Reliable money and their forms. Untreate money is. The function of the accumulation means. Types of cash savings. Money in international turnover. Number of money supply
Non-discrepable (credit) money is called value marks, substitutes of natural (real) money. Reliable money includes paper, deposit and electronic money.
nominal value credit money significantly higher than the cost of the material they are made. For example, the highest value of ten paper rubles is precisely in their use as money, and not in any other quality.
The undeveloped money appeared in connection with the money of the payment of the payment fund function, when with the development of commodity-cash relations, the sale and sales began to be carried out with installments of payment (on credit). Initially, the economic significance of undeveloped money was expressed:
In creating the elasticity of money circulation, the ability, if necessary, expand and narrow;
In cash savings (golden) money;
In the development of non-cash payments.
The peculiarity of credit money is that their release in appeal is linked to the actual needs of turnover. This involves the implementation of credit transactions in connection with the real processes of production and sales of products. At the same time, it is achieved with a linkage of the volume of payment facilities provided to borrowers, with the actual need of turnover in money. Such a feature is the most important advantage of undeveloped money.
Since the 30s of the XX century. In the capitalist world, a system of undeveloped credit money approached by their nature for paper money was established. Providing modern banknotes are mainly state securities: Gold security and exchange banknotes on gold are actually canceled in all countries of the capitalist world. The exchange of US dollar for foreign central banks was discontinued from August 16, 1971.
High-quality shifts in the monetary system determined its instability in the context of the general crisis of capitalism. For the modern monetary system of capitalism, the following features are characterized:
1) the weakening of communication with gold as a result of the displacement of it from the internal and external turnover;
2) the domination of undoubted on gold credit money approaching paper money;
3) issue of money in the order of lending to the economy, the state and the increase in the official gold and collar reserves;
4) widespread development of non-cash turnover and reduction of cash turnover;
5) state-monopolistic regulation of money circulation;
6) Chronic inflation.
Origin and Essence of Paper Money
The appearance of paper money is objectively due to the patterns of metallic circulation, the development of commodity exchange and the needs of the state in the means to cover their expenses. The emergence of paper money was the result of a long historical process of gradual separation of the nominal value of money from real. The possibility of such a separation was associated with the fleeting nature of the functioning of money as a means of circulation.
In the process of circulation, full-fledged coins are gradually erased, lose part of their value. For twenty years of the first third of the XIX century. In Europe, it completely disappeared as a result of erasing 19 of 380 million f. Art., i.e. 5% of all gold.
Countries that have had a gold appeal in the 80s. XIX century Every year, not less than 700-800 kg of pure gold from cutting coins.
Despite the fact that the real metal content of the coin ceases to correspond to their raid, sobbing coins continue to properly perform the function of the treatment, as well as new coins. Thus, the practice of circulation of broken coins has created objective prerequisites for replacing full-fledged money by their substitutes.
The next step on the centuries-old way to replace full-fledged metal money by their paper signs was the conscious spank of coins by the state, i.e. The issue of the state of defective coins with a reduced content of gold in them (silver), and then the chasing of silver coins instead of gold, copper - instead of silver. The damage of coins brought an additional income to the state.
The final stage was the issue of the state (treasury) of paper money (in some countries they were called "paper coins") with a compulsory course to cover their expenses (at the beginning of the XIII century - in China, in the IV century - in Japan, CXVII century. - in Sweden). Initially, the state, as a rule, has expanded paper money (treasury tickets, appliances) on gold (silver) at the official rate, which gave rise to their public recognition. However, the continuous increase in the needs of the state in money forced it to produce more and more paper money and abandon their displacement for noble metal. At first, paper money (along with deposit) was treated in parallel with gold (silver), then completely crowded the latter. In the end, all the relationship of paper money with gold was lost, their universal contact was ensured exclusively by the power of the state - the Issuer. Paper money marks are not full-fledged money, but only their signs. This and the fact that paper money is more convenient in circulation, the fact of the transition from metal money to paper is explained. The possibility of such a transition is laid in the function of money as a means of circulation. The use of this opportunity for the practical implementation of the issue of paper money in appeal suggests the presence of two conditions: relatively developed commodity-money relations and the availability of confidence in paper money.
For the first time they were released in the VII century in China bills of large advantages to replace uncomfortable full-fledged copper money. And while bills could be freely exchanged for full-fledged money, they have successfully treated. Later, in the XIII century, paper money was released in Persia, and in the XIV century - in Japan.
Based on the strength of state power, it becomes possible to replace gold and silver in circulation first within this state, and then in world trade of value signs. Initially, these signs at any time could be exchanged for noble metals at par, which allowed them to circulate in circulation as substitutes for money from precious metals.
Paper money arise and act along with golden money, gradually gaining power and crowding gold money.
In the XII-XV centuries. The merchants for the convenience of trading are created by banks to replace cash payments by non-cash, more comfortable and safe.
In time times, paper money existed only until their free exchange for full-fledged. With the emergence of capitalism in the face of the bourgeois government, finally, the one to whom people could believe. Extensive opportunities for the development of paper money creates only capitalism with its developed credit system.
Paper money (treasury tickets) is paper marks of the cost, manufactured by the state (represented by the Treasury or Ministry of Finance) to cover the budget deficit, not exchanged for gold and endowed with a compulsory course.
It is necessary to pay attention to the fact that currently such money is practically not produced.
For paper money, two features were characterized.
The first feature was that they did not have their own internal value. They were infallible money - value signs, possessed a representative value, which determined their purchasing power.
The second feature is associated with the nature of the appeal: the paper money was unstable in nature, i.e. They, as a rule, were depreciated. This was caused by two reasons:
1) Paper money produced for coating budget deficit. excluding (more precisely, beyond the needs of commodity turnover in money);
2) Paper money did not swapped on gold, and therefore did not act the removal mechanism. Surplus paper money from circulation, therefore, released on the needs of commodity proof. Paper money "stuck" in the circulation channels and depreciated.
Thus, paper money is non-discrepable for full money. Monetary marks manufactured to cover the deficit of the state budget. The difference between the nominal value of the issued money and the cost of their release (paper expenses, printing) form emisy income Casnes, which is a significant element of state revenues. The release of paper money should be limited by the number of full-fledged money necessary to appeal in this period, in other words, the number of golden money they replace in circulation.
However, the appearance, and then the growth of the state budget deficit caused the expansion of the emission of paper money, the size of which depended on the need of the state in financial resources. Emissions (release) of paper money is not determined by the need for commodity treatment, but a state budget deficit. But no matter how much paper money did not release the state, they will only represent the number of full-fledged money that they replace in circulation. This is the essence of inflation, that is, reducing the purchasing power of paper money. But the depreciation of money can occur for other reasons: the decline of confidence in the government, the passive balance of the balance of payments.
