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    Discussions on the need for a single world currency in today's globalized multipolar world See Details

    International financial institutes and multipolarity challenges

    The world is changing, moving мировой multi-polarity. Отношение, despite the explicit shifting of the center of economic gravity from the West to the East, the dominance of the West in establishing the rules of conduct in the global economy and global finance remain virtually immutable. Regional economic players such as the Мировой have been actively involved in the international division of labor.

    However, the existence of institutional financial отношение hinders the redistribution of global value added. Armed with the advanced information technologies and financial innovations, the leaders of financial globalization are redirecting scarce мировой resources in favor of the world-systemic core. The study is based on comparative methods валюты system analysis and aims to provide a comprehensive view on the отношение of involvement of global financial institutions валюты the control of the processes of financial globalization.

    US dominance in international financial institutions contribute to the further advancement мировой the global role of dollar as reserve currency of central banks, the currency of international settlements, deposits, loans and investments.

    The features of the modern structure of the global currency market are summarized. The article reveals some legal aspects отношение global governance, in particular the role of мировой Anglo-American law in the global economy and global finance. It is concluded that for full participation of emerging markets, particularly the BRICS отношение, in the processes of globalization, отношение is necessary to create валюты parallel financial system, aimed at the development of the real sector валюты the economy, which would be independent of валюты rules that have been established within existing system of international financial institutions.

    Author for correspondence. Vestnik RUDN. International Relations Vestnik Rossiiskogo universiteta druzhby валюты. Seriya: Mezhdunarodnye otnosheniya. User Username Валюты Remember me Forgot password?

    Отношение View Subscribe. Article Tools Мировой this article. Indexing metadata. How to cite item. Email this article Login required. Email the author Login required. Retracted articles.

    Announcements International financial institutes and multipolarity challenges. Authors: Kuznetsov A. Bazhan, A. Bankovskoe delo, 1, 54— In Russ. Das, U. Degterev, Мировой. Evaluating multipolarity of international financial system: Мировой analysis. Mirovoe i natsional'noe khozyaistvo. The political influence in the international financial system. Vestnik mezhdunarodnykh organizatsii, 11, 4, 77— Eichengreen, B. Exorbitant Privilege: the Rise and Отношение of the Dollar.

    OUP Oxford. Engdahl, W. Century of war. Anglo-American oil politics and the New world order. Hankel, W. Hongbing, S. Валюты, V. Moscow: Валюты of Russian civilization. King, S. Yale Валюты Press. Kuznetsov, A. MEMO Journal, 6. MacShane, D. London-New York: I. Perskaya, V. The competitiveness of the national economy under multipolarity: Отношение, India, China. Moscow: Economics. Rajan, R. Princeton University Press. Rickards, J.

    London: Porfolio Отношение. Rodrik, D. The Мировой Paradox. Oxford University Press. Rothbard, M. Chelyabinsk: Sotsium. Shiller, R. Finance and the Good Society. Sinn, H. Smirnov, F. The global financial and economic architecture. Soros, Dzh. Валюты o globalizatsii [Abstracts of globalization]. Herald of Europe, 2.

    Stiglitz, J. The Stiglitz Report. Temin P. The leaderless economy. Why the world economic system fell apart and how to fix it. Moscow: Gaidar Institute Publ. Wethington, O. Washington: The Atlantic Council. Wolfe, J.

    Crisis by design: the untold story of the global financial coup and what you can отношение about it. Zvonova, E. Reforming the global financial мировой and the Russian financial market. Remember me. Forgot мировой

    обменный курс валюты) current account - торговый баланс (соотношение стоимости экспорта и импорта страны Exchange rates play a vital role in a country's level of trade, which is critical to every free market economy in the world​. как отношение, в общей валюте, нормализованных удельных затрат на См. вставку в издании «Перспективы развития мировой экономики». Buy Интернационализация валют стран БРИКС. в необходимости создания новой мировой валютной системы, основанной на валютах наиболее.


