Advantages and disadvantages of gold standard and virtual curren
Publish: 2021-04-01 06:45:54
1. 1、 The definition of virtual currency
virtual currency originally refers to non real currency.
in the case that virtual currency is connected with reality, virtual currency has its real value. Well known virtual currencies such as Tencent's q-coin, q-point, Shanda's roll, Sina's u-coin meter ticket (used in igome game), chivalrous Yuanbao (used in chivalrous road game), and so on, In the era of stand-alone games, the protagonists accumulate money by knocking down the enemy and winning money in gambling houses to buy Herbs and equipment, At that time, there was no "market" between players. Since the Internet established the portal and community and realized the game networking, there has been a "financial market" for virtual currency, and players can trade game currency.
the second type is the special currency issued by portal websites or instant messaging service providers, Tencent's q-coin is the most widely used to purchase services on this website. It can be used to purchase membership, QQ show and other value-added services.
Third, the difference between real currency and virtual currency
the first feature: different value formation mechanisms.
general currency and virtual currency have different value bases, the former represents utility, The latter represents value.
as a general equivalent, the "price" of currency is called value in language, but actually refers to utility. Virtual currency does not represent the "effect" of general "price", but the value itself.
virtual currency is not a general equivalent, but a manifestation of value relativity, or a symbol of expression; It can also be said that virtual currency is a personalized currency.
the second feature is that the monetary decision mechanism is different.
general currency is decided by the central bank, while virtual currency is decided by indivials.
reflected in the monetary decision mechanism, real currency is decided by the central bank; The virtual money market (such as stock market and game money market) is determined by forces outside the central bank, The economy formed by stock market and derivative financial market is called fictitious economy. The essence of fictitious economy is information economy with indivial as the center.
the third characteristic is that the value exchange mechanism is different.
the value conversion of general currency is completed in the money market; The value exchange between general currency and virtual currency is completed through the overall exchange of the two markets. Under special conditions, there is an immature exchange relationship between indivial markets. Therefore, it can be said that general currency and virtual currency are in different markets.
some people worry that game virtual currency may cause inflation, Just as the imbalance of supply and demand in the commodity market can not directly lead to the imbalance of supply and demand in the money market, it must be through the issuance of additional money in the overall market to lead to inflation; At present, the stock market is a unified market, but the game market is not.
for example, the ratio of a certain game virtual currency to RMB may initially be 800000 to 1, Then it may change to 8 million to 1. Maybe the virtual currency of a castle today will be enough to buy a Tomahawk tomorrow; If the virtual currency forms a unified market, it may indeed exert pressure on the money market. The problem is that there is no such unified market now. The issuers of game currency are independent of each other and do not have the status of financial subject, let alone the exchange with currency at the level of financial market. What's more, whether it is base currency or value-added currency, The currency volume (m) and the currency price level (V, i.e. the velocity of circulation) have not changed, so it can not be considered that there will be monetary inflation or deflation.
for the current game currency depreciation, it is better to explain that the service conditions of a game as a value-added service have changed, As the demand for virtual currency increases, the price of services involved and the price level of virtual currency decrease. Due to the change of supply and demand conditions of such services, the price of services decreases. This is a phenomenon that can be explained by a real commodity market
virtual currency originally refers to non real currency.
in the case that virtual currency is connected with reality, virtual currency has its real value. Well known virtual currencies such as Tencent's q-coin, q-point, Shanda's roll, Sina's u-coin meter ticket (used in igome game), chivalrous Yuanbao (used in chivalrous road game), and so on, In the era of stand-alone games, the protagonists accumulate money by knocking down the enemy and winning money in gambling houses to buy Herbs and equipment, At that time, there was no "market" between players. Since the Internet established the portal and community and realized the game networking, there has been a "financial market" for virtual currency, and players can trade game currency.
the second type is the special currency issued by portal websites or instant messaging service providers, Tencent's q-coin is the most widely used to purchase services on this website. It can be used to purchase membership, QQ show and other value-added services.
Third, the difference between real currency and virtual currency
the first feature: different value formation mechanisms.
general currency and virtual currency have different value bases, the former represents utility, The latter represents value.
as a general equivalent, the "price" of currency is called value in language, but actually refers to utility. Virtual currency does not represent the "effect" of general "price", but the value itself.
virtual currency is not a general equivalent, but a manifestation of value relativity, or a symbol of expression; It can also be said that virtual currency is a personalized currency.
the second feature is that the monetary decision mechanism is different.
general currency is decided by the central bank, while virtual currency is decided by indivials.
reflected in the monetary decision mechanism, real currency is decided by the central bank; The virtual money market (such as stock market and game money market) is determined by forces outside the central bank, The economy formed by stock market and derivative financial market is called fictitious economy. The essence of fictitious economy is information economy with indivial as the center.
the third characteristic is that the value exchange mechanism is different.
the value conversion of general currency is completed in the money market; The value exchange between general currency and virtual currency is completed through the overall exchange of the two markets. Under special conditions, there is an immature exchange relationship between indivial markets. Therefore, it can be said that general currency and virtual currency are in different markets.
some people worry that game virtual currency may cause inflation, Just as the imbalance of supply and demand in the commodity market can not directly lead to the imbalance of supply and demand in the money market, it must be through the issuance of additional money in the overall market to lead to inflation; At present, the stock market is a unified market, but the game market is not.
for example, the ratio of a certain game virtual currency to RMB may initially be 800000 to 1, Then it may change to 8 million to 1. Maybe the virtual currency of a castle today will be enough to buy a Tomahawk tomorrow; If the virtual currency forms a unified market, it may indeed exert pressure on the money market. The problem is that there is no such unified market now. The issuers of game currency are independent of each other and do not have the status of financial subject, let alone the exchange with currency at the level of financial market. What's more, whether it is base currency or value-added currency, The currency volume (m) and the currency price level (V, i.e. the velocity of circulation) have not changed, so it can not be considered that there will be monetary inflation or deflation.
