– gold exchange standard was replaced by a standard SDR, which formally declared the foundation of currency parities, but in practice did not become a standard of value, the main payment and reserve funds;
– instead of a fixed exchange rate of the country officially since 1973, switched to a regime of floating exchange rates, but were able to choose a fixed or floating exchange rate;
– the IMF has the authority to supervise the development of hard currency and the establishment of agreements.
Problems of Jamaican currency system very quickly appeared in the imperfection of floating exchange rates. Moreover, the problems encountered have exacerbated the financial and currency crises. The need to coordinate national action for overcoming the crisis led global economic community to re-evaluate the role of international financial regulators to harmonize the policies of different countries in the field of monetary relations. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[10], was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has considerably decreased, forcing the governments of several countries in the band to do disruption reconstruction of the whole system of currency regulation.
The IMF has not coped with the task of predicting the crisis of early shocks. Although this program was developed jointly with the World Bank, IMF, passively watching the change in the macroeconomic cycle – the transition from boom to slower growth of bank lending in the financial market and detachment from the real economy, especially in developed countries, particularly the U.S., which led to the global financial and economic crisis[11].
In economic theory, international monetary relations issues remain unchanged. Over the years, changing only the answers[12]. Like the philosophical notion of substance, dualistic in nature. The inner essence of a stable core and the outer reflection of it in our time, so all knowing “dig” to the bottom of the rod, and starts searching with the external reflection, effortlessly accessible to every listener.
To effectively solve problems of macroeconomic management, on the one hand, the actions of the Central Bank of the Russian Federation should be characterized by independence and consistency. On the other hand, measures in the monetary are a must be accompanied by adequate fiscal policies[13].
As rightly pointed out Frederic Bastiat «you cannot give money to some members of the community but by taking it from others»[14] cash equivalent because this is the existing opportunities, money is their “mirror image”, and, therefore, imperative redistribution of opportunity or the cost of moving simply changing the terms without affecting the sum.
Friedrich Hayek in his work «Denationalization of Money»[15], brought the idea of the possible effect of providing entrepreneurs the possibility of emission of money, the value of which would be stable, which gave confidence to the calculations by contractors, in the absence of inflation, but this innovation cannot be realized, because of the contradictions of nation-building basics. Through its implementation of public budgets will suffer financial losses, there will be inefficient reallocation of public goods. And if all the international community is committed to a single, centralized currency, this concept is its centerline, while the idea of a stable value is very attractive.
Tabl. 1
The main stages of the global monetary system
Compiled from: Батманова Е.С. Томилов П.С. Мировая экономика и международные экономические отношения. Екатеринбург. Издательство ГОУ-ВПО УГТУ-УПИ. 2005. С. 85.
1.2. The essence and form of international payments. Government regulation of international payments
Current international monetary and financial relations include the operations of different nature – from payments for goods and services before payment for the provision and maintenance of international loans, transfers of pensions and salaries to sales and purchases of foreign securities and property[16].
Psychological basis of any human activity is the mechanics of the human psyche, which pushes him to recognize the needs, demands satisfaction, and the person on the basis of their theoretical knowledge and life experience of exploring ways to achieve the goal. This happens through his own motivation, or on the basis of external stimulation, which occurs as a result of burdening the public property needs.
Given that the efficiency of the closed system inferior to the open, meeting the needs of the entire complex is more expedient to implement jointly, that is to give your needs the element of publicity. At least for a few subjects and on the basis of separate contributions to achieve the result by mutually beneficial structural interdependence[17]. The mechanics of achieving this result is based on the exchange in particular and multifaceted cooperation through the division of labor in general.
The ability of individual actors – the most stable element of their economic activity, in view of the commodity offered to exchange them, showing them a professional, industry specialization. Thus, already being a prerequisite to commodity exchange or barter. However, a more efficient exchange on the basis of a universal equivalent of a multiple product of each subject in the form of “money that goes with the merchant”[18], whom in modern economic relations serves the monetary unit, money. However, this issue remains unresolved even today in the field of international cooperation and solved in a specific situation or more constant in some sectors of economic cooperation.
The world and its phenomena are dynamic, if at first glance, it seems otherwise, it is necessary either to change the lens, or just look at a different angle. To maintain the momentum of the dynamics in economic relations, but mostly for her influence on a public entity governed by the calculated ratio of participants. Every sovereign in its territory shall have the power to establish its own unit of account, the currency in which there shall be canceled and liabilities. Part 1[19], Art. 75 of the Constitution of the Russian Federation shall establish circulation in the Russian monetary unit of the Russian Federation granted the exclusive right to issue ruble Russian central bank to ban the introduction of other money. External essence of money is being used for correspondence of mutual obligations, to implement the “exchange opportunities”[20], as wrote Carl Menger. The inner essence of the concentration of labor, the expression of what they are in the form of purchasing power, the “price of money”[21] as refined J.A. Schumpeter.
Performing a logical ascent from mental image to a man to institutional education, to the sovereign state, and being fixed at an intermediate stage – the world community, promote mutual problem needs economically active subjects remains valid. For “movement is life” and human activities on behalf of the individual, society and the purpose and means of subsistence, as Ludwig von Mises wrote in his book “Human Action. A Treatise on Economics”[22]. Thus, the calculations, as a catalyst for the movement are the object of attention of all participants in community activities and are worthy of a comprehensive study of the scientific community, in particular in the spectrum of the mechanics of their conduct.
