The first international monetary system in the world was the international gold standard, and the golden age of the international gold standard was 1880- 19 14. Under this system, gold acts as an international currency, and the exchange rate between currencies of different countries is determined by their respective gold content ratios. Gold can be freely imported and exported between countries. Under the action of "golden transportation point", the exchange rate is relatively stable, and the balance of payments has an automatic adjustment mechanism. Due to the outbreak of World War I in 19 14, the participating countries banned the export of gold and stopped the exchange of paper money for gold, which seriously weakened the international gold standard. After that, although it was changed to gold bar standard or gold exchange standard, it failed to last because of its own instability. Under the impact of 1929- 1933 economic crisis, the international gold standard finally collapsed, and then the international monetary system was in chaos until 1944 rebuilt the new international monetary system-Bretton Woods system.
After the outbreak of World War II, all countries in the capitalist world experienced serious inflation. After the war, the economic strength of European countries was greatly weakened, and the United States became the largest country in the world. Gold reserves increased rapidly, accounting for about 3/4 of the gold reserves of capitalist countries at that time. Western European countries need a lot of dollars to make up for the huge trade deficit, and there has been a "dollar shortage". A large balance of payments deficit and insufficient gold foreign exchange reserves have led to the strengthening of foreign exchange control in most countries, which has formed a serious obstacle to the external expansion of the United States. The United States tried to restore the free convertibility of currencies in western European countries and sought effective measures for this.
1944 In July, the International Monetary and Financial Conference of the countries of the United Nations League was held in Bretton Woods, New Hampshire, USA, and the agreement between the International Monetary Fund and the International Bank for Reconstruction and Development based on the White Plan was adopted, collectively known as the Bretton Woods Agreement. This agreement established a capitalist monetary system centered on the US dollar. What are the main contents of the Bretton Woods system? ( 1)? Based on gold, the US dollar is the most important international reserve currency, and a "double-linked" international monetary system is implemented, that is, the US dollar is directly linked to gold and the currencies of other countries are linked to the US dollar. ? (2)? Implement a fixed exchange rate system. ? (3)? The International Monetary Fund (IMF) guarantees to provide supplementary reserve supply to member countries through pre-arranged financing measures. ? (4)? Member States shall not restrict the payment of current projects or adopt discriminatory monetary measures. This monetary system is actually the dollar-gold standard, which is a disguised international gold exchange standard.
After World War II, the Bretton Woods system with the dollar as the core played a positive role in the development of capitalist economy. But with the passage of time, the defects of the Bretton Woods system are gradually exposed. After the 1960s, the US foreign exchange balance deficit appeared in large quantities, and the gold reserves flowed out in large quantities, which led to the frequent occurrence of the US dollar crisis. 197 1 On August 5, 2008, the United States publicly abandoned the gold standard. 19 In February, the United States announced the depreciation of the US dollar against gold. From June 1972 to early 1973, the US dollar broke out twice. In March 12, the US government devalued the US dollar again. From April 1974 to April 1, the fixed relationship between money and gold was formally excluded in international agreements, and the Bretton Woods system centered on the dollar completely collapsed.
After the collapse of the Bretton Woods system, the international monetary system fell into chaos again, which led to the turmoil in the international financial situation. 1976 65438+ 10, the International Monetary Fund's Interim Committee on the International Monetary System held a meeting in Jamaica and reached the famous Jamaica Accord. In April of the same year, the Board of Directors of the International Monetary Fund adopted the Second Amendment to the Agreement of the International Monetary Fund, which came into effect on April 1978 and 1, thus forming a new international monetary system in Jamaica.
The implementation of Jamaica system has played a positive role in maintaining international economic operation and promoting world economic development. However, the Jamaican system is not an ideal international monetary system. At present, it still has some defects, and the international monetary system still needs further reform and improvement.