Paper money perform two functions: means of circulation and means of payment. The economic nature of paper money eliminates the possibility of the stability of a paper-money circulation, because The release of them is not regulated by the needs of the turnover, and the mechanism of automatic withdrawal of the surplus of paper money from circulation is missing. As a result, paper money stuck in circulation, regardless of turnover, overflow the circulation channels and depreciate.
Money depreciation is a decrease in the purchasing power of a monetary unit. Consider the mechanism of depreciation of paper money as a result of their release above the needs of commodity turnover in money. For example, the need for commodity turnover in money (at a given price level, the number of money sold and the rate of money circulation) is $ 2000 billion. If the nominal value of the paper-money supply in circulation of 2000 billion dollars, the representative value and purchasing power of the entire money supply will be 2000 billion dollars, and the representative value and purchasing power of one monetary unit - $ 1 (2000: 2000), i.e. It is equal to its raid.
If the nominal value of the money supply is equal to $ 4000 billion, the representative value and, it means, the purchasing power of the entire money supply will be $ 2000 billion (as the need for commodity turnover in money is 2000 billion dollars), and the representative value and purchasing power of each The monetary unit will be lower than the denomination - $ 0.5 (2000: 4000). In other words, the money mass will exchange on the same commodity mass, but at the new prices - twice as high. Increase prices will lead to an increase in the need for commodity turnover: it will rise to $ 4000 billion. As a result, the amount of money in the turn will become equal to the need for commodity turnover in money (with a new, higher price level).
The depreciation of money is manifested in two forms:
In the internal depreciation - in relation to goods in the domestic market, i.e. in price increases for goods;
In external depreciation - in relation to foreign currency, i.e. in reducing the course national currency.
Causes of depreciation:
Overweight paper money by the state;
Decay confidence in the issuer;
An adverse relationship of exports and imports of the country.
The inevitable companion of paper money is inflation. It arises because of the impossibility of a natural adaptation of paper money to the needs of turnover and the use of emission governments to cover the state budget deficit.
Paper monetary marks are two types: government, manufactured by the Treasury (Treasury Tickets) and Banks (banknotes or banknotes - Bank Notes). Treasury tickets are called simply paper money in contrast to banknotes, which are by their nature credit money. Historically, paper money has arisen before credit. Banknotes appear with the development of credit relations.
So, the essence of paper money is that they are the signs of the cost produced by the state to cover the budget deficit, usually they are not exchanged for gold and are submitted by the state forced course.
Based on the characteristics of the channels of money entering cash and economic turnover
Ending
Reliable credit money
Based on the nature of the issuer (the process of denationalization of money)
Based on the material and real substance (carrier)
Unlike paper money generated by state needs, the emergence of credit money is associated with credit by-wearing, credit operations and the development of banking.
Remmunicable credit money, money substitutes, money marks, symbolic money, substitutes of money.As a result of the objective proceedings, the prerequisites for the transition to a new form of money began to be folded - non-verbulent credit money. An objective need for credit card appearance was:
"In the creation of the elasticity of money turnover, the ability to expand and narrow, if necessary;
"Cash savings (golden) money; "Development of non-cash payments.
The prerequisites (factors) of this transition were: a) the objective process of extrusion of full-fledged money is defective due to their fleeting use (permanent change of the owner) of the acquisition of symbolic money status as an "intermediary" of the appeal b) the development of credit relations; c) strengthening the state that uses defective money to cover its expenses (paper) money and the powerful force of legalizing them; d) the growth of money in connection with the rapid development of commodity-money relations.
Credit money- This form of money generated at the definite historical stage by the development of credit relations. The content of undeveloped credit money is determined by two principles. First, becoming unbelievable on precious metalsMoney began to carry the content of "advanced" - confidence (or credit) value. Secondly, one of the most important features
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credit money is that their issuance is linked to the actual revolution needs, which implies the implementation of credit operations with real reproduction processes. The loan is issued, as a rule, to ensure, and the repayment of the loan pro-comes when the remnants of values \u200b\u200bdecrease. Thus, it is achieved by linking the volume of payment tools provided to borrowers, the need for money turnover. This feature is the most important advantage of credit money.
In disruption with the needs of turnover, credit money lose their advantages and turn into paper banknotes, i.e. They enter the turn without the necessary linkage with the needs in monetary signs. Thus, the most significant difference between paper and credit money is the feature of their release into circulation.
The loan must be a basic mechanism that provides credit money supply, since this emission channel of the vigorous extent meets the needs of the economy, contributes to its growth. In modern conditions, most of the credit money prevents themselves in various accounts credit organizations. Central banks give a sufficient guarantee of credit money (which can not provide private banks in the modern scale of money circulation), so currently the circulation of money is carried out mainly in the form of non-cash payments. At the same time, credit money is deprived of their own value. However, in contrast to paper money (treasury tickets), they already since their occurrence (in classical understanding), they act as a sign of not only gold, but the oscillate and reflect the movement of loan capital between creditors and borrowers.
The credit nature of the money follows from the fact that all the monetary signs are obligations on a part of the social product. The liabilities of the state are the liabilities of the state in the earlier sense of the word. In a narrow sense - this is the money provided commercial banks to the debt to the economic organizations to be returned to set time. The accompaniment of the word is the money that is continuously entering the bank from trade organizations in the process of repaying loans for goods that are in circulation.
Visually paper and credit money do not differ. In the co-hundred of the first credit instruments there were bills, namely, the translation notes, which were first not used as a means of payment, for their indorsement was banned. K. Marx called them "trading"
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money. Commercial bills had a number of restrictions on the internal turnover: on the territory, in time, between all the parties, on the rapid (dignity) of papers, guarantees. Because of this, they could not get universal recognition. But the ease of weight, cheapness and simplicity of the manufacture of bills (no expensive metal, a mint, is enough to write on paper and sign), the private legal nature of the bill (the abstract commitment of the merchant or industry to pay a certain person at the specified amount of the number of precious metals) forced them to displace them From the formation of other types of money.
The issuance of credit funds into circulation is reduced to the emission of deposit money, electronic money, bills, checks, plastic cards that replace valid money by credit money and financial instruments, while reducing the costs of circulation.
Credit money "legally equal to cash money » used to organize a non-cash payment system, "perform the role of a means of circulation ... carrying out races through the bank accounts system, not simultaneously with the sale of goods ... or the seller, or the buyer credited counterparties, creating payables or accounts receivable" Liquid oscimensional money is the unity of opposites. Sleepwide money base is liquidity, Os-Nova's credit money is an obligation, and a sign of liquidity is a tint of convention.
Specific traits Non-discreable credit money:
"Do not have internal cost, their nominal value exceeds real value;
"Imprisoned, they are physically impossible to use both the goods;
"Lost the property of elasticity, the function of the mass headquarters of prices and counting money is not measured, and the prices of goods are not measured;
"The nature of infallible money is credit.
Modern money has completely lost the commercial nature of full-fledged money, but there is an opinion that the money remained a product - a specific, kind of monetary and credit product, "trading" on the market.
Legal side of modern moneyit is that the Government monopolized the issuance of cash and non-cash money.