for the current game currency depreciation, it is better to explain that the service conditions of a game as a value-added service have changed, As the demand for virtual currency increases, the price of services involved and the price level of virtual currency decrease. Due to the change of supply and demand conditions of such services, the price of services decreases. This is a phenomenon that can be explained by a real commodity market
2.
the advantages and disadvantages of the gold standard system are not obvious. As a financial planner, I don't have any good or bad feelings for this system, because this system is only one of the monetary systems. With the changes of the times, in fact, the gold standard system has some inevitability that can't be improved. My personal opinions are as follows, In fact, there are three forms of the gold standard system, so we can not directly say the advantages and disadvantages of the gold standard system, but analyze them one by one according to the three forms:
first, the pure gold standard system with only gold coins circulating in the market is the highest point of the gold system itself, Of course, this system has its own advantages and disadvantages, which are roughly as follows:
1. The advantage is that the devaluation of currency is almost impossible, because the value of gold coin itself limits the circulation of goods, that is, the possession of gold coin itself is the only way of communication between goods 2. The pure gold standard system that only gold coins circulate in the market restricts the flow of goods, so that trade can not be carried out in a large scale, which will make many commercial opportunities lost 1, To a certain extent, the circulation of funds is mobilized, the liquidity of commodity trade is improved, and the exchange of commodity trade is strengthened 2. Because the exchange restriction is very obvious, for countries with low gold reserves, they are still unable to get rid of the trade dilemma when the economy is in deficit. At the same time, it seriously hinders the commodity demand of countries with low gold reserves, and the economy is restricted in a large range 3. The transactions between banks and financial institutions are increasing in the relative environment, but the separation between finance and economy is still very serious. For banks, the risk is increasing in the exchange, and once there is inflation, banks will have a crisis 1. Continue to increase the economic expenditure burden of gold reserve countries, and the demand for goods is also expanding, so that the trade is unbalanced, It is more obvious under the currency circulation 2. In the process of exchange, banks obtain real profits from trade, and countries need to use US dollar as the transaction currency to increase the monopoly of US dollar, while limiting the currency exchange of other countries, so the economic risk of the United States is also increasing through the analysis of the advantages and disadvantages of the gold standard system, it is not difficult to see that the gold standard system has certain advantages, especially after the end of World War II, it has achieved great success in the development of the world economy. However, e to the need for free space in economy and finance, such a gold standard system will lose the market, so the gold standard system is a successful system in history, However, with the opening of a new page in history, the shortcomings of the gold standard appear naturally, so elimination is inevitable
3.
Rai stones, one of the original coins, originated from Yapu island. Yap Island is a small island in the Pacific Ocean with a population of only about 5000 to 6000 people. The aborigines of the island used a large stone coin as currency. Because there is no local metal proction, stone has become an important local resource. Local people have to go to Palau and other places to transport the stone back to their hometown by canoe, and then further process it into stone coins. And the development of a stone as a medium of trade model. The local people call this kind of stone coin Fei. The residents of the island trust the purchasing power of the stone coin very much. The number and size of the stone coin owned by the residents represent the wealth. There is a family on the island whose ancestors once got a large stone coin with good quality. However, the stone fell into the sea when they met difficulties in Shanghai on their way back to Yapu island. However, the local residents still believe that even though the stone coin has disappeared from the public's eyes physically, it still exists in theory, but it is not in the owner's home, and the purchasing power of the stone coin will not decline because of its location, Therefore, the family still stored the value represented by the stone coin and got the wealth represented by the fee. There is no need for the owners of stone coins to rece their possessions. After a transaction is completed, if the fee involved in the transaction is too large to move the stone coin conveniently, the owner of the stone coin will be willing to accept the simple ownership recognition. They are not even willing to make a mark to indicate this kind of exchange. The stone coin is still lying quietly on the ground of the previous owner
from the perspective of Aboriginal people, it's the most ridiculous thing that people outside you actually use paper or electronic symbols as money and have to die to live for the money{ RRRRR}
4. 1. This is the earliest form of the gold standard, also known as the classical or pure gold standard, which prevailed from 1880 to 1914. Free casting, free exchange and free import and export of gold are the three characteristics of the monetary system. Under this system, governments regulate the gold content of currencies by law, and the comparison of the gold content of the two currencies is the seigniorage parity that determines the exchange rate basis. Gold can be freely exported or imported into the country, and in the process of export and import, a coinage price flow mechanism is formed, which can automatically adjust the exchange rate. Under this system, the exchange rate fluctuates little because of the function of seigniorage parity and the limitation of gold delivery point
2. Gold bullion standard
this is a disguised gold standard, also known as gold bar standard, which uses gold bullion to handle international settlement. Under this system, gold nuggets are stored by the state as reserves; In circulation, the exchange relationship between various currencies and gold is limited, and free exchange is no longer implemented. However, when necessary, it can exchange gold nuggets with paper money to the Central Bank of the country in an unlimited amount. It can be seen that this monetary system is actually a gold standard system with restrictions
3. Gold Exchange Standard
this is a gold standard system in which foreign exchange is maintained in countries with gold standard or gold standard, and domestic currency is allowed to exchange for foreign exchange without restriction. Under this system, only bank notes can be exchanged for gold in China, but not for gold. In addition to gold, there is a certain proportion of foreign exchange in international reserves. Only foreign exchange can be exchanged for gold. Gold is the last means of payment. A country that adopts the gold exchange standard system should keep its currency at a fixed ratio with the currency of another country that adopts the gold nugget or gold coin standard system, and maintain the stability of its currency value by buying and selling foreign exchange without restriction< The main reasons for the collapse of the gold standard are as follows:
first, the growth rate of gold proction is far lower than that of commodity proction, and gold can not meet the needs of expanding commodity circulation, which greatly weakens the basis of gold coin circulation
Second, the distribution of gold stock among countries is unbalanced. At the end of 1913, the United States, Britain, Germany, France and Russia accounted for two-thirds of the world's gold stock. Most of the gold stock is controlled by a few powerful countries, which will inevitably lead to the destruction of the free casting and circulation of gold coins and weaken the basis of the circulation of gold coins in other countries
thirdly, with the outbreak of the first World War, gold was used by the participating countries to buy arms, and stopped exporting freely and cashing bank notes, which eventually led to the collapse of the gold standard.
