The USSR was the first power to decide to throw off the "dollar yoke". Since 1937, the ruble has been correlated with the US dollar. But in 1950, Stalin began a large-scale construction of an alternative market (the idea of such a “non-dollar” exchange was received with interest by many countries that felt their dependence on the “greens”). In connection with these ideas, a decree was adopted, according to which the ruble was equated to 0.222168 g of gold (the price of a gram is 4 rubles 45 kopecks, the price of a dollar is 4 rubles instead of 5.30 before). The idea was picked up by other leaders of countries where anti-American sentiments were strong. So, Charles de Gaulle took out from France to America a whole ship and a large cargo plane of the “greens” and demanded their exchange for gold according to the declared rate. His demands had to be met, but - when Germany decided to do the same - the US President was forced to declare the dollar unbacked by gold.
If we return to the Soviet situation, then the transition of the ruble to a clear gold backing turned out to be just a dream. The Soviet Union could not make its expenditures more stable (incidentally, in many respects due to the provision of "fraternal assistance" to the countries of the newly emerging socialist bloc). Very soon, gold parity was a thing of the past, and the USSR resumed emissions. But even at the time of the announcement about the refusal to focus on the US dollar, the gold content of the ruble was greatly overestimated. The annual budget of the USSR in 1951 amounted to 470.3 billion rubles. If each ruble since March 1, 1950 contained 0.222168 g of gold, then a simple calculation shows that in total it was necessary to possess 104,485.104 tons of gold to ensure the ruble mass. And it was in the USSR then (according to various estimates) from 2050 to 2800 tons (50 times less). So the security of gold, proclaimed by the decree of February 28, 1950, was more of a political declaration of distancing from America (and a clear sign of the Cold War).
But, if we ignore the political content of this step, then the gold parity of the ruble in 1950 marked the establishment of the so-called three-loop financial model in the USSR:
"Foreign currency ruble" - for foreign trade;
non-cash ruble - for conducting a large-scale planned economy;
ruble cash - for retail trade and the private sector.
All these three "rubles" were very different.
On the eve of the new reform
The "three-circuit" model of money circulation in the USSR required constant balancing among financial "rocks" - inevitable inflation, a fall in the purchasing power of the population, a shortage of goods, "scissors" with foreign currencies, etc. After the death of I.V. Stalin was promoted to the first post by N.S., Khrushchev, whose actions were quite eccentric, including in the monetary issue. First of all, he began to reduce taxes from the population (in the future, planning their complete abolition), while wages also increased. In 1958, the monetary incomes of the population exceeded the incomes of 1940 almost three times, and compared with 1953, the growth was about 20%.
In general, the statistical handbook of 1961, which fixes changes in recent years, gives an optimistic picture. But this, as we are convinced, is precisely the “facade”. The inevitability of reform was dictated by several factors at once. First, the incomes of citizens (salaries - first of all) have become
on average, spend a thousand rubles. It was not so much a sign of growing prosperity as a formidable harbinger of the devaluation of the ruble. Macroeconomics also found it difficult - everything that used to be calculated in rubles to the penny now required the prefix "millions" or "billions". But most importantly, the “gold parity of the ruble” declared so boldly was not provided with anything.
Meanwhile, with the advent of Khrugtsev, the USSR began to confidently move towards "material paradise" - the official recognition of such simple benefits as a separate apartment with a bathroom and toilet, sausage, butter, cakes at least every day, holidays in resorts - every year, and at the same time outfits, shoes, fashion, theatres, cinema. The battle of "catch up and overtake" does not seem to have gone anywhere. But somehow faded, obscured by new and more earthly joys. Life became not as anxious as before, but not as “righteous” as millions of Soviet people might have felt under Stalin (after all, only a few were indignant, the rest were silent - perhaps out of a sense of self-preservation, and perhaps also because sincerely considered Stalin the real master, shifting the responsibility for everything "bad" in the country to his selfish assistants), Be that as it may, the era of the consumer boom in the USSR was coming. Of course, even before, a well-ordered life was not the last “article” in the dreams of a Soviet person, but now these dreams were given state status,
Class stratification in the USSR was felt under Khrushchev like never before. During any public lectures, agitation speeches devoted to the party line after the historic XX Congress, there were often questions like this: “In connection with the deeply rooted position on the cult of personality in history, is the socialist principle in the remuneration of Soviet citizens perverted, when the work of one person, let's say a simple worker, paid 600-700 rubles a month, is valued lower, 20-30 times cheaper than the labor of high-ranking workers, scientists and others who receive 15-20 thousand rubles. per month. In this regard, can you tell me what caused the abolition of the Leninist principle of wages that existed in the early years of Soviet power.
