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Test

on the topic: "Accumulation of money capital"

Performed:

1st year student (college)

correspondence department

Faculty of Law

Savenkova O.G.

Introduction

The accumulation of money capital plays an important role in a market economy. The very process of accumulation of money capital is preceded by the stage of its production. After money-capital has been created or produced, it must be divided into a part which is redirected into production and a part which is temporarily released. The latter, as a rule, is the consolidated funds of enterprises and corporations accumulated in the loan capital market by financial institutions and the securities market.

The emergence and circulation of capital represented in securities is closely related to the functioning of the real asset market, i.e. a market where goods are bought and sold. With the advent of securities (stock assets) there is, as it were, a splitting of capital. On the one hand, there is real capital, represented by production assets, on the other hand, its reflection in securities.

The emergence of this type of capital is associated with the development of the need to attract an increasing amount of credit resources due to the complication and expansion of commercial and industrial activities. Thus, the stock market historically begins to develop on the basis of loan capital, since the purchase of securities means nothing more than the transfer of part of the money capital to a loan.

The key task that the securities market must fulfill is, first of all, to provide conditions for attracting investments to enterprises, the access of these enterprises to cheaper capital compared to bank loans.

The securities market (stock market) is part of the financial market (along with the loan capital market, the foreign exchange market and the gold market). In the stock market, specific financial instruments are traded - securities.

Securities are documents of the established form and details certifying property rights, the implementation or transfer of which is possible only upon presentation. These property rights in securities are conditioned by the provision of money for loans and for the creation of various enterprises, purchase and sale, pledge of property, etc. In this regard, securities give their owners the right to receive a fixed hike. The capital invested in securities is called stock (fictitious). Securities-is a special commodity that is circulated on the market, and reflects property relations. Securities can be bought, sold, assigned, pledged, stored, inherited, donated, exchanged. They can perform certain functions of money (means of payment, settlements). But unlike money, they cannot act as a universal equivalent.

1. The concept, goals, objectives and functions of the securities market

The purpose of the securities market is to accumulate financial resources and ensure the possibility of their redistribution by various market participants performing various transactions with securities, i.e. to carry out mediation in the movement of temporarily free funds from investors to issuers of securities. The objectives of the securities market are:

mobilization of temporarily free financial resources for the implementation of specific investments;

Formation of a market infrastructure that meets international standards;

secondary market development;

Activation of marketing research;

Transformation of property relations;

Improvement of the market mechanism and management system;

Ensuring real control over stock capital on the basis of state regulation;

Reduction of investment risk;

Formation of portfolio strategies;

Development of pricing;

Forecasting of perspective directions of development.

The main functions of the securities market include:

The accounting function is manifested in the mandatory registration in special lists (registers) of all types of securities circulating on the market, the registration of participants in the securities market, as well as the fixation of stock transactions executed by contracts of sale, pledge, trust, conversion, etc.

The control function involves monitoring compliance with the law by market participants.

The function of balancing supply and demand means ensuring the balance of supply and demand in the financial market by conducting transactions with securities.

The stimulating function is to motivate legal entities and individuals to become participants in the securities market. For example, by granting the right to participate in the management of an enterprise (shares), the right to receive income (interest on bonds, dividends on shares), the possibility of accumulating capital, or the right to become the owner of property (bonds).

The redistributive function consists in the redistribution (through the circulation of securities) of funds (capitals) between enterprises, the state and the population, industries and regions. When financing the deficit of the federal, regional, regional and local budgets through the issuance of state and municipal securities and their sale, the free financial resources of enterprises and the population are redistributed in favor of the state.

Regulatory function means regulation (through specific stock transactions) of various social processes. For example, by carrying out transactions with securities, the volume of money supply in circulation is regulated. The sale of government securities on the market reduces the money supply, and their purchase by the state, on the contrary, increases this volume.

The securities market as an instrument of market regulation plays an important role. The auxiliary functions of the stock market include the use of securities in privatization, anti-crisis management, economic restructuring, stabilization of money circulation, anti-inflationary policy.

An efficiently functioning securities market performs an important macroeconomic function, contributing to the redistribution of investment resources, ensuring their concentration in the most profitable and promising sectors (enterprises, projects) and at the same time diverting financial resources from sectors that do not have clearly defined development prospects. Thus, the securities market is one of the few possible financial channels through which savings flow into investments. At the same time, the securities market provides investors with the opportunity to store and increase their savings.

2. Primary and secondary securities markets

The primary securities market is the place where the primary issue and initial placement of securities takes place. The purpose of the primary market is the organization of the primary issue of securities and its placement. The tasks of the primary securities market include:

attraction of temporarily free resources;

activation of the financial market;

lower inflation rates.

The primary market performs the following functions:

Organization of the issue of securities;

Placement of securities;

Accounting for securities;

Maintaining a balance of supply and demand

Determination of the market value of securities;

The secondary securities market is the most active part of the stock market, where most transactions with securities are carried out, with the exception of the primary issue and initial placement. The purpose of the secondary market is to provide real conditions for buying, selling and conducting other transactions with securities after their initial placement.

The following main tasks of investment activity in the securities market can be distinguished:

1) regulation of investment flows. Through the securities market, in recent years, capital has been mainly transferred to industries that provide the highest return on investment;

2) ensuring the mass nature of the investment process. Legal entities and individuals who have the necessary funds can freely purchase securities;

3) reflection of ongoing and predicted changes in the political, socio-economic, foreign economic and other spheres of society through changes in stock indices;

4) determining the directions of the investment policy of enterprises by modeling various options for investing in securities; .

5) formation of the sectoral and regional structure of the national economy by regulating investment flows. By purchasing securities of certain enterprises located in specific territories, the investor invests in their development. Enterprises whose securities are not in demand are unable to attract the necessary investments;

6) implementation of the state structural policy. By acquiring shares of especially important enterprises, financing their development, the state supports socially significant, priority sectors;

7) implementation of the state investment policy. Through the government securities market, the state influences the amount of money supply, maintains the balance of the state budget or regulates the size of its deficit,

3. Accumulation of money capital as the basis for the formation of fictitious capital

The accumulation of money capital plays an important role in the economy. The very process of accumulation of money capital is preceded by the stage of its production. When money-capital has been created and is still in the sphere of production, it is, as it were, pure money-capital. Its transfer in the form of a loan to other spheres of the economy means that it accepts a different shell - loan capital.

After the money-capital has been created or produced, it must be divided into a part which is redirected into production and a part which is temporarily released. The latter, as a rule, is the free cash of enterprises and corporations, accumulated in the loan capital market by financial institutions and the securities market.

4. Money capital and fictitious capital: theoretical aspects of similarities and differences

Loan capital is money capital given by the owner as a loan to functioning enterprises and bearing interest, i.e. Loan capital should be considered directly as a special category of money capital, singled out as capital-property.

Conditions for the formation of loan capital also arise when a percentage of their investment in the economy is received on free funds that do not belong to the bank, but are only kept by it. It is the amount of this interest that is the property. The accumulation of this interest causes an additional allocation of loan capital as property capital.

Commercial banks play a significant role in the distribution and circulation of government securities, acquiring and selling them on the stock markets. Such banks occupy one of the leading places among the holders of the securities in question (for example, in the United States in the late 80s, commercial banks were holders of federal government marketable securities in the amount of approximately $ 200 billion, which is about 10% of the total volume of outstanding papers). Even greater is the role of commercial banks as dealers, through whose hands a much larger amount of government securities passes than accumulated by them as holders.

Government securities are usually divided into marketable and non-marketable - depending on whether they are traded on the free market (primary or secondary) or are not included in secondary circulation on stock exchanges and are freely returned to the issuer before their expiration date. The bulk of government securities are marketable.

In economically developed countries, government securities play a significant role in financing government spending, maintaining the liquidity of the banking system, and developing the economy as a whole. State budget expenditures that exceed revenues can also be financed by a loan taken by the state from the central or commercial banks. However, as world practice has shown, loans are rarely used for these purposes, since they require the state to pay high interest, which exceeds the cost of issuing securities. In addition, the banks themselves are interested in issuing short-term loans at higher interest rates. The issue of money to cover the costs of the state budget is also undesirable, since this leads to a breakdown in monetary circulation and inflation. Thus, the most acceptable option for financing state budget expenditures is the issuance of government securities. Traditionally, they are used to solve the following tasks:

Repayment of the current budget deficit. This necessity arises in connection with possible gaps between government revenues and expenditures: budget revenues usually fall on certain dates, and expenditures are distributed more early.

Repayment of previously placed loans. The need for the issue of government securities for this purpose also arises with a deficit-free state budget.

Smoothing fluctuations in the receipt of tax payments to the budget (elimination of cash imbalances in the budget).

Providing commercial banks and other financial institutions with liquid and highly liquid reserve assets. In a number of countries, short-term government securities have been used for this purpose. By investing part of their resources in government-issued debt, financial institutions receive income in the form of interest.

Financing of own programs of local authorities and capital-intensive projects, as well as attraction of funds to off-budget funds.

Government securities issued by the central government and local governments for the purpose of raising funds are of two types: marketable securities and non-marketable government debt. Marketable securities are freely tradable and can be resold to other entities after their initial placement. These include: treasury bills, various medium-term bonds (notes) and long-term government debt. Non-marketable government debt is intended to be placed primarily among the public. They cannot freely pass from one owner to another. These securities are especially effective in the conditions of the development of the securities market.

The primary placement of government securities is carried out with the help of intermediaries. Among the latter, the dominant position is occupied by central banks, which not only organize the work of placing new loans, but in some cases also purchase large blocks of government debt obligations themselves. In some states, these functions are performed by the ministries of finance, and in most countries with developed economies, commercial and investment banks, banking houses can act as intermediaries in the initial placement of government securities.

The rate of government securities, as well as the rate of private stocks and bonds, is subject to constant fluctuations under the influence of changes in the loan interest and fluctuations in supply and demand for these securities. Thus, during times of difficulty in the money market, these securities fall in price because they are thrown into the market in masses in order to be sold in money.

In the post-war years, a clear trend was revealed towards a fall in the market rates of government securities. A particularly significant drop occurred during the last cyclical crises in 1969-1970. and in 1973-1975, as well as in the early 80s. In general, over these periods of time, the rate of government bonds in the United States fell by 45%.

The increase in public debt required the governments of industrialized countries to carry out special measures aimed at maintaining the rate of government securities and carried out by ministries of finance and central banks. For the purpose of constant financing of the state, the central bank, commercial banks and other credit and financial institutions bought up government bonds and thereby maintained the relative stability of their exchange rate.