Information sidethe money is that they are in the language of the market. In modern conditions, the undeveloped money is called substitutes for full-fledged money, money marks,
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substrators of money- Such substitutes that retain the most important properties of money and perform all their functions.
Taking into account the nature of the money movement, they are divided into cash and cashless money. Cash in circulation (NDVA)
(Monetary aggregate M0) is the most liquid part of the money supply, available for immediate use as a means of means of means of means of means of means of means of means of means of means of means of means of means of means of means of means of means of means. NDO includes banknotes and coins in circulation. The term "cash" in circulation means literally the appeal of money in the hands of the population, and the movement of cash through the banks of banks means their turnover.
Non-cash money.In the structure of non-cash funds, it will be possible both non-cash money and non-cash funds, quasi-money. Non-cash money include the remnants of non-financial and financial (except credit) organizations and individuals on the settlement, current, deposit and other accounts to demand (in the number of accounts for settlements using bank cards) - depotor translation deposits.Non-cash fundsinclude balances on urgent accounts opened in existing credit institutions in currency Russian Federation, as well as accrued interest on both types of operations.
Based on the characteristics of the channels of money entry into monetary and economic turnover, endogenous and exogenous money distinguish.
Endogenous money(eng. endogenous Money.) Defined asked, which is presented by various organizations with IPHIs. The use of endogenous money allows you to satisfy the demand of organizations and individuals for money and loans, improve credit products, increase the profit of the Bank and influence the revaluation (devaluation) of the currency. The existence of endogenous money is an expression common principle Market economy - demand gives rise to a proposal - and means that fluctuations in the volume of money supply follow the fluctuations in demand for money. The calculus of endogenously determined parameters includes the volumes of inflexibility and release, inflation levels and unemployment, etc. Endogenic
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money parameters are associated with the development of a financial system, which on behalf of independently satisfy the demand of the economy into car assets primarily through the creation of money themselves, quasi-chain and surgel money, reducing the state's emission policy. Endogenous money accelerates the development of the banking system, the pace economic growth Industrial enterprises, increase the tax revenues of WBUJET, prevent sharp revaluation. Endogenous money arise and destroy only as a result of the oscillations of demand for money.
Exogenous money(eng. exogenous Money.) Turns commercial banks in the passive conductors of the monetary policy of the Central Bank. The dynamics of exogenous monetary mass is determined by the Strategy of the Central Bank. As exogenous parameters in macroeconomic models, state expenses are advocated, the tax rate and the amount of money supply. Exogenous money allows you to implement the selected directions of the monetary policy of the Central Bank, but at the same time it is possible to comply with revaluation and forced credit organizations to conduct passive monetary policy. The unsatisfied demand for money caused by the predominance of exogenous money contributes to the revaluation of the national currency. The solid national currency is a positive factor for the development of the country's economy, but only in the event of competitiveness of goods produced. Revaluation is beneficial to importers receiving additional income in the form of a course of exchange rate. In addition, the demand for money, especially financial demand, elasti-chen, and it is obvious that for the country, the main task of which is the revival of national production, the creation of exogenous money supply is unprofiting. Stable, directed and regulated demand for money from the central bank and the steady demand for money from economic entities will reduce exogenous money output channels in turnover.
The demand for exogenous or endogenous money is directly connected: "With the preferences of economic entities (an example of this kind of dependencies, the functions of consumption or investment
demand); "Technological dependencies in the economy (example
a production function can serve as a link between production volume and production factors);
"Structural changes in the economy (for example, determining cumulative demand, unemployment, inflation);
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"Institutional dependencies arising from the institutionally established in the economy of the norms and rules (their number can be attributed to the function of tax revenues as dependency on the size of the income and the established tax rate).
Based on the foregoing, the following conclusions can be drawn. In the context of the Russian economy, it is necessary to ensure the OP-tymal ratio between the value of exogenous and endogenous money supply, which will allow both the effective anti-inflationary policy of the Bank of Russia and to finance
moved enterprises.
One of the features of modern money is their demaateri-alization. Dematherealization of money Means the predominant use of non-cash money that does not have a materially tangible form in the form of records on accounts or in the memory of the computer. Demationary money began to occur at the end of the XX century, when the proportion of cash began to decline. Money began to perform more as a valid exchange gun. If in the commodity money, the reporting component prevailed over the obligatory, avppy, golden money, the merchants and the obligatory parties coincided, the obligations of paper money, the obligatory side begins to prevail over things.
Historically, the money came out of a real (commodity) form, however, with the development of commodity exchange and the appearance of defective money, when banknotes ceased to represent the promise to pay absolutely prominent assets against them, the mandatory component of the money begins to dominate. Currently, cash is acting as the obligations of the Central Bank of the Russian Federation. Article 30 of the Federal Law of 10.06.2002 No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)" (hereinafter - the Law on the Bank of Russia) states: the Banknote of the IMTTU CBRF is unconditional obligations of the Bank of Russia and are provided by all of its Asset. The banknote and the coin are mandatory for a reason for nominal value with all types of payments, to enroll in accounts, deposits and to transfer throughout the Russian Federation. Cash cash Along with other liquid assets, they form a monetary base in the economy.
The real component of the cash is preserved, but the real signs of money have their own specifics: the usefulness of the banknote is determined by its purchasing power, it is impossible to use this thing in a different way.
Nature of non-cash money is also mandatory ha-rakter. Cashless money - loan remnants on various accounts
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before demanding the Bank's customers, to which the work of chapters are distributed 45 Civil Code Of the Russian Federation (GKRF), i.e. These are accounts for settlement operations. From a legal point of view, a bank account entry is a quantitative expression - the right to the client's claim to the bank, which does not prevent recognizing this obligion of money. Deposit money (translation deposits) predicts the obligations of a commercial bank to its clients (an obligation to conduct an account, to write off money, crediting money to the account, interest accrual). They are provided with the structure of assets of commercial banks.
The development of forms of money occurs and under the influence of the nature of both screaming. Allocate money with gold content and secured by the assets of the central bank: fiduciary and fate money.
Money with gold content- This is a full-fledged money, exchanged for gold and silver, requiring real gold reserves. In this case, the gold content of money acts as a technical side as a measure of value - the weight content of gold in one de-gentle unit of the state, i.e. The scale of prices in the conversion of full-fledged money.
In the conditions of undeveloped credit money and due to the demo-neotization of gold in 1920-1930. It ceases to perform the functions of circulation and payment and international funds: the gold standard is established first in the cut-off form - gold, goldenware standard, and as a result of the Great Depression, the Golden Standard is canceled in all countries and money gets golden Bothassets of the Central Bank, which includes the international resource of the Russian Federation (MR RF), state securities, goods. Cash emissions wears fiduciary (obligatory) character. The Bank of Russia actually pays securities, which emit emits. The boundaries of emissions in such conditions are determined indirectly, aimenally stability of the national currency.
