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This document discusses different types of monetary systems, including bimetallism and monometallism. Bimetallism uses two metals (gold and silver) as currency, with three versions: full bimetallism which uses a fixed exchange ratio between the metals; parallel bimetallism which establishes the exchange ratio through legislation; and partial bimetallism which fixes the ratio but only allows the metals to be used at that ratio. Monometallism uses a single metal (gold or silver) as currency. In the 19th century, monometallism transitioned from silver to gold as the dominant metal. By the early 20th century, most countries had abandoned metallic currency in favor of paper money and foreign
This document discusses different types of monetary systems, including bimetallism and monometallism. Bimetallism uses two metals (gold and silver) as currency, with three versions: full bimetallism which uses a fixed exchange ratio between the metals; parallel bimetallism which establishes the exchange ratio through legislation; and partial bimetallism which fixes the ratio but only allows the metals to be used at that ratio. Monometallism uses a single metal (gold or silver) as currency. In the 19th century, monometallism transitioned from silver to gold as the dominant metal. By the early 20th century, most countries had abandoned metallic currency in favor of paper money and foreign
This document discusses different types of monetary systems, including bimetallism and monometallism. Bimetallism uses two metals (gold and silver) as currency, with three versions: full bimetallism which uses a fixed exchange ratio between the metals; parallel bimetallism which establishes the exchange ratio through legislation; and partial bimetallism which fixes the ratio but only allows the metals to be used at that ratio. Monometallism uses a single metal (gold or silver) as currency. In the 19th century, monometallism transitioned from silver to gold as the dominant metal. By the early 20th century, most countries had abandoned metallic currency in favor of paper money and foreign
Monetary System Metallic Nonmetallic Metallic Monetary System Bimetallism Monometallism Bimetallism Two metals (gold and silver) perform the money functions Monetary units were made-up from both metals Free minting Circulation of gold and silver coins was simultaneous and parallel Two prices of one good Three versions of bimetallism Full bimetallism Parallel bimetallism Partial bimetallism (lame) Full bimetallism Characteristics: fixed ratio of exchange (1/15.5) these coins had equal free power Disadvantage: Bad Coin remove the Good Coin from circulation (Gresham Law) Parallel bimetallism Characteristics: The state establishes through legislation the ratio between gold and silver Both coins participate at business service according to the ratio which exist between market prices of these metals This kind of bimetallism was less spread.
Partial bimetallism (lame) Characteristics: The state fixes in the legislation the ratio between both metals these metals participate at business service just according to the law established ratio. This kind of bimetallism was widely spread. The end of the 19 th century
Bimetallism Monometallism
under the action of Copernic Gresham Law Monometallism just one of metals (gold or silver) provides money functions (work as general equivalent of goods value) Monetary instruments are made from this metal (gold or silver) Monetary instruments may be free exchanged on this metal Silver Monometallism Russia (1843 1852) India (1852 1893) the Netherlands (1847 1875) China (until 1935)
In the 19 th century Silver Monometallism Gold Monometallism
Three types of gold monometallism Gold-coins Gold-ingots Gold currency (foreign exchange)
Gold-coins Characteristics: Monetary metal moved freely on the internal and external market Free minting of gold coins which ensured the market equivalence between nominal value and commercial value of monetary metal Convertibility of paper money was unlimited and free Paper money nominal value was equivalent with gold coins proper value Gold-ingots Characteristics: Gold coins are withdrawn from the market Gold coins are stored at paper money issuing banks in form of ingots Convertibility is limited monetary unit continue to be defined through a specific gold quantity Gold currency (foreign exchange) Characteristics: Paper money are changed on metal through foreign exchange GCM was introduced at the base of national monetary systems GCM was adopted by international monetary system after Bretton Woods Conference presented a deviation from gold automatism standard because of introduction of bonds and currencies in monetary reserve gradually became the most important reserve instrument Gold currency (foreign exchange) Through the value structure, this system widened the monetary circulation, but without corresponding expansion of gold base emission. Monometallism The inflation appearance was impossible worked the principle of monetary mass volume self-regulation through treasury formation Development of market economic relations brought to gradually withdraw of metallic coins from circulation in exchange for paper money appearance Ratio between metal coins and paper money U.S.A., Great Britain, and France : 3:1 in 1815, 1:1 in 1860, 1:3 in 1885
1913 gold and silver coins constituted just the 6 th part from world monetary mass, including gold coins the 10 th part Liquidation of monometallism First World War Time (all over the world without U.S.A.) After the war: European countries reintroduced different forms of monometallism. European Countries main goal Formation of the monetary unit: gold-ingots (Great Britain, France), gold-currency (foreign exchange) (Germany, Austria, Norway) Total Liquidation Influence of worldwide economic crisis (1929 1933) Great Britain 1931, U.S.A. 1933, France 1936
In present, the gold doesnt perform monetary functions.