2. Gold bullion standard
this is a disguised gold standard, also known as gold bar standard, which uses gold bullion to handle international settlement. Under this system, gold nuggets are stored by the state as reserves; In circulation, the exchange relationship between various currencies and gold is limited, and free exchange is no longer implemented. However, when necessary, it can exchange gold nuggets with paper money to the Central Bank of the country in an unlimited amount. It can be seen that this monetary system is actually a gold standard system with restrictions
3. Gold Exchange Standard
this is a gold standard system in which foreign exchange is maintained in countries with gold standard or gold standard, and domestic currency is allowed to exchange for foreign exchange without restriction. Under this system, only bank notes can be exchanged for gold in China, but not for gold. In addition to gold, there is a certain proportion of foreign exchange in international reserves. Only foreign exchange can be exchanged for gold. Gold is the last means of payment. A country that adopts the gold exchange standard system should keep its currency at a fixed ratio with the currency of another country that adopts the gold nugget or gold coin standard system, and maintain the stability of its currency value by buying and selling foreign exchange without restriction< The main reasons for the collapse of the gold standard are as follows:
first, the growth rate of gold proction is far lower than that of commodity proction, and gold can not meet the needs of expanding commodity circulation, which greatly weakens the basis of gold coin circulation
Second, the distribution of gold stock among countries is unbalanced. At the end of 1913, the United States, Britain, Germany, France and Russia accounted for two-thirds of the world's gold stock. Most of the gold stock is controlled by a few powerful countries, which will inevitably lead to the destruction of the free casting and circulation of gold coins and weaken the basis of the circulation of gold coins in other countries
thirdly, with the outbreak of the first World War, gold was used by the participating countries to buy arms, and stopped exporting freely and cashing bank notes, which eventually led to the collapse of the gold standard.
5. 1、 The main shortcomings of the gold standard system are as follows:
1
2. Only when the relative price of gold and other procts and services is stable, the practice of linking currency with gold can ensure the stability of the overall price level
3; Unless new gold is constantly discovered, the central bank cannot increase its international reserves
4. The gold standard gives the major gold procing countries great ability to influence the world economic situation by selling gold
5. When a country has a balance of payments deficit, proction stagnation and workers' unemployment may be caused by gold export and monetary tightening
2. The world monetary system will not return to the gold standard< Thirdly, inflation can not be avoided: -- the causes of inflation can be summarized into the following five situations:
① demand pull. Demand driven inflation, also known as excess demand inflation, refers to the continuous and significant rise of the general price level caused by the total demand exceeding the total supply. This type of inflation is vividly described as "too much money chasing too little goods"< (2) cost promotion. Cost driven inflation, also known as supply inflation, refers to the continuous and significant rise of general price level caused by the increase of supply side cost without excess demand< (3) structural factors. Structural inflation refers to the continuous rise of general price level e to the change of economic structure factors without demand pull and cost push. However, on the one hand, it is not easy for modern social and economic structure to transfer proction factors from backward, declining and closed sectors to advanced, rising and open sectors; on the other hand, it is not easy for backward, declining and open sectors However, the closed sector is required to keep up with the advanced sector, the rising sector and the open sector in terms of wages and prices, which will lead to the rise of the general price level
④ insufficient supply
that is, under the condition of constant total social demand, the relative shortage of total social supply causes inflation“ A large part of the hidden inflation in China ring the "Cultural Revolution" was caused by the serious destruction of social proctive forces and the serious shortage of commodity supply< In the case of continuous inflation, people's improper expectation of inflation (too pessimistic about the future trend of inflation) leads to more serious inflation<
supplement
inflation: under the credit currency system, the amount of money in circulation exceeds the actual needs of the economy, resulting in currency devaluation and a comprehensive and sustained rise in the price level.
1
2. Only when the relative price of gold and other procts and services is stable, the practice of linking currency with gold can ensure the stability of the overall price level
3; Unless new gold is constantly discovered, the central bank cannot increase its international reserves
4. The gold standard gives the major gold procing countries great ability to influence the world economic situation by selling gold
5. When a country has a balance of payments deficit, proction stagnation and workers' unemployment may be caused by gold export and monetary tightening
2. The world monetary system will not return to the gold standard< Thirdly, inflation can not be avoided: -- the causes of inflation can be summarized into the following five situations:
① demand pull. Demand driven inflation, also known as excess demand inflation, refers to the continuous and significant rise of the general price level caused by the total demand exceeding the total supply. This type of inflation is vividly described as "too much money chasing too little goods"< (2) cost promotion. Cost driven inflation, also known as supply inflation, refers to the continuous and significant rise of general price level caused by the increase of supply side cost without excess demand< (3) structural factors. Structural inflation refers to the continuous rise of general price level e to the change of economic structure factors without demand pull and cost push. However, on the one hand, it is not easy for modern social and economic structure to transfer proction factors from backward, declining and closed sectors to advanced, rising and open sectors; on the other hand, it is not easy for backward, declining and open sectors However, the closed sector is required to keep up with the advanced sector, the rising sector and the open sector in terms of wages and prices, which will lead to the rise of the general price level
④ insufficient supply
that is, under the condition of constant total social demand, the relative shortage of total social supply causes inflation“ A large part of the hidden inflation in China ring the "Cultural Revolution" was caused by the serious destruction of social proctive forces and the serious shortage of commodity supply< In the case of continuous inflation, people's improper expectation of inflation (too pessimistic about the future trend of inflation) leads to more serious inflation<
supplement
inflation: under the credit currency system, the amount of money in circulation exceeds the actual needs of the economy, resulting in currency devaluation and a comprehensive and sustained rise in the price level.