Fiduciary money(Lat. fiducia.- confidence; English fiduciarymoney) - Means of treatment that do not have internal costs incomprehensible paper money not provided by the reserve of noble metals. The release of fiduciary money was developed when the growth of production, primarily industrial, began to hold back the framework of gold standards (gold or gold lines).
In modern monetary systemsah, the issue of money initially does not relieve the presence of a commodity reserve in the form of gold or other jewels, therefore is a fiat one. Fiat money (lat. fiat. - Decree, indication, "Let it be so") - Money for which
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the state establishes value, provides and guarantees them with their authority and power, money, whose value determined only by the state decree. Independent hundred-of-experience do not have such money, or it is incommensurable with the appointed face value. The books include banking tickets and other carriers whose value in circulation is fixed by the sum inscribed on them. The latter far exceeds their internal cost (price of the production of banknotes, etc.), but the real purchasing power may vary depending on the state of Econo-Miki, from confidence in the issuer (as a rule, this is the central bank of the country).
Differ or no fiduciary and fate content of money? The term "fiduciary money" began to be officially used in 1844 with the adoption of the Law on the Banking Charter in England. At this stage, the owners of the fiduciary money had the right to exchange them in a bank for a full gold equivalent.
The term "fate money" appears in 1878 after the collapse of the Bretton Woods system of the Golden Standard in 1971-1973. The exchange of fiduciary money on the gold equivalent was completely canceled, this is currently the majority of national currencies are fitate, including the US dollar, euros and other reserve currencies. In addition, some currencies are based on trust, while others are called money only by the will of the state.
Based on the features of the functions performed, ideas are allocated and real money.
Perfect money- mentally representable money, which is used in the money function as a measure of value, the scale of prices and counting money, serve for pricing purposes (the prices of various products are determined and correlate with them).
Real money- This is money that is used in all-power features.
Based on the nature of the obligations of banks allocate:
public money: banknotes, coins, treasury
private (credit) money: deposit money, electronic
"" Financial money "(the last term was not established in eco-nomic science on the objective reasons, which will be mentioned below).
State (liquid) money.Recognition of one or other form of money depends on the recipient's confidence that any third
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the party will subsequently take this money in the transaction. Nowadays, any form of money is nominated in a specific currency. Society mutually replaceable uses various forms and types of money provided that they are expressed in one currency. This is supported by two factors: firstly, the presence of a form of money of central banks, which is useful to the support of the state; Secondly, the conversion of all types of money in the money of the Central Bank.
Using the same currency, the participants in the calculations become owners of the overall measures of economic cost, the means of storage value and a set of tools and procedures for translating this cost.
The central bank is not subject to bankruptcy. Cash and the balance of money on the accounts of the Central Bank of the Region give absolute liquidity compared to credit money, so they can be called liquid money.
The properties of state (liquid) money consist in the following: they have universal exchange, the power of a legitimate payment of payment, have a credit nature, act as the obligation of the Central Bank. The whole monetary mass in the country's economy "... Estimated by three types of institutions: commercial banks, a state treasury and an issuing bank." Modern state money - banknotes and coins are issued by emissible banks and the treasury.
Private money.In modern Western economic te-ory, supporters appeared denationalization of money. Theories, weakening the state regulation of monetary circulation by central banks. They consider it necessary to eliminate the state from the banking system and actually eliminate monetary policy.
General level Prices, according to supporters of this concept, could be determined on the basis of counting money, and their purchasing advantages are maintained by competition of credit organizations that make money into circulation. A. Hajek based on his idea of \u200b\u200bmoney from the position of a functional approach puts forward the theory private money. In his opinion, in legal significance legal Tender., Identifying a payment means, means no more than money produced by the government, from which the lender cannot refuse when paying the debt due to it. Money may exist (and existed) without any participation of the government. The joint circulation of gold and silver coins is a form of parallel
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currency. In different regions of the world, you can create a number of institutions that have the right to freely issue competing banknotes and accounts to demand, denominated in their own, private, units, says A. Hajek. In practice, private money - credit obligations of commercial banks - spawned a new form of money - credit money.
Financial money.In the works of domestic economists and controversial approaches. In his work MA The tailor you are-dividing three forms of money: natural, credit and financial. Remembering MA The tailor, the modern stage of the development of commodity-money relations corresponds to a certain form of money - financial money, in which the "business value of both TOT-Vara" is expressed. "Financial money is full-fledged modern money, expressing the value of sources of income and serving the accumulation process. The development of the shareholder form of capital turns the Biz-carried into the goods and involves securities into circulation ", which, according to M.A. Tailor, and are modern money expressing the value of the business. The tailor allocates the following types financial money: stocks (are an important variety of financial money, in which the value of the business is obtained as a product); state and corporate bonds; mortgages; bill; Savings and deposit certificates. "Ordinary shares ... - For example, the author writes, is the type of financial money intended to express business value as a product. This money performs the function of value measure and accumulation tools. The author believes that the function of the means of circulation is not fulfilled, so in the work it is moving on the third plan, and the main functions of money in the modern market economy are two functions: a measure of value and accumulation means. This approach is classified as controversial.
2 Reliable money and their forms
Non-discrepable (credit) money is called value marks, substitutes of natural (real) money. Reliable money includes paper, deposit and electronic money.
The nominal value of credit money is significantly higher than the cost of the material they are manufactured. For example, the highest value of ten paper rubles is precisely in their use as money, and not in any other quality.
The undeveloped money appeared in connection with the money of the payment of the payment fund function, when with the development of commodity-cash relations, the sale and sales began to be carried out with installments of payment (on credit). Initially, the economic significance of undeveloped money was expressed:
In creating the elasticity of money circulation, the ability, if necessary, expand and narrow;
In cash savings (golden) money;
In the development of non-cash payments.
The peculiarity of credit money is that their release in appeal is linked to the actual needs of turnover. This involves the implementation of credit transactions in connection with the real processes of production and sales of products. At the same time, it is achieved with a linkage of the volume of payment facilities provided to borrowers, with the actual need of turnover in money. Such a feature is the most important advantage of undeveloped money.
Since the 30s of the XX century. In the capitalist world, a system of undeveloped credit money approached by their nature for paper money was established. Providing modern banknotes are mainly government securities: gold support and exchange of banknotes on gold are actually abolished in all countries of the capitalist world. The exchange of US dollar for foreign central banks was discontinued from August 16, 1971.
High-quality shifts in the monetary system determined its instability in the context of the general crisis of capitalism. For the modern monetary system of capitalism, the following features are characterized:
1) the weakening of communication with gold as a result of the displacement of it from the internal and external turnover;
2) the domination of undoubted on gold credit money approaching paper money;
3) the issue of money in the order of lending to the economy, the state and the increase in official gold and foreign exchange reserves;
4) widespread development of non-cash turnover and reduction of cash turnover;
5) state-monopolistic regulation of money circulation;
6) Chronic inflation.
