MEĐUNARODNE VALUTE Prvi deo: SAVREMENI PROBLEMI I

originalni
naučni
rad
UDK 336.744/.746 ; 336.76
MEĐUNARODNE
VALUTE
Prvi deo:
SAVREMENI
PROBLEMI I
ANTIČKA
ISKUSTVA
Prof. dr Biljana Stojanović
Fakultet za međunarodnu
ekonomiju, Beograd,
Megatrend univerzitet
bstojanovic@megatrend.edu.rs
Rezime
U savremenim uslovima ne postoji jedinstveni svetski novac. U antičkom
periodu su plemeniti metali bili svetski novac a njihov kovani oblik su bile
razne monetarne jedinice koje su mogle postati međunarodne valute, kao što je
to bio slučaj sa grčkom tetradrahmom i rimskim denariusom. Antičko iskustvo
daje nekoliko pouka o neophodnim preduslovima koje jedna valuta mora da
ispuni da bi bila prihvaćena kao međunarodna valuta. Prvo, valuta mora da
održava stabilnost vrednosti u relativno dužem periodu. Drugo, osnovni
faktori stabilnosti valute su: rast privrede, spoljno-ekonomska i fiskalna
ravnoteža. Treće, centralizovana organizacija upravljanja novcem je važan
uslov stabilnosti valute. Četvrto, politička filozofija upravljanja državom je od
fundamentalnog značaja za stabilnost valute jer ona utiče na model upravljanja
privredom, te samim tim i na način održavanja fiskalne ravnoteže i privrednog
rasta.
JEL: B11, F31, P51
Rad primljen: 07.02.2013.
Odobren za štampu: 22.02.2013.
bankarstvo 2 2013
Ključne reči: svetski novac, međunarodna valuta, međunarodni monetarni
sistem, monetarna stabilnost, internacionalizacija valute, tetradrahma,
denarius, kovani novac, fiskalni deficit
48
UDC 336.744/.746 ; 336.76
INTERNATIONAL
CURRENCIES
Part One:
CONTEMPORARY
PROBLEMS AND
EXPERIENCE FROM
ANTIQUITY
original
scientific
paper
Prof. dr Biljana Stojanović
School of International Economy,
Belgrade, Megatrend University
bstojanovic@megatrend.edu.rs
Summary
bankarstvo 2 2013
In modern times, there is no single world money that globally prevails.
In the period of antiquity (classical Greece and Rome), precious metals were
recognised as the world money and their minted coins deemed to be appropriate
monetary units that could acquire the status of international currency, as was
the Greek tetradrachm and the Roman denarius. Experience from antiquity
offers quite a few lessons on the prerequisites required for any single currency
to be recognised as an international currency. Firstly, currency must maintain
value stability over a rather substantial period of time. Secondly, the underlying
currency stability factors are: economic growth, foreign economic and fiscal
equilibrium. Thirdly, centralised money management organisation stands as an
important prerequisite for stability of currency. Fourthly, political philosophy
of state management is of fundamental importance for stability of currency as
it impacts the model applied to the managing economy, and hence the manner
of maintaining fiscal equilibrium and economic growth.
49
Key words: world money, international currency, international monetary
system, monetary stability, currency globalisation, tetradrachm, denarius,
minted coin money, fiscal deficit
JEL: B11, F31, P51
Paper received: 07.02.2013
Approved for publishing: 22.02.2013
Savremena finansijska i ekonomska kriza
dala je novi impuls za aktivnosti i diskusije
o budućnosti međunarodnog monetarnog
sistema (MMS). Tako je već novembra 2008.
održan samit svetskih lidera u Vašingtonu
sa ciljem da se započne proces sklapanja
sporazuma o “novom Breton-vudsu” - novom
MMS za 21. vek koji bi, kao i prethodni
breton-vudski sistem (BVS) koji je trajao do
1973. obezbeđivao stabilnost međunarodnih
monetarnih odnosa i finansijskih tržišta
[Boughton, 2009]. U akademskoj literaturi ove
diskusije traju upravo od rušenja BVS sa ciljem
da se koncipira reforma MMS koja bi otklonila
postojeće slabosti.
Jedna od osnovnih slabosti je nerešeno
pitanje mehanizma regulisanja međunarodne
likvidnosti
u
skladu
sa
potrebama
međunarodnog ekonomskog sistema, što
se svodi na pitanje adekvatnog izbora
svetskog novca i njegovog emitenta. Umesto
jedinstvenog međunarodnog novca koga
emituje neka supranacionalna vlast, funkciju
svetskog novca danas igraju nacionalne valute
koje su međusobno povezane sistemom
plivajućih kurseva. Druga osnovna slabost
se sastoji u tome što ne postoji ugrađeni
mehanizam koji bi naterao zemlje čije valute
igraju ulogu svetskog novca, kao i suficitne
zemlje, na makroekonomsko i platno-bilansno
prilagođavanje.
Polazeći od definicije da MMS predstavlja
skup “pravila igre” [Mc Kinnon, 1993]1 tj.
institucija i monetarnih pravila koja obezbeđuju
stabilnost međunarodnih monetarnih odnosa,
s jedne strane i od mehanizma zlatnog
standarda, sa druge strane, nobelovac Robert
Mandel naglašava da MMS danas u suštini
ne postoji [Mundell, 1997]. Oni koji se sa njim
slažu, koriste termin međunarodni monetarni
“ne-sistem” kada govore o funkcionisanju
savremenog MMS [Lago, Duttagupta and
1
Goyal, 2009]. Prema ovom tumačenju, ono što
sada postoji su samo nacionalni monetarni
sistemi koji su međusobno povezani
nacionalnim odlukama o modelu uključenosti
u međunarodne monetarne odnose, pre svega,
izborom sistema deviznog kursa i određenog
nivoa deviznih i kapitalnih ograničenja. Iako
i dalje postoji Međunarodni monetarni fond
(MMF) koji je 1944. stvoren sa ambicijom da
postane centralna međunarodna monetarna
institucija, današnji MMS, ne samo da nema
jedinstven svetski novac, već ne obezbeđuje ni
čvrstu povezanost nacionalnih valuta i preko
toga nacionalnih privreda. Ovu razdeljenost na
nacionalne valute je još početkom 19. veka Džon
Stjuart Mil (1773-1836) nazivao monetarnim
varvarstvom [Mundell, 2005].
Smatra se da je MMS u ovakvom stanju zato
što je MMF rušenjem BVS izgubio najvažnije
instrumente koje je do tada imao za održavanje
međunarodne monetarne stabilnosti - generalni
sistem fiksnog deviznog kursa i zlato kao
denominator tog sistema. Ovim je oslabljena
uloga MMF kao centralne međunarodne
monetarne institucije što je vodilo i u promenu
njegovog karaktera pa se MMF pretvorio u ad
hoc forum za nadgledanje deviznih kurseva,
međunarodnih dugova i makroekonomskih
politika zemalja članica, tj. u konsultanta
za nacionalne makroekonomske politike
[Mundell, 1997].
Zbog ove promene karaktera MMF-a,
nije mogla da se do kraja realizuje ideja da
Specijalna prava vučenja (SPV), koje je MMF
počeo da emituje 1969. zamene zlato i američki
dolar u funkciji svetskog novca, iako je Drugi
amandman na Statut MMF-a (1978) obavezao
zemlje članice da u saradnji sa MMF-om učine
SPV glavnom rezervnom valutom [Articles of
Agreement, IMF, 1978]. U stvarnosti se desilo
suprotno - učečće SPV se u svetskim rezervama
vremenom smanjivalo i to sa oko 8% (1971), na
oko 2% (2000) i konačno na ispod 1% (2008)
[Rogoff and Brau, 2001].
Smatra se da je izraz “pravila igre” (“rules of the game”), uveo J.M. Kejns u svom radu “Ekonomske posledice gospodina
Čerčila” iz 1925. govoreći o “pravilima zlatnog standarda” koja su prisiljavala Banku Engleske da vrši kreditnu kontrakciju.
Kejns, međutim, nikada nije napravio listu tih pravila na jedan sistematičan način ali je zato izraz koji je on upotrebio ostao
u ekonomskoj teoriji da označava uređeni sistem međunarodnih monetarnih odnosa.
bankarstvo 2 2013
Uvod
50
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Introduction
51
The contemporary financial and economic
crisis gave a new impetus to activities and
discussions focused on the future of the
International Monetary System (IMS). Thus
already in November 2008, summit meeting
was held of the world leaders in Washington
D.C. with the objective of initiating a process
of contracting an agreement on “A New Bretton
Woods” - a new IMS for the 21st century, which
would secure, just like the previous BrettonWoods System (BWS) had done up to 1973,
stability of the international monetary relations
and financial markets [Boughton, 2009]. In the
academic literature these discussions have been
continuing actually throughout the period
from the collapse of the BWS, with the aim of
conceiving such a reform of the IMS that would
eliminate the identified weaknesses therein.