The huge size of the public debt left its mark on the functioning of the private credit system. In the post-war years, the nature of commercial bank deposits and check circulation changed. As a result of the purchase of government securities, part of the deposits becomes fictitious, the money supply is separated from the needs of production, and most of the newly issued banknotes are associated, as a rule, with the purchase and sale of securities. At the same time, it should be taken into account that a significant part of the state debt, represented by short-term bills, turns into deposits or cash and contributes to the development of inflation. This was one of the important factors in the unwinding of the inflationary spiral in the US and Western Europe in the 1970s and early 1980s, when inflation was at its highest. In the USA it reached 12-13% on an annualized basis, and in Western Europe it reached 20% or more. Thus, the increase in inflation rates is largely caused by the continuous growth of the budget deficit and public debt.

A large proportion of short-term debt increases the dependence of government fiscal policy on the private capital market. On the one hand, the amount and terms of loans, the level of interest and the method of their placement are determined by the situation on the capital market, on the other hand, the government is often forced to resort to refinancing its short-term debt. Recently, there has been a clearer trend towards longer periods of rapid growth of public debt and shorter periods of its repayment, and the repayment of public debt has become both less regular and increasingly less significant in size.

For example, in the United States in the postwar years there have been qualitative changes in public debt. In order to attract funds from various industrial, credit and financial institutions and individuals, several types of government securities are used: market, non-market, special issues.

Marketable securities, which account for 2/3 of the total debt and which are freely sold and bought, are represented by treasury bills, notes and bonds.

Difficulties in the placement of government securities led to the issuance of non-marketable securities, consisting of savings bonds and tax savings notes. The latter can be presented for payment at any time at the request of the depositor. However, under the current conditions for early presentation, the interest is sharply reduced. The main purpose of issuing non-marketable securities is to attract the public's money savings.

In the countries of Western Europe and Japan, the degree of development and differentiation of government securities is somewhat lower than in the USA, Canada and England. So, in France, although government bonds dominate the securities market over private shares and bonds, the degree of their choice when buying is rather limited. Basically, two types of government bonds are quoted and sold on the market: treasury bonds and bills.

Thus, each country has its own specific structure of public debt, based on various types of government bonds.

In order to further mobilize the population's funds to finance and refinance the public debt, the governments of industrialized countries have repeatedly resorted to issuing "special loans" placed in state insurance and pension funds. These papers cannot be transferred to other persons and organizations, but can be presented for payment after one year from the date of their issue. Thus, another means has been found for forcibly withdrawing the savings of the population and financing with their help government spending of various kinds, including unproductive ones.

The most important feature of the debt structure in the 60-70s. was a sharp reduction in long-term and increase in short-term liabilities. This was one of the factors behind the increase in inflation. The main reason for the tilt towards short-term debt was that in the face of economic difficulties, especially inflation, the private sector was very reluctant to purchase long-term government bonds. Credit and financial institutions and individual investors sought to return their funds provided to the state as quickly as possible. Due to the fact that the state debt was mostly short-term, the government, represented by the Ministry of Finance, was forced to place new bills of large amounts almost every month in order to refinance those papers that were maturing. At the same time, additional funds were also withdrawn to cover current budget deficits. These events signal a further aggravation of the debt problem at the government level and difficulties in the system of public finances.

The scale of debt and its short-term nature testify to the growing contradictions of state regulation of the economy with the help of the financial system: on the one hand, the governments of Western countries in their economic policy are increasingly relying on financing long-term expenses, on the other hand, they are focused on covering deficits with the help of short-term loans. However, this has its own logic, which is explained by the objective conditions that exist in the country.

Firstly, with the help of short-term loans, when refinancing them, it is possible to obtain the necessary funds more quickly. Secondly, in the face of falling confidence in government loans on the part of the business community and the population, the demand for long-term obligations is much lower than for short-term ones.

The public debt problem has also worsened as a result of the loss of interest in government securities on the part of private financial institutions, which have long been the main buyers of government bonds. The highest proportion of acquisitions of government securities by these institutions, for example in the United States, falls on the period of the Second World War. The high demand for government securities was due to a number of factors operating in the military environment. First of all, the demand of industrial capital for loans was weakly expressed, and the issue of new issues of private securities was small, since the structure and dynamics of production were determined mainly by military orders from the government. It, in turn, encouraged the investment of funds by financial institutions in government paper to cover swollen wartime government spending.

In the post-war years, the massive renewal of fixed capital in industrialized countries led to high interest rates on private securities. As a result, the money funds of credit and financial institutions began to flow into shares and bonds of trade, industrial and transport corporations. Qualitative shifts in the placement of public debt over the long post-war period are confirmed by the fact that the share of the private credit system in the United States in the post-war years has noticeably decreased - from 50% in 1946 to 17% in 1990. However, this does not mean that the credit and financial institutions and the private sector stopped buying government paper altogether. Their interest (especially banks and corporations) comes down to buying mainly short-term bonds, which are a kind of "liquid reserve".

It can be argued that the problem of public debt by the end of the twentieth century. only worsened, this is evidenced by the fact that before the central banks created the conditions for the placement of securities by changing the norms of reserves and reducing the cost of credit. Recently, they have been compelled to acquire a growing mass of these papers themselves, mainly by issuing money. As a result, the structure of the balance sheet of central reserve banks changed dramatically. If in the prewar years gold and currency accounted for 81.6% of all assets and 13.1% for government securities, then by the end of the 90s. gold accounted for only about 10% of assets, and Treasury bonds over 75%., public debt further upsets the balance between income and expenditure. This means that large amounts of money capital are withdrawn from the loan capital market, which could be used to accelerate the rate of economic growth. So the US government, in connection with a large budget deficit, constantly places its loans on the securities market. Small lending institutions (savings and loan associations, credit unions, etc.) express particular concern and dissatisfaction with the increased issue of government loans, since the increased issue of government loans causes an outflow of resources from these institutions. Government spending is generally not offset by tax revenues and generates huge deficits hanging over the capital market.

In this regard, one more important feature of the relationship between the state and the loan capital market should be emphasized: the state not only borrows, but also provides loans and loans itself. However, the ratio between the demand and supply of the state for loan capital has always for the most part turned out to be in favor of demand, i.e. withdrawals of monetary funds from the capital market significantly exceed their provision by the state.

The constant increase in government spending forces the government to increase the demand for loan capital in order to support economic growth. This leads to two negative consequences - the withdrawal of a large amount of money capital for non-productive purposes and an increase in the tax burden of the population. Thus, the private sector represented by commercial and industrial corporations is forced to reduce its demand in the loan capital market. As for the second consequence, public debts are based on public revenues, which must cover annual interest and other payments, and therefore the modern tax system has become a necessary addition to the public borrowing system, an increase in public debt generates an increase in the tax burden.

5. The role and importance of government bonds in government financing

Functional aspects of the government securities market of developed countries include the following components (main functional components):

Mobilization of temporarily free funds of commercial banks, organizations, enterprises, non-bank financial institutions and the population. Concentration through government securities at the state level of financial resources contributes mainly to reducing the budget deficit;

The use of government securities as an active regulator of monetary relations, in particular, central banks form monetary policy on their basis, coordinate monetary circulation;

Ensuring the liquidity of the balance sheets of credit-financial institutions through the effective implementation of the potential inherent in government securities.

The target orientation of the potential of government securities, reflecting foreign experience, covers:

Investing in state targeted programs for economic development;

Ensuring the liquidity of assets of commercial banks and other credit and financial institutions;

covering the deficits of state and local budgets;

Repayment of debts on government loans.

Currently, in developed countries, government securities are the main sources of formation and sale of domestic government debt. Emissions of government securities into unpaid domestic debts vary in different countries from 20 to 90%, for example, in Germany these values reach 40%, in the USA - 70%, Great Britain - 90%.

6. Money capital and fictitious capital

Loan capital is a specific toner that circulates on the loan capital market, as it is the bearer of use value, which differs in types, terms, sizes, profitability of loans and securities, which is ultimately determined by supply and demand.

An analysis of money and loan capital allows us to determine the essence, role and functions of the loan capital market. In the process of its development, the loan capital market undergoes certain changes that are important from the point of view of analysis and the loan capital market, and the entire modern mechanism of capital accumulation.

Like loan capital, the loan capital market is a historical category that appeared and developed under the conditions of commodity-money relations, turned into a special sphere of economic relations of the economy, and with development this concept becomes more complicated and expands.

The increase in the accumulation of money capital under capitalism led to the development of the loan capital market, which is a sphere of movement of loan capital, carried out under the influence of supply and demand for it. The formation of the loan capital market contributed to the emergence of its forms that reflect the most general and essential properties of the movement of loan capital, its accumulation in the form of money capital and its transformation directly into loan capital.

Money capital is released in the process of reproduction, directed in the form of loan capital to the market, and then returned to the creditor (banks and other financial institutions).

The essence of the loan capital market does not change at all depending on what kind of money capital is used on it: own or someone else's, accumulated, i.e. it does not depend on whether the banker carries on his business only with his own capital or with the capital accumulated in his hands.

The loan capital market plays an extremely important role in the modern economic mechanism, especially in the industrialized countries of the West. It contributes to the growth of production and trade, the movement of capital within the country, the transformation of monetary savings into investments, the implementation of scientific and technological progress, and the renewal of fixed capital. In this sense, the market mediates the various phases of production, is a kind of support for the material sphere of production, from where it receives additional financial resources for its development.

First of all, the economic role of the loan capital market lies in its ability to combine small disparate funds. As a rule, small sums in themselves cannot act as money capital. Combined into large sums, they form a powerful monetary potential. This allows the market to play an important role in the processes of concentration and centralization of production and capital. It provides an opportunity for industrialists, merchants and entrepreneurs to dispose, through the mediation of bankers and their institutions, of all the monetary savings of the whole society.

The main role of the loan capital market in the economy is the unification of scattered individual monetary capital and the savings of the population through the credit system and the securities market.

7. Features of the accumulation of capital in the form of securities

Considering the features of the accumulation of money capital at the present stage, first of all, it is necessary to dwell on the forms of accumulation and identify a number of trends that have emerged in this area. The structure of the loan capital market consists mainly of two elements: credit and financial institutions and the securities market, which in turn is divided into over-the-counter turnover and the stock exchange.

Credit and financial institutions carry out operations with capital accumulated by the population, enterprises and the state. The accumulation in these institutions, as a rule, takes place in the form of money. The money capital accumulated in the form of bank deposits, insurance and pension reserves is used by them to provide loans and purchase securities.

The accumulation of monetary savings of the population is carried out through the direct sale of securities to the population and the accumulation of deposits, contributions, reserves in various financial institutions. Various segments of the population place their money savings in stocks and bonds of private firms and corporations, as well as in government securities. In the pre-war years, in the industrially developed capitalist countries, the purchase of securities was the most widespread form of accumulation of monetary savings, especially for the wealthy categories of the population.