6. In a word, because of interests, others are textbook like, technical nonsense!
7. The original meaning of the gold standard is to take gold as the basic credit currency, that is to say, how much gold reserves can you issue and how many bank notes
that is, credit currency
gold is a natural currency, which has its value. People use it as a general equivalent as a means of payment
but gold is inconvenient to carry and bulky, so people invented credit currency instead of yellow However, if you are allowed to print credit currency casually, there will be inflation, and the devaluation of credit currency will eventually become waste paper
so the gold standard system requires how much gold to have how much credit currency to circulate outside the country
such a monetary system ensures the fairness of trade, the security of national income and expenditure, and enhances people's confidence in credit currency However, with the continuous development of economy, there are some problems in the gold exchange standard system. Firstly, with the increasing balance of payments, countries' gold reserves can not keep up with the development speed of trade. Secondly, because of the rarity of gold and its high value, countries do not want gold to flow out of their own countries. Thirdly, the exchange rate policy of countries is affected The gold standard is the earliest form of the gold standard, also known as the classical or pure gold standard, which prevailed from 1880 to 1914. Free casting, free exchange and free import and export of gold are the three characteristics of the monetary system. Under this system, governments regulate the gold content of currencies by law, and the comparison of the gold content of the two currencies is the seigniorage parity that determines the exchange rate basis. Gold can be freely exported or imported into the country, and in the process of export and import, a coinage price flow mechanism is formed, which can automatically adjust the exchange rate. Under this system, the exchange rate fluctuates little because of the function of seigniorage parity and the limitation of gold delivery point
2. Gold bullion standard
this is a disguised gold standard, also known as gold bar standard, which uses gold bullion to handle international settlement. Under this system, gold nuggets are stored by the state as reserves; In circulation, the exchange relationship between various currencies and gold is limited, and free exchange is no longer implemented. However, when necessary, it can exchange gold nuggets with paper money to the Central Bank of the country in an unlimited amount. It can be seen that this monetary system is actually a gold standard system with restrictions
3. Gold Exchange Standard
this is a gold standard system in which foreign exchange is maintained in countries with gold standard or gold standard, and domestic currency is allowed to exchange for foreign exchange without restriction. Under this system, only bank notes can be exchanged for gold in China, but not for gold. In addition to gold, there is a certain proportion of foreign exchange in international reserves. Only foreign exchange can be exchanged for gold. Gold is the last means of payment. A country that adopts the gold exchange standard system should keep its currency at a fixed ratio with the currency of another country that adopts the gold nugget or gold coin standard system, and maintain the stability of its currency value by buying and selling foreign exchange without restriction< The main reasons for the collapse of the gold standard are as follows:
first, the growth rate of gold proction is far lower than that of commodity proction, and gold can not meet the needs of expanding commodity circulation, which greatly weakens the basis of gold coin circulation
Second, the distribution of gold stock among countries is unbalanced. At the end of 1913, the United States, Britain, Germany, France and Russia accounted for two-thirds of the world's gold stock. Most of the gold stock is controlled by a few powerful countries, which will inevitably lead to the destruction of the free casting and circulation of gold coins and weaken the basis of the circulation of gold coins in other countries
thirdly, with the outbreak of the first World War, gold was used by the participating countries to buy arms, and stopped exporting freely and cashing bank notes, which eventually led to the collapse of the gold standard.
that is, credit currency
gold is a natural currency, which has its value. People use it as a general equivalent as a means of payment
but gold is inconvenient to carry and bulky, so people invented credit currency instead of yellow However, if you are allowed to print credit currency casually, there will be inflation, and the devaluation of credit currency will eventually become waste paper
so the gold standard system requires how much gold to have how much credit currency to circulate outside the country
such a monetary system ensures the fairness of trade, the security of national income and expenditure, and enhances people's confidence in credit currency However, with the continuous development of economy, there are some problems in the gold exchange standard system. Firstly, with the increasing balance of payments, countries' gold reserves can not keep up with the development speed of trade. Secondly, because of the rarity of gold and its high value, countries do not want gold to flow out of their own countries. Thirdly, the exchange rate policy of countries is affected The gold standard is the earliest form of the gold standard, also known as the classical or pure gold standard, which prevailed from 1880 to 1914. Free casting, free exchange and free import and export of gold are the three characteristics of the monetary system. Under this system, governments regulate the gold content of currencies by law, and the comparison of the gold content of the two currencies is the seigniorage parity that determines the exchange rate basis. Gold can be freely exported or imported into the country, and in the process of export and import, a coinage price flow mechanism is formed, which can automatically adjust the exchange rate. Under this system, the exchange rate fluctuates little because of the function of seigniorage parity and the limitation of gold delivery point
2. Gold bullion standard
this is a disguised gold standard, also known as gold bar standard, which uses gold bullion to handle international settlement. Under this system, gold nuggets are stored by the state as reserves; In circulation, the exchange relationship between various currencies and gold is limited, and free exchange is no longer implemented. However, when necessary, it can exchange gold nuggets with paper money to the Central Bank of the country in an unlimited amount. It can be seen that this monetary system is actually a gold standard system with restrictions
3. Gold Exchange Standard
this is a gold standard system in which foreign exchange is maintained in countries with gold standard or gold standard, and domestic currency is allowed to exchange for foreign exchange without restriction. Under this system, only bank notes can be exchanged for gold in China, but not for gold. In addition to gold, there is a certain proportion of foreign exchange in international reserves. Only foreign exchange can be exchanged for gold. Gold is the last means of payment. A country that adopts the gold exchange standard system should keep its currency at a fixed ratio with the currency of another country that adopts the gold nugget or gold coin standard system, and maintain the stability of its currency value by buying and selling foreign exchange without restriction< The main reasons for the collapse of the gold standard are as follows:
first, the growth rate of gold proction is far lower than that of commodity proction, and gold can not meet the needs of expanding commodity circulation, which greatly weakens the basis of gold coin circulation
Second, the distribution of gold stock among countries is unbalanced. At the end of 1913, the United States, Britain, Germany, France and Russia accounted for two-thirds of the world's gold stock. Most of the gold stock is controlled by a few powerful countries, which will inevitably lead to the destruction of the free casting and circulation of gold coins and weaken the basis of the circulation of gold coins in other countries
thirdly, with the outbreak of the first World War, gold was used by the participating countries to buy arms, and stopped exporting freely and cashing bank notes, which eventually led to the collapse of the gold standard.