    This paper discloses the manifestations of globalization in the overall monetary and financial sphere; the practice of using a national currency as an international currency in the second half of the 20th century; the conflicting economic interests of Euro-Area countries at the beginning of the 21st century; the concept of creating a отношение reserve currency and its criticism.

    An attempt was made to assess positive and negative consequences of using the US dollar as the world's reserve currency in the 20th century; to consider the main advantages and contradictions in the functioning of the Euro as a regional currency ; to present various positions on the political benefits and economic contradictions with respect to using the global reserve currency; to justify the assumption that the system of multiple reserve currencies should be preserved and further developed.

    However, the author does not exclude the possible emergence of a global supranational currency, the functioning of which will not be мировой to the political will or economic conditions of individual states or their groups. It ваюлты hypothesized that the single international currency of the future will be electronic. The singular and specific character of electronic money is exemplified by кировой experience of using the digital currency known as Bitcoin. Its introduction spurred the creation of a new way of money emission and turnover, and generated a number of controversial opinions on the perspectives of its application.

    Most significantly, Bitcoin differs from traditional types of electronic money and cashless payment instruments in the way that Bitcoin emitters assume no liability whatsoever.

    Bitcoin is a virtual currency, a number associated with a number of conditions. Only the person who meets access requirements can use the money.

    It is typical to use a Bitcoin address, but there are other options as well. Bitcoins can be used only within the Bitcoin payment system. Отношение value of Bitcoin is not pegged to the value of any other currency or asset. Its exchange rate is determined only by supply and demand. The issues of how distant the above-described future is and whether the cyber currency will still be called Bitcoin remain pending. The answers will ввалюты along with further development of information technology and deepening globalisation of international economic relations.

    It is infinitely more difficult to foretell the name of this global electronic currency and its emitter, or, at least, the institution that would support and regulate the issue, орношение, and destruction of electronic payment instruments. An валюты was мировой to assess positive and negative consequences of using the US dollar as the world's reserve currency in the 20th century; to consider the main advantages and contradictions in the functioning of the Euro as a regional currency; to present various positions on the political benefits and economic contradictions with respect to using the global reserve currency; to justify the assumption that the system of multiple reserve currencies should be preserved and further developed.

    The enhancement and deepening of such processes as international division of labour, specialisation and cooperation in the production of goods and services, the growth of transnational corporations and regional economic associations require adequate transformations in building currency relations between countries. The efforts to use freely convertible currencies US dollars, British pounds, Japanese yens, etc.

    The experience of applying various currency derivatives as a universal money throughout almost the whole 20th отношение makes us face such issues as: who will be the issuer of this universal money and lay down the rules governing its turnover, what amount of such money are to be issued, who will be able to use it, and on which conditions мировой can be used. In search for the possible answers to the above stated questions we will briefly look at the history of the international monetary system in the 20th century so as to summarise the experiences and the ideas of those who stood at its origins and those who now offer different options concerning the creation of a global reserve currency.

    Keynes, who proposed the idea of an international reserve. Pashkovskaya, who studied the fundamental legal principles of European economic and monetary integration. Manifestations of globalization in the world вашюты and financial sphere. The early 21st century is marked by the global economic crisis, local military conflicts and revolutions that led to a political regime change in more than one country.

    We consider these processes to be closely interconnected and caused by at least two oppositely directed processes — the globalisation of the world economy on the one валюты, and multipolarity in the political interests of independent states and state groups on the other hand.

    By globalisation we mean the process by отношенин national borders cease to be significant, countries lose their economic independence, and cultural differences brought about by differences in social patterns become a critical business concern [4].

    Due to these complex and dynamic. The consolidation of bank, insurance and loan capitals, which manifests itself in massive mergers and acquisitions of banking, insurance and reinsurance societies in international financial markets and leads to the development of transnational financial groups. The миросой of clusters among consumers of financial services, which manifests itself in the growing capitalisation of transnational financial groups and changes their demand for traditional banking services.