In the first post-war decades, the role of accumulation in the form of securities was significantly reduced due to frequent fluctuations in stock and bond prices, as well as increased competition from financial institutions. At the same time, in the same period, the accumulation of savings through the credit system began to acquire increasing importance, which was carried out differentially by types of credit institutions: in commercial banks - banknotes, deposits on current accounts; in commercial and savings banks and specialized savings institutions - savings deposits; reserves in private life insurance companies and pension funds; state funds for social security and insurance; hoarding of precious metals (gold, silver).

Various forms of accumulation of monetary savings of the population have a certain economic impact. In conditions when the issue of money exceeds the needs of the economy, the accumulation of savings in the form of cash and bank current accounts is a factor that increases inflation. An increase in the money supply leads, as a rule, to a depreciation of money and a decrease in the real incomes of the population. At the same time, the excessive accumulation of money by the population means a temporary refusal to consume, entailing a reduction in consumer spending, which in some cases negatively affects economic growth rates.

During the Second World War and in the first post-war years in most Western countries, due to the growth of inflationary tendencies, money and current accounts were the dominant form of monetary savings of the population. In subsequent years of relative stabilization of the economic situation and normalization in the system of monetary circulation, the importance of these forms of accumulation began to decrease, despite the absolute growth of the money supply in the hands of the population.

Savings deposits in banks and other credit institutions in the post-war years have become the most important source of accumulation of money capital. At the expense of savings deposits of private and state credit institutions, capital investments in industry, other sectors of the economy, as well as state expenses were financed. The inflow of cash savings into savings institutions was stimulated by a relatively high interest rate on deposits. In the post-war years in the industrially developed capitalist countries it averaged 3-4% per annum, and for some types of long-term deposits 5% and more. If in the first post-war years the high level of interest was explained by inflation and the insufficient supply of loan capital, then in the subsequent period it remained at the same level due to the growth of capital investments and the need for credit.

In the first post-war years in Germany, both the securities market and the stock market were essentially frozen. Their movement and development began only at the end of 1954 due to the intervention of the government and the introduction of tax and other benefits. The high growth rates of the German economy increased the accumulation of capital and contributed to the increase in fictitious capital. In 1965, the issue of all types of securities amounted to 17.8 billion marks, or 4.4% of the net national product and 23% of the country's gross capital investment. The nominal value of all fixed interest securities in circulation was DM 100 billion and their market value was DM 78 billion. At the same time, the mobilization of monetary savings into securities increased during the specified period. In the early 50s. investments of individuals in securities amounted to 100 million marks, and in the mid-60s they already reached 6.9 billion marks, which amounted to 20% of all personal savings in Germany. This trend reflected the growing role of the securities market in the mobilization of money capital. At the same time, if in 50-60 years. bonds and mortgages prevailed in the structure of purchased securities, then by the mid-60s. the share of purchased shares increased sharply, which accounted for approximately 1/3 of the total volume of securities.

The main trends in the accumulation of money capital, and in particular through securities, indicate that in industrialized countries the main flows of movement of money capital go through the hands of the wealthy sections of the population, although recently it has been found that the accumulation of securities in the hands of the middle strata has increased. In England, as a result of the redistribution of taxes in favor of the wealthy, from 1983 to 1986, the number of millionaires increased from 7 thousand to 20 thousand.

8. The securities market in the structure and mechanism of the loan capital market

Functionally and institutionally, the national loan capital market includes the operations of private credit and financial institutions, government agencies, foreign institutions and the securities market, which in turn is divided into over-the-counter (primary) and exchange turnover, as well as the market through the counter - the "street" market . Primary over-the-counter turnover covers mainly bonds of new issues. Only shares are traded on the stock exchange, as well as a number of previously issued bonds, both private and public.

The state, represented by credit institutions, is not only a seller of securities, but also their buyer, thus participating in the redistribution of money capital. Operations of credit and financial institutions in the capital market are not always associated with the acquisition of securities, so their activities should not be identified with either exchange or over-the-counter turnover of fictitious capital. In some cases, they finance corporations without buying securities through direct lending. At the same time, both over-the-counter turnover and the stock exchange are areas where credit and financial institutions play an important role. In addition, foreign banking capital is increasingly invading national capital markets.

Constant mutual supply and demand for loan capital create a market for loan capital. The mechanism of its functioning should be understood as the accumulation, movement, distribution and redistribution of money capital under the influence of supply and demand, as well as existing interest rates.

The mechanism of the market, as a rule, is determined by the supply and demand of the acting market participants: private enterprises, the state and individuals. The activity of these subjects forms the level of interest rates and its fluctuation depending on market conditions: increased demand raises rates and reduces supply and, consequently, reduces the transformation of money capital into loan capital; on the contrary, the predominance of supply over demand lowers rates and increases the movement of loan capital from the market.

In conditions of a long-term imbalance between supply and demand under the influence of the instability of the economic situation, the indifference of loan capital to the sphere of its application is lost. He begins to invest on a selective basis, i.e. to where you can really get income in the form of interest.

A peculiar form of application of loan capital is a bill, since the market gives the character of an impersonal demand on the part of the lender, but not for income, as in a security, but for money. Endorsement, banker's acceptance are the means to make the bill a demand on the market, and not on an individual person. Moreover, a promissory note can be, like securities (stocks and bonds), sold (accounted for) at any time.

In a market economy, when a strong and multi-stage credit system is developed, the social nature of the loan capital market is enhanced. In the money market, the entire loan capital as a single mass constantly opposes the functioning capital, and therefore the ratio between the supply of loan capital, on the one hand, and the demand for it, on the other, always determines the market rate of interest. This happens to a greater extent when a more developed credit system and its high concentration create a general social status for loan capital and in this way throw it into the money market.

In modern conditions, the unity of the loan capital market is increasing, since the accumulation of money capital and savings is carried out mainly by the credit system, the joint-stock form of enterprises is widely used, and the reduction of dividend to loan interest is more complete.

At the same time, there are opposite trends in the market that undermine its unity, which include the further monopolization of the market by the largest credit institutions; the process of internationalization associated with the migration of monetary capital between national markets; as well as cyclical instability of the economic environment and inflationary processes. Therefore, the securities market with its main elements (over-the-counter and exchange transactions) is a mechanism that is functionally included in the loan capital market. The securities market develops and moves according to its own laws, determined by the specifics of the so-called fictitious capital, but is closely linked to the capital market.

At present, practice shows that an impulsive slowdown or acceleration of securities market operations significantly affects the movement of loan capital, its market structure and functioning. The most painful and weak side of the securities market is its acute susceptibility not only to economic, but also to political shocks, forcing it to operate at a faster pace than the capital market and other market mechanisms. Moreover, the suspension of the securities market in some cases can have quite tragic economic and political consequences for the country.

9. Accumulation of money capital

Loan capital, as a rule, operates on the basis of the circulation of real and money capital. At the same time, fictitious capital appears and develops on the basis of loans. Fictitious capital should be understood as the accumulation and mobilization of money capital in the form of various securities: shares, bonds of private companies, government securities (bonds).

The sphere of application of fictitious capital is loan capital, therefore the origins of fictitious capital lie in loan capital, and without the latter the former cannot develop. With the improvement and formation of loan and fictitious capital, the formation of their specific markets, they constantly interact and mutually transform. The process of flowing one capital into another is explained, as a rule, by market considerations, as well as the profitability of investments (in the form of deposits in banks, insurance and pension funds, investments in securities, etc.).

This is a continuous and dynamic process. Usually, the growth of the economy in the cyclical phase of the rise leads to an increase in stock prices, and the amount of fictitious capital increases, but outwardly the process looks like the accumulation of money capital. By its accumulation is largely meant the accumulation of certain claims to production, the market price and the fictitious capital value of these claims, which arise primarily from the fact that the shareholding form continues to dominate the market economy. In addition to shares, forms of money capital are private and government bonds, bank and savings accounts, accumulated insurance and pension reserves, as well as bills and banknotes.

With the development of interest-bearing capital and the credit system, every capital seems to be doubled, and in some cases even trebled, as a result of the use of various methods of accumulation. The same capital or any debt claim may appear in different forms and in different hands, and the greater part of this "money capital" is entirely fictitious. The accumulation of fictitious capital proceeds according to its own laws and therefore differs both qualitatively and quantitatively from the accumulation of money capital. At the same time, these processes interact. Stock market crashes have a negative impact on the process of accumulation of money capital, and an overstrain in the loan capital market usually causes a downward fluctuation in stock prices. As a rule, the depreciation or appreciation of these securities is not related to the movement in the value of the real capital they represent. Therefore, the wealth of a nation or country, as a result of such a depreciation or appreciation, as a whole remains at the same level as it was before the start of this process.

Fictitious capital does not arise as a result of the circulation of industrial capital in monetary form, but as a result of the acquisition of securities that give the right to receive a certain income (interest on capital). One form of fictitious capital is government bonds. The formation and growth of joint-stock companies contributed to the emergence of a new type of securities - shares. As they developed, joint-stock companies began to turn into more complex associations (concerns, trusts, cartels, consortiums). Their development in the conditions of intense competition and the scientific and technological revolution led to the attraction of not only equity, but bonded capital. This entailed the issuance and placement of bonds by private companies and corporations, i.e. private bond loans. Therefore, the structure of fictitious capital has developed from three main elements: shares, bonds of the private sector and government bonds (central government and local authorities). The private sector and the state are increasingly attracting capital by issuing shares and bonds, thus increasing fictitious capital, which significantly exceeds the actual, real capital necessary for capitalist reproduction. In the conditions of speculative transactions in modern society, fictitious capital, representing securities, acquires an independent dynamics that does not depend on real capital.

At the same time, fictitious capital reflects the objective processes of fragmentation, redistribution, and unification of existing real productive capital. In the very structure of the fictitious large, the share of government bonds has increased, which is due, firstly, to the deficit of state budgets and the growth of public debt, and, secondly, to the increased intervention of the state in the economy. In the countries of Western Europe and in Japan, government loans to a certain extent also reflect the development of state ownership. At the same time, the swelling of fictitious capital through the issuance of government loans to cover budget deficits serves as a source of inflationary processes and, thus, the depreciation of money, and, as a result, currency shocks.

The independent movement of fictitious capital in the market leads to a sharp separation of the market value of securities from the book value, which further deepens the gap between real material values and their relatively fixed value presented in securities.

The discrepancy, disproportions between the dynamics of fictitious capital and real productive capital are accompanied by a depreciation of fictitious capital, which, as a rule, is expressed in a fall in securities prices and, ultimately, in stock market crashes.

