exchange rates have a significant impact on the foreign trade of various countries, speaking by the communication tool between the cost indicators of the national and global market, affecting the price ratios of exports and imports and causing a change in the intracocomic situation, as well as changing the behavior of firms working for export or competing with imports.

Using the exchange rate, the entrepreneur compares its own costs of production with the prices of the global market. This makes it possible to identify the result of foreign economic operations of individual enterprises and the country as a whole. Based on the exchange rate ratio, taking into account the specific gravity of the country in world trade, an effective exchange rate is calculated. The exchange rate has a certain impact on the ratio of export and import prices, competitiveness of firms, enterprises' profits.

Sharp fluctuations in the exchange rate enhance the instability of international economic, including currency and financial, relations, cause negative socio-economic consequences, loss of one and winnings of other countries.

In general, the depreciation of the national currency provides the opportunity to exporters of this country to lower prices for their products in foreign currency, receiving a prize when exchanging the extensive incentive foreign currency on a false national and have the opportunity to sell goods at prices below averages, which leads to their enrichment due to material losses of their countries.

With an increase in currency exchange rate, domestic prices are becoming less competitive, export efficiency falls, which can lead to a reduction in export industries and national production as a whole. Import, on the contrary, expands. The influx into the country of foreign and national capital is stimulated, the export of profits on foreign investment increases. Real sum decreases external debt, expressed in depreciating foreign currency.

High currency rate - This is the official rate set at the level of the parity course above. In turn, launched currency course - This is the official course set below the parity.

Gap external and internal currency impairment, i.e. The dynamics of its course and purchasing power is essential for foreign trade. If the internal inflation depreciation of the money is ahead of the decline in the currency exchange rate, then other things being equal, imports of goods are encouraged in order to sell them in the domestic market at high prices. If the external depreciation of the currency overtakes the internal caused by inflation, then conditions for currency dumping - mass exports of goods at prices are lower than the medium-level, associated with the fall of the fall of the purchasing power of money from lowering their exchange rate, in order to displace competitors in foreign markets.

Currently, the exchange rate depends not on the gold content, but from a number of factors. Such are: purchasing ability of currencies; macroeconomic indicators Countries - GNP, GDP, national income and etc.; degree of inflation and inflation expectations; state balance of the country's balance; Monetary policy; interest rates; acceleration or slowdown in international payments; conjuncture of the foreign exchange market; degree of confidence in currency; Subjective factors, etc.

Establishment of foreign currency exchange rates (currency quotation) are carried out by state or large commercial banks.

With a decrease in the course of the national currency, it becomes profitable to export goods. Indeed, in such a situation when exchanging the foreign currency proceeded from the sale, you can acquire a greater number of national currency than before. In addition, with an increase in exports, the demand for the currency of the country exporter is increasing, which is necessary to pay for goods exported by it in national currency. So exports contributes to the growth and recovery of the exporting country's currency. In the event of a decrease in the course of the currency, the cost of imports occurs. It becomes unprofitable removal of profits received foreign investors in national currency.

In a situation where the national currency exchange rate occurs, it is profitable to import. When exchanging the national currency on the currency of the country in which the goods are purchased, you can purchase more of this currency and purchase more products. However, with the growth of imports, the country should acquire more currency to pay for imports, as a result of which the amount of national currency needed to exchange is increasing, which causes the money supply and an increase in the currency unit.

The nature of the currency relations largely depends on convertible currency country.

The convertibility or reversibility of the National Monetary Unit is the ability for participants in foreign economic transactions to legally exchange it into foreign currencies and back without direct state intervention in the exchange process. The degree of convertibility is inversely proportional to the volume and rigidity of currency restriction practiced in the country.

The reversibility of the currency is not reduced to the purely technical capabilities of its exchange. In essence, this category means deep integration of the national economy in the world. The convertibility of any national monetary unit provides the country long-term benefits from participation in the Multilateral World Trade and Calculation System, such as: free selection by manufacturers and consumers of the most favorable markets and procurement within the country and abroad at any given moment; expanding opportunities to attract foreign investment and investment abroad; stimulating the impact of foreign competition for the national economy; tightening national production to international standards at prices, costs, quality; the possibility of implementing international settlements in national money; The possibility of the most optimal specialization of the national economy, taking into account the relative advantages (material, financial, labor).

IN modern world Only a limited number of countries and territories have fully convertible currencies. Fully freely convertible currency is the US dollar, the Canadian dollar, Japanese yen, the currency of most countries of the European Community, as well as the currency of Saudi Arabia, Kuwait, UAE, Hong Kong, Bahrain, Singapore and some other countries. From this list it is seen that they include either the largest industrial countries or major oil exporters, or countries with a developed and very open economy.

Partially convertible called the national currency of the country to which certain restrictions on some types are applied currency transactions. As a rule, partially convertible currency exchange only on separate foreign currencies, but not to all.