One of the basic drawbacks was the
unresolved matter of the mechanism for
regulating international liquidity concordant
with the requirements of the international
economic system, which comes down to the
question of an adequate selection of the world
currency and its issuer. Instead of having
international money issued by some supranational government, the function of the
world money is exercised today by the national
currencies which are mutually connected
through the system of the fluctuating exchange
rates. The second basic flaw is the absence of
any built-in mechanism that would force
countries with currencies playing the role of
world money, and those countries having
surplus revenues, to engage in macro-economic
and balance of payment adjustments.
Starting from the definition that the IMS
is a set of the “rules of the game” [McKinnon,
1993]1, i.e. institutions and currency regulations
providing for stability in international monetary
relations, on the one hand, and the mechanisms
of the gold standard, on the other, the Nobel Prize
Winner, Robert Mundell, argues that the IMS,
in essence, is not in existence today [Mundell,
1
1997]. Those who concur with his argument
would rather use the term international
monetary “non-system” when speaking of the
functioning of the contemporary IMS [Lago,
Duttagupta and Goyal, 2009]. According to
this interpretation, what is present at this
day and age are only the national monetary
systems which are mutually connected through
national decisions selecting the model for their
participation in the international monetary
relations and, most of all, deciding on the choice
of the exchange rate system and a certain level
of foreign currency and capital limitations.
Although the International Monetary Fund
(IMF) is still present and operating, which was
created in the year 1944 with the ambition of
becoming the central international monetary
institution, the present-day IMS is not only
short of any single world money, but it can
not even provide for any strong connection
between the national currencies, and hence,
between the national economies. This division
into national currencies was called, even as
early as the beginning of the 19th century by
John Stewart Mill (1773-1836), a monetary
barbarism [Mundell, 2005].
Opinions that the IMS is in such a poor state
because the IMF, with the collapse of the BWS,
lost its most important instruments that it had
available until then to maintain international
monetary stability - the global system of a
fixed exchange rates, and gold as the common
denominator of this system. Thus the role of
the IMF as the central international monetary
institution was weakened, which led to the
change of its character as well, so that the IMF
turned into an ad hoc forum for supervision
of exchange rates, international indebtedness
and macro-economic policies of the membercountries, i.e. it became a consultant for national
macro-economic policies [Mundell, 1997].
This change in character of the IMF prevented
the idea on the Special Drawing Rights (SDR)
to be fully implemented, which the IMF started
issuing in 1969, with the intent of replacing gold
and the US dollar in the function of the world
It is deemed that the expression “rules of the game” was introduced by J.M. Keynes in his work “Economic Consequences
of Mr. Churchill” in 1925, when speaking of the “rules of gold standard” that were forcing the Bank of England to conduct
crediting contraction. Keynes, however, never had made a list of such rules in any systematic manner, but the term that
he used was to remain in economic theory as designation for a regulated system of international monetary relations.
je da je MMF kao antikriznu meru
2009. izvršio novu alokaciju SPV
kojom su povećani ukupni svetski
holdinzi SPV sa 21,4 milijarde na
204,0 milijarde. Ovo desetostruko
povećanje podiglo je učešće SPV u
rezervma na 4% ali je to nedovoljno
za potpunu afirmaciju SPV u ulozi
rezervne valute i drugih funkcija
svetskog novca [Moghadam, 2011].
Prateći
trend
korišćenja
monetarne istorije kao proksi
laboratorije, u ovom radu će se
prikazati dve antičke međunarodne
valute - grčka tetradrahma i rimski
denarius sa ciljem da se izvuku pouke za
sadašnjost i budućnost. Pri tome će se prvo dati
teorijsko-metodološke osnove analize, zatim će
se prikazati osnovne karakteristike ovih valuta i
na kraju dati zaključak o faktorima koji su učinili
da ove valute igraju ulogu svetskog novca.
Grafikon 1. Učešće SPV u rezervama i međunarodnoj
trgovini 1969-2014
Optimistička očekivanja da će se SPV,
budući korpa valuta koja garantuje veću
stabilnost od nacionalnih valuta, afirmisati u
ulozi denominatora za valutne paritete i za
iskazivanje finansijskih instrumenata, takođe
se nisu ostvarila. Vezivanje nacionalnih valuta
za SPV je bilo najveće tokom 1970-ih, pre
svega zato što je u toj deceniji američki dolar
permanentno slabio. Sredinom 1980-ih, svega
15 nacionalnih valuta je bilo vezano za SPV a
krajem 1989. taj broj je pao na sedam [Boughton,
2001]. Tokom 1990-ih, prosečno je godišnje
tek oko pet valuta bilo vezano za SPV dok u
2011. više nijedna valuta nije koristila SPV
kao denominator [IMF Annual Report, 1999 i
2011]. Interesantno je da je, umesto SPV, jedna
druga novostvorena korpa - Evropska valutna
jedinica (eki - prethodnica evra), potisnula
SPV u rezervama i to već od trenutka njenog
nastanka 1979. [Boughton, 2001].
U savremenim razmatranjima o reformi
MMS za 21. vek, primetno je da se veliki broj
radova bavi analizom evolucije MMS tj. koristi
monetarnu istoriju kao proksi ekonomsku
laboratoriju. Mnogi autori su analizirali
mogućnost
uspostavljanja
jedinstvenog
svetskog novca, u obliku zlata ili neke
supranacionalne valute - posebno SPV, kao
meru koja bi globalizovanoj svetskoj privredi
dala jedan stabilan globalizovani MMS [Capie,
Wood, 2001 i Mundell, 1997, 2005]. U praksi,
međutim, iako su SPV, eki i njegov naslednik
evro, institucionalizovane supranacionalne
valute, ni jedna od njih još uvek nije zamenila
američki dolar u funkciji glavne međunarodne
valute [Bordo, James 2011]. Ipak, indikativno
Šta je svetski novac a šta
međunarodna valuta?
Pojmovi “svetski novac” i “međunarodna
valuta” se razlikuju. Izraz “svetski novac” se
koristi kao teorijski pojam a međunarodna
valuta je otelotvorenje teorijskog pojma u
privrednoj praksi. U engleskoj termminologiji
se za svetski novac koristi izraz “world money” a
međunarodna valuta se pojavljuje pod sledećim
terminima: “international currency”, “leadnig
currency”, “world currency” i “key currency”.
U monetarnoj teoriji se pod svetskim novcem
podrazumeva jedna od funkcija novca koja se
pojavljuje onda kada neki monetarni medij
(u bilo kom obliku - primitivnog, nekovanog,
kovanog, papirnog ili elektronskog novca)
počne da igra funkcije novca - mere vrednosti,
prometnog sredstva, platežnog sredstva i
blaga, u međunarodnim razmerama, tj. izvan
područja monetarne vlasti koja ga je emitovala.
Za taj monetarni medij se onda kaže da je
međunarodni novac.
Pošto je i sam novac evoluirao u svom
pojavnom obliku - od primitivnog (kauri
školjka, platno, stoka, zubi od kita, pšenica
itd), preko nekovanog metala, kovanog novca,
papirnog novca (certifikati, banknote, čist
papirni novac) do elektronskog novca, onda
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Izvor: Rogoff and Brau, [2001].
52
In the modern-days contemplations on the
IMS reforms for the 21st century, it is notable
that a large number of studies are engaged
in the analysis of the IMS evolution, i.e. that
it is using monetary history as a proxy for
an economic laboratory. Many authors are
analysing the options for establishing a single
world money, in the form of gold or some
supra-national currency - especially the SDR,
as a measure that would provide the globalised
world economy with a single stable
globalised IMS [Capie, Wood,
Graph 1 Share of the SDR in reserves and international
2011 and Mundell, 1997, 2005]. In
trade 1969-2014
practice, however, although the
SDR, ECU and its successor EUR are
the institutionalised supra-national
currencies, none of them has as yet
replaced the US dollar in the function
of the main international currency
[Bordo, James 2011]. Nevertheless, it
is indicative that the IMF has engaged
in 2009, in the form of an anti-crisis
measure, in the new allocation of the
SDR which increased the total world
Source: Rogoff and Brau, 2001.