Three main aspects are invested in the concept of accumulation of money loan capital: firstly, it is the equivalent of real national economic accumulation, since the national rate of money accumulation is quantitatively equal to the rate of real accumulation, i.e. the share of investment in GNP and national income; in this sense, accumulation is carried out in material and monetary forms in any sector of the economy. Secondly, the accumulation in the form of money is equivalent to the supply of money capital by the credit system and the loan capital market. Thirdly, the accumulation of money capital is also the accumulation of the monetary value of fictitious capital. This is the main macroeconomic role of the market, which reflects the accumulation and mobilization of money capital.

In general, these provisions remain relevant, and at the present time we can talk about their certain change under the influence of inflation, which in the last decade has become a chronic disease of capitalism. On the one hand, due to rising prices, the national rate of money accumulation can potentially be overestimated, on the other hand, a high level of inflation distorts the demand and supply of loan capital, as well as the amount of fictitious capital.

Huge masses of money capital accumulated and mobilized through the loan capital market, its size and cumbersome mechanism create a certain illusion that the amount of money capital is potentially equal to the amount of loan capital. This appearance arises primarily in those countries where there is a fairly flexible multi-stage and extensive credit system. For countries with a developed credit system, it can be assumed that all the money capital that can be used for lending operations exists in the form of deposits in banks, insurance reserves and persons able to lend money. At least this allows one to potentially evaluate money capital as loan capital. It is the storage of funds in the accounts of various financial institutions, in securities, as well as the expression of loan capital in monetary form, that create the appearance of blurring the boundaries between money and loan capital.

These boundaries are increasingly blurred with the development of the credit system. As a rule, money capital is accumulated either in the form of securities, or bank deposits, or, finally, banknotes. This means the transfer of capital into a loan (since a banknote can also be considered as a loan of its holder to the issuing bank, and through it to the state, etc.).

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Introduction

Securities market (stock market) - it is part of the financial market (along with the loan capital market, the foreign exchange market and the gold market). Specific financial instruments - securities - are circulating on the stock market.

Securities - these are documents of the established form and details, certifying property rights, the implementation or transfer of which is possible only upon presentation. These property rights in securities are due to the provision of money for a loan and for the creation of various enterprises, purchase and sale, pledge of property, etc. In this regard, securities give their owners the right to receive a fixed hike. Capital invested in securities is called stock (fictitious). Securities are a special commodity that circulates on the market and reflects property relations. Securities can be bought, sold, assigned, pledged, stored, inherited, donated, exchanged. They can perform certain functions of money (means of payment, settlements). But unlike money, they cannot act as a universal equivalent.

Concept, goals, objectives and functions of the securities market

The purpose of the securities market is to accumulate financial resources and ensure the possibility of their redistribution by various market participants performing various operations with securities, i.e. to carry out mediation in the movement of temporarily free funds from investors to issuers of securities. The objectives of the securities market are:

Mobilization of temporarily free financial resources for the implementation of specific investments;

Formation of a market infrastructure that meets international standards;

Development of the secondary market;

Activation of marketing research;

Transformation of property relations;

Improvement of the market mechanism and management system;

Ensuring real control over stock capital on the basis of state regulation;

Reduction of investment risk;

Formation of portfolio strategies;

Development of pricing;

Forecasting of perspective directions of development.

The main functions of the securities market include:

Accounting function manifests itself in the mandatory registration in special lists (registers) of all types of securities circulating on the market, the registration of participants in the securities market, as well as the fixation of stock transactions executed by contracts of sale, pledge, trust, conversion, etc.

control function involves monitoring compliance with the law by market participants.

Supply and demand balancing function means ensuring the balance of supply and demand in the financial market by conducting transactions with securities.

Stimulating function is to motivate legal entities and individuals to become participants in the securities market. For example, by granting the right to participate in the management of the enterprise (shares), the right to receive income (interest on bonds, dividends on shares), the possibility of accumulating capital, or the right to become the owner of property (bonds).

redistributive function consists in the redistribution (through the circulation of securities) of funds (capitals) between enterprises, the state and the population, industries and regions. When financing the deficit of the federal, regional, regional and local budgets through the issuance of state and municipal securities and their sale, the free financial resources of enterprises and the population are redistributed in favor of the state.

Regulating function means the regulation (by means of specific stock transactions) of various social processes. For example, by carrying out transactions with securities, the volume of money supply in circulation is regulated. The sale of government securities on the market reduces the money supply, and their purchase by the state, on the contrary, increases this volume.

An efficiently functioning securities market performs an important macroeconomic function, contributing to the redistribution of investment resources, ensuring their concentration in the most profitable and promising industries (enterprises, projects) and at the same time diverting financial resources from industries that do not have clearly defined development prospects. Thus, the securities market is one of the few possible financial channels through which savings flow into investments. At the same time, the securities market provides investors with the opportunity to store and increase their savings.

Primary and secondary securities markets.

The primary securities market is the place where the primary issue and initial placement of securities take place. The purpose of the primary market is to organize the initial issue of securities and its placement. The tasks of the primary securities market include:

1) attracting temporarily free resources;

2) activation of the financial market;

3) decrease in inflation rates.

The primary market performs the following functions:

Organization of the issue of securities;

Placement of securities;

Accounting for securities;

Maintaining a balance of supply and demand

Determination of the market value of securities;

The secondary securities market is the most active part of the stock market, where most transactions with securities are carried out, with the exception of the initial issue and initial placement. The purpose of the secondary market is to provide real conditions for buying, selling and conducting other transactions with securities after their initial placement.

The following main tasks of investment activity in the securities market:

1) regulation of investment flows. Through the securities market, in recent years, capital has been mainly transferred to industries that provide the highest return on investment;

2) ensuring the mass nature of the investment process. Legal entities and individuals who have the necessary funds can freely purchase securities;

3) reflection of ongoing and predicted changes in the political, socio-economic, foreign economic and other spheres of society through changes in stock indices;

4) determining the directions of the investment policy of enterprises by modeling various options for investing in securities; .

6) implementation of the state structural policy. By acquiring shares of especially important enterprises, financing their development, the state supports socially significant, priority sectors;

Accumulation of money capital as the basis for the formation of fictitious capital

The accumulation of money capital plays an important role in the economy. The very process of accumulation of money capital is preceded by the stage of its production. When money-capital has been created and is still in the sphere of production, it is, as it were, pure money-capital. Its transfer in the form of a loan to other areas of the economy means that it accepts a different shell - loan capital.

Money Capital and Fictitious Capital: Theoretical Aspects of Similarities and Differences

Loan capital represents the money capital given by the owner - on loan to functioning enterprises and bearing interest, i.e. Loan capital should be considered directly as a special category of money capital, singled out as capital-property.

In a modern market economy, one of the main issuers of securities, as you know, is the state (most often represented by the treasury). All over the world, centralized issuance of securities is used in a broad sense as an instrument of state regulation of the economy, and in a narrower sense - as a lever of influence on money circulation and management of the money supply, a means of non-issuance coverage of the deficit of state and local budgets, a way to attract funds enterprises and the population to solve certain specific problems. A wealth of experience has been accumulated in modeling and issuing various financial government bonds that meet the needs and demands of various investors - potential investors in government securities. Commercial banks play a significant role in the distribution and circulation of government securities, acquiring and selling them on the stock markets. Such banks occupy one of the leading places among the holders of the securities in question (for example, in the United States in the late 80s, commercial banks were holders of federal government marketable securities in the amount of approximately $ 200 billion, which is about 10% of the total volume of outstanding papers). Even greater is the role of commercial banks as dealers, through whose hands a much larger amount of government securities passes than accumulated by them as holders.

Repayment of the current budget deficit . This necessity arises in connection with possible gaps between government revenues and expenditures: budget revenues usually fall on certain dates, and expenditures are distributed more early.

Repayment of previously placed loans. The need for the issue of government securities for this purpose also arises with a deficit-free state budget.

Smoothing vibrations upon receipt of tax payments to the budget (elimination of cash imbalances in the budget).

Provision of commercial banks and other financial institutions liquid and highly liquid reserve assets . In a number of countries, short-term government securities have been used for this purpose. By investing part of their resources in government-issued debt, financial institutions receive interest income.

Financing own programs of local authorities and capital-intensive projects, as well as attracting funds to off-budget funds.

Government securities issued by the central government and local governments for the purpose of raising funds are of two types: marketable securities and non-marketable government debt. Marketable securities freely circulate and can be resold to other entities after their initial placement. These include: treasury bills, various medium-term bonds (notes) and long-term government debt. Non-market government debt designed to be placed primarily among the public. They cannot freely pass from one owner to another. These securities are especially effective in the conditions of the development of the securities market.

In the post-war years, a clear trend was revealed towards a fall in the market rates of government securities. Their especially significant drop occurred during the last cyclical crises in 1969-1970. and in 1973-1975, as well as in the early 80s. In general, over these periods of time, the rate of government bonds in the United States fell by 45%.

The huge size of the public debt left its mark on the functioning of the private credit system. In the post-war years, the nature of commercial bank deposits and check circulation changed. As a result of the purchase of government securities, part of the deposits becomes fictitious, the money supply is separated from the needs of production, and most of the newly issued banknotes are associated, as a rule, with the purchase and sale of securities. At the same time, it should be taken into account that a significant part of the state debt, represented by short-term bills, turns into deposits or cash and contributes to the development of inflation. This was one of the important factors in the unwinding of the inflationary spiral in the US and Western Europe in the 1970s and early 1980s, when inflation was at its highest. In the US, it reached 12-13% on an annualized basis, and in Western Europe it reached 20% or more. Thus, the increase in inflation rates is largely caused by the continuous growth of the budget deficit and public debt.

Marketable securities, which account for 2/3 of the total debt and which are freely sold and bought, are represented by treasury bills, notes and bonds.

Thus, each country has its own specific structure of public debt, based on various types of government bonds.

In order to further mobilize the population's funds to finance and refinance the public debt, the governments of industrialized countries have repeatedly resorted to issuing "special loans" placed in state insurance and pension funds. These papers cannot be transferred to other persons and organizations, but can be presented for payment after one year from the date of their issue. Thus, another means has been found for forcibly withdrawing the savings of the population and financing with their help government expenditures of various kinds, including unproductive ones.

The most important feature of the debt structure in 60 -70-ies. was a sharp reduction in long-term and increase in short-term liabilities. This was one of the factors behind the increase in inflation. The main reason for the tilt towards short-term debt was that in the face of economic difficulties, especially inflation, the private sector was very reluctant to purchase long-term government bonds. Credit and financial institutions and individual investors sought to return their funds provided to the state as quickly as possible. Due to the fact that the state debt was mostly short-term, the government, represented by the Ministry of Finance, was forced to place new bills of large amounts almost every month in order to refinance those papers that were maturing. At the same time, additional funds were also withdrawn to cover current budget deficits. These events signal a further aggravation of the debt problem at the government level and difficulties in the system of public finances.