Unconvertible (closed) is called currency that functions only within the same country and does not exchange freely and without restrictions on foreign currency.

The essence of the convertibility category allows you to delineate the framework of this problem for our country. For the convertibility of the national currency requires, by definition, the market type economy is required, and quite mature to confront foreign competition, full participation in the international division of labor.

In Russia, the transition period is the technical level of production, its quality and efficiency are lagging behind the world level, that is, the country has not created general economic conditions that would allow to introduce complete currency reversibility. The convertibility of the ruble and the economic reform is rigidly interconnected. Therefore, positive is the fact that russian ruble Passed the path from the non-convertible currency to the discharge of currencies with internal convertibility.

The main condition that contributes to the introduction of the currency convertibility is the balance of the balance of current payments, in other words, should not have a balance of payments deficit. Convertibility requires the greatest openness national Economy, the unhindered movement of goods and determining prices is predominantly influenced by supply and demand. In this case, the influence of the market mechanism on the formation of internal and world prices should be equally and largely predetermined the same trends in their dynamics and the impossibility of substantial long-term differences in the levels of these prices.

One of the most important factors affecting the state of the balance of payments and thereby creating conditions for convertibility are real exchange ratios, reflecting the cost and proportions of the exchange of a given country with the rest of the world.

2. Structural principles of the modern currency system, its differences from the Bretton Woods System

Yamaican currency system - a modern international currency system based on the models of free mutual currency conversion for which the constant fluctuation of exchange rates has become characterized. The Yamaician currency system operates in the world and to the present (2009), although in the light of the global crisis of 2008-2009, consultations on the principles of the new World War began. currency system (Anti-crisis Summit G20, London Summit G-20).

The Yamaican system was formed in 1976-1978 as a result of the reorganization of the Bretton Woods currency system. Main features and principles:

demonstration of gold was recorded, the gold standard is officially canceled;

canceled golden parries - binding currencies to gold;

the mode of freely floating exchange rates, in which the quotation is formed on the global foreign exchange market based on supply and suggestions;

states can independently determine the mode of forming a foreign exchange rate from several options.

The most important practical value of the new system was the rejection of fixed exchange rates, based on the golden currency content, to floating currency courses - freely changing. The gold market from the main money market has become a variety commodity market.

The mechanism of action of the Jamaician currency system can be represented as follows. Countries - Members of the International Monetary Fund received a certain share of the SDR in accordance with the principal funds of the Fund. SDRs function only as calculated units, under certain conditions they can be addressed to the national currency. From January 1
1981
The IMF uses a simplified SDR quotation based on the weighted average currency basket, consisting of the following currencies: US dollar - 42%, German brand - 19%, French franc, English pound sterling, Japanese yen - 13%. The specific currency weights are defined in accordance with the specific currency weight in international trade and are periodically revised.

By virtue of different stability of currencies, as well as regional interests in practice, there are 3 main types of currencies and exchange rates:

1) currencies that are firmly tied to one or more currency. It is allowed to fluctuate the exchange rate ± 1%. If the national currency is tied to the currency group, then this means that a certain "currency basket" is selected or a SDR is used as a basis for setting the course;

2) currencies whose exchange can vary relative to one or more currencies within ± 2.25%. ECU has fallen into the same group, which allowed the EEC countries to maintain their currencies relative to each other in a certain relation, and together they "flooded" in relation to the currencies of third countries;

3) currencies with a free floating course.

The main difference between the Jamaician currency system from Bretton Woods is as follows:

1. The medium of global money has changed. If the Bretton Woods system used gold and reserve currencies as a final means of calculations, the new currency system relies on the SDR - the collective currency of the IMF and the euro - the collective currency of the EU. These currencies have become an element in the structure of international liquidity.

2. The new currency system allows both fixed and floating currency courses or a mixed option.

3. The presence of closed currency blocks, which, on the one hand, are parties to the global monetary system, on the other - within them there are special relations between the participating countries.

4. In the Jamaican currency system, the IMF's right to supervise exchange rates expanded. The IMF has developed the basic principles that the IMF member countries must follow during the course policy so that the international monetary system as a whole has functioning effectively. The essence of these principles is reduced to the following:

a) The exchange rate must be economically justified. Countries should avoid manipulating a currency rate in order to prevent the necessary regulation of PB or receiving unfair competitive advantages;

b) to intervene in order to smooth significant chaotic short-term coursework;

c) when intervention, take into account the interests of other countries. Basic criteria were also developed to determine whether the country performs these principles.

Currently, in world conditions financial crisis, the most difficult direction of the anti-crisis strategy is to prepare the reform of the modern world (Yamaican) currency system, taking into account the duration of this process, as shownthe history of the reorganization of the previous three world currency systems - Paris, Genoese, Brettonvudskaya.