SDR holdings from 21.4 billion to
204.0 billion. This ten-fold increase
raised the share of the SDR in the
Optimistic expectations that the SDR,
reserves to 4%, but this was insufficient for the
being the currency basket which guarantees
full affirmation of the SDR in the role of the
higher stability than the national currencies,
reserve currency and other functions of the
will be confirmed in the role of the common
world money [Moghadam, 2011].
denominator for the currency parities and
Following in the trend using monetary
expression of financial instruments, have
history as a proxy laboratory, this paper will
also failed to materialise. Linking of national
present two international currencies from the
currencies to the SDR was the highest during the
times of antiquity - Classical Greece and Rome,
1970s, primarily because during that decade the
the Greek tetradrachm and the Roman denarius,
US dollar was permanently on the fall. In midwith the aim of learning lessons from them both
1980s, only 15 of the national currencies were
for the sake of our present day’s improvement
pegged to the SDR, and by the end of 1989 this
and for the future times to come. But firstly it
number fell to only seven of them [Boughton,
is necessary to give theoretical-methodological
2001]. During the 1990s, there was an annual
basis for the analysis, and then to present the
average of only some five currencies that were
basic characteristics of the said currencies, and
pegged to the SDR, while in 2011 none of the
finally draw conclusions on the factors that
currencies was using the SDR as the common
have made it possible for these currencies to
denominator [IMF Annual Report, 1999 and
play the role of the world money.
2011]. It is interesting to note that, instead
of the SDR, another newly created basket What is world money, and what is
international currency?
European Currency Unit (ECU - precursor to
EURO) suppressed the SDR in reserves and this
from the very moment of its inception in 1979
The notion “world money” and that of
[Boughton, 2001].
the “international currency” are two different
bankarstvo 2 2013
money, although the Second Amendment to
the IMF Statute (1978) prescribed mandatory
for the member-countries, in cooperation
with the IMF, to render the SDR status of the
main reserve currency [Articles of Agreement,
IMF, 1978]. In reality, it was the opposite that
happened - the share of the SDR is the world
reserves was falling in time, and this from some
8% (in 1971) to some 2% (in 2000), finally to fall
below 1% (in 2008) [Rogoff and Brau, 2001].
53
su se u funkciji svetskog novca pojavljivali
različiti konkretni oblici monetarnih medija.
U najvećem delu rane monetarne istorije su
plemeniti metali u nekovanom obliku, od
prvih malih neoblikovanih komada (dumps)
do poluga (bullion, ingot), svuda u svetu
predstavljali međunarodni novac koji se
prihvatao pensatornim plaćanjem (merenjem).
Onda se pojavio kovani novac (coin) koji je od
sedmog veka pre n. e. bio u opštoj upotrebi
u Kini, Lidiji (Mala Azija) i Indiji [Stojanović,
2005 i Lal Gupta 1969]. Kovani novac je na
scenu uveo monetarnu jedinicu (currency/
monetary unit) kao tačno utvrđenu količinu
plemenitog metala pa su se plaćanja olakšala
jer su sada moglada se obavljaju brojanjem.
Grčke drahme, rimski denarius, vizantijski
solidus, venecijanski dukat, arapski dirhem i
florentinski florin su kovane monetarne jedinice
koje spadaju u najznačajnije međunarodne
valute do 18. veka. Sa stvaranjem modernih
nacionalnih država, monetarne jedinice
sublimiraju u nacionale valute jer dobijaju od
države isključivo pravo, tj. monopol da igraju
sve funkcije novca na državnoj teritoriji (legal
tender) [Stojanović, 2003]. Nacionalne valute
koje su u periodu od 18. do kraja 20. veka, bile
najvažnije međunarodne valute su britanska
funta i američki dolar.
Pored nabrojanih, u Tabeli 1 su prikazane i
ostale međunarodne valute (monetarne jedinice
i nacionalne valute) koje su u naznačenim
periodima igrale ulogu svetskog novca. Od svih
tih valuta, ulogu svetskog novca su najduže
igrale grčka tetradrahma, rimski denarius,
vizantijski solidus (nomizma, perper), britanska
funta i američki dolar. Prikaz tih valuta će se
dati u seriji od tri rada. U ovom prvom će se
dati analiza prve dve, antičke valute.
Tabela 1: Međunarodne valute od antike do danas
Zemlja
Period
Zlato
Srebro
Grčka
7-3 vek pre n. e.*
Persija
6-4 vek pre n. e.
darik
Makedonija
4-2 vek pre n. e.
filipik
Rim
3 vek pre n. e. - 4 vek aureus
denarius
Vizantija
4-12 vek
solidus /nomizma/ perper
silikva
Islamske zemlje
7-13 vek
dinar
dirhem
Franačka država
8-11 vek
Italijanski gradovi države
13-16 vek
dukat, florin, cekin
groš
(veliki dinar)
Francuska
13-18 vek
denier, zlatni Louis d’or
livra
Nemačka
14-19 vek
Holandija
17-18 vek
gilder
stiver
Francuska
1803-1870
franak (20 i 40)
franak
Velika Britanija
1816-1914
funta sterlinga (”Sovereign”) peni, šiling
SAD
od 1915
dolar (“Eagle”)
EU
od 1999
Papir
atinska drahma
tetradrahma
šekel
dinar
taler
dolar
stiver 1573
dolar 1973
evro
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Izvor: 1. Mundell [1999] 2. Stojanović [2005]
* n. e. = nova era
54
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55
notions. The term “world money” is used as
a theoretical term, while the “international
currency” is a personification of a theoretic
notion in the economic practices. In the English
terminology to designate world money the term
“world money” is used, while the international
currency appears under the following terms:
“international currency”, “leading currency”,
“world currency”, and “key currency”.
In the monetary theory, the notion of world
money describes the function of such money
which is manifested once the
designate monetary medium
(in any form whatever
- either primitive, nonminted, coined, paper, or
electronic money) starts to
play the role of money - as
a measure of value, tool for a
global turnover, payment and
wealth asset, within international
proportions, i.e. well above and beyond
the area of monetary authority that has issued
it. Such a monetary medium is then called an
international monetary unit.
The money itself, having evolved
in its original form - from a primitive
(kauri shell, canvas, cattle, whale tooth,
wheat, etc.), through the non-minted
money, to the coined money, paper
money (certificates, banknotes, pure paper
money), and up to the electronic money, what
appeared in the function of the world money
were the different concrete forms of monetary
media. In the major part of the early monetary
history what prevail are the precious metals
in a non-coined form, from the earliest small
formless pieces (dumps), up to the gold ingots
(bullions), all over the world representing
international money accepted and recognised
through the pensatorium payment (payment by
measurement). Thereupon, what emerged was
the coined money (coin) which was, starting
from the seventh century B.C., in general
use in China, in Lydia (Asia Minor), and in
India [Stojanovic, 2005, and Lal Gupta, 1969].
Coined money introduced on the world scene
a monetary unit (currency/monetary unit) as a
precisely determined quantity of precious metal,
so that the process of payment transactions
could be facilitated as they could now be carried
out by counting alone. The Greek drachma, the
Roman denarius, Byzantine solidus, Venetian
ducat, Arab dirham, and Florentine florin are
the monetary units that belong within the ranks
of the most important international currencies
up to the 18th century. With the creation of the
modern-times nation states, monetary units
were sublimed into national currencies
as they are awarded by the state an
exclusive right, i.e. a monopoly,
to play the function of money
throughout
the
state
territory (legal tender)
[Stojanovic,
2003].
National currencies,
which
played
the role of the
most important
international
currencies, from
the 18th and up to
the end of the 20th
century, were the British
pound sterling and the US
dollar.
In addition to the above currencies, Table
1 presents some other international currencies
(monetary units and national currencies)
that have played in the designated periods
the role of the world money. Amongst all of
those currencies, the role of the world money
was played for the longest period of time by
the Greek tetradrachm, the Roman denarius,
Byzantine solidus (nomisma perper), British
pound sterling, and the US dollar. Presentation
of these currencies will the given in the series of
three research studies. In this first of the three
studies, an analysis will be presented of the
earliest two currencies, the ones from antiquity
(the classical Greece and Rome) period.
Funkcije međunarodne valute
Monetarna
istorija
pokazuje
da
internacionalizacija
valute
započinje
igranjem uloge sredstva prometa i plaćanja u
međunarodnim razmerama, tako da valuta
postaje najvažnija međunarodna transakciona
valuta. Redovna je pojava, što se vidi i iz Tabele
1, da je transakcionu ulogu dobijala monetarna
jedinica zemlje koja je bila najveća trgovačka
sila svoga doba. Na primer, u staroj Grčkoj su
gotovo svi polisi kovali svoje veoma kvalitetne
srebrne drahme (različitih metričkih i slikovnih
karakteristika) ali je najvažnija međunarodna
valuta bila atinska tetradrahma zato što je Atina
bila najveća trgovačka sila u starogrčkom svetu.