The scale of debt and its short-term nature testify to the growing contradictions of state regulation of the economy with the help of the financial system: on the one hand, the governments of Western countries in their economic policy are increasingly relying on financing long-term expenses, on the other hand, they are focused on covering deficits with the help of short-term loans . However, this has its own logic, which is explained by the objective conditions that exist in the country.

Firstly, with the help of short-term loans, when refinancing them, it is possible to obtain the necessary funds faster. Secondly, in the face of falling confidence in government loans on the part of the business community and the population, the demand for long-term obligations is much lower than for short-term ones.

In the post-war years, the massive renewal of fixed capital in industrialized countries led to high interest rates on private securities. As a result, the money funds of credit and financial institutions began to flow into shares and bonds of trade, industrial and transport corporations. Qualitative shifts in the placement of public debt over the long post-war period are confirmed by the fact that the share of the private credit system in the United States in the post-war years decreased markedly - from 50% in 1946 to 17% in 1990. However, this does not mean that credit and financial institutions and the private sector stopped buying government paper altogether. Their interest (especially banks and corporations) is reduced to buying mainly short-term bonds, which are a kind of "liquid reserve".

It can be argued that the problem of public debt by the end of the twentieth century. only worsened, this is evidenced by the fact that before the central banks created the conditions for the placement of securities by changing the norms of reserves and reducing the cost of credit. Recently, they have been compelled to acquire a growing mass of these papers themselves, mainly by issuing money. As a result, the structure of the balance sheet of central reserve banks changed dramatically. If in the prewar years gold and currency accounted for 81.6% of all assets and 13.1% for government securities, then by the end of the 90s. gold accounted for only about 10% of assets, and Treasury bonds over 75%., public debt further upsets the balance between income and expenditure. This means that large amounts of money capital are withdrawn from the loan capital market, which could be used to accelerate the rate of economic growth. So the US government, in connection with a large budget deficit, constantly places its loans on the securities market. Small credit institutions (savings and loan associations, credit unions, etc.) express particular concern and dissatisfaction in connection with the increased emissions of government loans, since the increased issue of government loans causes an outflow of resources from these institutions. Government expenses, as a rule, are not compensated by tax revenues and create huge deficits hanging over the capital market.

The role and importance of government bonds in government financing

Functional aspects of the government securities market of developed countries include the following components (main functional components):

The use of government securities as an active regulator of monetary relations, in particular, central banks form monetary policy on their basis, coordinate monetary circulation;

Ensuring the liquidity of the balance sheets of credit-financial institutions through the effective implementation of the potential inherent in government securities.

The target orientation of the potential of government securities, reflecting foreign experience, covers:

- investing in state targeted programs for the development of the economy;

Ensuring the liquidity of assets of commercial banks and other credit and financial institutions;

Covering the deficits of state and local budgets;

Repayment of debts on government loans.

Currently, in developed countries, government securities are the main sources of formation and sale of domestic government debt. Issues of government securities in unpaid domestic debts vary in different countries from 20 to 90%, for example, in Germany these values reach 40%, in the USA - 70%, Great Britain - 90%.

Money Capital and Fictitious Capital

The analysis of monetary and loan capital allows us to determine the essence, role and functions of the loan capital market. In the process of its development, the loan capital market undergoes certain changes that are important from the point of view of analysis and the loan capital market, and the entire modern mechanism of capital accumulation.

Like loan capital, loan capital market this is a historical category that appeared and developed under the conditions of commodity-money relations, turned into a special sphere of economic relations of the economy, and with development this concept becomes more complicated and expands.

Money capital is released in the process of reproduction, directed in the form of loan capital to the market, and then returned to the creditor (banks and other financial institutions).

Features of capital accumulation in the form of securities

The accumulation of monetary savings of the population is carried out through the direct sale of securities to the population and the accumulation of deposits, contributions, reserves in various financial institutions. Various segments of the population place their money savings in stocks and bonds of private firms and corporations, as well as in government securities. In the pre-war years, in the industrially developed capitalist countries, the purchase of securities was the most common form of accumulation of monetary savings, especially for the wealthy categories of the population.

Savings deposits in banks and other credit institutions in the postwar years have become the most important source of accumulation of money capital. At the expense of savings deposits of private and state credit institutions, capital investments in industry, other sectors of the economy, as well as state expenses were financed. The inflow of cash savings into savings institutions was stimulated by a relatively high interest rate on deposits. In the post-war years in the industrially developed capitalist countries, on average, it was 3-4% per annum, and for some types of long-term deposits, 5% or more. If in the first post-war years the high level of interest was explained by inflation and the insufficient supply of loan capital, then in the subsequent period it remained at the same level due to the growth of capital investments and the need for credit.

The securities market in the structure and mechanism of the loan capital market

Functionally and institutionally, the national loan capital market includes the operations of private credit and financial institutions, government agencies, foreign institutions and the securities market, which in turn is divided into over-the-counter (primary) and exchange turnover, as well as the market through the counter - the "street" market. Primary over-the-counter turnover covers mainly bonds of new issues. Only shares are traded on the stock exchange, as well as a number of previously issued bonds, both private and public.

At the same time, there are opposite trends in the market that undermine its unity, which should include further monopolization of the market by the largest credit institutions; the process of internationalization associated with the migration of monetary capital between national markets; as well as cyclical instability of the economic environment and inflationary processes. Therefore, the securities market with its main elements (over-the-counter and exchange transactions) is a mechanism that is functionally included in the loan capital market. The securities market develops and moves according to its own laws, determined by the specifics of the so-called fictitious capital, but is closely linked to the capital market.

Accumulation of money capital

Loan capital, as a rule, operates on the basis of the circulation of real and money capital. At the same time, fictitious capital appears and develops on the basis of loans. Under fictitious capital should be understood as the accumulation and mobilization of money capital in the form of various securities: shares, bonds of private companies, government securities (bonds). The sphere of application of fictitious capital is loan capital, therefore the origins of fictitious capital lie in loan capital, and without the latter the former cannot develop. With the improvement and formation of loan and fictitious capital, the formation of their specific markets, they constantly interact and mutually transform. The process of flowing one capital into another is explained, as a rule, by market considerations, as well as the profitability of investments (in the form of deposits in banks, insurance and pension funds, investments in securities, etc.). This is a continuous and dynamic process. Usually, the growth of the economy in the cyclical phase of the rise leads to an increase in stock prices, and the amount of fictitious capital increases, but outwardly the process looks like the accumulation of money capital. By its accumulation is largely meant the accumulation of certain claims to production, the market price and the fictitious capital value of these claims, which arise primarily from the fact that the shareholding form continues to dominate the market economy. In addition to shares, forms of money capital are private and government bonds, bank and savings accounts, accumulated insurance and pension reserves, as well as bills and banknotes.

With the development of interest-bearing capital and the credit system, every capital seems to be doubled, and in some cases even trebled, as a result of the use of various methods of accumulation. The same capital or any debt claim may appear in different forms and in different hands, and most of this "money capital" is completely fictitious. The accumulation of fictitious capital proceeds according to its own laws and therefore differs both qualitatively and quantitatively from the accumulation of money capital. At the same time, these processes interact. Stock market crashes have a negative impact on the process of accumulation of money capital, and an overstrain in the loan capital market usually causes a downward fluctuation in stock prices. As a rule, the depreciation or appreciation of these securities is not related to the movement in the value of the real capital they represent. Therefore, the wealth of a nation or country, as a result of such a depreciation or appreciation, as a whole remains at the same level as it was before the start of this process.

In general, these provisions remain relevant, and at the present time we can talk about their certain change under the influence of inflation, which in the last decade has become a chronic disease of capitalism. On the one hand, due to rising prices, the national rate of monetary accumulation can potentially be overestimated, on the other hand, a high level of inflation distorts the demand and supply of loan capital, as well as the amount of fictitious capital.

The huge masses of money capital accumulated and mobilized through the loan capital market, its size and cumbersome mechanism create a certain illusion that the amount of money capital is potentially equal to the amount of loan capital. This appearance arises primarily in those countries where there is a fairly flexible multi-stage and extensive credit system. For countries with a developed credit system, it can be assumed that all the money capital that can be used for lending operations exists in the form of deposits in banks, insurance reserves and persons able to lend money. At least this allows one to potentially evaluate money capital as loan capital. It is the storage of funds in the accounts of various financial institutions, in securities, as well as the expression of loan capital in monetary form, that create the appearance of blurring the boundaries between money and loan capital.

These boundaries are increasingly blurred with the development of the credit system. As a rule, money capital is accumulated either in the form of securities, or bank deposits, or, finally, banknotes. This means the transfer of capital to a loan (since a banknote can also be considered as a loan of its holder to the issuing bank, and through it to the state, etc.).

Under the conditions of a developed credit system, practically all money capital, in whatever sense this term is used, is provided on credit, i.e. it adds to the quality of the money-form the qualities of alienation through lending, and thus becomes loanable money-capital. However, neither under the conditions of a market economy, nor with an extensive credit system, can the essence of money and loan capital be identified. The latter is only a derivative of money capital, a part of it, albeit a significant one. Loan money capital should be considered from the point of view of accumulation in the loan capital market, while money capital arises in the process of circulation of capital and serves as the basis for the appearance of loan capital. The concept of loan capital is broader both in qualitative and quantitative terms. Every loan capital, whatever its form and whatever the nature of its use-value, is always only a special form of money-capital.

Money capital cannot always be deposited in the loan capital market, as is practiced by corporations and individuals. Many firms keep large funds in cash for various special purposes (acquisitions of competitors, bribery, election campaigns), without reflecting them on their deposits. In addition, in Western countries, in the conditions of monetary and financial tensions in the 70s - 80s. the hoarding of gold and silver by private individuals intensified. This

Tesavration (from Greek treasure) - the accumulation of gold (bars and coins) as a treasure; in a broad sense - the creation of a gold reserve by Central banks, treasuries and special funds.

also speaks of certain differences between money and loan capital, although in modern conditions the scale of the loan capital market does not always make it possible to clearly define the boundaries between them.

The functions of the loan capital market are determined by its essence and the role it plays in the economy, as well as by the tasks of reproducing production relations. We single out four main functions of the loan capital market: accumulation, or fundraising(savings) of enterprises, population, state, as well as foreign clients; transformation of monetary funds directly into loan and fictitious capital and using it as an investment directly to service the production process. These two functions began to develop extremely strongly in industrialized countries in the postwar period. Service should be singled out as a third function state and population as a source of capital to cover both government and consumer spending, given the huge role of the loan capital market in covering budget deficits and financing housing construction through mortgage lending within the framework of state-monopoly capitalism.

In all three cases, the market acts as a kind of intermediary in the movement of capital, since in actual movement capital exists as capital not only in the process of circulation, but also in the process of production. Along with these functions, the loan capital market also performs the (fourth) function of accelerating the concentration and centralization of capital.