Such salaries were hardly possible in principle, as if officially impossible, however, apparently, the system of benefits, privileges, additional payments and "envelopes" did its job: in the minds of the common people, the class of the Soviet elite was formed and completely approved - for example, by the difference in wages thirty times.
At the 20th Congress, Khrushchev in his report immediately spoke about salaries. For the first time, it was the congress that resolved such issues as "primary", approved measures "to restore proper order in wages, to strengthen the personal material interest of workers in the results of their work." Immediately after the congress, reduced working hours were introduced on the weekends, a decision was made to pay part of the wages to collective farmers before the harvest (advance payment), new principles for calculating wages were adopted, which immediately led to its increase. Most importantly, for the first time in the entire existence of Soviet power, the human right to “personal” space, opinion, and happiness was officially recognized. It was a real revolution, manifested in a decisive turn of the industry from group A (heavy) to group B (light). Light industry provided people with the necessary household items. Life became not something petty-bourgeois, but a completely recognized condition of a normal life. That is why the second "wing" of the Khrushchev revolution was the mass construction of separate well-appointed apartments (panel building of Khrushchev houses). Such houses were built in record time, thousands of house-building plants (factories for the production of panels and other elements of house construction) were built throughout the country. Although Khrushchev was minimalistically simple and inconvenient compared to the communal apartments of the Stalinist period, getting such an apartment was regarded as real happiness. chandeliers. All this instantly turned from unnecessary trash in the era of general mobilization and forced economy into a real fetish.
If we talk about other steps towards a material boom, then we should also talk about pensions, which began to increase steadily, about increasing the minimum wage, about switching to a 7-hour working day, about repealing the law of 1940 on attaching workers to their factories ( criminal liability for dismissal of one's own free will without the consent of the management). Instead of this law, the eternal "St. George's Day" was now announced - it was possible to apply at any time and, after two weeks of working off, leave your factory in search of something better. According to some reports, an unprecedented turnover of personnel immediately arose, and up to a third of all workers in the Soviet Union changed their jobs.
Payments and benefits appeared, taxes decreased: in 1957, the non-taxable minimum wage for workers and employees was increased from 26 rubles. up to 37 rubles per month. Since 1958, the tax on bachelors, singles and small families has been abolished. On October 1, 1960, the non-taxable minimum wage was raised to 50 rubles, and on October 1, 1961, to 60 rubles. In addition, state loans were abolished, which at all times of the existence of the Soviet economy were a form of additional tax.
What were the consequences of all these actions? First, wage increases have equalized the incomes of skilled and unskilled workers. There were no incentives to improve their qualifications, to receive special education now. Secondly, benefits, payments to workers, combined with tax cuts, led to an unbalanced decrease in budget revenues. To level the situation, it was necessary to inevitably increase the money supply. There has been some bias towards the third circuit - cash circulation. Finally, the revenue side also decreased due to the reduction in the length of the working day and the increase in the free time of citizens. It turned out that the measures were very positive, and their macroeconomic results were not predicted by anyone.
Living in the country has really become much better, the value of an individual human life (without tying its significance in the cause of “building communism”) began to be recognized by the state as a whole. But the “powerful” indicators were under threat. And monetary reform in such conditions was a completely natural step.
Gold parity - the ratio of monetary units of different countries according to their official gold content. Served as the basis for the formation of exchange rates and was abolished by the IMF in 1978.
Later, when gold coins were no longer minted, a gold bullion standard was introduced, i.e. a stripped-down form of the gold standard, providing for the exchange of credit money for gold bars weighing up to 12.5 kg. To make this exchange, a rather large amount of money had to be presented to the bank. This situation contributed to the displacement of gold from the sphere of circulation into a large international and wholesale circulation. The gold bullion standard was in effect from 1914 to 1941.