The conceptual basis for the formation of the position of the Eurasian countries on this issue is the detailed plan of radical renewal (Pro) of the World War II Discussed at the Astana Economic Forum currencysubmitted by the President of the Republic of Kazakhstan Nazarbayev N.A. In addition, the "old defective system of world currencies."

Indeed, the monopoly use of national currencies of individual countries as the world contradicts the global nature of the global economy and the new relationship between economic and financial centers. The dollar standard established in the Bretton Woodship system (1944-1976) in the context of the strengthening of the US economic and currency potential as a result of World War II and remained essentially in the modern (Yamaican) world monetary system ratified by Member States of the IMF in 1976-1978 ., Provides a monopoly position of the dollar as a leading global currency. This generates an economic, including currency egoism, as the United States uses the preferred position of the dollar to cover the national currency of the major deficit of its balance of payments ("shortage without tears", according to the expression of the French academician Jacques Ryuff) and entrusted to other countries care for maintaining them Currencies in relation to the dollar.

It is important to take into account that, losing the official status of the dollar as a reserve currency as a result of the collapse of the Bretton Woodland currency system, the United States retained its leading positions in the modern (Yamaican) currency system. This is evidenced by a significant proportion of the dollar in the SDR currency basket - special borrowing rights - (44% since 2006) compared with Euro (34%), pound sterling (11%), yen (11%). American-centric model of the modern world monetary system and world financial market Enhances the dependence of the currencies of other countries from the economic and currency state of the United States and their policies. This contributes money-credit policy USA. More than half of banknotes issued by federal reserve banks are referred to outside the United States. Every year, about $ 100 billion in the international turnover of the United States comes from the United States, with the change in the world's energy and the occurrence of the repayment of external dollar loans arises disproportion between dollar mass in international turn and the needs of the global economy, between supply and demand for the American currency, which affects the currency exchange rate of other countries.

Practical tasks

Exercise 1

Based on the submitted data of the balance of payments of the Conditional country X for 2000, give reasonable answers to the following questions (the numbers are indicated in billion dollars).

Commodity export	+80
Commercial import	-60
Export services	+30
Import services	-20
Clean investment revenues	-10
Clean transfers	+20
Influx of capital	+20
Capital outflow	-80
Official reserves	+20

1) What is the magnitude of the trade balance?

2) determine the balance of the balance sheet calculations of the country X.

Answer:

Balance balance It is formed as the difference between exports and imports of only goods (excluding services).

Trading balance amounted to 80-60 \u003d $ 20 billion.

Balance balance of official calculations It is the most common definition of a total (final) balance of payments and indicates an increase in (decreasing) of liquid demands on the country from non-residents or an increase in (decreasing) of the country's official reserves in foreign liquid assets. This balance covers all articles except the "Reserve Assets" article.

The balance of the balance sheet of official calculations is 80-60 + 30-20-10 + 20 + 20-80 \u003d -20 billion dollars.

Task 2.

How will the increase in the course of the national currency on the interests of exporters affect the interests of exporters? For the interests of importers? Justify the answer.

Answer

With an increase in the national currency exchange rate, the cost of domestic goods for foreign consumers will increase (the price increase will lead to a decrease in demand), therefore, this will adversely affect the interests of exporters. At the same time, with an increase in the course of the national currency, it will be much more profitable to acquire foreign goods (their price, expressed in rubles, will decrease), i.e. This will have a positive effect on the activities of importers.

Task 3.

How will it affect the physical export and import of Russia to raise the ruble exchange rate?

- exports and imports will grow;

- Export will grow, and imports will decrease;

- export and import will reduce;

- Export will decrease, and imports will increase;

- There will be no change in any export or import.

Justify the answer.

Answer

With raising the ruble exchange rate, exports will decrease, and imports will increase.

Suppose the current ruble exchange rate is $ 1 \u003d 30 rubles, while it is expected to increase to $ 1.2 \u003d 30 rubles. (or 1 $ \u003d 25 rubles).

As a result of raising the course, the rise of the ruble occurred, and the cost of the currency, i.e. For currency exchange, it is necessary to use less rubles (at the same time, the price of foreign goods, expressed in foreign currency, remained the same). Consequently, the demand for imported goods will increase (with lower prices, demand increases).

The export of goods will happen the opposite situation: to buy them to buy foreign consumers will have to change much more currency than before. Export goods will be more expensive, therefore, the demand for them will be reduced.

Task 4.

Conditional country at the end current year Features the following international assets and obligations to foreigners:

Residents of the country own $ 30 billion debt obligations issued by foreign states;


The Central Bank of the country has gold to 20 billion $, as well as foreign currency assets by $ 15 billion as official reserve assets;


Foreign firms invested $ 40 billion in production capacity;


Residents of foreign countries own debt obligations by $ 25 billion, issued by the companies of the country


Determine whether the country is a lender or borrower in the system of international economic relations? In the event that for the year in the country, the surplus on account of current operations is formed, what effect does this affect the international investment position of the country?