These functions of the loan capital market are aimed at maintaining production, ensuring the functioning of the economic system, the market mechanism.

Reflecting the accumulation and movement of money capital, which is a value category, the loan capital market is organically linked to the movement of value in its monetary form, the formation and use of various monetary funds in the form of securities and credit.

Conclusion

Securities play a significant role in the payment turnover of the state, in the mobilization of investments. The totality of securities in circulation forms the basis of the stock market, which is the regulatory element of the economy. It promotes the movement of capital from investors with free cash resources to issuers of securities. The securities market is the most active part of the modern financial market and makes it possible to realize the various interests of issuers, investors and intermediaries. The importance of the securities market as an integral part of the financial market continues to grow.

The most important source of economic development, a new industrial boom and overcoming the investment crisis in Russia was the formation of the securities market, the true purpose of which is not only to cover the budget deficit, redistribute property and receive speculative profits, but also to stimulate investment in various sectors of the economy.

Since 1992, an active policy has been pursued in Russia to attract the necessary credit resources through the issuance of government securities. The Russian financial market is gradually filled with government securities issued into circulation, in the period from 1995 to 1997. Approximately 46% of the federal budget deficit was repaid through proceeds from the sale of securities. Not only is the volume of issuance growing, but also the range of types of government debt obligations in accordance with the need for financial market stability. An important task facing the Russian Ministry of Finance is to use the accumulated experience in organizing the government securities market to implement the strategic line - increasing the terms of borrowing. Gradually, a stock market should be formed that serves investment projects in production, housing construction, etc.

The actively developing securities market and the significant role of government securities in its development require highly qualified specialists in this field. It is necessary to study and analyze the world and domestic experience in the functioning of the government securities market, types of securities, conditions for their issue and placement, profitability.

The concept and essence of the accumulation of money capital
The accumulation of monetary Kanumwia is primarily understood as the monetary equivalent of real accumulation, i.e. accumulation of capital in the form of money or in a form involving its return to a loan through the loan capital market. The accumulation of money capital follows from the function of credit money as a means of accumulation. Credit money, accumulating, does not settle into a treasure, like gold. Alternative sources of their placement are needed to protect against inflation. And credit and financial institutions, accumulating and converting funds into loan capital, become such a source. Collecting money by banks
is essentially the accumulation of capital, which presupposes the constant functioning of money. However, the credit system is not the only form through which capital is accumulated. It is also necessary to take revenge on the securities market, which in terms of its volume is not particularly inferior to the credit sector.
In the economic literature, the accumulation of money capital is considered in three main aspects as the equivalent of real accumulation; as an increase in money capital; as an increase in the monetary value of fictitious capital. In the analysis of loan capital, the three aspects of the accumulation of money capital present themselves not as separate processes, but as different aspects of one process of the formation and circulation of loan capital.
Quantitatively, accumulation is defined as the difference between their current income and investment spending. It occurs in both material and monetary forms. Part of it, having passed the functional stage of money capital, eventually becomes productive capital, while the other part is sent in monetary form to the credit system and the securities market, transforming there into loan capital.
The accumulation of capital in the form of money, separated from the process of production, is the result of real accumulation and at the same time differs from it. In this sense, the accumulation of money capital is understood as the accumulation of funds in the loan capital market. The movement of real accumulation and the growth of money capital, which presuppose its lending, can proceed in different directions. Moreover, only in the phase of recovery in the economy is their coincidence observed. The accumulation of loan capital always takes place on a larger scale than the real one, since, firstly, not all loan capital is used to finance investments and, secondly, one should take into account the “credit-creative” activity of the credit and financial system itself, where an increase loan capital often occurs as a result of "simple entries in the ledgers". In modern conditions, thanks to the development of non-cash circulation, all free cash in society is converted into loan capital. In other words, today "the existence of capital in the form of money is already equivalent to its transformation into loan capital."
Statistically, it is rather difficult to determine the part of savings that enters the loan capital market, since monetary assets are often formed as a result of obtaining loans. In addition, such a phenomenon as the negative net accumulation of enterprises (decrease in retained earnings of companies) makes it extremely difficult to calculate the share of net capital
into the credit system and into the securities market. Such money accumulation or saving is transferred through the loan capital market to other sectors. In the simplest model of accumulation, three sectors are distinguished: the population, enterprises and the state. For each sector, money accumulation can be expressed as the difference between income and investment spending.
Sources of Capital Accumulation
There are the following main sources of capital accumulation. Accumulation in monetary form of temporarily free capital of industrial enterprises. For the production process, a certain part of free cash is always needed to expand production, purchase raw materials and materials, means of production. All this makes the entrepreneur again and again attempt to accumulate money, since in order to convert them into capital, they must be a certain, sufficient large amount, which cannot be immediately released in the process of reproduction. Due to the development of the function of money as a means of payment, an entrepreneur can take out a loan, but the repayment of the loan again presupposes an initial accumulation of money.
The accumulation of money is also necessary to ensure the continuity of production, to protect it from various fluctuations in supply and demand. A certain minimum capital required for new investments is also accumulated in cash. The same applies to the process of reimbursing fixed capital. Such accumulation arises as a result of the circulation of capital and the release of part of it in the form of depreciation charges, which have been increasing in recent times due to “accelerated depreciation”.
An additional source of accumulation of funds is also a part of the profit that goes to the expansion of production, as well as retained earnings, which partially fall into the depreciation fund in order to hide from taxation. The circulation of capital and the discrepancy between the timing of receipt of funds from the sale of products and the purchase of raw materials, materials, payment of wages lead to the availability of free cash, which serves as a source for the accumulation of money capital. As a rule, enterprises account for up to 20% of all monetary accumulation. State funds. They represent state reserves and act as the difference between tax revenues and expenditures of the central government and local governments.
authorities. The main prerequisites for such accumulation are the state budget and investment expenditures, which require the preliminary accumulation of funds. The accumulation of the state in the conditions of a constant budget deficit is mainly a short-term phenomenon in a period when budget receipts and expenditures do not coincide in terms of timing. At the same time, it should be noted that the state sector also includes the accumulation of money capital, carried out through state pension and insurance funds. Although the source of funds in these funds is mainly the income of the population and the accumulation comes from the line of the population, the state manages the capital. The share of the state in the total volume of capital accumulation accounts for about 10%. Savings of the population. They represent that part of wages that is not used for current needs and is set aside for unforeseen cases or provision in old age, for the purchase of durables, expensive goods, real estate. The main motives for such accumulation are the transaction motive, the precautionary motive, and the speculative one (in the economic literature, for example, P. Samuelson and M. Friedman distinguish four motives: income-related, commercial motive, precautionary motive, speculative).
In addition to the main sources of accumulation, others can be distinguished, for example, free cash of credit and financial institutions, representing the part of the money that remained in the credit and financial sector as a result of the difference between income and expenses associated with covering costs, paying interest on deposits. But this form is not stable. A special form is deductions to reserves from profits. Rentier money still exists on a fairly large scale, especially in developing countries and in some developed countries where there is a special network of bankers. Most often, to reduce the risk of loss, they provide their capital through the credit system, which makes them the most identifiable part of capital accumulation. The savings of public organizations are considered as the difference between income received from contributions and expenses for the needs of organizations.
Theoretically, there is no doubt about the possibility of capital accumulation by all these entities, but in practice it is very difficult to single them out. They are intertwined as a result of the existence of a credit system, which, on the one hand, accumulates funds, and on the other hand, provides loans to the same entities. Therefore, it is possible that the same amount can be both debt and savings.

Factors affecting the savings of the population
The main trend in the process of accumulating loan capital in recent years is the dominance and growing role of the private sector as a source of supply of funds to the credit system and the securities market (in Germany - about 83%). The growth of savings of the population as the main source of accumulation is a characteristic process for all countries, both real and monetary accumulation. An indicator of such growth is both the absolute value and the savings rate. At present, the highest share of savings remains in Germany - 10.7%. Taking into account the fact that practically all savings go to loan capital, the rate of national economic accumulation is high and the country is thus provided with its own sources of financing.
As far as our country is concerned, the savings rate is currently much higher than in other countries, and is equal to 25%. In absolute terms, cumulative savings amount to a whopping $40 billion, taking into account revenues, expenditures and the fact that they have been growing negatively over the past two years. However, due to the underdevelopment of the loan capital market, these funds remain outside the sphere of activity of loan capital, which makes it difficult to attract own investments. This paradox is due to the fact that it is rather difficult to determine the relationship between savings and income, since the average saving rate of all households experiences quite significant fluctuations, different from changes in income.
Thus, if the growing income of the population as a whole determines and makes possible the growth of personal savings, it means that specific changes in the amount of savings were formed under the influence of other factors. In addition, the level of savings is not always related to the absolute value of disposable income, for example, incomes can be low, as in the Russian Federation, but the savings rate is high, and vice versa, as in the United States. Therefore, one of the approaches explaining the process of savings formation links their growth not with the absolute level of disposable income, but with the rate of its change. Consequently, the increase in savings is due to the lagging of current consumption behind the growth of net income. The consumer's behavior is determined in part by habits and customs, so he adjusts his consumption relatively slowly to the new, increased income. At the same time, the household sector itself is far from homogeneous. Different groups have different propensities to save.

In addition to income, another important factor affecting savings is a change in the consumption structure of the population. As a rule, as incomes rise, consumption of durable goods increases, which requires preliminary cash savings. The same can be said about buying a home.
The next factor is the influence of the tax system and social insurance. The higher the taxes on income, the lower the disposable income, and hence the savings. As far as the social insurance system is concerned, their role is twofold. On the one hand, they reduce income and savings, and on the other hand, they make it possible to increase national economic savings.
Another factor is inflation, the significance of which is also ambiguous. According to one approach, money depreciates, so it moves to other assets (real estate, gold), but in fact, small savers have small amounts and start saving more for a rainy day. The second point of view relates the change in savings to inflationary expectations, which leads to an increase in savings, since the precautionary motive plays a role in this.
We must not forget another factor associated with the precautionary motive - the situation in the labor market. With increasing unemployment, there is a need for additional savings in case of loss of earnings.
The next two factors do not yet occupy a significant place in our country, although in the West they are assigned an ever greater role. This is, firstly, a non-cash payment of wages, which leads to some savings (reducing the cost of going to the bank), and the ability of the bank to use the balance of accounts in the form of loan capital. Secondly, the cyclical development of the economy, during which during the recovery there is a decrease in savings, since a favorable environment weakens the precautionary motive and, to some extent, the speculative motive (interest rates fall). During a crisis, recession, both of these motives manifest themselves quite clearly, which leads to an increase in savings.
In general, the growth of the savings rate, and hence the savings themselves, can be described using the following function:
SIY = 6(51 Y) + bPCR + bYR + bDU + bRR + bCPP.
where 5І Y is the share of savings in income:
PCR - consumer price change rate:
YR is the rate of change in real income;
DU - differences in the unemployment rate;
RR - real interest rate;
CRR - the rate of change in government consumption.