8. The currency issue under the gold standard should be based on gold and be issued according to a certain standard, such as how many US dollars are equal to one ounce of gold. The advantage of this is to ensure that the issued currency has a good credit base. At this time, the currency is equal to a certain amount of gold and is valuable, It is issued on the basis of a country's credit. This kind of currency does not have any value once it is not linked to the equivalent, if it is not the legal effect of the government.
the issuance of currency under the gold standard needs a certain amount of gold as the issuance basis, and the limitation of gold limits the development of commercial circulation, Therefore, there is no such restriction for the currency that will be eliminated instead of gold standard, but the government will issue the currency according to its own will, which will lead to the worthless money and eventually inflation
the issuance of currency under the gold standard needs a certain amount of gold as the issuance basis, and the limitation of gold limits the development of commercial circulation, Therefore, there is no such restriction for the currency that will be eliminated instead of gold standard, but the government will issue the currency according to its own will, which will lead to the worthless money and eventually inflation
9. The gold standard is a monetary system with gold as the standard currency. Under the gold standard system, the value of each unit of money is equal to several weights of gold (i.e. the gold content of money); When different countries use the gold standard, the exchange rate between countries is determined by the mint parity, the ratio of gold content of their respective currencies. The gold standard began to prevail in the mid-19th century
in history, there were three forms of gold standard: gold coin standard, gold nugget standard and gold exchange standard. The gold standard system is the most typical one. In a narrow sense, the gold standard system refers to this kind of monetary system. The main reasons for the collapse of the gold standard system are as follows: first, the growth rate of gold proction is far lower than that of commodity proction, and gold can not meet the needs of expanding commodity circulation, This greatly weakened the basis of the circulation of gold coins. Second, the distribution of gold stock among countries is unbalanced. At the end of 1913, the United States, Britain, Germany, France and Russia accounted for two-thirds of the world's gold stock. Most of the gold stock is controlled by a few powerful countries, which will inevitably lead to the destruction of the free casting and circulation of gold coins and weaken the basis of the circulation of gold coins in other countries. Third, with the outbreak of the first World War, gold was used by the Warring States to buy arms, and stopped exporting freely and cashing bank notes, which eventually led to the collapse of the gold standard
generally speaking, the gold standard system is only one of the monetary systems. With the changes of the times, in fact, the gold standard system has some inevitability that can not be improved. Personal opinions have the following contents for your reference:
the gold standard system actually has three forms, so we can not directly say the advantages and disadvantages of the gold standard system, But it should be analyzed one by one according to three forms:
first, the pure gold standard system, in which only gold coins circulate in the market, has the highest point of gold itself. Of course, this system has its own advantages and disadvantages, which are roughly as follows:
1. The advantage is that the devaluation of currency is almost impossible, because the value of gold coins limits the circulation of goods, That is to say, the possession of gold coin itself is the only way of communication between goods
2. The pure gold standard system, in which only gold coins circulate in the market, restricts the flow of goods, so that trade can not be carried out in a large scale, and many commercial opportunities will be lost
3. Restrict the development of other countries, while the countries that monopolize gold develop faster, which will lead to serious trade imbalance and restrict the development of the world economy< Second, the mixed gold standard system, in which gold coins, convertible bank notes and other currencies circulate at the same time, is an improved gold standard system to regulate the gold standard system, and its advantages and disadvantages are also obvious:
1. This system alleviates the economic expenditure of gold monopoly countries to a certain extent, and mobilizes the turnover of funds to a certain extent, It improves the liquidity of commodity trade and strengthens the exchange of commodity trade
2. Because the exchange restriction is very obvious, for countries with low gold reserves, they are still unable to get rid of the trade dilemma when the economy is in deficit. At the same time, it seriously hinders the commodity demand of countries with low gold reserves, and the economy is restricted in a large range
3. The transactions between banks and financial institutions are increasing in the relative environment, but the financial and economic separation is still very serious. For banks, the risk is increasing in the exchange process. Once there is inflation, banks will have a crisis
thirdly, the currency in circulation is all convertible bank notes, but there is no gold standard system of gold coin circulation at all. This is another improvement. The actual effect of this improvement is as follows:
1. Continue to increase the economic expenditure burden of gold reserve countries, and the demand for goods is also expanding, so the imbalance of trade is more obvious under the currency circulation
2. In the process of exchange, banks obtain real profits from trade, and all countries need to use US dollar as the transaction currency, which increases the monopoly of US dollar and limits the currency exchange of other countries, thus increasing the economic risk of the United States
through the analysis of the advantages and disadvantages of the gold standard system, it is not difficult to see that the gold standard system has certain advantages, especially after the end of World War II, it has achieved great success in the development of the world economy. However, e to the need for free space in economy and finance, such a gold standard system will lose the market, so the gold standard system is a successful system in history, However, with the opening of a new page in history, the shortcomings of the gold standard appear naturally, so elimination is inevitable.
