The gold standard is a monetary system based on gold. Historically, the gold standard has three forms: gold coin standard, gold bar standard and gold exchange standard. The gold coin standard system is the most typical form. The generalized gold standard includes gold coin standard, gold bar standard and gold exchange standard. The narrow gold standard, commonly referred to as the gold coin standard. Its characteristics are: the shape, weight and fineness of gold coins are stipulated by national laws, but they can be freely cast and melted; Secondary coins and bank notes can be freely converted into gold coins, and the main currency with unlimited legal compensation ability and the value symbols with limited legal compensation ability (secondary coins and bank notes) circulate at the same time; The currency reserve uses gold for international settlement, and gold can be freely imported and exported at home. These characteristics make the nominal value of the standard currency equal to the actual value, and the domestic value tends to be consistent with the foreign value, thus ensuring the relative stability of the monetary system. The gold standard monetary system was established with the development of capitalist mode of production. As early as 186 1, Britain passed the gold standard bill, which stipulated gold as the monetary standard in the form of law. Gold coins are minted in 1862, and the monetary unit is pounds. 1865, France, Belgium and Switzerland formed the Latin monetary union, and issued the longest-running gold franc in the history of currency, with a gold content of 0.9032258 g. This internationally used gold coin didn't stop circulating until the 1930s, but some international organizations, such as the International Telecommunication Union, still used gold francs as the unit of calculation and settlement, and other capitalist countries in Europe also used 6500 gold francs. However, with the development of productive forces and the expansion of economic scale, the demand for gold is increasing, while the output of gold is limited and unevenly distributed in the world. Coupled with the influence of war and other factors, the foundation of free casting and free circulation of gold coins is weakening, the possibility of freely convertible gold coins such as paper money is shrinking, and the free import and export of gold in the world is restricted, which eventually leads to the bankruptcy of the gold coin standard system in western countries after the outbreak of World War I, and in 65433. The gold coin standard system prevailed in the capitalist world for about a hundred years. Although it has become a historical relic in the history of currency, it has brought far-reaching influence to the goods towel system. The basic characteristics of the gold coin standard system are: casting gold coins as the standard currency with a certain amount of gold as the monetary unit; Gold coins can be freely cast and melted, with unlimited legal compensation ability, while limiting the casting and repayment ability of other coins; Coins and banknotes can be freely converted into gold coins or equivalent gold; Gold can freely enter and leave the country; Gold is the only reserve. The gold coin standard system eliminates the disadvantages of price confusion and unstable currency circulation under the dual standard system, ensures that the currency in circulation does not depreciate relative to the functional currency metal gold, ensures the unification of the world market and the relative stability of the foreign exchange market, and is a relatively stable monetary system. The gold exchange standard system, also known as the "virtual gold standard system", is characterized by the following: gold coins cannot be circulated in China, only banknotes with legal gold content can be circulated; Paper money cannot be directly exchanged for gold, only for foreign exchange. The currency of the country that implements this system maintains a fixed parity with the currency of another country that implements the gold bar standard, and deposits foreign exchange and gold as reserves in this country, which reflects the dependence of small countries on big countries ("central countries"). Through unrestricted foreign exchange transactions, maintain the link between the currencies of various countries based on gold bars, that is, "peg" the latter's currency. The state prohibits the free export of gold, and the central bank is responsible for the import and export of gold. Before the First World War, India, the Philippines, Malaysia, some Latin American countries and regions, and Germany, Italy, Denmark, Norway and other countries in the 1920s implemented this system. Gold bar standard and gold exchange standard are two imperfect gold standards after the stability factors of the gold standard are destroyed. Under these two systems, although gold is the monetary standard, it only stipulates the gold content of the monetary unit, without casting gold coins, but circulating bank notes. The difference is that under the gold bar standard system, bank notes can be converted into gold bars in China according to the stipulated gold content, but there are restrictions on the quantity and use (for example, it is more than 1 1,700 pounds in Britain and more than 2 1 1,500 francs in France), and the gold is deposited in the National Government. Under the gold standard, bank notes are not exchanged for gold bars in China, but only the exchange rate with the currencies of countries that implement the gold standard. Exchange foreign exchange first, then exchange foreign exchange for gold, and deposit the reserves in China. Respondents added 20 10-0 1-22 22:07 international gold standard _ Baidu Encyclopedia explained in detail that the international gold standard is a system with gold as the international standard currency. Its characteristics are that 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, and the balance of payments has an automatic adjustment mechanism. . 18 16 Britain took the lead in implementing the gold standard system, and after the 1970s, Europe, America and Japan followed suit, so the monetary systems of many countries gradually unified, and the gold standard system evolved from a domestic system to an international system. The international gold standard can be divided into gold coin standard, gold bar standard and gold exchange standard according to the degree of connection between currency and gold.