The main thing about this function is that the rate of change in real income has a positive effect on the savings rate and it shows a certain inertia in changing. The first two terms are comparable to the standard life cycle model. As for the inflation rate variable, there are many ways it can affect personal consumption and savings. The unemployment variable in the function is a proxy for real income uncertainty, which should have a positive impact on household savings. The real interest rate also affects savings.
Considering these factors in relation to our country, we can say with confidence that in conditions of instability, low incomes and high inflation, savings will have to increase, provided that the state does not continue to rely on income policy to stabilize the economy.
Forms of accumulation of money capital
For the process of real accumulation, it is important in what form the accumulation of loan capital in the economy takes place. In general, there are three main forms of accumulation: deposits in the credit system, purchase of securities, deposits in insurance companies. Nevertheless, various actors prefer certain forms of accumulation. So, entrepreneurs invest temporarily free money in the credit system, securities, provide loans to other firms. The main place in deposits is occupied by short-term investments - current deposits, a small share falls on term deposits. Most of the funds are in securities due to direct and portfolio investments of firms. Some of the funds are invested in government securities.
In conditions of uncertainty, there is an increase in the liquidity of companies, in other words, the company must have a certain reserve of cash or liquid financial assets in case of unforeseen losses, liabilities or temporary suspension of activities. This is confirmed by the fact that when the indicators of production activity and the financial condition of the company deteriorate, the accumulation of funds is increased by investing them in all financial assets. At the same time, accumulation increases during periods of strong growth in profits, when the scale of this increase allows for a more even distribution of entrepreneurial risks to use part of net income for such investments.

The structure of cash savings of non-financial companies is relatively stable and is not subject to strong changes. Among them, the main groups should be distinguished: bank deposits, foam papers and other claims, mainly to foreign debtors. Moreover, as practice shows, deposits account for half of all financial assets. In this case, demand deposits are of particular importance. In recent years, the role of term deposits, especially long-term ones, has begun to grow. Securities are mostly used not as accumulation, but as gaining control over enterprises.
The accumulation of money by the state occurs in three main forms. in the form of formation of various financial assets in the credit system; by purchasing foam papers; formation of a reserve fund.
Considering the structure of the state's financial assets, two features can be distinguished: a relatively stable distribution of all requirements throughout the entire post-war period and a large concentration of funds in deposits in the credit system (term deposits dominate - up to 90% of all deposits), as well as requirements for internal sectors of the economy.
The forms of accumulation by the population are more diverse: accounts in credit institutions (banks, savings banks), which are the most common form; deposits in specialized credit institutions; contributions to insurance companies; investments in fixed-interest securities, primarily bonds; acquisition of shares (Table 6.1).
The main pattern of all developed countries was an increase in the share of long-term forms of savings, mainly due to a relative decrease in the share of the most liquid and low-income assets, cash and funds in current accounts, especially as a result of the widespread non-cash turnover. In addition, insurance savings continued to grow, albeit at a slower pace. The role of shares as a form of investment and a source of financing for the economy has diminished.
But at the same time, new moments appeared in this process: the relative stabilization of the structure of accumulation, which occurred mainly due to a decrease in the growth rates of savings deposits, investments in securities and construction funds;
a decrease in the share of the banking system in raising free cash in favor of hard-to-project securities and time deposits, which is explained by the actions of industrial companies aimed at optimizing the structure of financial assets and the growth of household incomes.
Table 6.1. Forms of population accumulation in 1997, %

Securities - these are documents of the established form and details, certifying property rights, the implementation or transfer of which is possible only upon presentation. These property rights in securities are conditioned by the provision of money for loans and for the creation of various enterprises, purchase and sale, pledge of property, etc. In this regard, securities give their owners the right to receive a fixed hike. Capital invested in securities is calledstock (fictitious). Securities are a special commodity that circulates on the market and reflects property relations. Securities can be bought, sold, assigned, pledged, stored, inherited, donated, exchanged. They can perform certain functions of money (means of payment, settlements). But unlike money, they cannot act as a universal equivalent.

Concept, goals, objectives and functions of the securities market

The purpose of the securities market is to accumulate financial resources and ensure the possibility of their redistribution by various market participants performing various operations with securities, i.e. to carry out mediation in the movement of temporarily free funds from investors to issuers of securities. The objectives of the securities market are:

mobilization of temporarily free financial resources for the implementation of specific investments;

Formation of a market infrastructure that meets international standards;

secondary market development;

Activation of marketing research;

Transformation of property relations;

Improvement of the market mechanism and management system;

Ensuring real control over stock capital on the basis of state regulation;

Reduction of investment risk;

Formation of portfolio strategies;

Development of pricing;

Forecasting of perspective directions of development.

The main functions of the securities market include:

control function involves monitoring compliance with the law by market participants.

Supply and demand balancing function means ensuring the balance of supply and demand in the financial market by conducting transactions with securities.

Stimulating function is to motivate legal entities and individuals to become participants in the securities market. For example, by granting the right to participate in the management of an enterprise (shares), the right to receive income (interest on bonds, dividends on shares), the possibility of accumulating capital, or the right to become the owner of property (bonds).

Primary and secondary securities markets.

attraction of temporarily free resources;

activation of the financial market;

lower inflation rates.

The primary market performs the following functions:

Organization of the issue of securities;

Placement of securities;

Accounting for securities;

Maintaining a balance of supply and demand

Determination of the market value of securities;

The secondary securities market is the most active part of the stock market, where most transactions with securities are carried out, with the exception of the primary issue and initial placement. The purpose of the secondary market is to provide real conditions for the purchase, sale and other transactions with securities after their initial placement.

The following maintasks of investment activity in the securities market:

1) regulation of investment flows. Through the securities market, in recent years, capital has been mainly transferred to industries that provide the highest return on investment;

2) ensuring the mass nature of the investment process. Legal entities and individuals who have the necessary funds can freely purchase securities;

3) reflection of ongoing and predicted changes in the political, socio-economic, foreign economic and other spheres of society through changes in stock indices;

4) determining the directions of the investment policy of enterprises by modeling various options for investing in securities; .

6) implementation of the state structural policy. By acquiring shares of especially important enterprises, financing their development, the state supports socially significant, priority sectors;

Accumulation of money capital as the basis for the formation of fictitious capital

The accumulation of money capital plays an important role in the economy. The very process of accumulation of money capital is preceded by the stage of its production. When money-capital has been created and is still in the sphere of production, it is, as it were, pure money-capital. Its transfer in the form of a loan to other areas of the economy means that it accepts a different shell - loan capital.

Money Capital and Fictitious Capital: Theoretical Aspects of Similarities and Differences

In economically developed countries, government securities play a significant role in financing government spending, maintaining the liquidity of the banking system, and developing the economy as a whole.State budget expenditures that exceed revenues can also be financed by a loan taken by the state from the central or commercial banks. However, as world practice has shown, loans are rarely used for these purposes, since they require the state to pay high interest, which exceeds the cost of issuing securities. In addition, the banks themselves are interested in issuing short-term loans at higher interest rates. The issue of money to cover the costs of the state budget is also undesirable, since this leads to a breakdown in monetary circulation and inflation. Thus, the most acceptable option for financing state budget expenditures is the issuance of government securities. Traditionally, they are used to solve the following tasks:

Repayment of previously placed loans. The need for the issue of government securities for this purpose also arises with a deficit-free state budget.

Smoothing vibrations upon receipt of tax payments to the budget (elimination of cash imbalances in the budget).

Provision of commercial banks and other financial institutions liquid and highly liquid reserve assets. In a number of countries, short-term government securities have been used for this purpose. By investing part of their resources in government-issued debt, financial institutions receive income in the form of interest.

Financing own programs of local authorities and capital-intensive projects, as well as attracting funds to off-budget funds.

Government securities issued by the central government and local governments for the purpose of raising funds are of two types: marketable securities and non-marketable government debt.Marketable securities freely circulate and can be resold to other entities after their initial placement. These include: treasury bills, various medium-term bonds (notes) and long-term government debt.Non-market government debt designed to be placed primarily among the public. They cannot freely pass from one owner to another. These securities are especially effective in the conditions of the development of the securities market.

The primary placement of government securities is carried out with the help of intermediaries. Among the latter, the dominant position is occupied by central banks, which not onlyorganize work on the placement of new loans, but in some cases they themselves acquire large blocks of government debt. In some states, these functions are performed by the ministries of finance, and in most countries with developed economies, commercial and investment banks, banking houses can act as intermediaries in the initial placement of government securities.

The huge size of the public debt left its mark on the functioning of the private credit system. In the post-war years, the nature of commercial bank deposits and check circulation changed. As a result of the purchase of government securities, part of the deposits becomes fictitious, the money supply is separated from the needs of production, and most of the newly issued banknotes are associated, as a rule, with the purchase and sale of securities. At the same time, it should be taken into account that a significant part of the state debt, represented by short-term bills, turns into deposits or cash and contributes to the development of inflation. This was one of the important factors in the unwinding of the inflationary spiral in the US and Western Europe in the 1970s and early 1980s, when inflation was at its highest. In the US, it reached 12-13% on an annualized basis, and in Western Europe it reached 20% or more. Thus, the increase in inflation rates is largely caused by the continuous growth of the budget deficit and public debt.

Marketable securities, which account for 2/3 of the total debt and which are freely sold and bought, are represented by treasury bills, notes and bonds.

Thus, each country has its own specific structure of public debt, based on various types of government bonds.

The scale of debt and its short-term nature testify to the growing contradictions of state regulation of the economy with the help of the financial system: on the one hand, the governments of Western countries in their economic policy are increasingly relying on financing long-term expenses, on the other hand, they are focused on covering deficits with the help of short-term loans . However, this has its own logic, which is explained by the objective conditions that exist in the country.

In the post-war years, the massive renewal of fixed capital in industrialized countries led to high interest rates on private securities. As a result, the money funds of credit and financial institutions began to flow into shares and bonds of trade, industrial and transport corporations. Qualitative shifts in the placement of public debt over the long post-war period are confirmed by the fact that the share of the private credit system in the United States in the post-war years decreased markedly - from 50% in 1946 to 17% in 1990. However, this does not mean that credit and financial institutions and the private sector stopped buying government paper altogether. Their interest (especially banks and corporations) is reduced to buying mainly short-term bonds, which are a kind of "liquid reserve".