in history, there were three forms of gold standard: gold coin standard, gold nugget standard and gold exchange standard. The gold standard system is the most typical one. In a narrow sense, the gold standard system refers to this kind of monetary system. The main reasons for the collapse of the gold standard system are as follows: first, the growth rate of gold proction is far lower than that of commodity proction, and gold can not meet the needs of expanding commodity circulation, This greatly weakened the basis of the circulation of gold coins. Second, the distribution of gold stock among countries is unbalanced. At the end of 1913, the United States, Britain, Germany, France and Russia accounted for two-thirds of the world's gold stock. Most of the gold stock is controlled by a few powerful countries, which will inevitably lead to the destruction of the free casting and circulation of gold coins and weaken the basis of the circulation of gold coins in other countries. Third, with the outbreak of the first World War, gold was used by the Warring States to buy arms, and stopped exporting freely and cashing bank notes, which eventually led to the collapse of the gold standard
generally speaking, the gold standard system is only one of the monetary systems. With the changes of the times, in fact, the gold standard system has some inevitability that can not be improved. Personal opinions have the following contents for your reference:
the gold standard system actually has three forms, so we can not directly say the advantages and disadvantages of the gold standard system, But it should be analyzed one by one according to three forms:
first, the pure gold standard system, in which only gold coins circulate in the market, has the highest point of gold itself. Of course, this system has its own advantages and disadvantages, which are roughly as follows:
1. The advantage is that the devaluation of currency is almost impossible, because the value of gold coins limits the circulation of goods, That is to say, the possession of gold coin itself is the only way of communication between goods
2. The pure gold standard system, in which only gold coins circulate in the market, restricts the flow of goods, so that trade can not be carried out in a large scale, and many commercial opportunities will be lost
3. Restrict the development of other countries, while the countries that monopolize gold develop faster, which will lead to serious trade imbalance and restrict the development of the world economy< Second, the mixed gold standard system, in which gold coins, convertible bank notes and other currencies circulate at the same time, is an improved gold standard system to regulate the gold standard system, and its advantages and disadvantages are also obvious:
1. This system alleviates the economic expenditure of gold monopoly countries to a certain extent, and mobilizes the turnover of funds to a certain extent, It improves the liquidity of commodity trade and strengthens the exchange of commodity trade
2. Because the exchange restriction is very obvious, for countries with low gold reserves, they are still unable to get rid of the trade dilemma when the economy is in deficit. At the same time, it seriously hinders the commodity demand of countries with low gold reserves, and the economy is restricted in a large range
3. The transactions between banks and financial institutions are increasing in the relative environment, but the financial and economic separation is still very serious. For banks, the risk is increasing in the exchange process. Once there is inflation, banks will have a crisis
thirdly, the currency in circulation is all convertible bank notes, but there is no gold standard system of gold coin circulation at all. This is another improvement. The actual effect of this improvement is as follows:
1. Continue to increase the economic expenditure burden of gold reserve countries, and the demand for goods is also expanding, so the imbalance of trade is more obvious under the currency circulation
2. In the process of exchange, banks obtain real profits from trade, and all countries need to use US dollar as the transaction currency, which increases the monopoly of US dollar and limits the currency exchange of other countries, thus increasing the economic risk of the United States
through the analysis of the advantages and disadvantages of the gold standard system, it is not difficult to see that the gold standard system has certain advantages, especially after the end of World War II, it has achieved great success in the development of the world economy. However, e to the need for free space in economy and finance, such a gold standard system will lose the market, so the gold standard system is a successful system in history, However, with the opening of a new page in history, the shortcomings of the gold standard appear naturally, so elimination is inevitable.