Answer


Balance balance on current operations is considered, as a rule, as a reference balance of the balance of payments, since determines the country's need for financing, while simultaneously a factor in foreign economic restrictions in the internal economic Policy. The positive balance of the current balance of payments means that the country is a net lender in relation to other states, and vice versa, current operations deficit means that the country becomes a pure debtor, obliged to pay for net imports of goods, services and finance transfers. In fact, the country with a positive balance of the current balance of payments invests a part of national savings abroad instead of increasing the internal accumulation of capital.


Balance balance on current operations 30-25 \u003d $ 5 billion. (i.e. the country is a lender).


The balance of capital and finance motion is actually a mirror reflection of the state of the current balance, as it shows the financing of the stream of real resources.


Balance of capital and finance movement: $ 40 billion.


The reserves of the country amounted to 20 + 15 \u003d $ 35 billion.


Task 5.


The Japanese automotive company exports cars to the United States and sells them at a price of $ 10 thousand. The cost of production of 1 car is 11 thousand yen. The exchange rate is 165 yen for $ 1. How will the profit of Japanese exporters (expressed in yen) change when the yen rate is raised to $ 1.2? High or low yen rate is beneficial to Japanese exporters?


Answer


During the course $ 1 \u003d 165 yen, the Japanese car will cost $ 10,000 (10,000 * 165 \u003d 1 650,000 yen), while the profit of the automotive industry, expressed in yen, will be 1,650,000-11,000 \u003d 1639000 yen.


When raising the course: $ 1.2 \u003d 165 yen (or 1 $ \u003d 165 / 1,2 \u003d 137.5 yen), the Japanese car will cost $ 10000 (10,000 * 137.5 \u003d 1 375,000 yen), with This profit of the automotive industry, expressed in yen, will decrease and will amount to 1,375,000-11,000 \u003d 1,364,000 yen.


Consequently, the Japanese automotive company is beneficial to a lower yen rate in relation to the dollar (1 $ \u003d 165 yen), because at a low price Japanese cars are more competitive in the United States and provide Japanese manufacturers more profits.


Task 6.


Consider the following data:


Consumption of foreign goods and services	100
Consumption of domestic goods and services	900
Investment expenses for foreign goods and services	20
Investment costs for domestic goods and services	180
State procurements domestic goods and services	240
Taxes	450
Budget deficit	60
Pure export	200

On their basis, determine what is equal to the overall export?


Answer


Budget deficit - the amount of excess budget expenditures over its income for the current year.


Budget deficit \u003d Public procurement of domestic and imported goods and taxes


Public procurement of imported goods and services + 240-450 \u003d 60


Public procurement of imported goods and services \u003d 60 + 450-240 \u003d 270


Net export volume - export cost less import value.


Common export is 900-240 \u003d 660


Task 7.


If the currency rate decreases, how will this affect the terms of export activities? On exporting activities? (positively or negative). Answer justify and confirm with specific examples.


Answer


When the ruble rate is reduced, export will increase, and imports will decrease (will affect positively).


Suppose the current ruble exchange rate is $ 1 \u003d 30 rubles, while it is expected to decrease to 1 $ \u003d 35 rubles.


As a result of the decline in the course, the ruble should be reduced, i.e. For the exchange of foreign currency to rubles it is necessary to use more rubles (at the same time, the price of foreign goods, expressed in foreign currency, remained the same). Consequently, the demand for imported goods will decrease (when the price is raised, the demand falls).


The export of goods will happen the opposite situation: to buy them to buy foreign consumers will have to change much less currency than before. Export goods will become cheaper for foreign consumers, therefore, the demand for them will increase.


Task 8.


Balance deficit can be financed:


- by devaluation of the national currency;


- by reducing interest rates;


- due to the growth of the assets of the country abroad;


- by increasing external debt;


- Using all of the above economic events.


Explain your answer.


Answer


Payment balance - Balance account of international operations is the value of the entire complex of foreign economic relations of the country in the form of revenues and payments.


The balance of payments deficit can be financed by increasing external debt. Those. The country attracts additional funds (loans, borrowing) to balancing their balance of payments.


The account deficit of current payment balance operations can be financed: by selling a part of assets to foreigners, i.e. Due to the investment of foreign capital in the economy of a given country in the form of direct or portfolio investments.


The balance of payments deficit can be financed by the devaluation of the national currency (a decrease in the country's gold reserves for covering the current balance of payments).


The decline in interest rates leads to an increase in business activity in the country (enterprises can attract cheap loans and develop production), increasing inflation and cheapening of the national currency (depreciation of the national currency contributes to the growth of the competitiveness of domestic manufacturers abroad and leads to an increase in exports), which can also contribute to the growth of exports) Balance deficit.


Task 9.


In the conditions of a fixed currency corridor, the Central Bank of the country conducts currency interventions in the domestic foreign exchange market. In which cases, the central bank sells a reserve currency, and in what cases does it buy it? What is the purpose of the central bank, conducting such operations?