2.1 Origin and Essence of Paper Money
The appearance of paper money is objectively due to the patterns of metallic circulation, the development of commodity exchange and the needs of the state in the means to cover their expenses. The emergence of paper money was the result of a long historical process of gradual separation of the nominal value of money from real. The possibility of such a separation was associated with the fleeting nature of the functioning of money as a means of circulation.
In the process of circulation, full-fledged coins are gradually erased, lose part of their value. For twenty years of the first third of the XIX century. In Europe, it completely disappeared as a result of erasing 19 of 380 million f. Art., i.e. 5% of all gold.
Countries that have had a gold appeal in the 80s. XIX century Every year, not less than 700-800 kg of pure gold from cutting coins.
Despite the fact that the real metal content of the coin ceases to correspond to their raid, sobbing coins continue to properly perform the function of the treatment, as well as new coins. Thus, the practice of circulation of broken coins has created objective prerequisites for replacing full-fledged money by their substitutes.
The next step on the centuries-old way to replace full-fledged metal money by their paper signs was the conscious spank of coins by the state, i.e. The issue of the state of defective coins with a reduced content of gold in them (silver), and then the chasing of silver coins instead of gold, copper - instead of silver. The damage of coins brought an additional income to the state.
The final stage was the issue of the state (treasury) of paper money (in some countries they were called "paper coins") with a compulsory course to cover their expenses (at the beginning of the XIII century - in China, in the IV century - in Japan, CXVII century. - in Sweden). Initially, the state, as a rule, has expanded paper money (treasury tickets, appliances) on gold (silver) at the official rate, which gave rise to their public recognition. However, the continuous increase in the needs of the state in money forced it to produce more and more paper money and abandon their displacement for noble metal. At first, paper money (along with deposit) was treated in parallel with gold (silver), then completely crowded the latter. In the end, all the relationship of paper money with gold was lost, their universal contact was ensured exclusively by the power of the state - the Issuer. Paper money marks are not full-fledged money, but only their signs. This and the fact that paper money is more convenient in circulation, the fact of the transition from metal money to paper is explained. The possibility of such a transition is laid in the function of money as a means of circulation. The use of this opportunity for the practical implementation of the issue of paper money in appeal suggests the presence of two conditions: relatively developed commodity-money relations and the availability of confidence in paper money.
For the first time they were released in the VII century in China bills of large advantages to replace uncomfortable full-fledged copper money. And while bills could be freely exchanged for full-fledged money, they have successfully treated. Later, in the XIII century, paper money was released in Persia, and in the XIV century - in Japan.
Based on the strength of state power, it becomes possible to replace gold and silver in circulation first within this state, and then in world trade of value signs. Initially, these signs at any time could be exchanged for noble metals at par, which allowed them to circulate in circulation as substitutes for money from precious metals.
Paper money arise and act along with golden money, gradually gaining power and crowding gold money.
In the XII-XV centuries. The merchants for the convenience of trading are created by banks to replace cash payments by non-cash, more comfortable and safe.
In time times, paper money existed only until their free exchange for full-fledged. With the emergence of capitalism in the face of the bourgeois government, finally, the one to whom people could believe. Extensive opportunities for the development of paper money creates only capitalism with its developed credit system.
Paper money (treasury tickets) is paper marks of the cost, manufactured by the state (represented by the Treasury or Ministry of Finance) to cover the budget deficit, not exchanged for gold and endowed with a compulsory course.
It is necessary to pay attention to the fact that currently such money is practically not produced.
For paper money, two features were characterized.
The first feature was that they did not have their own internal value. They were infallible money - value signs, possessed a representative value, which determined their purchasing power.
The second feature is associated with the nature of the appeal: the paper money was unstable in nature, i.e. They, as a rule, were depreciated. This was caused by two reasons:
1) Paper money was produced to cover the budget deficit, i.e. excluding (more precisely, beyond the needs of commodity turnover in money);
2) Paper money did not swapped on gold, and therefore did not act the removal mechanism. Surplus paper money from circulation, therefore, released on the needs of commodity proof. Paper money "stuck" in the circulation channels and depreciated.
Thus, paper money is non-discrepable for full money. Monetary marks manufactured to cover the deficit of the state budget. The difference between the nominal value of the released money and the cost of their release (paper costs, printing) form the emission income of the treasury, which is a significant element of state revenues. The release of paper money should be limited by the number of full-fledged money necessary to appeal in this period, in other words, the number of golden money they replace in circulation.
However, the appearance, and then the growth of the state budget deficit caused the expansion of the emission of paper money, the size of which depended on the need of the state in financial resources. Emissions (release) of paper money is not determined by the need for commodity treatment, but a state budget deficit. But no matter how much paper money did not release the state, they will only represent the number of full-fledged money that they replace in circulation. This is the essence of inflation, that is, reducing the purchasing power of paper money. But the depreciation of money can occur for other reasons: the decline of confidence in the government, the passive balance of the balance of payments.
Paper money perform two functions: means of circulation and means of payment. The economic nature of paper money eliminates the possibility of the stability of a paper-money circulation, because The release of them is not regulated by the needs of the turnover, and the mechanism of automatic withdrawal of the surplus of paper money from circulation is missing. As a result, paper money stuck in circulation, regardless of turnover, overflow the circulation channels and depreciate.
Money depreciation is a decrease in the purchasing power of a monetary unit. Consider the mechanism of depreciation of paper money as a result of their release above the needs of commodity turnover in money. For example, the need for commodity turnover in money (at a given price level, the number of money sold and the rate of money circulation) is $ 2000 billion. If the nominal value of the paper-money supply in circulation of 2000 billion dollars, the representative value and purchasing power of the entire money supply will be 2000 billion dollars, and the representative value and purchasing power of one monetary unit - $ 1 (2000: 2000), i.e. It is equal to its raid.
If the nominal value of the money supply is equal to $ 4000 billion, the representative value and, it means, the purchasing power of the entire money supply will be $ 2000 billion (as the need for commodity turnover in money is 2000 billion dollars), and the representative value and purchasing power of each The monetary unit will be lower than the denomination - $ 0.5 (2000: 4000). In other words, the money mass will exchange on the same commodity mass, but at the new prices - twice as high. Increase prices will lead to an increase in the need for commodity turnover: it will rise to $ 4000 billion. As a result, the amount of money in the turn will become equal to the need for commodity turnover in money (with a new, higher price level).
The depreciation of money is manifested in two forms:
In the internal depreciation - in relation to goods in the domestic market, i.e. in price increases for goods;
In external depreciation - in relation to foreign currency, i.e. in reducing the national currency rate.
Causes of depreciation:
Overweight paper money by the state;
Decay confidence in the issuer;
An adverse relationship of exports and imports of the country.
The inevitable companion of paper money is inflation. It arises because of the impossibility of a natural adaptation of paper money to the needs of turnover and the use of emission governments to cover the state budget deficit.
Paper monetary marks are two types: government, manufactured by the Treasury (Treasury Tickets) and Banks (banknotes or banknotes - Bank Notes). Treasury tickets are called simply paper money in contrast to banknotes, which are by their nature credit money. Historically, paper money has arisen before credit. Banknotes appear with the development of credit relations.