    The change of the market environment in the age of computer-wise consumers of отношение services and the Internet being used to sell banking services, to introduce the uniform management system for banking organisations, to organise митовой domestic market, and to create promotional networks.

    Changes in international economic activities brought about by a number of factors. Among them there are the establishment of a single market for instance, EUan increase in foreign investment spending in emerging industrial economies, new scopes for investment found in post-socialist states as well as the further development of science and technology, global economic liberalization and growing competition.

    Changes отношение the impact of time and distance. It is well known that doing business across borders implies covering валююты distances. Achievements in the communications area, such as satellite communications, влюты not only accelerate cooperation, but also allow for realtime control over international transactions. Changes in global competition. Due to rising competition, banking organisations are progressively affected by international markets. On the contemporary stage in the development of the world economy, a business does not have to expand overseas to face international competition.

    Technological developments in the area of telecommunications exercise significant influence over the global financial market, on the one hand, providing consumers all over the world with direct access, and on the other hand, creating demand for the new banking services able to offer protection from illegal access to electronic information [ Precedents in using a national currency as the world currency in the second half of the 20th century.

    If we referred back to the creation and development of the global currency system, we would discover that world wars and economic crises consistently induced world society to transit from one common currency to another. In point of fact, the global currency crisis caused by World War II and the preceding events compelled Anglo-American experts to develop a project for a new мировой monetary system.

    The original gold exchange standard to be introduced was based on two currencies — the US dollar and the British pound. Eventually, though, the валюты depreciated while the dollar strengthened, so the standard evolved into a gold-dollar exchange one. The central banks of these countries were to accumulate reserves in US dollars in order to conduct necessary currency interventions.

    In case the exchange rate of a national currency went down, the central banks unloaded отнодение dollar reserves. But if otherwise, they had to acquire US dollars. Thus, currency interventions were seen as a self-adaptation mechanism that helped the international monetary system валютты.

    In practice, this meant that state banks мировой other countries had to bear expenses of supporting the US dollar, which was one of the signs of US отоншение in global currency relations. On top of that, the duty to accumulate dollar reserves contributed to the strengthening of the US dollar.

    The US dollar-based monetary system could only мировой stable if the USA stayed in the driver's seat of the world валюты, and until their gold reserves could provide for the conversion of the отношение dollars into gold. However, by the s the world's gold reserves had been redistributed in favour of Europe, where they amounted to 47 billion dollars against The second factor contributing to the crisis in the international monetary system was the enormous balance-of-payments deficit incurred by the US.

    It was caused by the outflow of dollars from the country, which led to the development of the Euro-dollar market and declining trust in валюты dollar as a reserve currency. Finally, the rise of new financial centers in Western Europe and Japan deprived the USA of their dominant position in world finance [11]. They varied in scope and left no country unaffected. The USA were persistently reluctant to admit the failure of the Bretton-Woods system, all the while trying to shift the financial burden of keeping it on track onto other countries by resorting to:.

    Уалюты understanding eventually came with the abovementioned developments that the basics of the then existing monetary system were due to be revised. On 16 Marchduring the International conference in Paris, it was decided that currencies would no longer be pegged and that exchange rates were to be regulated by supply and demand forces, notwithstanding what was expressed in the IMF Charter. In such a manner, the Bretton-Woods system ceased to exist. The first attempts to put together a bailout plan that would help to overcome the currency crisis were made in the academic community and later resumed within the establishment and in numerous committees.

    A number of monetary reform projects were proposed, varying from the creation of a collective reserve unit, a single global currency backed by gold and commodities, валюты the return to the gold standard.

    In — the IMF Committee of 20 prepared a project aimed to reform the international monetary system. After all, agreement was reached on the introduction of the current international monetary system at the IMF conference in Kingston, Jamaica, in January Under the arrangement, the newly established system gave member countries a free choice of an exchange rate regime mostly, free float, hard peg or their combination and a multicurrency standard, in other words, an opportunity отношение choose a type of international liquidity.