Answer


The currency corridor is the limits of the exchange rate fluctuations, installed as a method of its state regulation and maintaining the central bank through the purchase and sale of currency. Currency interventions of central banks are intended to counteract the decline in the national currency rate or, on the contrary, its increase.


If the ruble rate relates to foreign currency decreases (the population prefers to use in the calculations of currency, and not rubles; the demand for the currency is higher than its proposal), therefore, the central bank must sell this currency to ensure its proposal and prevent further decline in the ruble.


If the ruble rate in relation to foreign currency is growing (ie, the population refuses to use currency, sells it for rubles and tries to conduct all calculations in rubles), then the central bank should buy this currency (for rubles)To ensure the demand for it and prevent further raising of the ruble exchange rate (for example, in order to support the course in the conditions of a fixed currency corridor, support for domestic producers).


Task 10.


The costs of the enterprise per car are equal to 90,000 rubles. How will the factory profit from the export of each car, if:

Answer


Volzhsky Automotive Plant exports its products at a price of $ 4000 per car. The exchange rate is 30 rubles for $ 1.

Revaluation (Restoration) — restoration Former gold Cash Content or increase the solvency of the national currency.

Revaluation limits the influx into the country of foreign speculative capital and allows you to restrain the increase in the money supply in circulation, slow down the growth of domestic prices.

For example, after the First World War during the monetary reform of 1925-1928. In England, a pre-war gold content of pound sterling was restored. After World War II, revaluation was carried out by increasing the official exchange rate to the dollar, and then the increase in the gold content of the monetary unit was recorded.

Devaluation

Devaluation- the official decline in the gold content of the monetary unit or its exchange rate (reduction in the purchasing power of the national monetary unit with respect to foreign currency).

The devaluation officially enshrines the actual depreciation of paper money under inflation. In 1998, foreign economic imbalance was eliminated, reduced the level of domestic prices in the country compared with the world and made the economy more competitive, reduced the level.

Devaluation is the depreciation of the national currency in relation to foreign. The terminology used to characterize changes in the currency is not always correctly assessed by the content of such measures. For example, conducting a denomination, as a rule, means a decrease in the nominal expression of issued monetary signs. A similar assessment is practically acceptable to characterize the denominations conducted in our country. This refers to the denomination of 1922, when the ruble of the release of 1922 replaced 1000 previously issued monetary signs, as well as in 1923, when newly released signs correlated to the signs of the sample of 1922 as 1: 100.

Subsequently, in 1961, a replacement of previously issued monetary units in the ratio of 10: 1 to unit 1961 was carried out. Such a measure was a denomination that was reduced to a change in the nominal expression of the monetary unit, which was important mainly for money turnover within the country. However, simultaneously with the denomination, the gold content of the monetary unit was reduced by 4.5 times. It could not be characterized as a denomination, but was an independent measure that had a relationship mainly to operations with foreign states.

The name of the denomination in the decree of the President of the Russian Federation dated August 4, 1997 "On changing the nominal value of Russian monetary marks and a scale of prices" was not performed. The denomination is the "zeros crossing" method, i.e. Enlarging price scale. In Russia in 1998 there was a denomination of the ruble in the ratio of 1: 1000 old rubles. In accordance with the decree, the denomination of the nominal value of monetary signs was envisaged, and not a monetary unit, while the denomination applies not only to cash monetary signs, but also for money non-cash turnover.

Denomination

Denomination- Strengthening the state of its monetary unit, the decline in the nominal value of the monetary signs (zerule curbing the price enlargement by hovering zeros).

The denomination is used to streamline cash circulation and simplify calculations. At the same time, the old issues of monetary signs are exchanged for new issues of paper money expressed in larger counting units.

In Russia, on August 17, 1998, the devaluation of the ruble was carried out almost four times, namely - instead of the course 6.1 rubles. for $ 1 was installed new course in 24 rubles. For the US dollar. In the context of the financial crisis of 2009, a smooth decline in the ruble exchange rate led to the fact that $ 1 worth 36.7 rubles. It must be borne in mind that changes and above all reducing the ruble exchange rate are accompanied by a number of consequences, including:

• an increase in interest in increasing exports, since per unit of currency revenue can be obtained great amount in rubles;
• rising prices in the domestic market, especially on imported goods, which can affect the deterioration of the material situation of the population;
• reducing the value of ruble savings (cash and money stored in banks);
• deterioration of the conditions for importing equipment.

All this should serve as a motive for the state of certain measures to eliminate the negative consequences of a decline in both enterprises and the population.