K. Marx narrated that "since gold money in the process of appeal themselves becomes a simple sign of one's own value, they can be substituted by simple cost signs." Already in the functions of money as a cost measure, it is possible to replace real money with paper. This is due to the fact that:
- the scale of prices is conditional and legislatively regulated;
- in the names of money, the consequences of the cost relationship are gradually smoothed (in the process of money circulation)
Paper money is two types: state-owned treasury (treasury tickets) and banks (banking tickets or banknotes) Treasury tickets are called simply paper money in contrast to banknotes, which will be credit money. Historically, paper money arose before credit, banknotes will be happy with the development of credit relations.
The first paper money appeared in China in the XII century. n. e., in Europe and America - in the XVII-XVIII centuries. In Russia, paper money (sources) was introduced in 1769
Paper money will be signs, representatives of full-fledged money. The applying signs of the cost acquire the form of symbolic money, I contributes to the fleeting nature of their appeal, as well as the fact that their forced course is sanctioned by the state. Initially, the release of paper money was limited to so much by their amount, which was equal to the amount of gold needed to appeal. It is worth noting that they express the obligations of state power and become a weapon of circulation, the method of government payments to debt, a payment facility, aimed at learning income to replenish the state treasury. Their possible impairment is associated not only with the increase in prices for goods and services, but also possible shift state power, undermining the confidence of the population to the state. Paper money is not exchanged for precious metals, do not define the need for turnover. Their emission is mainly due to the need to finance government spending and budget deficit. The excessive emission of paper money is quite admissible, which causes their impairment.
Based on all the above, we conclude that money can be used as the deputies of gold when performing the main function - means of circulation, i.e. Indirectly replacing gold, they are exclusively the signs of the value of all goods in circulation. By themselves, paper money cannot serve as a commodity, at first they were freely exchanged for gold at par. Their two main functions: measure of cost and means of circulation.
The main reasons for the release of paper money will be:
- the needs of the State Treasury in the resources caused by the state budget deficit;
- the presence of historical periods characterized by the acute need of government in money (war, revolution);
- chronic deficit of the balance of the country's balance sheet, when the government, seeking to avoid gold leaks abroad, is forced to introduce unbelievable money to gold, equipped with a forced course, in order to obtain emissions income;
- physical wear of coins, turning full-fledged coins in terms of value, and in some cases a conscious damage of coins by the state, leading to a decrease in the metal content of coins in order to obtain additional income to the treasury.
Paper money produced by the Treasury is based on the redistributive function of the state, its ability to carry out noncommissible coercion. Paper money will not be a debt obligation of the state. With all this, their release can be viewed as a specific form of a compulsory financial subsidy of society by the state.
Paper money - ϶ᴛᴏ Monetary marks manufactured to cover the budget deficit and not intended for the change of metal, but those submitted by the state forced course. The real paper value of the money is determined by the objective law of money circulation: their release is limited to the amount, it would reflect the actual treatment of the gold symbolically represented by them. Paper money - ϶ᴛᴏ Mandatory making monetary signs that replace gold as a means of circulation. They are inherent instability of circulation and impairment. It is worth noting that they are not suitable for performing the treasure function.
Credit money -϶ᴛᴏ The form of money generated by the development of credit relations, the basis of a modern payment and settlement mechanism. It is worth noting that they arise at that time when capital becomes an integral part of the production itself, i.e. They will not get from handling (goods - money), but from the production itself, from the circuit. Credit money goes to the highest sphere of the socio-economic process and are managed by other laws than ordinary money. The object of exchange relations will not be a product in the entity, but commodity capital. The functions of money implements not a cash product, but cash capital in the form of credit money.
The credit system gave rise to the credit money of a special kind, which are undequented on gold banknotes of central banks and on their basis bank deposits (Deposit money, which is the base of checkpoints) Bill and banknote arose on the basis of the appeal of debt obligations. K. Marx narrated: "Issuing bills - ϶ᴛᴏ Transformation of goods into one of the forms of credit money, and billing bills - exclusively to transform credit money into other money, namely in banknotes." Debt liabilities With the onset of the deadline for eliminating the balance of payments, cash was required, cash was to appear before the payment period on the bill, otherwise the production process could be broken and slowed down. Based on all the above, we conclude that credit money is subject to the law of money circulation and the laws of loan capital. Their appeal is connected both with the action of the law of value and the law of surplus value.
There is a phased evolution of money. Under the conditions of the golden cash circulation, the transition of money from one function to another occurred without changing their shape: from the means of handling a means of payment and back. Qualitative and quantitative polls of gold as money are permitted by the appearance of gold signs and the signs of value, which are new forms of money. Gradually, the role of money as payment tools goes beyond the scope of commodity treatment. Money becomes an universal product obligations.
Bill As the first type of credit money arose as a result of selling goods on credit. A bill is transformed into full-fledged money from the creditor's seller, providing a debtor to the buyer the opportunity to pay it directly not with him, but with the bank, which made a debt obligation in the form of a bill. Bill - ϶ᴛᴏ Document compiled by law established by law and containing unconditional abstract written debt monetary obligation. ϶ᴛᴏ Securities.
A bill of exchange happens:
- simple (solo bill) - ϶ᴛᴏ Written debt obligation debtor about paying a certain amount of money to the owner of the bill;
- transferable (Tratta) - ϶ᴛᴏ Order of the creditor debtor about paying the amount of money to a third party for a specified period.
Simple and transfer bills will be varieties of a commercial bill, which can be two types:
- commercial, arising on the basis of a trading transaction;
- a simple or transferable bill that has no special support, but supported by unused bank credit lines.
Other worst bills:
- treasury - short-term government securities (their sale is made with a discount to nominal value);
- financial - long-term obligations about a certain amount of money deprecated;
- friendly - a bill not related to a real commercial deal; They are written to each other parties of the transaction, to get money by accounting bills in the bank;
- bronze - a long-term commitment that has no real support.
The features of the bill will be:
- abstract - on the bill of exchange does not specify a specific type of transaction;
- constability - mandatory payment of debt;
- appeal is the possibility of transmitting bills to other persons with the help of a transfer inscription (indorsement), which creates the possibility of a mutual credit of the bill of interest.
Elasticity is characterized for billproof, i.e. Ability to automatic expansion and compression:
- the growth of bills on turnover is associated with the level of development of credit relations and growth of turnover;
- reducing turnover in reducing credit treatment and maturity of bills.
In the field of monetary circulation, a limited sphere is allocated, since it serves mainly wholesale trade, not always known information about the solvency of persons who transmit bill to the indorsement, a limited circle of persons is involved in the appeal of bills. Non-scale arising between the number of compensated full-fledged money and the volume of turnover is compensated by the extension of billproof. The cost of the bill is determined by the cost of goods, sales of them are serviced.
