Złoto, dolar i międzynarodowy pieniądz fiducjarny
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Date
1970
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Wydział Prawa i Administracji UAM
Title alternative
Gold, Dollar and the International Fiduciary Currency
Abstract
The main thought of the article is the opinion of progressing phenomenon of
demonetization of gold as international reserve currency. Gold as world currency
is a restrictive element in the range of international trades' turnover. It is the restraint
of the expansion of world trade that has always had the increasing tendency. In
that way you can explain the increase of the position of the United States' dollar
as the key currency. National currency performing a duty of international currency
in the longway perspective is an embryo of currency crisis and the source of conflicts
and contradictions in capitalistic countries. Gold and dollar as international
currency can be replaced by international fiduciary currency. Precursor of this conception
is Keynes.
The author discussed the mechanism of regulation the exchane rates and
mechanisms of accomodation in the range of deficits of payments and analised the
role of International Monetary Fund. The author pointed that in that range the
role of gold is not of basical importance. The essential role of gold is its function
as the comparative measure of currency. Price of gold is of conventional character.
There were discussed modern international conceptions of fiduciary currency of
Prof. R. Triffin and the plan of reform of the International Monetary Fund that
depended on introduction of Special Drawing Rights (SDR). Special Drawing Rights
are based on international account unit that equals one gold dollar.
Finishing his article the author distinguished international fiduciary currency
from supranational fiduciary currency. The supranational fiduciary currency is above
all the political conception not only organizational or economical one.
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 32, 1970, z. 2, s. 211-233