Indian Journal of Science and Technology
Year: 2016, Volume: 9, Issue: 27, Pages: 1-7
Kulyash J. Bertayeva1*, Darkhan O. Onaltayev1 and Aida O. Zhagyparova2
1 Almaty Academy of Economics and Statistics, [email protected]
2 Turan-Astana University, [email protected]
*Author for correspodence
Kulyash J. Bertayeva
Almaty Academy of Economics and Statistics,
Email: [email protected]
Objectives: The research is aimed at extending the holistic theoretical concept of genesis and development of the global foreign exchange market. It also presents guidelines to reorganize the world monetary system, as well as a rationale for the author’s view of a place and a role of gold on the today’s world currency market (in terms of uncertainty). Methods/ Analysis: Considering the methodological issues within the examined problem, the authors were supported by principles of the modern economic theory. The research was based on the system analysis; specific problems were solved with the help of the comparative, statistical and graphical analyses, using ranking and clustering methods. Results: The paper has presented an analysis for the current situation with the reserve currency, the US dollar, and given ideas of its possible reorientation towards gold as a more stable reserve asset in the global financial and currency markets. The authors have concluded that in the current conditions in the global foreign exchange market, there is no alternative to the existing reserve currency, the US dollar, but there is an opportunity to return the gold or e-gold as a reserve currency or a currency unit of account as a basic element within the global monetary system. Novelty/Improvements: There are the authors’ views on the current state of gold in the world and national monetary systems; the possibility has been proven to return the functions of the world’s money and a single international payment instrument to gold.
Keywords: Gold Exchange Standard, Gold Value Standard, Monetary Gold, World Monetary System
Subscribe now for latest articles and news.