The disadvantages of bill appeal caused the appearance of banknotes. This is a bank card, a credit card of money produced by emission banks and replacing metal money in circulation. Banknotes will be indefinite debt obligations. The banknote is different from bills, and from paper money.
The difference between banknotes from the bill:
- banknotes are issued not by industrial and trading companies, but central banks;
- banknotes will be indefinite debt obligations. Modern banknotes do not exchange anywhere, but have a commodity (credit) basis;
- they have a universal concern because they are produced by central banks, the solvency of the Kᴏᴛᴏᴩh is not subject to doubt.
Banknote It is a debt obligation, a loan banking ticket, a type of paper money, is produced by the central bank as a means of circulation, a deputy full-fledged money.
Since banknotes are issued in a lending order, and the loans after the expiration of the term are subject to return, then ultimately banknotes are returned to the emission bank. Release of banknotes in lending order and regular return of them to the emission bank - such are the patterns of banknote.
Banknotes may return to the emission bank not only by repaying the loan. For a long time, banknotes are okly swapped on metal coins.
Free exchange of banknotes on gold was fundamentally important, since he excluded the possibility of an excessive amount of money and prevented their impairment in relation to gold. In the 30s of the XX century. In all countries, the ςʙᴏ-deep exchange of banknotes on gold was discontinued and no longer renewed.
The absence of ςʙᴏ-like razing on gold closures undequensed banknotes for paper money. Banknotes issued in lending to trade turnover will be credit money. In the event that the emission of banknotes is used to cover government spending, then banknotes are actually turning from credit money into paper.
Reliable banknotes can be produced in excessive amounts and are impeded to gold.
Receipt It is a document of the established form containing an unconditional disposal of the checkbook of credit learning about the payment of the Checkholder specified in it, and can be used to receive money from the bank, as well as for payment of purchased goods or services received. Checks perform the function of handling. Checks appeared in circulation in the XVI-XVII centuries. At the same time in England, where banks provided special books with orders, used for settlements, which came to the prototype of modern checkbooks, and Holland, where banks began to produce depositors of the bearer receipt. In the conditions of developed product circulation checks play an important role. If the retail turnover is serviced mostly in cash, the wholesale turnover is accompanied by a checkpoint. Check turnover significantly exceeds the turnover of cash.
The economic nature of the check is that. that he serves as a means of receiving cash in a bank, acts as a means of circulation and payment, will be a tool of non-cash payments.
There are many types of checks:
- registered - checks issued on a certain person without the right to transfer to another person;
- orders - checks issued on a certain person with the right to transfer to the endorsement;
- presenters - checks, in Kᴏᴛᴏᴩ, not specified a specific person;
- settlement - checks used in the system of non-cash settlements;
- accepted - the Bank gives consent to the payment.
After the final elimination of the so-called gold standard, within the framework of which there was a connection of banknotes with the metal, all the money became undinal (undeveloped for metal). It would be logical to assume that at the same time the money was and defective. At the same time, some authors refrain from such a qualification of modern money, since formally the issue of various undequented money is provided by those or other assets of banks that carry out this emission. However, in fact, in modern conditions, the scheme is most often happening when some undeveloped money is provided by other non-dissolving money, so essentially money is unsecured and defective. Absolutely "empty" money cannot be called them. For example, the US dollar is partly provided with the gold reserve of this country, however, according to experts, the degree of this security is today a little more than 1%.
Do not think that the undeveloped money is the phenomenon of recent decades. In fact, in the history of mankind there are many examples when money was not provided with any specifically property and, accordingly, were undeveloped. Such money was endowed with forced payment force on the basis of laws, decrees, decrees. For example, in China in the XIII century. Paper money was put into circulation, the reception of which was mandatory according to the Imperial Decree. Refusal to receive paper signs punishable up to the death penalty.
Very close to the concept of modern undequented money adjoins the concept "Credit Money". Under credit money is understood by banks issued by banks of credit signs (debt obligations), which have a universal conversion and performed first of all the function of the payment tool (Fig. 1.3). It should be borne in mind that banks and other credit organizations can produce some cost signs (debt obligations) that do not have the universal conversation. For example, bonds and stocks. The above definition of credit money is not the only one. In economic literature, you can find more than 30 different definitions of credit money made by various economists, ranging from mercantlers and representatives of the classical political economy and ending with representatives of monetarism, Keynesianism and other modern schools.
Fig. 1.3.
Quite often undinal, or credit, money is also called fiduciary. This is what the famous specialists R. L. Miller and D. Van-Huz are written about the money: "The cost of payment is resting on the faith of people in the fact that they can exchange undeveloped money for goods and services. The word" fiduciary "comes from Latin Fiducia, which means "trust", "faith" ... In the US, payments are made on the basis of a paper-based (Fiduciary Monetary Standard). "
The transition to unbelievable money seriously transformed economic life societies. First of all, the state has the opportunity to actively use the money levers to influence the economy, since the "golden brake" was removed from the emission of money. The theoretical substantiation of the active state intervention in economic life with the help of monetary and budgetary instruments was developed by John Keynes (primarily in his work "the common theory of employment, percentage and money"). Final disconnection of world currency system from gold in the 1970s. It caused an explosive increase in the emission of the Fed dollars, which caused the same explosive increase in the scale of financial markets, the emergence of new types of institutions, tools and operations in these markets. A quick breaking of financial markets began to occur from the real sector of the economy, the speculative motives of operations have sharply strengthened, the overhangs in the world monetary and economic system (in particular, the economy from the "producing" began to turn into a "redistributing", or "financial"), the instability of the global economy increased etc. The result of all this was today's global crisis.
Modern undinal money has the following main forms.
- 1. Paper money - Under them is not only the treasury tickets, which traditionally ended with a compulsory purchasing and payment force, but also banknotes (after the liquidation of the Golden Standard, they finally lost all connection with the metal). You can call the following important signs (properties) of paper money: 1) undevelopment; 2) the presence of a compulsory course; 3) interest rate (in contrast to deposit money, which are credit money with a calculated percentage). The share of treasury tickets in the amount of cash in all countries of the world today is negligible (in some places there are no at all), the main tool of modern cash circulation is the undeveloped banknote. Paper money is cash money.
- 2. Deposit money -
Money that is issued and exists in the form of records in bank accounts. This form of money has many different modifications determined by the types of bank account and the types of tools with which you can manage these money. Deposit money is non-cash
money. In the post-war period, in many developed countries, the pronounced cash replacement process was observed non-cash. This was due to a number of factors:
- - the need to reduce the cost of money circulation (according to some estimates, production costs, emissions, transportation, the protection of cash, even today in economically developed countries, constitute several percent of the gross product);
- - additional amenities and benefits for citizens (storage safety, lack of risk get fake monetary signs, high speed of operations, the possibility of receiving interest, etc.);
- - a fight against crime (cash is "nutritious soil" for criminal activity, since cash transactions can be performed without witnesses; when using non-cash money in any operation, at least one bank must participate in any operation, and any cash transactions are recorded by the Bank; disappears the possibility of counterfeitness ).