10. The gold standard is a monetary system based on gold. In history, there were three forms of gold standard system: gold coin standard system, gold bullion standard system and gold exchange standard system. Among them, gold standard is the most typical form. The generalized gold standard system includes "gold standard system", "gold nugget standard system" and "gold exchange standard system". Generally speaking, the gold standard system in a narrow sense, that is, the gold standard system, has the following characteristics: the shape, weight and fineness of gold coins are regulated by national laws, but they can be cast and melted freely; The secondary currency and bank notes can be freely converted into gold coins, and the main currency with unlimited legal compensation ability and the value symbol (secondary currency and bank notes) with limited legal compensation ability can circulate at the same time; Gold is used as currency reserve and used for international settlement. Gold can be exported and imported freely. These characteristics make the nominal value of the standard currency equal to the actual value, and the domestic value and foreign value tend to be consistent, which ensures the relative stability of the monetary system. The gold standard monetary system was established with the development of capitalist mode of proction. As early as 1861, Britain passed the gold standard act, which stipulated gold as the standard of currency in the form of law. In 1862, gold coins were minted, and the monetary unit was British pound. In 1865, France, Belgium and Switzerland formed the Latin Monetary Union and issued the longest circulating gold Franc in monetary history. The gold content was 0.9032258 grams of pure gold. This kind of gold coin, which was commonly used in the world, did not stop circulating until the 1930s. But up to now, some international organizations, such as the International Telecommunication Union, still use the gold franc as the unit of calculation and settlement, Other European capitalist countries also adopted the gold standard monetary system in the late 19th century. However, with the development of proctive forces and the expansion of economic scale, the demand for gold is increasing. However, the output of gold is limited, and its distribution is unbalanced all over the world. In addition to the influence of war and other factors, the foundation of free casting and free circulation of gold coins is weakening, and the possibility of free exchange of gold coins by value symbols such as banknotes is shrinking, The free export and import of gold in the world was restricted, which eventually led to the bankruptcy of gold coin standard system in western countries after the outbreak of the first World War, and the abandonment of gold bullion standard system after the world economic crisis in 1929-1933. The gold coin standard system has been popular in the capitalist world for about one hundred years. Although it has become a historical relic in the history of money, it has brought far-reaching influence on the system of cash towel. The basic characteristics of the gold standard system are as follows: a certain amount of gold is used as the monetary unit to cast gold as the standard currency; Gold coins can be cast and melted freely, and have unlimited legal compensation ability, while limiting the casting and solvency of other coins; Secondary currency and bank notes can be freely exchanged for gold coins or the same amount of gold; Gold can enter and leave the country freely; Gold is the only reserve. The gold standard system eliminates the disadvantages of price confusion and unstable currency circulation under the double standard system, ensures that the currency does not depreciate against the gold, and ensures the unification of the world market and the relative stability of the foreign exchange market. It is a relatively stable monetary system. The gold exchange standard system is also known as the "virtual gold standard system". Its characteristics are as follows: gold coins can not be circulated in China, but paper money with legal gold content can only be circulated; Paper money can't be directly exchanged for gold, it can only be exchanged for foreign exchange. The currency of a country with this system maintains a fixed price ratio with the currency of another country with the gold standard system, and deposits foreign exchange and gold as reserves in that country, which reflects the dependence of a small country on a large country ("central country"). Through unrestricted trading of foreign exchange to maintain the gold bullion standard national currency links, that is, "pegging" the latter's currency. The State forbids the free export of gold, and the export and import of gold are handled by the central bank. Before the first World War, India, the Philippines, Malaysia, some Latin American countries and regions, as well as Germany, Italy, Denmark, Norway and other countries in the 1920s all practiced this system. Gold standard and gold exchange standard are two kinds of imperfect gold standard after the stability of gold standard is destroyed. Under these two systems, although gold is stipulated as the monetary standard, only the gold content of the monetary unit is stipulated, instead of casting gold coins, and the circulation of bank notes is implemented. The difference is that under the gold standard system, bank notes can be exchanged for gold at home according to the specified gold content, but there are restrictions on the amount and purpose (for example, the British stipulated that the gold can be exchanged at more than 1700 pounds in 1925 and the French stipulated that the gold can only be exchanged at more than 215000 francs in 1928), and the gold is concentrated in the national government. Under the gold exchange standard system, banknotes are not exchanged for gold bullion in China, only the exchange rate between banknotes and the currency of the gold standard country is stipulated. First, they are exchanged for foreign exchange, then they are exchanged for gold with foreign exchange, and the reserves are deposited in the country. Supplement to informants 2010-01-22 22:07 international gold standard_ The international gold standard system is a system in which gold is used as the international standard currency. Its characteristics are that the exchange rate between currencies is determined by their respective gold content ratio, gold can be freely exported and imported among countries, and the balance of payments has an automatic adjustment mechanism.. Britain took the lead in implementing the gold standard system in 1816. After 1870s, European and American countries and Japan followed suit one after another. As a result, the monetary systems of many countries graally unified, and the gold standard system evolved from domestic system to international system. According to the degree of connection between currency and gold, the international gold standard can be divided into gold standard, gold nugget standard and gold exchange standard< The gold coin standard system is a monetary system in which gold is used as the monetary metal for circulation. It is a monetary system widely practiced in capitalist countries from the end of the 19th century to the first half of the 20th century. In 1816, the United Kingdom promulgated the gold standard system act and began to implement the gold standard system, which promoted the transformation of gold into world currency. Subsequently, Germany announced the implementation of the gold standard in 1871, and Denmark, Sweden, Norway and other countries successively implemented the gold standard in 1873. By the end of the 19th century, capitalist countries had generally implemented this monetary system
the main contents of the gold coin standard system include: 1) gold is used to define the value of money, each currency has a legal gold content, and the currencies of various countries have a certain parity according to the weight of gold they contain; ② Gold coins can be freely minted. Anyone can freely hand over gold nuggets to the national mint for gold coins according to the legal gold content, or exchange gold coins for equivalent gold nuggets from the mint; ③ Gold coin is a kind of money with unlimited legal compensation and has the right of unlimited means of payment; ④ Gold is the currency reserve of all countries, and is also used in international settlement. Gold can be exported or imported freely. It can be seen from these contents that the gold coin system has three characteristics: free casting, free exchange and free exporter. As the gold coin can be cast freely, the face value of the gold coin can be consistent with the value of the gold it contains, and the number of gold coins can spontaneously meet the needs of circulation, thus playing the role of money supply and demand, without inflation and currency depreciation. As gold can be freely transferred among countries, it ensures the relative stability of foreign exchange market and the unification of international financial market, so the gold standard system is a relatively sound and stable monetary system