Međunarodna
transakciona
valuta
koja je stekla poverenje u prometu, gotovo
redovno je dobijala i ulogu međunarodne
mere vrednosti čime se povećavao stepen
njene internacionalizacije. Kao međunarodna
mera vrednosti, valuta je postajala glavna
fakturna valuta jer se najveći deo cena robe
u međunarodnoj trgovini počeo da izražava
tom valutom. Funkcija međunarodne mere
vrednosti se u modernom dobu proširivala,
naročito sa napuštanjem zlatnog standarda,
time što je međunarodna valuta počinjala
da služi za izražavanje vrednosti (valutnog
pariteta) ostalih valuta što se u teoriji definiše
kao funkcija denominatora. U svim sistemima
fiksnog deviznog kursa, funkcija denominatora
je direktno i automatski obezbeđivala toj valuti
status glavne interventne pa otuda i rezervne
valute.
Sa intenziviranjem međunarodnog kretanja
kapitala, posebno od 18. veka, međunarodna
2
valuta dobija i ulogu nosača (vehicle) tih
kretanja. Najveći deo finansijskih instrumenata
(bankarskih zajmova i depozita, obveznica,
akcija i ostalih hartija od vrednosti) uvek je bio
izražen u glavnoj međunarodnoj valuti.
Neke najvažnije međunarodne valute su
krajem 20. veka dobile još jednu funkciju - počele
su da zamenjuju nacionalne valute u obavljanju
funkcija novca u nacionalnim monetarnim
sistemima. Ova pojava je poznato kao valutna
supstitucija tj. dolarizacija (evroizacija). Od
1970-ih je valutna supstitucija intenzivirana
sa prelaskom svih nacionalnih valuta na
papirni standard i to u kontekstu visokih
stopa inflacije kombinovanih sa liberalizacijom
deviznog poslovanja [Ćirović, 2000]. U velikim
razmerama je valutna supstitucija najpre
započela u nekim zemljama Latinske Amerike a
kasnije se proširila i pojavila 1990-ih u zemljama
u tranziciji [IMF Annual Report, 1998].
Valutnu supstituciju treba razlikovati
od ranije prakse slobodnog međunarodnog
kretanja valuta koja je značila nesmetan
ulazak stranih valuta u domaću monetarnu
cirkulaciju i njihovo korišćenje za unutrašnje
transakcije. Ova sloboda je bila uobičajena
u gotovo svim državama a ograničavana je,
ili zabranjivana, samo onda kada je trebalo
zaštititi domaću cirkulaciju od iskvarene
(debased) tj. nepunovredne strane valute. Tek
od 1800. sa stvaranjem suverenih nacionalnih
država, dolazi do uvođenja monopola domaće
valute u domaćoj cirkulaciji što je, kao što je to
već rečeno, dovelo do sublimacije monetarne
jedinice u nacionalnu valutu [Cohen, 2000].
Monetarni nacionalizam je suverenoj državi
davao mogućnost da koristi nacionalnu valutu
prevashodno za realizaciju nacionalnih ciljeva
a primarni cilj svih zemalja je bio ekonomski
rast. Suverene države su sa monetarnim
monopolom dobile mogućnost da mnogo lakše
nego ranije koriste ekspanzivnu monetarnu i
fiskalnu politiku radi postizanja što viših stopa
privrednog rasta [Cohen, 2000].2 Dugotrajno
i/ili prekomerno korišćenje ove mogućnosti
je, međutim, mnoge nacionalne valute
Zavođenje monopola nacionalne valute je državi, osim autonommnosti u vođenju finansijske politike, donosilo i druge
koristi među kojima su najznačajnije dve: 1. političko-psihološke (jer je nacionalna valuta jedan od nacionalnih simbola
koji doprinosi jačanju nacionalnog identiteta i društvene kohezije); 2. finansijske ( jer država od emisije nacionalnog novca
prikuplja prihode, tzv. seigniorage, a može da zavede i “inflacioni porez” radi pokrića nedostajućih prihoda).
bankarstvo 2 2013
Međunarodna valuta može da igra
sve funkcije novca ili samo neke od njih.
Nekovano zlato i srebro su oduvek i svuda
igrali sve funkcije novca dok su monetarne
jedinice i nacionalne valute obično postepeno
dobijale jednu po jednu funkciju novca na
međunarodnom planu. Taj process je poznat
kao internacionalizacija valute.
56
Tabela 1: Međunarodne valute od antike do danas
Country
Period
Greece
7th to 3rd century B.C.
Persia
6th to 4th century B.C.
Macedonia
4 to 2 century B.C.
Rome
3 century B.C. to the 4
century A.D.
Byzantium
th
Gold
Darik
Shekel
Philippic
th
Aureus
Denarius
4th to 12th century A.D.
Solidus (nomisma) perper
Silikva
Islamic countries
7 to 13 century A.D.
Dinar
Dirham
Frank state
8 to 11 century A.D.
Italian city-states
13th to 16th century A.D.
Ducat, Florin, Zekin
Groschen
(greater dinar)
France
13th to 18th century A.D.
Denier, Gold Louis d’or
Lira
Germany
14 to 19 century A.D.
Holland
(Netherlands)
17th to 18th century A.D.
Guilder
Stiver
France
1803-1870
Franc (20 and 40)
Franc
Great Britain
1816-1914
Pound Sterling (“Sovereign”)
Penny, shilling
USA
from 1915
Dollar (“Eagle”)
Dollar
EU
from 1999
th
th
th
Paper
Athens
drachma
tetradrachm
nd
rd
Silver
th
Dinar
th
Taler
th
Stiver
1573
Dollar
1973
EURO
Source: 1. Mundell [1999], 2. Stojanovic [2005]
International currency can either play
all the functions of money, or only some of
them. Non-minted gold and silver, since time
immemorial and everywhere on the globe,
played all the functions of money, while some
of the monetary units and national currencies
usually were obtaining rather gradually one by
one of the money functions on an international
level. This process is known as the currency
internationalisation.
bankarstvo 2 2013
Function of the international
currency
57
Monetary history suggests that currency
internationalisation starts with the playing of
the role of means for trading and payments
within international proportions, so that
the currency acquires the status of the most
important transaction currency. What was a
regular occurrence, as presented in Table 1, is
the fact that the transaction role was obtained
by the monetary unit of the country which was
the greatest trading power of its time. In ancient
Greece, for example, almost all of the polis were
minting their high-quality silver drachma (of
different metric and pictorial characteristics),
yet the most important international currency
was the Athens tetradrachm because Athens
was the greatest trading power in the ancient
Greek world.
The international transaction currency,
which gained confidence in trading operations,
almost regularly obtained also the role of an
international measure for value, thus boosting
the level of its internationalisation. As an
international value measure, this currency
grew into the main currency of invoice, as the
major part of price of goods in the international
trade was being expressed in this currency.
The function of international value measure
was expanding in the modern times, especially
with the abandon of the gold standard, in the
manner that the international currency was
starting to express the value (currency parity)
of other currencies as well, which is defined in
theory as the denominator function. In all of the
fixed exchange rate systems, the denominator
Grčka tetradrahma
Svi grčki polisi su bili na monometalizmu
srebra i svi su koristili istu jedinicu za merenje
težine koja se zvala “drahma” (“šaka žita”),
od koje je nastao i naziv njihovih monetarnih
jedinica. Međutim, u raznim polisima su
drahme kao težinske jedinice imale različitu
težinu. Na primer, u Korintu je drahma iznosila
3 grama a na Egini 6 grama. Zbog ovih razlikla
su onda i kovane drahme, kao monetarne
jedinice različitih polisa, imale različitu težinu,
tj. nisu imale isti sadržaj srebra. Ta razlika je
spolja bila vidljiva jer su drahme različitih polisa
imale različit izgled. Svaki polis je na svojoj
drahmi utiskivao simbol svoga grada - Korint
je utiskivao sliku krilatog konja Pegaza, Egina
kornjaču a Milet lava.
U Atini su se prvo koristile drahme
susednih država Egine i Argosa
a onda je Solon (639-559 pre n. e.)
propisao
da
se u Atini iz
jedne
m i n e
srebra
k u j e
100 drahmi,
čime je započet
život atinske
drahme
sa
sadržajem
od
3
4,02 grama srebra (67 grejna).3 Atinske
drahme su na licu novca imale sliku
boginje Atine kao zaštitnice polisa a
na naličju sliku sove pa su zato bile
poznate kao sove.
Atinske sove su se kovale u
raznim denominacijama - od jedne, dve
(didrahma ili stater), četiri (tetradrahma) a
veoma retko od 8, 10 i 12 drahmi. Arheološki
podaci iz pronađenih ostava, kao i sačuvani
rukopisi i dokumenta, pokazuju da je od svih
ovih sova, tetradrahma bila najtraženiji novac
antičkog sveta, tj. da je bila međunarodna
valuta.
Sve do Aleksandra Makedonskog (336323 pre n. e.), atinske drahme su se kovale
po kovničkoj stopi koju je propisao Solon.