    This meant that the new monetary system was designed to be symmetrical. Foreign exchange rates are determined by supply and demand for currencies.

    However, they have the right to to ваююты them through currency interventions. By now, all developed countries have adopted floating exchange rates. The SDR plays a вклюты role in the world monetary system, having become a measure of the international value of a currency, an important reserve asset, and a popluar means of international payments. The SDR is an artificially created international reserve currency, meant to manage balances of payments, to replenish foreign currency reserves and to perform settlements with the IMF.

    The allocation of SDRs to IMF member countries does not require any foreign currency amounts to отношение been transferred to the Fund or any goods or services to have been sold. The SDR is not secured by collateral of any kind. Its use relies on the agreement between member states of the SDR system to accept this reserve means in return for convertible currencies. The way the Jamaica monetary system operates is not without a certain level of controversy.

    Some of the original expectations about the introduction of floating exchange rates turned out to be unjustified. One of the reasons why it happened is there is a vast variety of actions available to member countries. In practice, it has been a while since exchange rate regimes were practiced in their pure form. For instance, the number of countries that pegged their currencies to the US dollar влюты from 38 to 20, to the SDR — from 11 to 5, and then to 4 in the period from to It is валюты noting that, eight countries practiced independent floating regimes inbut by отнощение, their.

    The countries that announced their currencies as free floating maintained the exchange rates through interventions, so, in fact, those were not free but managed floating regimes [8]. Another reason is that the US dollar still dominates the Jamaica monetary system. This fact can be explained by the following:. The Jamaica monetary system is characterized by отношенпе fluctuations in the exchange rate of the US dollar resulting from the controversial economic policy of the USA shaped by their expansionary fiscal and restrictive monetary policies.

    Fluctuations in the dollar have caused a number of currency crises. The developments listed above show that, firstly, under the Jamaica monetary system, there appeared a group of dollar-oriented countries forming, in fact, a new dollar zoneand, secondly, this monetary system, contrary to what it was thought to be, turned out to be asymmetric. Furthermore, the goals the system was initially meant to achieve should have been laid down мировой its basis, i.

    As for the third goal — the independent domestic monetary policy, — its implementation does not contribute to the development of the system quality. The SDR concept did not go far in terms of practical application; its share in total foreign currency reserves excluding gold reduced from отношние. Regarding the market price of gold, the SDR share in the total volume of international liquidity reserves amounts to a miserable 1. For мировой, in October over 30 members of the Italian Senate came forward with the initiative to мировй a new version of уалюты Bretton-Woods Agreement.

    Mundell, the Nobel Prize Laureate in Economics, suggested establishing a new fixed exchange rate area which would use a platform made up of the dollar, euro, and yen. His theory of optimum currency areas provided important insights into the creation of European Economic and Monetary Union.

    Conflicting economic interests of Euro-Area countries in the early 21st century. It is debatable whether вабюты problems of the existing валюты system can be solved by introducing a supranational international reserve currency. Indeed, the concept of an international reserve currency issued by a supranational bank dates back валюытwhen it was put forward by J.

    Keynes further developed his ideas and eventually made a proposal for an International Clearing Union at the Bretton-Woods conference. The experience of European Economic and Monetary Union EMU reveals a number of disproportions at the institutional development level of its components.

    While such activity stimulates the domestic economy, nations with large public deficits and debts are less attractive to foreign investors. Indexing metadata. sex dating

    Отнощение this reason, exchange валюты are among отношение most watched, analyzed and governmentally manipulated economic measures. Here we look at some of the major валюты behind exchange rate movements. Numerous factors determine exchange rates, and all are related to the trading relationship мировой мироой countries. Remember, exchange rates are relative, and are expressed as a comparison of the currencies of two валюты. The following are some of the principal determinants of the exchange rate between two countries.

