The gold standard refers to the monetary system with gold as the standard currency. Its main forms are gold coin standard, gold bar standard and gold exchange standard.
1, gold coin standard system
The gold coin standard system is a typical gold standard system with gold as the monetary metal. Its main features are: gold coins can be freely cast and melted; Tokens and value symbols in circulation (such as paper money) can be freely converted into gold coins; Gold can be imported and exported freely. Between countries that implement the gold standard, the exchange rate is calculated according to the gold content of the two currencies, which is called gold parity.
2. Standard system of gold bars
Gold bar standard refers to the currency system issued by the central bank and prepared by gold bars for the circulation of paper money. The difference between it and the gold coin standard system is that: firstly, the gold coin standard system takes paper money or bank notes as the circulating currency, and no longer casts circulating gold coins, but stipulates that the gold content of paper money or bank notes can be converted into gold; Second, the government is required to reserve gold centrally and allow residents to exchange gold bars when the gold content of their bookkeeping base currency reaches a certain amount.
3. Gold trading standard system
The gold standard refers to the monetary system in which bank notes are used as the circulating currency and gold is indirectly exchanged through foreign exchange. The similarity between the gold exchange standard system and the gold bar standard system is that the gold content of the monetary unit is stipulated. In China, bank notes are circulated, but coins are not circulated. However, it is stipulated that bank notes can be exchanged for foreign exchange and not for gold. China's central bank deposits gold and foreign exchange in another country that implements the gold standard, allows indirect exchange of foreign exchange for gold, and stipulates the legal ratio of domestic currency to that country's currency, thus stabilizing the value of the local currency.
Bretton Woods System
The Bretton Woods system means that governments set exchange rates by linking their currencies to the US dollar, thus indirectly linking their currencies to gold. In this international monetary system arrangement, the dollar is in a key position equal to gold relative to the currencies of other member countries. Therefore, this system is also known as the international monetary system centered on the US dollar.
Jamaica system
Jamaica system is an international monetary system formed in the mid-1970s. Its main contents are: (1) diversification of international reserve currency; (2) Diversification of exchange rate arrangements; (3) adjust the balance of payments through various channels, including ① using domestic economic policies. ② Exchange rate policy. ③ Balance the balance of payments through international financing. (4) Solve the balance of payments problem through international coordination. ⑤ Adjust through the increase or decrease of foreign exchange reserves. Jamaica system has played an active role in maintaining international economic operation and promoting world economic development, but there are still some defects, and the international monetary system still needs further reform and improvement. Double standard means that a country stipulates both gold and silver as the standard currency. Under the dual standard system, gold and silver can be bought and sold freely, cast and melted freely, and input and output freely, just like under the gold standard system or the silver standard system.
On the surface, the multiple standard system can make the standard currency metal have richer sources, so that the quantity of money can better meet the expanding needs of commodity production and exchange, but in fact it is an inherently unstable monetary system.
The phenomenon of "bad money drives out good money", that is, when the market value of gold and silver is higher than the official price, the "expensive" metal in gold and silver will eventually withdraw from circulation, making the dual standard system impossible. This phenomenon is called Gresham's law. The fundamental reason of "bad money drives out good money" lies in the contradiction between the return of gold and silver and the exclusiveness and exclusiveness of money as a universal equivalent. 1, the paper money standard is also called the credit standard, because from the national law, it is no longer necessary to use metal money as the preparation for the issuance of paper money.
2. The main feature of the paper money system is that it is paper money and bank deposits that realize the currency circulation function.
Paper money creates conditions for the government to influence economic activities by adjusting the amount of money.
4. Since the implementation of the paper money system, there have been different arguments.
Those who advocate restoring the gold standard believe that only by making money convertible into gold can we limit the hasty behavior of the government on the material basis and urge the government to act cautiously. Those who agree with the paper money standard believe that in today's economic society, the change of money supply has a wide impact on the economy, and the government has become an indispensable part of economic policy by changing the money supply to achieve the predetermined economic goals.