Održavanje stabilnosti kovanja bilo
je podržano zakonom koji je
predviđao kaznu progonstva
(ostrakizam) za sve one koji
bi falsifikovali ili na bilo koji
drugi način kvarili novac.
Aleksandar
Makedonski
je samo neznatno smanjio
sadržaj srebra u drahmi na
3,9 grama (65 grejna). Sa ovim
sadržajem su se sove nadalje
kovale sve do rimskog osvajnja Grčke
sredinom drugog veka pre n. e.
Stabilnost sadržaja srebra, tj. vrednosti
sove u ovom periodu od skoro 450 godina,
predstavljala je jedan od najznačajnijih faktora
njenog prihvatanja u međunarodnom prometu,
ne samo Grčke i ostalih mediteranskih
država, već i u Aziji gde su one prodrle
stvaranjem velike države Aleksandra
Makedonskog
[Touratsoglou,
2007]. U svim kovnicama
svoje države, Aleksandar
je kovao ogromne
količine
srebrnog
i
zlatnog
novca,
uključujući
i
tetradrahme koje su
posle njegove smrti
nastavili da kuju njegovi
Prema troj mernim jedinicama gde je: 1funta = 373,242 grama; njen dvanaesti deo unca = 31,1035 grama i 1 grejn = 0,065
grama.
bankarstvo 2 2013
oslabilo, a poneke i potpuno uništilo, visokim
inflacijama i hiperinflacijama. Ukoliko napori
nacionalnih vlada nisu bili blagovremeni ili
efikasni da reformama stabilizuju nacionalnu
valutu, onda bi domaći privredni subjekti i
stanovništvo spontano prihvatali kao novac
neku drugu, najčešće, međunarodnu valutu
koja bi u domaćoj privredi funkcionisala kao
paralelna valuta što je značilo ulazak u valutnu
supstituciju.
Ulogu svetskog novca su, od monetarnih
jedinica prikazanih u Tabeli 1, najduže igrale
grčka tetradrahma, rimski denarius, vizantijski
solidus (nomizma, perper), britanska funta i
američki dolar. U ovom radu će se prikazati
prve dve - tetradrahma i rimski denarius.
58
bankarstvo 2 2013
function is directly and automatically
securing for that currency the status of
the main intervention currency and thus
that of the reserve currency.
Together with an intensified international
movement of capital, especially starting
from the 18th century, international currency
acquires also the role of the capital movement
vehicle. The major part of financial instruments
(banking loans and deposits, bonds, stocks and
other securities) always was denominated in
the main international currency.
Some of the major international currencies by
the end of the 20th century acquired yet another
function - they started replaying national
currencies in the function of money within the
national monetary systems. This phenomenon
is known as the currency substitution, i.e.
dollarisation (Eurisation). From the 1970s,
currency substitution was intensified with the
transition of all the national currencies to the
paper standard, and this in the context of high
inflation rates combined with the liberalisation
of the foreign exchange operations [Cirovic,
2000]. In global proportions, currency
substitution firstly started in some of the
Latin American countries, later to expand and
appear, in the 1990s, in the transition countries
[IMF Annual Report, 1998].
Currency
substitution
should
be
distinguished from an earlier practice of a free
international currency circulation which meant
a free entry of foreign currencies into a domestic
monetary circulation and their engagement
in domestic transactions. This freedom of
movement was a rather usual occurrence in
almost all of the states, and was limited or
prohibited only where it was necessary to
protect domestic circulation from a deteriorated
(debased) i.e. non-validated foreign currency.
It was only from 1800 onwards, with the
creation of the sovereign national states, that
an introduction of monopoly of the domestic
currency in the domestic money circulation was
introduced, which as already stated, caused
59
2
the sublimation of the monetary unit into the
national currency [Cohen, 2000].
Monetary nationalism in a sovereign
state was offering an opportunity for the
use of the national currency primarily for
the realisation of the national objectives, and
the primary objective of all the countries
is their economic growth. Sovereign states
have, with the monetary monopoly, gained
an opportunity to use much easier than
previously, the expansionist monetary and
fiscal policy for purpose of reaching the highest
possible economic growth rates [Cohen, 2000].2
Implementation over long-term or excessive
application of this option, however, weakened
many national currencies, and even completely
destroyed some of them, through high inflation
and at times even hyper-inflations. In case
efforts of the national governments were not
timely or efficient to stabilize, through reforms,
the national currency, then the domestic
economic stakeholders and population in
general would spontaneously adopt as money
some other, often international currency, which
would function within the domestic economy
as a parallel currency, which in turn led to the
currency substitution.
The role of world money amongst the
monetary units presented in Table 1 was played
for the longest time by the Greek tetradrachm,
Roman denarius, Byzantine solidus (nomisma,
perper), the British pound sterling, and the US
dollar. This paper will present the first two of
these currencies - the Athenian tetradrachm and
the Roman denarius.
The greek tetradrachm
In every ancient Greek polis, the silver monometal standard was applied and all of them were
using the same unit for measuring weight, which
was called “drachma” (“a handful of wheat”),
hence the name of their monetary units. In
different polises, however, the drachmae used
as weighing units were having varying weight
Introduction of the national currency monopoly has brought about for the state, in addition to an autonomy in conducting
financial policies, also other benefits among them the most important being the following two: 1. Political-psychological
ones (because the national currency is one of the national symbols contributing to the strengthening of the national identity
and social cohesion); 2. Financial (as the state is collecting revenues from the issue of national currency, the so-called
seigniorage profit, and can also introduce the “inflation tax” for purpose of covering shortage of revenues).
Rimljani su sav svoj novac - bakarni, srebrni i
zlatni, neprekidno kvarili i to od samog početka
redovne upotrebe kovanog novca [Kemmerer,
1944] Stoga rimski novac nije mogao da istisne
tetradrahmu u međunarodnim plaćanjima.
Neprestano kvarenje je dovelo do toga da
sredinom trećeg veka u rimskoj državi nije
postojao nijedan punovredan rimski novac
pa je zavladao pravi monetarni haos. Da ne
bi došlo do potpunog privrednog rasula,
imperator Gordijan III (238-244) je spas potražio
u kvalitetnim drahmama pa je tetradrahme koje
su se kovale u Antiohiji proglasio za zvanični
novac rimskog carstva. Međutim, čim su ove
tetradrahme dopale u ruke Rimljana, počelo
je njihovo kvarenje pa su i one doživele istu
sudbinu kao i rimski novac - izgubile su opštu
prihvatljivost i status međunarodne valute.
Rimski denarius
Rimljani su relativno kasno, u odnosu na
Grke, počeli da upotrebljavaju kovani novac
- negde u 4. veku pre n. e. Prvo su koristili
branzani as, zatim su u trećem veku pre n. e.
uveli srebrni denarius i na kraju su u prvom
veku pre n. e. počeli da kuju zlatni aureus, tako
da je rimska imperija bila na trimetalizmu. Za
vreme Republike, pravo kovanja se formalno
nalazilo u rukama Senata a u vreme Imperije u
rukama imperatora. Međutim, veoma često su
upravnici provincija i vojni komandanti dobijali
pravo kovanja, tako da proizvodnja novca nije
bila centralizovana, što je umanjivalo efikasnost
kontrole kovanja te povećavalo mogućnost
kvarenja novca.
Rim je prevashodno bila vojnička država
pa je plaćanje vojske bio najvažniji podsticaj
za uvođenje kovanog novca, tj. monetizaciju
privrede [Oliva, 2007]. Glavni izvor metala za
kovanje su bila uspešna osvajanja rimske vojske
koja su donosila bogatstvo u monetarnom i
nemonetarnom obliku. Ogromne količine srebra
i zlata su se slivale u državnu kasu iz ratnog
plena, osvojenih rudnika metala, zavođenja
danka, pljačke i detezauracije zatečenog blaga na
osvojenim teritorijama. Prvi veliki priliv srebra
koji je vodio u redovno kovanje denariusa,
došao je od pobede u prvom Punskom ratu
(264-241 pre n. e.) kada je Kartagina, pored
izgubljenih ostrva, morala da plati Rimu 3.200
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naslednici i kasniji
vladari raznih
helenističkih
država.
Ove
tetradrahme
su, kao i one
p r v o b i t n e
atinske, dominirale
u
međunarodnom
prometu i služile kao model za
kovanje novca plemenima koja su živela na
rubu tog helenističkog sveta - Tračanima i
Keltima na Balkanu i Arapima u Aziji.