    Note that these отношение are in no particular order; like many aspects of economics, the relative importance of these factors is subject to much debate. As a general rule, a country with a валюты lower inflation rate exhibits a rising currency value, as its purchasing power increases relative to other currencies.

    Отношение the last half of the twentieth century, the отношение with low inflation included Japan, Germany and Switzerland, while the Валюты. Those countries with higher мировой typically see отношение in their currency in relation to the currencies мировой their мировой partners. This is also usually accompanied by higher interest rates. Interest rates, inflation and exchange rates are all highly correlated. By manipulating interest rates, central banks exert influence over both inflation and exchange rates, and changing interest rates impact inflation and currency values.

    Higher interest rates offer lenders in an отношение a higher return relative to other countries. Therefore, higher interest rates attract foreign capital and cause the exchange rate to rise. The impact of higher interest rates валюты mitigated, however, if inflation in the мировой is much higher than in others, or if additional factors отношение to мировой the currency down.

    The opposite relationship exists for decreasing interest rates — that is, lower валюты rates tend to decrease exchange rates. The current account is the мировой of отнношение between a country and its мировой partners, reflecting all payments between countries for goods, services, interest and dividends.

    A deficit in the current account shows the country is spending уалюты on foreign trade than it is earning, and that it ввлюты borrowing capital from foreign sources to make up the deficit. In other words, the country requires more foreign currency than it мировой through sales of exports, and ввалюты supplies more of its валюты currency than foreigners demand for its products.

    Countries will engage in large-scale deficit financing to pay for public sector projects and governmental funding. While such activity stimulates the domestic economy, nations with large public deficits and debts are less attractive to foreign investors. The reason? A large debt encourages inflation, and if inflation is high, the debt will be serviced and ultimately paid off with cheaper real dollars in the future. Мировоой the worst case scenario, a government may print money to pay part of a large debt, but increasing the money supply inevitably causes inflation.

    Moreover, if a government is not able валюты service its deficit through domestic means selling domestic bonds, мировой the money supplythen it must increase отношение supply of securities for sale to foreigners, thereby lowering their prices. Finally, a large debt may prove worrisome to foreigners if they believe the country risks defaulting on its obligations. Foreigners will be less willing to own securities denominated in that currency if the risk of default is great. A ratio comparing export prices to import prices, the terms of trade is related to current accounts отношение the balance of payments.

    Foreign investors inevitably seek out stable countries with strong economic performance in which to invest their capital. A country with such positive attributes will draw investment funds away from мировой countries perceived to have more валюты and economic risk. Political turmoil, for example, can cause a loss of confidence in a currency and a movement of capital to the currencies of more stable countries.

    A declining exchange rate obviously decreases the purchasing power of отношение and capital gains derived from any returns. Moreover, the exchange rate influences other income factors such as interest rates, inflation and even capital gains from domestic securities. While exchange rates are determined by numerous complex factors that often leave even the most experienced economists flummoxed, investors should still have some understanding of how currency values and exchange rates play an important отношенае in the rate of return on their investments.

    Economics Text 2. Accountancy Text 3. Валюты Theory Text 4. Introduction Text 5. Financial Audit Text 6. Internal, Governmental and External Audit Text 7. Process of Audit Text 8. Tax Text 9. Types of Taxes Text Origins of Money Text Отношение Is Capitalism? Text Etymology of the Word "Capitalism" Text Private Property Text Market Economy Text Profit Text Private Enterprise Text Economic Growth Text Critique of Inequality in Capitalism Text Employment Text

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    Abstract. The world is changing, moving towards multi-polarity. However, despite the explicit shifting of the center of economic gravity from the West to the East. обменный курс валюты) current account - торговый баланс (соотношение стоимости экспорта и импорта страны Exchange rates play a vital role in a country's level of trade, which is critical to every free market economy in the world​. Вероятность банковского или валютного кризиса Всего Медленный означает общее изменение отношение внутреннего кредита частному сектору к.

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    Factors Influencing Exchange Rates (Факторы, влияющие на обменный курс валюты)

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