1.1. The evolution of the global monetary system as a factor development of the international monetary and financial relations
International monetary system-enshrined in international agreements, a form of organization of monetary and financial relations, which operate independently or serving the international movement of goods and factors of production[7].
Monetary and financial system is a necessary step to promote international trade in goods, financial instruments and the movement of factors of production. It consists of two elements. Currency components of the system is the national currency, the terms of their mutual convertibility and circulation, exchange rate parity, exchange rates and national and international mechanisms of its regulation.
Financial elements of the system are the international financial markets and trading mechanisms to specific financial instruments – currency, securities, and loans.
Independent element of the international financial system is the international settlements, serving as the movement of goods and factors of production and financial instruments.
International financing mechanisms are key elements of macroeconomic adjustment, which is carried out in the country's open economy.
Currency is divided according to its membership to:
– the national currency – legal tender in the issuing of countries;
– foreign currency – legal tender in other countries, used in that country.
Classifications can be varied for different characters, in order to achieve the objectives of the study relevant is the following: reserve currency – the currency in which the state held its liquid international reserves used to cover the negative balance of payments.
Generally accepted in the world currency, which is accumulated by central banks in foreign exchange reserves. It serves as an investment asset, is a method of determining the exchange parity used as a tool of foreign exchange intervention, if necessary, as well as for the central bank for international settlements.
The most important characteristic is the degree of currency convertibility them – the ability of residents and non-free and unrestricted exchange and use in transactions with real financial assets.