Kada su Grčki polisi potpali pod vlast
Rima, mnogi od njih nisu želeli da prihvate
rimski novac zahtevajući da i dalje koriste svoje
drahme. Rimska država je ovaj zahtev odobrila
nekim polisima, jer se to uklapalo u njenu
politiku “zavadi pa vladaj”, tako da su se razne
drahme kovale sve do imperatora Dioklecijana
(284-305). Među ovim drahmama opet se našla
atinska tetradrahma koja je i u ovom periodu
služila kao međunarodna valuta [Touratsoglou,
2007]. Ako se pođe od Solona, onda proizilazi
da je tetradrahma skoro 900 godina igrala ulogu
svetskog novca.
Sačuvana dokumenta pokazuju, međutim,
da su se tetradrahme kovale i u Aleksandriji
posle potpadanja Egipta pod rimsku vlast i da
su na toj teritoriji bile osnovni novac sve do
trećeg veka [Howgego, 1992]. Aleksandrijske
tetradrahme su nađene u ostavama novca
pronađenim u Centralnoj Evropi što upućuje
na zaključak da su i one bile prihvaćene kao
međunarodna valuta [Bursche, 2006].
Osnovni faktor dugotrajne upotreba
tetradrahme kao međunarodne valute je bila
njena stabilnost koja je i zakonski bila podržana
kaznom proterivanja iz države za
kvarenje novca. Drugi faktor je
kvarenje rimskog novca sa kojim
je
tetradrahma
koegzistirala u
vreme rimske
države.
60
bankarstvo 2 2013
61
applied. In Corinth,
for
example,
one
drachma
amounted to 3
grams,
while
in
Aegina
it
weighted
6
grams. Due to these
differences, the minted
drachma coins, as monetary units of different
polise cities had a different weight, i.e. they
did not have the same content of silver. This
difference was also manifested in the visual
form of the coins, as the drachmae of different
cities had a different exterior outlook.
Every polis had its drachma stamped
with the symbol of its city - Corinth
was stamped with the image of
the winged horse Pegasus, Aegina
with its Turtle symbol, and
Millet coin was stamped
with the Lion image.
In Athens, the
earliest drachmae in
use were those of the
neighbouring states
of Aegina and Argos,
until such time when the
ruler of Athens, Solon (639-559
B.C.),
decreed that in the city of Athens, 100 drachmae
were to be minted from one bullion of silver thus
bringing into life Athenian drachma with 4.02
grams of silver content (67 grains).3 Athenian
drachma coin was stamped on the obverse with
the head of Goddess Athena, iconographic symbol
of the goddess protector of Athenian polis, and on
the reverse it was stamped with the image of owl,
to become renown through the ages as Athenian
Owls.
Athenian coins depicting owls were also
minted in a host of smaller denominations
- from one, two (didrachm or stater), four
(tetradrachm), up to the rare 8, 10, and 12
drachmae. Archaeological data from the
discovered depositories and the manuscripts
and preserved documents show that amongst
all of the Owls, the tetradrachm was the most
3
widely in demand coined money in the world of
antiquity, i.e. it served as the first international
coin or currency used in circulation.
Until the advent of Alexander the Great
(336-323 B.C.), Athenian drachma was minted
according to the minting rate prescribed by
Solon. Maintaining stability of minting was
supported by law prescribing a penalty of
Ostracism pronounced against all perpetrators
engaged in any counterfeiting or forging of the
money. Alexander the Great had only slightly
reduced the content of silver in the drachma,
down to 3.9 grams (65 grain). With this
content of silver Owls continued to be minted
throughout the times and up to the Roman
conquests of Greece in the middle of the
second century B.C.
Stability of the silver content,
i.e. value of the Owl in this period
of over 450 years, was one of the
most significant factors for its broad
acceptance in the international trade and
commerce, not only in Greece and in other
Mediterranean states, but also in Asia where it
was introduced with the creation of the greater
state of Alexander the Great [Touratsoglou,
2007]. In all the minting plants of his empire,
Alexander was minting enormous quantities
of silver and gold money, including also
tetradrachm, which have after his demise
continued to be minted and circulated by his
successors and later the rulers of different
countries of the Hellenistic world. This
tetradrachm, just like the original Athenian
drachma of the earliest times, remained
predominant in the international trade and
served as a model for money minting to the
tribes that were living on the outskirts of this
Hellenistic world - Thracians and Celts
in the Balkans, and Arabs in Asia.
When the Greek
cities fell under
the
rule
of
Rome, many
among them
were reluctant
to accept Roman
Based on troy measuring units where: 1 pound = 373.242 grams; its twelfth part was an ounce = 31.1035 grams, and 1 grain
= 0.065 grams.
drahme. U tom
sistemu, osnovni novac je bio
srebrni denarius sve do trećeg
veka.
Prvi denarius se pojavio negde
Velike
s u m e
denariusa
i aureusa, iskovanih u
vreme Avgusta i Tiberija
(14 - 37), pronađene su u
dalekim oblastima južne Indije i Šri
Lanke [Walburg, 2006]. U severnoevropske predele rimski novac je odlazio
najviše isplatom plata varvarima koji
su služili u rimskoj vojsci kao najamnici i
kupovanjem slobode (davanjem velikih suma
novca varvarima zauzvrat obećanja da oni neće
upadati na rimske teritorije) a mnogo manje
trgovinom (koja se uglavnom sastojala od
bankarstvo 2 2013
talenata
u
novcu.
Pobeda nad Hanibalom
u Drugom Punskm ratu (218201 pre n. e.) još je bila važnija u monetarnom
smislu jer je rimskoj državi donela 10.000
talenata u novcu i celu Španiju sa svim njenim
rudnicima metala. Zatim su sledila osvajanja
Makedonije, Grčke, Numidije, Galije i Egipta
kojiima je rimska država došla u posed velikog
broja novih rudnika metala što je povećalo
kovanje i količinu rimskog novca u opticaju.
Da je u tom periodu osvajanja do prvog veka
postojala visoka stopa monetizacije privrede
govore zabeleške o naglom skoku cena
nekretnina i smanjivanju kamatnih stopa u
Egiptu posle njegovog pada u rimske ruke
30 pre n. e. [Howgego, 1992]. Smatra se da je
faza dramatične ekspanzije novčane ponude
iz osvajanja bila završena u vreme vladavine
Oktavijana Augusta (31 pre n. e. - 14 posle n.
e.) zato što je tada bila završena i faza vojnih
osvajanja koja su donosila profit (kao razliku
između osvojenog bogatstva i troškova za
vojsku).
Na osvojenim teritorijama, ujedinjenim u
Pax Romana, uspostavljan je rimski
trimetalistički monetarni sistema,
osim u ranije spomenutim
grčkim polisima kojima
je rimska država
odobravala da
nastave da
koriste
s v o j e
oko 300 pre n. e. a redovno kovanje je otpočelo
269 pre n. e. . Denarius je bio iskovan po ugledu
na atinsku drahmu. Imao je težinu od 4,29
grama, odnosno kovničku stopu od 76 komada
iz jedne rimske litre teške 327,45 grama.
Kornelije Sula (138-78 pre n. e.) je započeo
kovanje zlatnog aureusa težine 8,4 grama,
zatim ga je u težini od 7 grama kovao Pompej
(106-48 pre n. e.) a Julije Cezar (100-44 pre n.
e.) je uspostavio njegovo redovno kovanje sa
težinom od 7,5 grama (kovničkom stopom
od 40 komada iz jedne litre zlata). Oktavijan
Avgust (31pre n. e. - 14 n. e.) je monetarnom
reformom povećao kovničku stopu aureusa
na 42 a denariusa na 84 pa je tako u njegovom
monetarnom sistemu jedan aureus vredeo 25
denariusa i 100 sesterciusa [Kemmerer, 1944].
Istraživanja pokazuju da je denarius postao
međunarodna valuta, tj. novac koji je prihvatan
izvan rimske države - čak do udaljenih predela
severne Evrope (gornji Barbarikum) i
Azije. Posebno jak priliv denariusa
u oblast Barbarikuma se odvijao u
periodu između vladavine Marka
Aurelija (161-180) i Septimija Severa
(193-211)
[Bursche,
2006].
62
bankarstvo 2 2013
63
money, demanding the use of their drachma to
prevail. Roman Empire approved this request
and granted this right to some of the cities (polis)
as this fitted in well with the Roman policy of
“divide and rule”, so that different drachmae
were minted throughout the period of Roman
rule and up to the Emperor Diocletian (284-305
AD). Amongst these drachmae what prevailed
again was the Athenian tetradrachm and
served in this period as well as an international
currency [Touratsoglou, 2007]. If we are to
start counting from Solon, it appears that the
tetradrachm was playing, for an entire period
of 900 years, the role of the world money.
Preserved documents highlight, however,
that the tetradrachm was also minted in
Alexandria after the fall of Egypt under
the Roman rule, and that it was the basic
monetary unit in its territory, all through the
period until the third century AD [Howgego,
1992]. Alexandrian tetradrachm was found in
the money depositories discovered in Central
Europe, which leads to the conclusion that it
was also accepted there as an international
currency [Bursche, 2006].
