The international monetary system - Реферат

Contents Introduction Chapter 1. International monetary system 1.1 Currency and its types Chapter 2. The main world currency - Euro, Dollar, Yuan 2.1 Euro 2.2 Dollar 2.3 Yuan Chapter 3. Euro, Dollar, Yuan today and Scenarios on the Future of the International Monetary System Conclusion Bibliography Introduction The initiative on Euro, Dollar, Yuan Uncertainties - Scenarios on the Future of the International Monetary System began in early 2011 against a background of increasing concerns among many Forum members and constituents about the state of the global economy. Currency volatility and fiscal crises have consistently featured as key global risks in the World Economic Forum’s Global Risks Report in past years. Over the course of 2011, the escalating sovereign debt crisis in Europe, discussions around the sustainability of US debt levels and questions around economic reforms in China have exacerbated the challenges to global economic stability. In this context, the Forum has mobilized key resources, including its Strategic Foresight, Europe, Financial Services, Global Risksand Global Agenda Council teams, to initiate a process aimed at supporting stakeholders in better understanding how these uncertainties may play out, and how stakeholders can prepare for plausible yet challenging alternative scenarios. This report is the synthesis of the insights generated in a process engaging over 200 policy-makers, private sector leaders and academic experts through discussions and a series of high-level workshops in Brussels, New York, London, Beijing, Davos-Klosters and Dalian. This dynamic interaction complements a number of related Forum initiatives including those of the Global Agenda Councils on the International Monetary System, Fiscal Crises and Institutional Governance Systems, the B20 Task Force on the Future of the International Monetary System, as well as the Remodelling Europe Initiative which intends to deepen policy discussions on how to provide a more stable economic environment and increase the growth outlook for Europe. We hope that you find the insights informative and thought-provoking, and that this report will continue to serve as the basis for productive strategic conversations between stakeholders. The way policy-makers deal with these internal adjustment challenges will significantly influence the context for the future of the international monetary system. The dominant narrative of how these adjustments will play out is that the continued growth of imbalances will progressively undermine international faith in the US dollar, leading to a gradual rebalancing towards the euro and eventually the yuan. The result will be a multipolar “tripod of reserve currencies, which under cooperative management, creates a self-supporting system that is more resilient to the build-up of imbalances than a system characterized by a single reserve currency. Chapter 1. International monetary system At the base of the international macroeconomics is the present international monetary and financial system, which indirectly reflects the relationships between the various actors in the international economy. The international monetary and financial system (international monetary system) - enshrined in international agreements form of monetary and financial relations that operate independently or serving international movement of goods and factors of production. Monetary and financial system is a necessary link that lets you develop international trade, financial instruments and movement of factors of production. It consists of two groups of elements: 1. Foreign exchange elements, namely the national currency, the conditions of mutual convertibility and circulation, exchange parity exchange rate and the national and international modes of regulation. 2. Financial elements, namely the international financial markets and trading mechanisms specific financial instruments - currency, securities, loans. Another element can be considered international payments, which serve the movement of goods, services and factors of production and financial instruments. 1.1 Currency and its types Currency - is any product that is able to carry cash as a means of exchange in the international market. In a narrow sense - is the cash portion of money that circulates between countries. [1] The types of Currencies: 1. According to holder: · National currency (legal tender of a country that used in the country) · Foreign currency (legal tender of other countries, legally or not legally available in her country.) 2.