First, the standard system of gold coins

The gold coin standard system is a monetary system with gold as the currency metal in circulation. It is a monetary system widely practiced in capitalist countries from the end of 19 to the first half of the 20th century. 18 16, Britain promulgated the (gold standard act) and began to implement the gold standard system, which promoted the transformation of gold into the world currency. Subsequently, Germany announced the implementation of the gold standard in 187 1, and countries such as Denmark, Sweden and Norway also implemented the gold standard in 1873. By the end of 19, this monetary system has been widely implemented in capitalist countries.

The main contents of the gold coin standard system include: ① using gold to specify the value represented by money, each currency has a legal gold content, and currencies of various countries have a certain price comparison according to the weight of gold contained; (2) Gold coins can be freely cast, and anyone can freely give gold bars to the state mint for casting into gold coins according to the legal gold content, or exchange gold coins from mint for equivalent gold bars; (3) Gold coins are currencies with unlimited legal compensation and the right to unlimited means of payment; The currency reserves of all countries are gold, which is also used in international settlement, and gold can be imported and exported freely. From these contents, we can see that the gold coin system has three characteristics: free casting, free exchange and free exporter. Because gold coins can be freely minted, the face value of gold coins can be consistent with the value of gold they contain, and the number of gold coins can meet the needs of circulation spontaneously, thus giving play to the role of money supply and demand, and inflation and currency depreciation will not occur. Because gold can be freely transferred between countries, which ensures the relative stability of the foreign exchange market and the unification of the international financial market, the gold coin standard system is a relatively sound and stable monetary system.

On the eve of the First World War, imperialist countries stepped up their plunder of gold in preparation for the World War, which seriously weakened the free casting of gold coins, the free exchange of value symbols and gold coins, and severely restricted the import and export of gold. After the outbreak of World War I, the military expenditure of imperialist countries increased sharply, and they stopped gold coin casting and exchange of value symbols one after another, and prohibited gold export, which fundamentally destroyed the foundation of the gold coin standard system and led to the complete collapse of the gold coin standard system.

2. Gold bar standard and gold exchange standard

After the First World War, the economy of some capitalist countries was affected by inflation and rising prices, and the distribution of gold was extremely uneven, which made it difficult to restore the gold coin standard. 1922 At the World Monetary Conference held in Genoa, Italy, it was decided to adopt the principle of "saving gold" and implement the gold bar standard and the gold exchange standard. The countries that implement the gold standard mainly include Britain, France and the United States. Under the gold bullion standard, the monetary unit still stipulates the gold content, but gold is only concentrated in the reserve issued by the central bank as currency, rather than casting circulating gold coins. Currency in circulation is completely replaced by value symbols such as banknotes, and banknotes can be exchanged with gold according to a certain amount of gold. In Britain, the minimum amount of bank notes exchanged for gold is 400 ounces of gold (about 1 700), and no exchange is allowed below the limit. France stipulates that the minimum amount of bank notes exchanged for gold is 2 1500 francs, which is equivalent to 12 kg of gold. The central bank is responsible for the import and export of gold, and private exports of gold are prohibited. The central bank maintains a certain amount of gold reserves to maintain the link between gold and currency.

The gold exchange standard system, also known as the "virtual gold standard system", is characterized by the following: gold coins cannot be circulated in China, only banknotes with legal gold content can be circulated; Paper money cannot be directly exchanged for gold, only for foreign exchange. The currency of the country that implements this system maintains a fixed parity with the currency of another country that implements the gold bar standard, and deposits foreign exchange and gold as reserves in this country, which reflects the dependence of small countries on big countries ("central countries"). Through unrestricted foreign exchange transactions, maintain the link between the currencies of various countries based on gold bars, that is, "peg" the latter's currency. The state prohibits the free export of gold, and the central bank is responsible for the import and export of gold. Before the First World War, India, the Philippines, Malaysia, some Latin American countries and regions, and Germany, Italy, Denmark, Norway and other countries in the 1920s implemented this system.

Gold bar standard and gold exchange standard are both weakened international gold standard. 1929- 1933 The outbreak of the world economic crisis forced countries to abandon the gold bar standard and the gold exchange standard. Since then, the capitalist world has split into opposing currency groups and currency areas, and the international gold standard has withdrawn from the historical stage.