The main factor sustaining such a longlasting use of tetradrachm as an international
currency was its stability which was also
supported by legal regulations prescribing
penalty of Ostracism from the country for the
offence of counterfeiting or debasing money.
Another factor was the debasement of Roman
money with which tetradrachm coexisted
throughout the times of the Roman Empire.
Romans were continuously debasing all of their
coined money - whether copper, silver or the
gold one, and this from the very start of regular
circulation of coined money [Kremmerer,
1944]. Thus the Roman money could not really
eject tetradrachm from international
payments. Continuous debasement
of Roman money caused, in
the mid-third century AD,
Roman Empire to be faced
with the absence of any
fully-fledged and valid
Roman currency in
circulation,
and
a true monetary
chaos ensued. In
order to avoid total
economic collapse, Emperor Gordian III (238244) looked for salvation in the high-quality
drachmae, and proclaimed tetradrachm coins,
minted in Antioch, as the full-fledged official
currency of the Roman Empire. However, as
soon as this tetradrachm fell in the hand of
Romans, what started was its debasement, so
the tetradrachm also experienced the same fate
as the other Roman money did - and lost its
generally recognised feature and status of an
international currency.
The roman denarius
Romans have rather belatedly, in respect to
Greeks, produced coined money for circulation
- around the 4th century B.C. Their earliest
currency were the bronze asess, and in the 3rd
century B.C. they introduced the silver denarius
coin, to start minting, by the end of the 1st century
B.C., the gold aureus, thus introducing in the
Roman Empire the trimetal standard. During
the times of the Roman Republic, minting right
was formally entrusted to the Senate, while in
the period of the Roman Empire minting rights
were in the hands of the ruling emperor. Often
was the case, however, that the governors of
provinces and military commanders would
be granted minting rights, and with the
money minting no longer centralised, this
consequently undermined efficient control
capacity over minting and boosted options for
money debasement.
Rome was predominantly a military state,
and payment of the standing army was the most
important impetus for the introduction of the
coined money, i.e. monetisation of the economy
[Oliva, 2007]. The main source of minting metal
bullion originated from successful conquests of
the Roman army which supplied wealth to the
country in both monetary and non-pecuniary
forms. Enormous quantities of silver and gold were
pouring in into the state coffers as the war bounty,
from the seized metal mines, taxation imposed,
plunder, and cleansing of treasuries from the
treasures found in the occupied territories. The
first important inflow of silver bullion which was
to lead to the minting of denarius, arrived with
the victory in the first Punic War (264-241 B.C.)
when Carthage, in addition to its lost islands, also
had to pay Rome 3200 talents in money. Victory
kupovine
ćilibara u gornjem
Barbarikumu). Međutim,
rimski novac je na Istok odlazio
prevashodno jačanjem trgovine,
tj. povećavanjem uvoza. To se vidi
i iz Plinijevih beleženja u kojima on sa
žaljenjem konstatuje da “luksuzna roba” iz
Indije, Kine i Arabije svake godine košta carstvo
100 miliona sestercijusa (25 miliona denariusa
ili 1 milion aureusa), od čega je polovina išla u
Indiju [Howgego, 1992]. Da je odliv novca za
luksuzne proizvode bio zabrinjavajući, govori
i zabrana nošenja odela od uvezene svile koju
je uveo Tiberije čim je postao imperator a koja je
važila do kraja njegove vladavine [Oliva, 2007].
Zabrane izvoza i uvoza su se u rimskoj državi
koristile još za vreme Republike, posebno kao
monetarne mere. Tako je zabrana izvoza zlata
i srebra bila korišćena kao instrument zaštite
unutrašnje cirkulacije od nestašice novca koja
je u rimskoj Republici bila uobičajena pojava
[Howgego, 1992].
Pretpostavlja se da je Imperija ušla u
trajniji spoljnotrgovinski deficit od vladavine
Oktavijana Avgusta, upravo u vreme kada
je intenzivirana trgovina sa Istokom. Već je
rečeno da su u tom periodu prestala uspešna
rimska osvajanja koja su donosila profit (i
plemenite metale) što je imalo za posledicu
pojavu fiskalnog deficita. Zbog ovih
deficita,
rimska država je
opet počela
da kuburi
sa sve
češćim
novca,
tj.
smanjivanjem
njegove
težine
ili
finoće
i/
ili
povećavanjem
njegove
nominalne vrednosti, čime su u promet
ubacivali veće količine manje vrednog novca.
Prevelik oslonac ne meru kvarenja novca je
vodio u sve slabiji rimski novac koji je postepeno
gubio prihvatljivost, najpre u međunarodnim
transakcijama čime je prestajao da bude
međunarodna valuta, a zatim i u unutrašnjem
prometu.
Do prvog veka, bronzani as je izgubio 75%
svoje težine da bi usled daljeg kvarenja prestao
da se kuje početkom trećeg veka. Srebrni
denarius se kvario nešto sporijim tempom,
kako legalno (monetarnim reformama), tako
i nelegalno. Do sredine trećeg veka, srebrni
sadržaj denariusa je pao na 40% i tada je ovaj
novac prestao da se prihvata u transakcijama
izvan granica rimskog carstva, posebno u
trgovini sa Istokom. Imperator Galineus (260268) je doveo kvarenje denariusa do krajnjih
granica, kujući ga sa svega 4% sadržaja srebra
čime je denarius praktično bio pretvoren u
bakarni novac. Obezvređenom denariusu
čak ni carski autoritet nije više mogao da
obezbedi prihvatljivost ni u unutrašnjem
prometu. Zlatni aureus je najduže zadržao
svoju vrednost ali je do sredine trećeg veka i
aureus izgubio 50% metalnog sadržaja. Pokušaj
imperatora Dioklecijana da zaustavi kvarenje
monetarnom reformom kojom je uveo u promet
novoiskovane kvalitetne aureuse i denariuse,
nije uspeo jednostavno zato što je njegov
kvalitetan novac Grešamovim zakonom
nestao iz prometa. Tako je rimska država
bankarstvo 2 2013
nestašicama novca koja su dovodila do zastoja
trgovine i proizvodnje kao i nemogućnosti
plaćanja vojske. Osim zabranama izvoza
plemenitih
metala,
prevazilaženje
novčane
nestašice su Rimljani
još
od
Punskih
ratova otklanjali
kvarenjem
64
bankarstvo 2 2013
over Hannibal in the Second Punic War (218-201
B.C.) was even more significant in the monetary
sense as it brought the bounty of 10,000 talents
in wealth to the Roman state coffers, and the
conquest of entire Spanish lands together with
all of their metal mines. What followed were
the conquests of Macedonia, Greece, Numidia,
Gallia, and Egypt when the Roman state came
in possession of a large number of the new metal
mines, thus enhancing minting operations and
quantity of Roman money in circulation.
W i t h
that period of
conquests
65
completed, until the 1st
century AD, the enhanced high
rate
of
monetisation of economy is best witnessed by
the records kept on the sudden soar in real-estate
property prices and the fall in the interest rates
in Egypt, after its fall into the Roman hands in
30 B.C. [Howgego, 1992]. It is assumed that the
phase of dramatic expansion of monetary supply
from the conquests ended during the rule of
Octavian Augustus (31 B.C. - 14 AD), because
the phase of military-conquests bringing to the
empire substantial profits (as the difference
between wealth conquered and costs of the army)
was over.
In the subjugated territories, now united
under the Pax Romana, the Roman trimetal
monetary standard was introduced, except
in the earlier mentioned Greek cities (polis),
where the Roman Empire granted cities the
right to continue with the use of their drachma.
The basic currency in this system was the silver
denarius, which was to prevail throughout the
time up to the 3rd century AD.
The first small silver coin denarius appeared
around 300 B.C. and its regular minting started
in 269 B.C. Denarius was minted after the
fashion of the drachma of antiquity. It had a
weight of 4.29 grams, or the minting rate of 1/76
pieces of a Roman pound of silver weighing
327.45 grams. Cornelius Sulla (138-78 B.C.)
initiated minting of the gold aureus weighing
8.4 grams, to be minted in the weight of 7 grams
by Pompey (106-48 B.C.), while Julius Caesar
(100-44 B.C.) determined its regular minting
weight of 7.5 grams (minting rate of 1/40 pieces
of one gold pound). Octavian Augustus (31
B.C. - 14 AD) introduced a monetary reform
enhancing minting rate of aureus to 42, and
that of denarius to 84, hence in his monetary
system one aureus acquiring the value of 25
silver denarii, or equal to 100 bronze sestertii
[Kremmerer, 1944].