The gold standard to a certain extent played the role of an automatic regulator of production, foreign economic relations, money circulation, balance of payments and international settlements.
Gradually, along with gold, pounds sterling and US dollars began to be used in international payments. So appeared gold motto standard, which was the basis of the Genoese monetary system.
II. Genoese currency system (1922 - 1944).
It was based on the gold-motto standard, i.e. a stripped-down form of the gold standard, involving the exchange of credit money for mottoes in the currencies of the countries of the gold bullion standard and then for gold. Under the gold standard, the currencies of some countries were made dependent on the currencies of other countries, the depreciation of which caused the instability of subordinate currencies. Active from 1922 to 1971
III. Bretton Woods monetary system (1944 - 1976).
The Bretton Woods currency system (1944) retained some semblance of a gold-motto standard, the peculiarity of which was that it was, firstly, a gold-motto standard only for central banks, and secondly, only the US dollar (i.e. only one single currency) was exchanged for gold. In essence, it was the gold-dollar standard. The Bretton Woods monetary system combined the spontaneous and automatic nature of interstate settlements with the strengthening of their state and interstate regulation.
The main principles of this monetary system were as follows:
1) preservation of the functions of world money for gold while simultaneously using national monetary units (primarily the US dollar) as international payment and reserve currencies;
2) the obligation for the country of the reserve currency to exchange it for gold by foreign government agencies and the central bank at the official rate (35 US dollars per troy ounce);
3) mutual equalization and exchange of currencies on the basis of exchange parities agreed with the IMF, expressed in gold and US dollars, which should be standard;
4) hard pegging of currencies to the dollar (permissible deviation of market exchange rates - no more than 1%).
Interstate regulation of currency relations and control over them was carried out by the IMF, which had the right to provide short-term and medium-term loans on favorable terms to overcome temporary difficulties that arose due to an imbalance in mutual obligations.
The Bretton Woods Monetary System was a monetary mechanism that placed the US dollar in a privileged position in international payments.
In 1969, the IMF was introduced to settle "Special Drawing Rights"(SDR) and the gold-motto standard was replaced by the SDR standard. In August 1971, the US government officially stopped selling gold bars for dollars.
IV. Jamaican monetary system (from 1976 to the present).
In January 1976, by agreement of the countries - members of the IMF at a conference in Kingston (Jamaica), the second change in the Charter of the IMF was carried out. This agreement revised the status of gold and introduced floating exchange rates.
The main principles of the Jamaican monetary system are as follows:
transition from the gold-motto standard to the multi-currency market standard. The SDR standard was officially introduced (SpecialDrawingrights- special drawing rights). The SDR was declared the base of the currency system and the basis of currency parities.
SDR refers to the international collective currencies and is used for non-cash intergovernmental settlements of countries - members of the International Monetary Fund by way of entries on special accounts. In other words, the SDR has no material form, but is the currency of record. The SDR rate is determined on the basis of a currency basket.
See also:
Consider the fundamental categories of currency relations and their dynamics. Under the conditions of the gold exchange standard, the ratio of monetary units of different countries was established according to their official gold content. The ratio of national currencies in terms of their gold content is called the gold parity. Since 1971, the gold content of monetary units has become a purely nominal concept, and the gold parity has acquired a formal character. Since 1978, the gold content and the gold parity have ceased to exist in accordance with the decision of the IMF.
Along with the gold parity, there was and continues to be a currency parity - this is the ratio between the two national currencies, established by law, which is the basis of the exchange rate. The currency parity coincided with the gold parity until the abolition of the latter. Currently, the currency parity is set on the basis of the SDR.
Exchange rate
In contrast to the currency parity, which is established by law, the exchange rate is determined by the laws of the market. The exchange rate is the ratio between two currencies of different countries, determined by their purchasing power. Exchange rates are also set in relation to collective currencies. We can say that the exchange rate is the price of the monetary unit of one country, expressed in the monetary unit of another country.
Currency, in turn, can be fully convertible (when there are no restrictions on transactions with it), partially convertible (while maintaining restrictions on certain types of transactions) and irreversible (if there are prohibitions and restrictions on transactions with it).
