The Configuration of Forces in the World Currency System: a Historical Retrospective

• Main Authors: Molchanova Ellana Yu., Kovtoniuk Kateryna V.
• Format: Article
• Language: English
• Published: Research Centre of Industrial Problems of Development of NAS of Ukraine 2018-08-01
• Series: Bìznes Inform
• Subjects: money; gold; currency; world currency system; American Dollar; collective currency; currency reserves
• Online Access: http://www.business-inform.net/export_pdf/business-inform-2018-8_0-pages-137_145.pdf

The article is aimed at studying the process of formation and development of monetary circulation in historical retrospective in the context of search for optimal variants of transformation of the contemporary world monetary system. It has been proved that the first priority of introducing national and then collective monetary units is to find optimal forms and models of monetary circulation in order to promote international trade, to rationalize both handicraft and industrial production. As a result of the research, change of the mechanism for determination of the money carriers on the basis of international multilateral agreements, which have been officially approved at the international currency conferences, is analyzed. The main provisions and peculiarities of functioning of the Paris, Genoa, Bretton Woods and Jamaican currency systems are considered in the context of definition of proposals on reforming the existing monetary system and organization of an efficient currency space. Prospects of further research in this direction, provided that the leading positions of the American currency are maintained, is the creation and development of currency zones; strengthening of currency integration; binding own national currency to cryptocurrencies. Further development of alternative currency units may lead to the formation of a poly-currency system.