Research shows that denarius
was to become an international
currency, i.e.
m o n e y
that was
recognised
outside of the
Roman Empire even as far reaching as
the far-remote areas of Northern
Europe (Upper Barbaricum), and
Asia. An especially strong inflow of
denarii in the region of Barbaricum was
evolving in the period between the rule of
Marcus Aurelius (161-180 AD), and Septimius
Severus (193-211 AD) [Bursche, 2006]. Large
sums of denarii and aureus, minted at the time
of Emperors Augustus and Tiberius (14-37),
were found even in the far-remote areas of
Southern India and Sri Lanka [Walburg, 2006].
In the northern European regions, money was
circulating mostly through the payment of
salaries to Barbarian manpower serving in the
Roman Army as mercenaries, and to freedombuyers (paying large sums of money to
Barbarians in return for the pledge not to attack
Rim - kovači novca, reljef
Rome - coin-minters, relief
Zaključak
Savremeni
MMS
funkcioniše
bez
jedinstvenog svetskog novca. U antičkom
periodu su plemeniti metali bili svetski
novac, kako u nekovanom obliku, tako i u
liku nekih kovanih monetarnih jedinica.
Samo one monetarne jedinice kojima je
održavan sadržaj metala, tj. stabilnost njihove
vrednosti, prihvatane su kao međunarodne
valute. Tetradrahma, prvo atinska pa kasnije
helenistička, igrala je mnogo duže ulogu
svetskog novca od rimskog denariusa - skoro
900 godina jer se njena kovnička stopa retko
menjala. Zasnivajući državu prevashodno na
ratnim osvajanjima, Rimljani su zapostavili
rast sopstvene privrede pa su time došli u
problem održavanja spoljno-ekonomske i
fiskalne ravnoteže koje su uzrokovale kvarenje
denariusa i njegovo istiskivanje iz međunarodne
upotrebe. Primer rimske države ističe važnost
vladajuće političke filozofije na stabilnost valute
jer od nje zavisi koji će se model upravljanja
privredom izabrati a samim tim i način
održavanja fiskalne ravnoteže i privrednog
rasta kao fundamentalnih determinanti
međunarodne prihvatljivosti valuta.
bankarstvo 2 2013
sredinom trećeg veka došla u situaciju da u
prometu više nije bilo rimskog novca. Pošto
je pokušaj da se monetarni sistem održi na
tetradrahmi propao, rimska privreda se vratila
osam vekova unazad - na trampu i plaćanja
merenjem plemenitih metala. Umesto rimskog
novca, u međunarodnim transakcijama je počeo
da se koristi vizantijski solidus koga je uveo
imperator Konstantin I Veliki (306-337).
Spoljnotrgovinski i fiskalni deficiti su bili
direktni uzročnici kvarenja rimskog novca jer su
izazivali novčane nestašice. Decentralizovano
pravo kovanja je, takođe, doprinelo kvarenju.
Međutim, krajnji uzrok se nalazio mnogo dublje
- u nezdravoj rimskoj političkoj filozofiji koja se
zasnivala na ideji jačanja države prevashodno
ratnim osvajanjima zbog koje je rimska država,
od početka do kraja, ostala ratno preduzeće.
Zbog ove ideje, da je ratno osvajanje najbolji
način stvaranja bogatstva i punjenja državne
(i privatne) kase, u rimskoj državi je bio
zapostavljen razvoj domaće privrede čime je
potkopan najzdraviji temelj na kome se zasniva
vrednost jedne nacionalne valute iz koje onda
proizilazi i njena međunarodna prihvatljivost.
66
bankarstvo 2 2013
67
and invade Roman territories), with much
lower circulation through trading transactions
(mostly consisting of the purchase of amber
from the Upper Barbaricum). However,
Roman money was circulating also eastwards,
primarily through strengthening of trade links,
i.e. enhanced imports. This is best documented
in the records kept by Pliny where he regretfully
states that “luxury goods” coming from
India, China and Arabia are every year
costing the Empire 100 million sestertii
(an equivalent to 25 million denarii, or
1 million aureus), from which amount
one half was spent in India [Howgego,
1992]. That this money outflow spent on
luxury products was a matter of concern is
best witnessed by the prohibition prescribed
on wearing clothing made of imported silk,
promulgated by Tiberius as soon as he was
proclaimed Emperor, and which was to remain
in force and effect until the end of his rule
[Oliva, 2007]. The bans on imports and exports
in the Roman state were used even from the
times of the Republic, especially in the form of
monetary measures. Hence the bans on exports
of gold and silver were used as an instrument
to protect internal circulation from the shortage
of money, which was in the Roman Republic an
ordinary occurrence [Howgego, 1992].
The assumption is that the Empire entered
into a rather protracted foreign-trade deficit
period from the times of the rule of Octavian
Augustus, actually at the time when an intensive
trade was taking place with the East. It was
already mentioned that in that period successful
Roman conquests have ended, which used to
bring substantial gains and profits (but also
precious metals) into the country, resulting in
an emergence of fiscal deficit. Due to this deficit,
Roman Empire started again to struggle against
a frequently recurring shortage of money in
circulation, causing delays in trading and
production, but also inability to pay the Army.
In addition to bans on precious metal exports,
solution for the money shortage were sought by
the Romans, even from the early times of Punic
Wars, through the debasement of money, i.e.
reducing its weight or finesse, and/or increasing
its nominal value, where they would inject into
circulation higher quantities of lower value
money. An excessive reliance on the money
debasement
m e a s u r e
led
into
an
ever weaker Roman money
which was gradually losing its
property of acceptability, firstly in
the international transactions when it
ceased being an international currency, and
then also in the domestic trading turnover.
Up to the first century, the bronze as coin lost
75% of its weight, and after further debasement,
it was not minted any longer at the beginning of
the third century. Silver denarius was debased
at a rather slower pace, both legally (through
monetary reforms), and illegally. Until the
middle of the third century, the silver content
of denarius fell to 40% and then this money was
not longer accepted in transactions outside of
the borders of the Roman Empire, especially
not in the trading with the East. Emperor
Gallineus (260-268) brought the denarius
debasement to its ultimate lows, minting it
with only a 4% silver content which practically
turned denarius into a copper money. The
debased denarius could not be helped even
with the support of the imperial authority and
render it acceptable even in domestic trade.
Gold aureus was the longest to preserve its
value, but from the middle of the third century
even aureus lost 50% of its metallic contents.
The attempts by Emperor Diocletian to improve
coinage and stop currency to bleed to death
through monetary reform, where he introduced
in trading transactions a newly-minted highquality aureus and denarius, simply failed
because this high-quality money disappeared
from circulation under the Gresham’s Law. Thus
the Roman Empire, in the mid-third century,
faced the situation where no Roman money was
in circulation in the empire. As the attempts to
sustain monetary system based on tetradrachm
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Literatura / References
68
bankarstvo 2 2013
had failed, Roman economy suffered a set-back,
plunging itself eight centuries into the past - now
surviving on exchange in kind and payments
effected by precious metals measurement.
Instead of Roman money, what prevailed in
the international trade and commerce was
the Byzantine money, solidus, introduced by
Constantine I the Great (306-337 AD).
Foreign trade deficit and fiscal deficit
were the direct cause of the Roman money
debasement, as they caused currency shortages.
Decentralised rights to money minting also
aided debasement. However, the ultimate cause
was to be looked for much more profoundly into an unhealthy Roman political philosophy
based on the idea of strengthening the state
primarily through the war conquests, thus
causing the Roman Empire to remain, from its
very beginning and to its end, a straightforward
war-faring enterprise. With this idea in mind
that military conquest was the best way to
acquire and amass wealth and fill the state (and
private) coffers, Roman Empire disregarded and
neglected development of domestic economy
thus undermining the healthiest fundament on
which to base the value of its national currency,
and from there on to create and establish its
international recognition.
69
Conclusion
The modern day IMS functions without any
single world money. In the period of antiquity,
precious metals were deemed to be the world
money, both in their non-minted form and
in the form of some minted monetary units.
Only those monetary units which contained
a sustained quantity of metal, i.e. stability of
their value, were recognised and accepted as
international currency. Tetradrachm, firstly the
one of Athens and later on as Hellenistic, played
much longer the role of the world money than
the Roman denarius - for a period of almost
900 years, as its minting rate was very seldom
changed. Basing the state primarily on the war
conquests, Romans neglected the growth of their
own economy thus encountering the problem
of maintaining foreign-economic and fiscal
equilibrium which caused the debasement of
denarius and its expulsion from the international
trade. The example of the Roman state points
out at the importance that the ruling political
philosophy has on the currency stability, as
on it depends the model that will be chosen
to manage economy, and thus the manner of
maintaining fiscal equilibrium and economic
growth as fundamental determinants for the
international recognition of any given currency.