Cash reforms in Russia

• production growthcontributing to the increase in the amount of supply of goods and limiting the possibility of price increases, which is of paramount importance to maintain the resistance of the monetary unit;
• badget deficing, allowing to do without the use of monetary emission and to attract a loan to cover the cost of the budget, due to which it is limited to the restriction of solvent demand and its possible impact on the rise in prices;
• availability of sufficient gold reservesallowing to maintain the stability of the national currency exchange rate, and if necessary, use such reserves for the importation of goods, increase their offer in the market.

The value of each of the listed factors when conducting various monetary reforms is different, only if there are all these prerequisites, the reforms can be successful. So, when holding the reform Witte in Russia in 1895-1897. There were necessary prerequisites in the form of production growth and almost a short-state budget. However, since this reform provided for the transition to the free exchange of monetary signs on gold, the accumulation of sufficient gold reserve was of particular importance. To solve this problem, the slogan "Do not apparem, and take out", which has allowed, thanks to the increase in exports, to accumulate the necessary gold reserve and successfully complete the monetary reform.

Monetary reform 1922-1924

The following monetary reform in our country was conducted in 1922-1924. And it was aimed at eliminating the negative consequences of the First World and Civil Wars and, in particular, withdrawal from the turnover of a rapidly depreciable monetary unit.

Despite the absence of the necessary prerequisites for the implementation of monetary reform, the conditions that required its early implementation arose. They consisted that in the turn, the foreign currency was increasingly functioning, which turned out to be used rapidly depreciable monetary signs. Therefore, the holding of reform was launched by the end of 1922 in the form of the release of Chervonets. However, due to the lack of necessary conditions, the reform was not completed immediately, but only in early 1924

It was important that this time had an increase in production, especially agricultural, and at the disposal of the state was relatively sufficient zolotovolny reserve. At the same time, there was a significant budget deficit, to cover which the emission of monetary signs was used. Overcoming budget deficit Provided before the beginning of 1924, which led to the duration of the reform.

Monetary reform of 1947

The following monetary reform in our country was held in 1947. It was aimed at eliminating the consequences of the war 1941-1945. in the field of money circulation in which there was an excessive mass of money; normalize the amount of money supply; Create a stable monetary unit, especially since the country's distribution card system has remained in the country, in which products were implemented at low prices, and there were commercial trading without the use of normalized distribution, where the goods were sold at overestimated prices. Therefore, the reform provided not only the application of a new monetary unit, but also abolition of the card system, normalized product distribution and the transition to trade at uniform prices.

By this time, the country had the relevant prerequisites for the reform, including the growth of production, income and budget expenditures were practically balanced, there was a sufficient gold and foreign exchange reserve. Nevertheless, the arrangement of the reform in 1946 was postponed in 1947 in connection with the crown of 1946; A good harvest of 1947 contributed to the conduct of reform.

Monetary reform of 1961

In 1960, it was decided to a new change in the scale of prices and an increase in the gold content of the ruble from 0.222168 g of pure gold in 1950 to 0.987412 g of pure gold in 1961, i.e. more than four times.

Changing the scale of prices from January 1, 1961 was that all cash, internal debt, money income Population, prices and tariffs were recalculated in the ratio of 10 old rubles to 1 new ruble. Celebrate tickets of the USSR were released in dignity 100, 50, 25 and 10 rubles. and treasury tickets 5, 3 and 1 rub. New coins were accepted: 1 rub., 50, 20, 15 and 10 kopecks. from MSDNonix, alloy and 5, 3, 2 and 1 kopecks. From brass. The exchange of money was carried out within three months: from January 1 to April 1, 1961

In 1991 - 1993 In connection with the political and inflationary processes and the collapse of the USSR, 50- and 100-ruble bills of banking tickets of the USSR were first replaced. Officially, the need for this reform was explained by several reasons:

• in the former republics of the USSR, there are many savings in Soviet money, and these accumulations could increase inflation in Russia;
• there were many in the country fake bills large dignity;
• it was necessary to remove illegal capital that were kept in large bills.

After this reform, the state established by the state rose. From January 1, 1992, coupons were canceled, and prices were announced free. After that, prices and inflation began to grow rapidly.

At the first stage Central Bank RF has been conducted several consecutive issues of bills of increasingly higher dignity. In 1992, the first banknotes appeared in circulation Central Bank RF 5000 and 10,000 rubles, in 1993 - a new series of banknotes with rates of 100, 200, 500, 1000, 5000, 10,000 and 50,000 rubles. From July 24, 1993, all banking and treasury tickets of the USSR release 1961 - 1992 and Tickets of the Central Bank of the Russian Federation of 5,000 and 10,000 rubles. Sample 1992 elevated from appeal to the territory of the Russian Federation. In 1994, mainly in order to protect them from fake, modified banknotes of the Central Bank of the Russian Federation in 5,000, 10,000 and 50,000 rubles were issued. Sample 1993, but on paper of different colors for each nominal and with a modified watermark and improved seal.

In 1997, it was decided to enlarge the monetary unit, i.e. Denominations of the ruble. This was due to the fact that there was a small increase in the gross national product of the country, and inflation was practically closer to normal.

