(1) Gold is not monetized. That is to say, gold is completely decoupled from currency, canceling the obligation that all countries must pay off their debts with gold, reducing the monetary role of gold, reducing its position in international reserves, and promoting the establishment of a diversified international reserve system. (2) Diversified exchange rate system arrangements. The basic goal of international economic cooperation is to maintain economic stability rather than exchange rate stability. The Jamaican system allows the exchange rate system to be diversified, and attempts to gradually replace the fixed exchange rate system with a more flexible floating exchange rate system around the world. The IMF divides diversified exchange rate system arrangements into the following three types: "hard peg", such as currency board system and monetary union system; "Soft nailing" includes traditional fixed nailing, crawling nailing, in-band floating and crawling floating in-band; "Floating exchange rate system" includes complete floating exchange rate system and various floating exchange rate systems with different degrees of control. (3) A diversified international reserve system dominated by US dollars. In the Jamaican system, a country's available international reserves are not only US dollars, but also international currencies such as gold reserves, euro, Japanese yen and British pound, reserve positions of the International Monetary Fund (IMF) and special drawing rights (SDR). Nevertheless, the dollar is still the main component of foreign exchange reserves in various countries, which shows that the fundamental contradiction of the original monetary system has not been fundamentally solved. (4) Diversified balance of payments adjustment mechanism. IMF allows countries with unbalanced international payments to use exchange rate mechanism and interest rate machine.
Brief introduction of Jamaica system
After the collapse of the Bretton Woods system, the international financial order was once again turbulent. The international community and people from all walks of life are also discussing the possibility of establishing a new international financial system, and have put forward many reform plans, such as restoring the gold standard, restoring the dollar standard, implementing the comprehensive currency standard, and establishing the optimal currency area, but they have failed to make substantial progress. 1In July 1972, the International Monetary Fund (IMF) set up a special committee to study the reform of the international monetary system, which was composed of 1 1 major industrial countries and nine developing countries. 1in June, 1974, the Committee put forward the Outline of the Reform of the International Monetary System, and put forward some principled suggestions on gold, exchange rate, reserve assets and international land income adjustment, which laid the foundation for future monetary reform. 1976 10 to 65438+ 10, the Interim Committee of the Board of Directors of the International Monetary Fund (IMF) held a meeting in Kingston, Jamaica, to discuss the Articles of Agreement of the IMF. After intense debate, the Jamaica Agreement was signed and reached. In April of the same year, the Board of Directors of the International Monetary Fund adopted the Second Amendment to the Agreement of the International Monetary Fund, thus forming a new international monetary system.
Main contents of Jamaica agreement
1, reform of floating exchange rate system.
Jamaica Accord formally confirmed the legalization of floating exchange rate system, and admitted that fixed exchange rate system and floating exchange rate system coexist, and member countries can freely choose exchange rate system. At the same time, the IMF continues to strictly supervise the currency exchange rate policies of various countries, coordinate the economic policies of member countries, promote financial stability, and narrow the range of exchange rate fluctuations.
2. Promote the non-monetization of gold.
The agreement made a decision to gradually withdraw gold from international loans. It also stipulates that: the gold clause and the official price of gold are abolished, and the central banks of member countries can freely trade gold at market prices; Cancel the requirement of using gold to settle claims and debts among member countries and between member countries and the IMF, and the IMF will gradually deal with the gold it holds.
3. Enhance the role of SDR.
It is mainly to improve the international reserve status of SDR, expand its scope of use in the IMF's general business, and revise the relevant provisions of SDR in a timely manner.
4. Increase the fund share of member countries.
The fund share of member countries increased from the original SDR 29.2 billion to SDR 39 billion, an increase of 33.6%.
5. Expand credit lines and increase financing for developing countries.