on the eve of the first World War, in order to prepare for the world war, the imperialist countries stepped up their plunder of gold, which seriously weakened the free casting of gold coins, the free exchange of value symbols and gold coins, and strictly restricted the import and export of gold. After the outbreak of the first World War, the imperialist countries' military expenditure increased sharply, stopped the gold coin casting and the exchange of value symbols one after another, and prohibited the gold exporters, which fundamentally destroyed the foundation of the gold coin standard system and led to the complete collapse of the gold coin standard system< After the first World War, the economy of some capitalist countries was affected by inflation and rising prices, coupled with the extremely uneven distribution of gold, it was difficult to restore the gold coin standard. At the world monetary conference held in Genoa, Italy in 1922, it was decided to adopt the principle of "saving gold" and implement the gold standard system and gold exchange standard system. The gold standard system is mainly implemented in Britain, France and the United States. Under the gold standard system, the monetary unit still stipulates the gold content, but gold is only used as the reserve for currency issuance and concentrated in the central bank, instead of casting gold coins and implementing the circulation of gold coins. The currency in circulation is completely replaced by bank notes and other value symbols, and bank notes can be exchanged with gold according to the gold content above a certain amount. In the UK, the minimum amount of banknotes for gold is 400 ounces of gold (about 1700 pounds), which is below the limit. France stipulates that the minimum amount of bank notes for gold is 21500 francs, equivalent to 12 kilograms of gold. The central bank is in charge of the export and import of gold and forbids the private export of gold. The central bank maintains a certain amount of gold reserves to maintain the link between gold and currency
the gold exchange standard system is also known as the "virtual gold standard system", which has the following characteristics: gold coins can not be circulated in China, but paper money with legal gold content can only be circulated; Paper money can't be directly exchanged for gold, it can only be exchanged for foreign exchange. The currency of a country with this system maintains a fixed price ratio with the currency of another country with the gold standard system, and deposits foreign exchange and gold as reserves in that country, which reflects the dependence of a small country on a large country ("central country"). Through unrestricted trading of foreign exchange to maintain the gold bullion standard national currency links, that is, "pegging" the latter's currency. The State forbids the free export of gold, and the export and import of gold are handled by the central bank. Before the first World War, India, the Philippines, Malaysia, some Latin American countries and regions, as well as Germany, Italy, Denmark, Norway and other countries in the 1920s all practiced this system
both gold standard and gold exchange standard are weakened international gold standard. The outbreak of the world economic crisis in 1929-1933 forced all countries to give up the gold standard and gold exchange standard. From then on, the capitalist world was divided into mutually opposed currency groups and currency areas, and the international gold standard withdrew from the historical stage.
the main contents of the gold coin standard system include: 1) gold is used to define the value of money, each currency has a legal gold content, and the currencies of various countries have a certain parity according to the weight of gold they contain; ② Gold coins can be freely minted. Anyone can freely hand over gold nuggets to the national mint for gold coins according to the legal gold content, or exchange gold coins for equivalent gold nuggets from the mint; ③ Gold coin is a kind of money with unlimited legal compensation and has the right of unlimited means of payment; ④ Gold is the currency reserve of all countries, and is also used in international settlement. Gold can be exported or imported freely. It can be seen from these contents that the gold coin system has three characteristics: free casting, free exchange and free exporter. As the gold coin can be cast freely, the face value of the gold coin can be consistent with the value of the gold it contains, and the number of gold coins can spontaneously meet the needs of circulation, thus playing the role of money supply and demand, without inflation and currency depreciation. As gold can be freely transferred among countries, it ensures the relative stability of foreign exchange market and the unification of international financial market, so the gold standard system is a relatively sound and stable monetary system
on the eve of the first World War, in order to prepare for the world war, the imperialist countries stepped up their plunder of gold, which seriously weakened the free casting of gold coins, the free exchange of value symbols and gold coins, and strictly restricted the import and export of gold. After the outbreak of the first World War, the imperialist countries' military expenditure increased sharply, stopped the gold coin casting and the exchange of value symbols one after another, and prohibited the gold exporters, which fundamentally destroyed the foundation of the gold coin standard system and led to the complete collapse of the gold coin standard system< After the first World War, the economy of some capitalist countries was affected by inflation and rising prices, coupled with the extremely uneven distribution of gold, it was difficult to restore the gold coin standard. At the world monetary conference held in Genoa, Italy in 1922, it was decided to adopt the principle of "saving gold" and implement the gold standard system and gold exchange standard system. The gold standard system is mainly implemented in Britain, France and the United States. Under the gold standard system, the monetary unit still stipulates the gold content, but gold is only used as the reserve for currency issuance and concentrated in the central bank, instead of casting gold coins and implementing the circulation of gold coins. The currency in circulation is completely replaced by bank notes and other value symbols, and bank notes can be exchanged with gold according to the gold content above a certain amount. In the UK, the minimum amount of banknotes for gold is 400 ounces of gold (about 1700 pounds), which is below the limit. France stipulates that the minimum amount of bank notes for gold is 21500 francs, equivalent to 12 kilograms of gold. The central bank is in charge of the export and import of gold and forbids the private export of gold. The central bank maintains a certain amount of gold reserves to maintain the link between gold and currency
the gold exchange standard system is also known as the "virtual gold standard system", which has the following characteristics: gold coins can not be circulated in China, but paper money with legal gold content can only be circulated; Paper money can't be directly exchanged for gold, it can only be exchanged for foreign exchange. The currency of a country with this system maintains a fixed price ratio with the currency of another country with the gold standard system, and deposits foreign exchange and gold as reserves in that country, which reflects the dependence of a small country on a large country ("central country"). Through unrestricted trading of foreign exchange to maintain the gold bullion standard national currency links, that is, "pegging" the latter's currency. The State forbids the free export of gold, and the export and import of gold are handled by the central bank. Before the first World War, India, the Philippines, Malaysia, some Latin American countries and regions, as well as Germany, Italy, Denmark, Norway and other countries in the 1920s all practiced this system
both gold standard and gold exchange standard are weakened international gold standard. The outbreak of the world economic crisis in 1929-1933 forced all countries to give up the gold standard and gold exchange standard. From then on, the capitalist world was divided into mutually opposed currency groups and currency areas, and the international gold standard withdrew from the historical stage.
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