In addition to the exchange rate, which, as is already known, is the ratio of the monetary units of the two countries, cross-rates are also established. A cross rate is the rate of a third currency, calculated on the basis of the rates of two currencies. In particular, the Central Bank of the Russian Federation, knowing the exchange rate of the ruble against the dollar, sets the rate of the Finnish mark against the dollar. The isolation of cross-rate calculations in different national currency markets allows carrying out operations with the aim of making profit as a result of different quotations of cross-rates of the same currency. This kind of operation is called currency arbitrage.
Exchange rates may differ from each other depending on the type of foreign exchange transactions. A currency transaction carried out immediately (within no more than two business days) on the basis of cash (cash) transactions is called the "spot" rate. A currency transaction carried out after a clearly defined period is called a forward contract, and the established rate for a certain date in the future is called the forward rate, or forward rate.
Therefore, it is necessary to distinguish between two types of markets: the spot market and the market for futures contracts, or forward foreign exchange transactions. Knowing the spot rate and the forward rate, the client can choose one or another option for a currency transaction. In the first case, we are talking about a transaction in accordance with the exchange rate that has been established today, while in the second case, the exchange rate for any date in the future is agreed upon today, at which the currency will be sold, regardless of the spot rate, which will be set at the same date. Participants in the foreign exchange markets resort to futures contracts for the purpose of either insuring foreign exchange risks (hedging) or carrying out speculative transactions. Insurance, or hedging, introduces an element of stability into the relations of participants in foreign trade transactions and allows them not to expose themselves to the risk of foreign exchange
losses. Speculative transactions are aimed at extracting additional profit on the basis of a conscious calculation of the dynamics of the exchange rate.
Fixing the exchange rate of the national currency in a foreign one is called a currency quotation. A distinction is made between direct and reverse quotes. Direct quotation involves the establishment of the number of national monetary units, which corresponds to one foreign monetary unit. For example, at the end of the first half of 1998, 1 dollar was exchanged for 6 rubles. 20 kop. The reverse quotation expresses the number of foreign monetary units, which corresponds to one national monetary unit. In our case, this means that 1 rub. exchanged for 0.16 US dollars, i.e. for 16 cents. In most countries, direct quotation is used, in the UK - reverse, in the USA - both types of quotations.
Exchange rates have a significant impact on the export of goods, services and capital, and hence on their competitiveness in the world market. Thus, the depreciation of a certain national unit, other things being equal, enhances the competitiveness of goods and services of a given country and, on the contrary, weakens the interest of its economic entities in the export of capital. However, "other things being equal" in relation to the prevailing exchange rate of the national currency can also act in the opposite direction and, therefore, weaken the effect of the change in the exchange rate that has occurred, i.e. its instability can give rise to uncertainty of enterprises and their associations in favorable long-term trends.
golden parity
the ratio of monetary units of different countries according to their official gold content.
Glossary of financial terms
GOLD PARITY
Encyclopedic Dictionary, 1998
golden parity
the statutory content of pure gold in national monetary units.
The ratio of two monetary units, calculated on the basis of their gold content (also Parity).
golden parity
(from lat. paritas ≈ equality, equivalence),
the weight content of pure gold in the national currency, fixed by the law of the country. With gold circulation and unlimited exchange of paper money for gold, the price of gold in national monetary units corresponded to the gold content of this unit by weight. For example, if the gold content of the US dollar under the 1934 law was 0.888671 g of pure gold, then the price of one troy ounce (31.1035 g) of pure gold was $35. This price was official on the world capitalist market and in depreciated US paper dollars ( since 1972 = $38). Dr. the capitalist countries established the gold content of their monetary units based on the official rate of their monetary unit against the US dollar fixed by law and agreed with the International Monetary Fund (IMF).
The ratio of two monetary units, calculated on the basis of their gold content, fixed by law. In this sense, the wage rate usually replaces the term “parity rate,” which indicates the number of monetary units of another country that have the same weight content of pure gold as the currency of that country legally has. For example, the pound sterling contains 2.13281 g of pure gold, and the French franc ≈ 0.160 g, i.e., there is 13.33 times more pure gold in the pound sterling than in the franc. Therefore, the parity rate between the pound sterling and the franc is: 1 f. Art. = 13.33 fr. Under the gold standard, exchange rates fluctuated around parity within the gold dots. In the monetary system of capitalism, created after World War II (1939-45) and regulated by the charter of the IMF, exchange rates could deviate from parity by no more than 1% in either direction. Since the beginning of 1972, the IMF has extended the limits for deviating exchange rates from parities to 2.25% in one direction or another. The exchange rates are maintained within these limits by the central banks of the capitalist countries.