The reform of 1998 was to consolidate the ruble 1000 times, and, in contrast to previous reforms, it was not rapid restriction on the timing and amount of money exchange. Denominated and non-informed ("new" and "old") money was in circulation at the same time throughout 1998

The experience of monetary reforms in Russia confirms that the required prerequisites for their conduct are the growth of production, the deficiencies of the budget, the presence of gold and foreign exchange reserves, although each of the reforms carried out differ in its peculiarities. The general requirements for the implementation of reforms retain their value.

332. Monetary reform- this is:

A.Full transformation of the country's monetary system.

B. The long-term policy of the state aimed at you
Testing with paper money for metal money.

C. Full or partial change in the monetary system of the country
us.

D. The process of loss of gold of cash functions.

333. The purpose of the monetary reform is:

A.Cosmetic replacement of applying monetary signs,
give them a more convenient format and coloring,
Degree of protection.

B. Stabilization of money circulation or simplifying
Catching its functioning.

C. Conducting a set of events aimed at
Anoreutment of the exchange rate of the national monetary
Nice.

D. Changes in the country's scale in the country.

334. The main methods of stabilization of money circulation
And currencies are:

A. Revaluation, devaluation, stagnation, Contribution.

B. Inflation, deflation, stagnation, income policy.

C. Nullification, Standardization, Unification, Domin
.

D. Nullification, devaluation, revaluation, denomination.

335. Dealvation suggests:

A.Reducing the gold content of the monetary unit or its

B.

and the introduction of a new currency.

336. During the monetary reform, the replacement of old money
for new:

A.It is always carried out.

B. It is carried out only with the devaluation of the national currency.

C. may not be held.

D. Conducted only when revalvating the national
Lute.

337. When circulating the value of the value of the devaluation of the national
Noah currency means:

A.

C. Increased its official exchange rate.

D. Reducing its official exchange rate.

338. Nullification suggests:

A.Increasing the gold content of the monetary unit or
Its official exchange rate.

Official exchange rate. .

C. Enlightening price scale in the country.

D. Cancellation of a highly incredible monetary unit
and the introduction of a new currency.

339. The method of limiting money demand through monetary
Dit and tax mechanisms by reducing state
Expenses, raising interest rate for credit, strengthening on
The lair press, the limitations of the money supply, is called:

A.Revaluation.

B. Deflation.

C. devaluation.

D. Denomination.

340. Revaluation suggests:

A.Increasing the gold content of the monetary unit or
Its official exchange rate.

B. Reducing the gold content of the monetary unit or its
Official exchange rate.

C. Enlightening price scale in the country.

D. Cancellation of a highly incredible monetary unit
and the introduction of a new currency.

341. Demonstration is:

A. Reducing the official exchange rate of money
Nice in relation to foreign currencies.

B. A set of measures to limit the monetary dispro
sa through monetary and tax mechanisms
Threads of reducing government spending, increased pro
value bet for credit, strengthening the tax press,
Restrictions of money supply.

C. The process of loss of gold of cash functions.

D. Enlightening the scale in the country.

342. When handling full-fledged money, the devaluation of the National
The national currency meant:

A.Reducing its gold content.

343. Denomination is:

A.Cancellation of a highly impaired monetary unit
and the introduction of a new currency.

Its official exchange rate.

C. Enlargement of the current price scale.

D. Reducing the gold content of the monetary unit or its
Official exchange rate.

344. When applying for the value of the cost revaluation of the national
Noah currency means:

A.Reduced its official exchange rate.

B. Enlargement of the current price scale.

C. Reducing its gold content.

D. Increase its official exchange rate.

345. Anti-inflation policy is a computer
Lex measures by:

A.Extension of the money supply in handling
Viewing stagnation of production.

B. Gradual translation of galloping inflation in hyper
inflation.

C. Stimulating imports.

D. State regulation of the economy, directed
Nomu to combat inflation.

346. Rubl revaluation is beneficial to Russian:

A.Exporters, because per unit of currency revenue

B. Importers, because by a unit of foreign currency
Ohh ruble equivalent.

C. Exporters, as they spend smaller ruble eq
Varov abroad.

For the purchase of goods abroad they will have to spend pain
Ohh ruble equivalent.

347. goal anti-inflation policy lies in:

A.Establishing control over inflation and acceptable for
national economy The pace of its growth.

B. Set the total control over prices and income
Mi, production and distribution of products.

C. Changes in the structure of the money supply, withdrawal
Metal coins and petty banknotes worthy
and replacing their larger advantages with banknotes.

D. Prohibition of cash circulation and its rep
Local replacement non-cash monetary turnover.

348. When handling full-fledged money revaluation of Nazio
The national currency meant:

A.Reducing its gold content.

