1.
2.

The Bretton Woods System – Period From
1944 until 1971/73
Flexible Exchange Rate System – From 1973
Onwards
purpose:

analysis of the forms of international monetary
system after World War II
 process
of establishing after-war
arrangement was influenced by:


economic circumstances in the world at that
time
negative experiences from the interwar period:

establish a complete arrangement and hence put a
stop to instabilities and economic nationalism
 central
goal of the IMF:
making a stable exchange rates system come true
 providing borrowing facilities for nations in
temporary balance-of-payments difficulties
 role of the IMF in the 1950s:



passive role at solving the problems of the
international economic agreement
IMF measures:


increase in the member nations quotas
General Arrangement to Borrow (GAB)

reasons for the dollar shortage:


enormous world demand for American
goods in combination with very limited
export possibilities of other countries and
their low foreign exchange reserves
overcoming the dollar shortage problem:



Marshall Plan (program of financial aid to Europe,
1948)
European Payments Union (1950)
trade and foreign exchange restrictions
 Legislation
of the Republic of Tajikistan on
public finance of the Republic of Tajikistan is
based on the Constitution of the Republic of
Tajikistan and consists of this law, annual law
on state budget of the Republic of Tajikistan
for the next fiscal year, other normative and
legal acts of the Republic of Tajikistan
regulating public finance management in the
Republic of Tajikistan and international legal
acts, recognized by the Republic of
Tajikistan.

 Consists
of the following financial
relations:



system of state budget;
state debt;
state targeted funds.
Structure of the Republic of Tajikistan state
budget system
 The Republic of Tajikistan state budget
system consists of the budgets of the
following levels:


first level – republican budget and budgets of state
target funds;
second level – local budgets;
 Relations
between government and public
administration bodies of the Republic of
Tajikistan, local government executive
bodies and administration bodies of state
target funds are named as Intergovernmental
fiscal relations.
 Intergovernmental fiscal relations are based
on the following principles:
 distribution and consolidation of budget
revenues and expenses by certain levels of
the state budget system of the Republic of
Tajikistan;
 Delimitation
on a continuing basis and setting
timeframe that control revenues between
various levels of the state budgetary system
of the Republic of Tajikistan;
 Equality of budgetary rights of local
authorities and state target programmes;
 Alignment of levels of minimal budget
support to local authorities;
 Equality of all budgets in interrelations with
the state budget of the Republic of
Tajikistan.
 Local
taxes are transferred in corpore to the
local budgets. The distribution of federal
taxes between republican and local budgets
is the prerogative of the Government of the
Republic of Tajikistan and is being approved
by the annual Law on State Budget.