In the USSR, the wage rate is established by the state in a planned manner and serves as the basis for quoting foreign currencies by the State Bank of the USSR.
golden parity (from lat. paritas - equality, equivalence)
1) the weight content of pure gold in the national currency, fixed by the law of the country. With gold circulation and unlimited exchange of paper money for gold, the price of gold in national monetary units corresponded to the gold content of this unit by weight. For example, if the gold content of the US dollar under the 1934 law was 0.888671 G of pure gold, then the price of one troy ounce (31.1035 g) of pure gold was equal to 35 dollars. This price was official on the world capitalist market and in depreciated paper dollars (since 1972 = 38 dollars). Dr. capitalist countries set the gold content of their monetary units based on what was fixed by law and agreed with the International Monetary Fund (See International Monetary Fund)
(IMF) of the official exchange rate of its currency against the US dollar. 2) The ratio of two monetary units, calculated on the basis of their gold content, fixed by law. In this sense, the wage rate usually replaces the term “parity rate,” which indicates the number of monetary units of another country that have the same weight content of pure gold as the currency of that country legally has. For example, the pound sterling contains 2.13281 G pure gold, and the French franc - 0.160 G, i.e., there is 13.33 times more pure gold in the pound sterling than in the franc. Therefore, the parity rate between the pound sterling and the franc is: 1 f. Art. = 13.33 fr. Under the gold standard (See Gold Standard) exchange rates fluctuated around parity within the gold dots (See Gold dots). In the monetary system of capitalism, created after the Second World War of 1939-45 and regulated by the charter of the IMF, exchange rates could deviate from parity by no more than 1% in one direction or another. Since the beginning of 1972, the IMF has extended the limits for deviating exchange rates from parities to 2.25% in one direction or another. The exchange rates are maintained within these limits by the central banks of the capitalist countries. In the USSR, the wage rate is established by the state in a planned manner and serves as the basis for quoting foreign currencies by the State Bank of the USSR. K. A. Shtrom.
Great Soviet Encyclopedia. - M.: Soviet Encyclopedia. 1969-1978 .
See what "Golden Parity" is in other dictionaries:
The content of pure gold in the monetary unit of the country. GOLD PARITY is also called the ratio of two monetary units by weight of pure gold, established as its gold backing. Dictionary of financial terms. Golden Parity… … Financial vocabulary
See Parity golden... Law Dictionary
See Parity golden Glossary of business terms. Akademik.ru. 2001 ... Glossary of business terms
- (gold parity) The officially recognized ratio between two currencies in terms of their gold content under the gold standard. Economy. Dictionary. Moscow: INFRA M, Ves Mir Publishing House. J. Black. General editorial staff: Doctor of Economics Osadchaya I.M.. 2000.… … Economic dictionary
1) the legal content of pure gold in national monetary units. 2) The ratio of two monetary units, calculated on the basis of their gold content (see also Parity) ... Big Encyclopedic Dictionary
The content of pure gold fixed by law in national monetary units; the ratio of two monetary units, calculated on the basis of their gold content (see also Parity). Political Science: Dictionary Reference. comp. prof. floor of sciences ... ... Political science. Dictionary.
golden parity- (English gold parity) the content of pure gold in the monetary unit of the country. Z.p. also called the ratio of two monetary units by the weight of pure gold, established as their gold backing ... Encyclopedia of Law
GOLD PARITY- 1) the content (weight) of pure gold in the monetary unit of the country, established by the state and fixed by law. Thus, 1 US dollar is backed by 0.818513 g of pure gold; 2) the ratio of two monetary units of different countries by weight of gold, ... ... Legal Encyclopedia
1) the content of pure gold fixed by law in national monetary units. 2) The ratio of monetary units of different countries according to their official gold content (see also Parity). * * * GOLDEN PARITY GOLDEN PARITY, 1)… … encyclopedic Dictionary