B. Increase its gold content.

C. Its cancellation and replacement of a new currency.

D. Enlargement of the current price scale.

349. Method of stabilization of money circulation related to
revocation of a highly impaired monetary unit and introduce
The new currency is called:

A.Devaluation.

B.Nullification.

C.Denomination.

D.Revaluation.

350. Configational monetary reform assumes:

A.Full sale of country gold reserves.

B. Freezing and cancellation of deposits, establishment
hard parameters of the exchange of old monetary signs on
New.

C. Establishment of a limited scan of old money
No signs on new exchange amounts without limitation.

D. Full seizure from the treatment of highly impaired on
national currency and an introduction to appeal as
legitimate purchasing and payment agent more
strong foreign currency.

351. Revenue policy as a method of anti-inflation policy
ki suggests:

A.Parallel control of prices and wages
Makers of their growth.

B. Full state refusal from price level regulation
and wages in the country.

C. Restriction of monetary demand through monetary
and tax mechanisms by reducing state
expenses, increase interest rates for credit, effort
Tax press, money limitations.

D. Enlarging the scale of prices in the country.

352. The method of stabilization of money circulation related to
a decrease in the gold content of the monetary unit or its official
Currency rate, called:

A.Denomination.

B. Revaluation.

C. devaluation.

D. Deflation.

353. Deflation is:

A.Parallel control over prices and wages
by full freezing or establishing
Makers of their growth. % S.

B. The process of loss of gold functions.

C. Method of limiting money demand through monetary
Dit and tax mechanisms.

D. Method "Crossing zeroshi", i.e. Enclosing scale
prices.

354. Enlargement of the current scale of the certificate
It is about:

A.Denomination.

B. Deflation.

C. Nullification.

D. Revaluation.

355. Method of stabilization of money circulation related to
increasing the gold content of the monetary unit or its office
Oral exchange rate is called:

A.Devaluation.

B. Denomination.

C. Deflation.

D. Revaluation.

356. The devaluation of the ruble is beneficial to Russian:

A.Exporters because they spend smaller ruble eq
Vivalent per unit foreign currency for procurement
Varov abroad.

B. Importers, because they get a big ruble
Equivalent to a unit of revenue in foreign currency at
selling goods abroad.

C. Exporters, because per unit of currency revenue
They get a greater ruble equivalent.

D. Importers, because by a unit of foreign currency
For the purchase of goods abroad they will have to spend less
Ohh ruble equivalent.

357. Set the compliance of the designated characteristics
Specific methods for stabilizing cash circulation and currencies.

358. Set the compliance of the designated measures to specific methods for stabilizing the money circulation.

359. A comprehensive monetary stabilization policy is based on implementation:

A.Deflation and income policies.

B. Denominations and shifting.

C. Deflations and denominations.

D. Dealvation and revaluation.

360 ......... changes when conducting a denomination in the country
national monetary unit.

One of the rather controversial and ambiguous measures of state regulation of the national currency is its revaluation. In contrast devaluation, currency revaluation means increasing its exchange rate (or gold content - while there was still a foreign exchange standard in the go).

It would seem that devaluation should have a positive effect on the economy. Nevertheless, this measure of currency regulation is not very popular. This is due to the fact that the state, artificially revaluating its currency, puts itself in a fairly unfavorable position in the field of international trade, and, in addition, the influx of foreign capital and tourists.

What does currency revaluation mean

Globalization and integration of open national economic Systems It leads to the action of purely market mechanisms: a country that revalted currency becomes unreasonable "dear", and, therefore, less attractive for other states in any field of international cooperation. Hollow the cost of the currency is the same as sitting on the market to sell standard products more expensive than neighbors-competitors. Therefore, they are resorted to this measure in extreme cases - within the framework of anti-inflation policy.

Devaluation and revaluation are a consequence of inflation processes in the economy and violation of the balance of payments. But the latter makes sense to carry out only countries with a chronically active balance of payments. That is why it has repeatedly resorted such states as Switzerland, Japan in the second half of the XX, Japan, Germany.

Consequences of revaluation

This method of currency regulation is effective to combat moderate inflation (within 10%), while increasing the solvent supply of the population, it stimulates consumption in the domestic market and increases social security. But revaluation has negative consequences:

• deterioration of the balance of payments;
• increase prices of exported goods in foreign currency, which makes them non-competitive and reduces sales of domestic enterprises working for export;
• the growth of imports (the relative cheapness of imported goods causes the national manufacturer working on the domestic market);
• investors in foreign capital are becoming disadvantageous, which leads to foreign investment outflow;
• foreign tourists becomes expensive to come to the country, which revalted its currency, and, on the contrary, the foreign tourist activity of citizens of such a country increases.

The revaluation of the national currency must be carried out weigly and carefully not to disrupt the position of the state in the international arena. Not every state, like Switzerland or Japan, can afford to make a measure of anti-inflation policy. Therefore, the revaluation of the ruble in the situation of economic stagnation is completely inappropriate.

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