In the legal field, the obligation arising from attempts to satisfy the immediate need, the subject of law contradistinguish contractor generates a chain of activities on the “domino effect” from the counterparty to the counterparty. Continuity, stability, completeness of each act of this activity is important for the international community, in view of universal interconnection and interdependence, in order to avoid a negative result from the “butterfly effect” is able to break out. Assessing the prospects for the future, it would be foolish to give much weight to things, uncertain[23].
In the material world match the actual set of circumstances under the influence of events and actions previously agreed plan indicates the proper performance of mutual obligation that generates confidence in this subject, and strengthens its intangible asset called reputation. Similarly, in physics, developed a theory that the hypothesis, the assumption by the actual evidence, a single point of coincidence of the hypothesis with the actual reality of nature, becomes a theory, and exists as long as there is no other confirmation of the hypothesis refuted.
To explain the same set of experimental data can be offered different theories. Check them with the output of these effects, which are available testing experience. The content of these consequences should be different from the content of the data used in constructing the theory. If such effects do not withdraw, then the theory is fundamentally unverifiable[24]. “Nothing comes from nowhere and does not disappear”. Describing the practice entrepreneur J.A. Schumpeter coined the term “neue Kombinationen”[25]. A person is in principle an employer only if it “carries neue Kombinationen” – it ceases to be such when they established the “case” will continue to operate within the circuit. That is, the entrepreneur provides practical innovation. If his idea is successful, the economic actors who have less marked the beginning of a creative appreciate it. According to George A. Akerlof are naturally the first entrepreneurs to become merchants who have skill to determine the quality of inputs and to certify the quality of the finished product[26]. There is a natural introduction of the idea of the inner world of business with the potential employer, and they interpret the innovation, organizing commercial “case”. Globalization of economic space allows creative individuals to gain access to information resources around the world and generate any actual ideas. Business entities to choose innovative projects and implement them in any area, from their point of view, the most commercially friendly.
Production, as is known, is the interaction of various factors[27] for the implementation of any neue Kombinationen connection is required, the combination, the coordination of individual factors, not always, or rather even not always located in the possession of a businessman, acting in their subject, whether public, public interest , which also stimulated by the global economic cooperation.
As part of the global economy lasting processes, but rather “the direction and degree of change in national economic life of the set of elements compared to the previous point”[28], called the market conditions are “business processes” global and global crises points and starting end of the previous economic cycle.
To fully participate in this “game” called the international economic cooperation, however, as to begin a local business from the subject required his personal attachment to its nature depends on its role and the remuneration for their participation. The ultimate party “game”, the consumer receives the rent as the excess of demand over the prevailing scale of the classical market, basically this is a false social value lost during the formation of the market and the market value of the accumulated savings in the form of money, an extra element to achieve the equivalent exchange[29].
A simple model implementation neue Kombinationen, at a minimum requires:
– material resources;
– administrative resources;
– financial resources;
– innovative resources.
Accordingly, the actors and their remuneration are as follows:
The owner – rent;
The worker – wage;
The capitalist – the percentage;
The entrepreneur – a profit.
“It is easier to obtain than to keep”, to maintain “stability zones” and the established order of the mechanism established by the provision of Art. 57[30] of the Constitution of the Russian Federation. Entrepreneur as a reward for his activity and the idea of business expects to receive income, the worker for his labor a guaranteed wage, the capitalist expects a capital gain, and the government imposes taxes and fees on its territory owners and users, whether natural, or man-made objects[31].
The nature of international economic cooperation is multifaceted. To describe its essence, the inner essence is to maintain world stability, permanence, the protection of existing values, the external entity is a reflection of the actual needs of stake holders to evaluate and order fulfillment.
Commitment generated by the commission of any act of the participants of this relationship remains “a feeling of incompleteness”, in the science of psychology there is a “Zeigarnik effect” whereby indeed interrupted, “unerledigter Handlunge”[32] is a strong position in the subject's memory rather than acts of completed actions. With regard to institutional and public entities believe it is undeniable accounting and provide periodic reporting on performance results.
In terms of institutional organization relationships in terms of turnover of public goods, the basis of civil rights are the property relations carried out in three areas: innovation, production, commercial, and financial[33].
So, how do at this stage of development is organized pursuant to mutual financial obligations within the framework of international economic cooperation.
Fundamental principles of this system are the subjects, which represent the private, institutional and public education sovereigns.
Individuals – are physical persons, residents in the attitude of one or more of the state, and foreign nationals (non-residents) in relation to other.
Institutional Education – an association created to carry out joint activities and to achieve certain goals in the composition, which is composed of different reasons individuals, institutional, educational, public sovereigns.
A public entity – the state, public association with all the attributes to separate sovereign territory, the presence of which, in effect, and distinguishes it from modern institutional structures already so similar to the state, but it is located in one of the jurisdictions.
Operators, agents are specialized institutional education, acting in accordance with the laws of the jurisdiction and the presence of registration. The activities carried out under a special permit, license of the Central Bank of the sovereign public, which gives them the right to perform certain banking transactions in accordance with standard operating procedures, which registered the order of their conduct.
Under Part 2[34] of Art. 75 of the Constitution of the Russian Federation, as a significant public entity accounting relations, established by the Central Bank of Russia, so it is not “a natural product of banking development”[35]. Created by the will of the state and burdened with the primary function of protecting and sustaining the national currency. Detail its legal status is defined by the Federal Law “On Central Bank of Russian Federation (Bank of Russia)” № 86-FL[36].