The main tools for managing cashless (deposit) money are checks and plastic cards.
Receipt - a monetary document of the established form, which contains an unconditional order of a credential to the credit institution on the payment of the Checkholder specified in it; Checks are used individuals For cash and non-cash payments. Especially widespread checks are used in those countries where there are branched branch networks. credit institutions- ICL, Canada, United Kingdom and others. In the United States, for example, checks served in 2000 about 70% of the total number of non-cash transactions and accounted for about 11% of the total value of non-cash payments. The overwhelming number of checks (more than 50%) was discharged by individuals ( personal checks ), About 40% - commercial enterprises ( commercial checks ), about 5% - federal and local authorities ( government checks ). Almost all checks are processed in special clearing centers, where there are accounts of almost all credit institutions. A special kind of checks represent traveler's checks - Standardized monetary documents issued in local or foreign currency, commonly used when traveling abroad to pay for goods and services and (or) receiving cash. Travel checks are prepaid financial products.
A plastic card - Personal monetary document issued by a bank or other specialized organization certifying the availability of a plastic card owner's account and the right to purchase goods and services for non-cash payments. Plastic cards can also serve as a means of repaying debts in relations between physical and legal entities, Used to receive cash from the current account almost anytime.
3. Electronic money - a new kind of money that is issued mainly by private non-banking structures; Due to their lack of status of the legal means, they have yet limited references.
Many publications are called two main varieties of electronic money:
- but) network money (Network Money) - Money that is stored on the Bank's account or another issuer organization (in the form of records on electronic media) and which can be used by issuing the owner of such an account instructions on transferring money to the electronic account of another person; In fact, this type of electronic money can be considered as a kind of traditional deposit money;
- b) money based on cards - "Electronic cash" (E-CASH), which is stored in the so-called "electronic wallet" and can be transmitted using special technical devices in the "electronic wallet" of another person and (or) on an electronic account of another person, open in a bank or other organization -Emittera.
The active implementation of electronic equipment to ensure the monetary circulation began from about 1960 in the period 1960-1980. There was a translation on the electronic basis of wholesale payments. It was characterized by creating clearing settlement systems, automated settlement chambers, electronic transfers systems. The wide spread of the latter allowed to move to the massive use of retail electronic means of payment, primarily debit and credit cards. In the 1990s. Electronic access systems to bank accounts (debit Internet cards, electronic checks, online banking began to be developed and implemented. At the same time, the first electronic money issued by non-banking institutions appeared.
In our opinion, only those money that are beginning to compete with credit money, which is emitted in the usual bank and commercial banks should be attributed to electronic money. Electronic money should not be confused, the release of which increases the total monetary mass in the country, with the electronic calculation system, which provides an appeal of existing deposit money issued by banks in accordance with the procedure adopted and the central banks that are the control of central banks. Some authors generally deny the existence of electronic money as an independent form.
It seems to us that such a categorical denial is also unreasonable. These electronic money are available; They are outside the banking sector and the scope of control of central banks and issued by various non-banking agencies - telephone, transport, trading firms. The use of such money is carried out with the help of various cards and (or) special terminal devices associated with electronic technical means of the issuer, which ensure storage and accounting of information on the accounts of electronic money users. The main distinguishing feature of this money is not connected with their carrier (magnetic media of information), but with what they are non-banking money. Of course, the development of electronic equipment, communications, the Internet increases the possibilities for the appearance of such money. Although the scale of the use of electronic non-bank money is very modest today, some of them have a number of advantages over ordinary cash and non-cash money. In particular, electronic money issuers sometimes promise their holders to exchange for the first requirement for real assets, such as gold (E-GOLD). Thus, some types of electronic money are secured and exchanged, which, despite a rather unusual form, relates them to the money of the past. That is, such money can no longer be attributed to the undinal (fiduciary) money.
It should be borne in mind that with undequented money occurs modification of a number of functions Compared to those who possessed full-fledged metal money. In particular, this concerns the function of the measure of value. Metal money, for example, effectively performed the function of value, which cannot be said about undequented money. The latter, rather, allow match out cost individual goods, and not to determine (measure) the cost of one or another product directly. Previously, for example, it was possible to say that a bottle of milk costs 0.1 g of gold, and a bag of wheat is 0.2 g, i.e. there has been a direct measurement of the value of goods through gold; Already on the basis of direct measurement, it was possible to do the operation of the merge of the cost of two products and say that their relationship is 1: 2. Today in the market, suppose the bottle of milk costs 40 rubles, and wheat bag - 120 rubles; We have the opportunity with the help of undequented money (protruding in perfect form) only commend the cost of two products (milk and wheat) and say that the relationship between the value of the first and second is 1: 3. According to some economists, the transformation of money from the value measurement means The goods into the means of consideration creates prerequisites for violation of equivalent exchange in the market.
We have already noted above that in conditions of undeveloped (credit) money, the whole majority of money is used as a means of payment, and not a means of circulation. By the way, some economists combine the function of the payment tool and the function of the means of appeal on the grounds that credit relationships are acquired by a universal nature (and the active implementation of undequented money acts as a powerful catalyst for the development of credit relations). It should be noted that in the era of the dominance of a full-fledged money, they first provided the movement of goods, with credit money to the fore, ensuring the movement of capital.
However, in our opinion, the specificity of the money function as a means of appeal is maintained: in some countries where cash is developed (for example, in Russia), direct service of the commodity circulation continues to be an important independent money function.
It is interesting to look at the function of money as a means of accumulation. If metal money, when used in this quality, "frozen", literally stopped moving, turned into a treasure, then credit money, performing the accumulation function, can simultaneously be in circulation and ensure the income to the holder. We are talking about money placed on deposit accounts of banks, which in the end turn out to be in the financial markets, "earning" the profit of the bank and the income to the Bank's customer. This modification of the money function as the accumulation means began to occur even at a time when the world existed a gold standard, but financial markets began to grow rapidly. At the beginning of the XX century. R. Gilafding noted: "If in one place the money is frozen as a treasure, the loan immediately turns them into an active cash capital in another process of circulation." Accumulation of money, since it becomes a means of profit, turns in conditions modern economy in accumulation of capital. It is carried out using such tools such as bank deposits, stocks, bonds, other financial instruments. In particular, securities act as a giant reservoir in which all released money flows; If necessary, these tools from this tank may be removed.
It should also emphasize that the undeveloped money is national money What makes it difficult to fulfill the functions of world money. In this regard, today various options for overcoming this lack of modern money are actively discussed. The most obvious of them: a) recovery in one form of the gold standard in relation to the sphere of international economic relations (as a rule, the question of returning to the internal gold standard is not discussed); b) Creation new currencyhaving the status of supranational machines A. M. Money and economic decisions. M.: Case, 2001. P. 49). In more detail questions religious perception The man of the world is considered in the book Unimbirth. "Money Religion" (work is posted on the Internet).
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