It can be argued that the problem of public debt by the end of the twentieth century. only worsened, this is evidenced by the fact that before the central banks created the conditions for the placement of securities by changing the norms of reserves and reducing the cost of credit. Recently, they have been compelled to acquire a growing mass of these papers themselves, mainly by issuing money. As a result, the structure of the balance sheet of central reserve banks changed dramatically. If in the prewar years gold and currency accounted for 81.6% of all assets and 13.1% for government securities, then by the end of the 90s. gold accounted for only about 10% of assets, and Treasury bonds over 75%., public debt further upsets the balance between income and expenditure. This means that large amounts of money capital are withdrawn from the loan capital market, which could be used to accelerate the rate of economic growth. So the US government, in connection with a large budget deficit, constantly places its loans on the securities market. Small lending institutions (savings and loan associations, credit unions, etc.) express particular concern and dissatisfaction with the increased issue of government loans, since the increased issue of government loans causes an outflow of resources from these institutions.Government spending is generally not offset by tax revenues and generates huge deficits hanging over the capital market.

The role and importance of government bonds in government financing

Functional aspects of the government securities market of developed countries include the following components (main functional components):

The use of government securities as an active regulator of monetary relations, in particular, central banks form monetary policy on their basis, coordinate monetary circulation;

Ensuring the liquidity of the balance sheets of credit-financial institutions through the effective implementation of the potential inherent in government securities.

The target orientation of the potential of government securities, reflecting foreign experience, covers:

- investing in state targeted programs for the development of the economy;

Ensuring the liquidity of assets of commercial banks and other credit and financial institutions;

covering the deficits of state and local budgets;

Repayment of debts on government loans.

Money Capital and Fictitious Capital

Like loan capital,loan capital market - this is a historical category that appeared and developed under the conditions of commodity-money relations, turned into a special sphere of economic relations of the economy, and with development this concept becomes more complicated and expands.

Money capital is released in the process of reproduction, directed in the form of loan capital to the market, and then returned to the creditor (banks and other financial institutions).

Features of capital accumulation in the form of securities

Savings deposits in banks and other credit institutions in the post-war years have become the most important source of accumulation of money capital. At the expense of savings deposits of private and state credit institutions, capital investments in industry, other sectors of the economy, as well as state expenses were financed. The inflow of cash savings into savings institutions was stimulated by a relatively high interest rate on deposits. In the post-war years in the industrially developed capitalist countries, on average, it was 3-4% per annum, and for some types of long-term deposits 5% or more. If in the first post-war years the high level of interest was explained by inflation and the insufficient supply of loan capital, then in the subsequent period it remained at the same level due to the growth of capital investments and the need for credit.

The main trends in the accumulation of money capital, and in particular through securities, indicate that in industrialized countries the main flows of movement of money capital go through the hands of wealthy sections of the population, although recently it has been found thatthe accumulation of securities in the hands of the middle strata increased. In England, as a result of the redistribution of taxes in favor of the wealthy, from 1983 to 1986, the number of millionaires increased from 7 thousand to 20 thousand.

The securities market in the structure and mechanism of the loan capital market

Functionally and institutionally, the national loan capital market includes the operations of private credit and financial institutions, government agencies, foreign institutions and the securities market, which in turn is divided into over-the-counter (primary) and exchange turnover, as well as the market through the counter - the "street" market. Primary over-the-counter turnover covers mainly bonds of new issues. Only shares are traded on the stock exchange, as well as a number of previously issued bonds, both private and public.

At the same time, there are opposite trends in the market that undermine its unity, which should beinclude further monopolization of the market by the largest credit institutions; the process of internationalization associated with the migration of monetary capital between national markets; as well as cyclical instability of the economic environment and inflationary processes. Therefore, the securities market with its main elements (over-the-counter and exchange transactions) is a mechanism that is functionally included in the loan capital market. The securities market develops and moves according to its own laws, determined by the specifics of the so-called fictitious capital, but is closely linked to the capital market.

Accumulation of money capital

Loan capital, as a rule, operates on the basis of the circulation of real and money capital. At the same time, fictitious capital appears and develops on the basis of loans. Underfictitious capital should be understood as the accumulation and mobilization of money capital in the form of various securities: shares, bonds of private companies, government securities (bonds). The sphere of application of fictitious capital is loan capital, therefore the origins of fictitious capital lie in loan capital, and without the latter the former cannot develop. With the improvement and formation of loan and fictitious capital, the formation of their specific markets, they constantly interact and mutually transform. The process of flowing one capital into another is explained, as a rule, by market considerations, as well as the profitability of investments (in the form of deposits in banks, insurance and pension funds, investments in securities, etc.). This is a continuous and dynamic process. Usually, the growth of the economy in the cyclical phase of the rise leads to an increase in stock prices, and the amount of fictitious capital increases, but outwardly the process looks like the accumulation of money capital. By its accumulation is largely meant the accumulation of certain claims to production, the market price and the fictitious capital value of these claims, which arise primarily from the fact that the shareholding form continues to dominate the market economy. In addition to shares, forms of money capital are private and government bonds, bank and savings accounts, accumulated insurance and pension reserves, as well as bills and banknotes.

With the development of interest-bearing capital and the credit system, every capital seems to be doubled, and in some cases even trebled, as a result of the use of various methods of accumulation. The same capital or any debt claim may appear in different forms and in different hands, and most of this "money capital" is completely fictitious. The accumulation of fictitious capital proceeds according to its own laws and therefore differs both qualitatively and quantitatively from the accumulation of money capital. At the same time, these processes interact. Stock market crashes have a negative impact on the process of accumulation of money capital, and an overstrain in the loan capital market usually causes a downward fluctuation in stock prices. As a rule, the depreciation or appreciation of these securities is not related to the movement in the value of the real capital they represent. Therefore, the wealth of a nation or country, as a result of such a depreciation or appreciation, as a whole remains at the same level as it was before the start of this process.

In general, these provisions remain relevant, and at the present time we can talk about their certain change under the influence of inflation, which in the last decade has become a chronic disease of capitalism. On the one hand, due to rising prices, the national rate of monetary accumulation can potentially be overestimated, on the other hand, a high level of inflation distorts the demand and supply of loan capital, as well as the amount of fictitious capital.

These boundaries are increasingly blurred with the development of the credit system. As a rule, money capital is accumulated either in the form of securities, or bank deposits, or, finally, banknotes. This means the transfer of capital to a loan (since a banknote can also be considered as a loan of its holder to the issuing bank, and through it to the state, etc.).

Money capital cannot always be deposited in the loan capital market, as is practiced by corporations and individuals. Many firms keep large funds in cash for various special purposes (acquisitions of competitors, bribery, election campaigns), without reflecting them on their deposits. In addition, in Western countries, in the conditions of monetary and financial tensions in the 70s - 80s. hoarding intensified 1 gold and silver by individuals. This

Tesavration (from Greek treasure) - the accumulation of gold (bars and coins) as a treasure; in a broad sense - the creation of a gold reserve by Central banks, treasuries and special funds.

The functions of the loan capital market are determined by its essence and the role it plays in the economy, as well as by the tasks of reproducing production relations. We single out four main functions of the loan capital market: accumulation, orfundraising (savings) of enterprises, population, state, as well as foreign clients;transformation of monetary funds directly into loan and fictitious capital and using it as an investment directly to service the production process. These two functions began to develop extremely strongly in industrialized countries in the postwar period. Service should be singled out as a third functionstate and population as a source of capital to cover both government and consumer spending, given the huge role of the loan capital market in covering budget deficits and financing housing construction through mortgage lending within the framework of state-monopoly capitalism.

These functions of the loan capital market are aimed at maintaining production, ensuring the functioning of the economic system, the market mechanism.

Conclusion

Since 1992, an active policy has been pursued in Russia to attract the necessary credit resources through the issuance of government securities. The Russian financial market is gradually filled with government securities issued into circulation, in the period from 1995 to 1997. Approximately 46% of the federal budget deficit was repaid through proceeds from the sale of securities.Not only is the volume of emission growing, but also the range of types of government debt obligations in accordance with the need for the stability of the financial market. An important task facing the Russian Ministry of Finance is to use the accumulated experience in organizing the government securities market to implement the strategic line - increasing the terms of borrowing. Gradually, a stock market should be formed that serves investment projects in production, housing construction, etc.

The actively developing securities market and the significant role of government securities in its development require highly qualified specialists in this field. It is necessary to study and analyze the world and domestic experience of the functioning of the government securities market, types of securities, conditions for their issue and placement, profitability.

COLLECTION OF MONEY CAPITAL BY ENTERPRISES

e. b. Starodubtsev,

Candidate of Economic Sciences, Professor of the Department of Money, Credit and Securities All-Russian Correspondence Institute of Finance and Economics

An enterprise in the course of its activities is faced, on the one hand, with a lack of funds that it can receive either in the securities market or in the banking system, on the other hand, with an excess of funds that have negative returns for the enterprise. The solution to this problem is the formation of money capital by an enterprise, which at any time can bring a certain income to the enterprise, thereby reducing the cost of raising funds.

The source of accumulation of money capital is free cash or savings of enterprises, which are classically considered as the difference between total income and total expenses. In practice, the savings of enterprises is a somewhat more complex economic category than, for example, the savings of the population. This is due to the specifics of the production process and the time structure of costs. The so-called net savings of an enterprise is the difference between total income, which can be represented as the sum of proceeds from product sales, income from financial assets, subsidies, grants, property income and total expenses, consisting of costs, interest and dividend payments, insurance and pension contributions, taxes. One of the important sources of free cash for enterprises is the depreciation fund, which accounts for about 40% of money capital in countries with market economies. With the development of production, especially in the conditions of modern technologies, when accelerated depreciation is practiced, this source becomes of particular importance for the accumulation of money capital. In the long term, there is a tendency to increase depreciation, although in some periods its development is ambiguous

and completely depends on the cyclical development of production, i.e., the market cycle.

The second source is retained earnings. It accounts for 30% of gross investment. Retained earnings is the difference between the net income of enterprises (total profit after direct taxes and other payments to other sectors) and the use of funds for personal purposes. Retained earnings is identical to the term "current savings of enterprises". Current savings, or retained earnings, of enterprises cover all contributions to the profits of self-employed and enterprises that are not used as personal consumption for private acquisition or private savings of self-employed. Its value depends on the volume and quality of products, the availability of means of production, marketing, the level of costs, prices, interest, wages.

the next source of money capital are reserve funds, which enterprises form from profits. These include the production development fund, which is designed to expand production not only during the re-equipment of the enterprise, but also during certain periods of the industrial cycle, for example, during a rise, when the production capacity of existing equipment increases (in normal times, the equipment is usually used by 60 - 70% ) and there is a need for additional working capital. The resources of these funds cannot be used immediately and can serve as money capital. The size of funds depends not only on the needs of enterprises, but also on profit, as they are its integral part. freed up working capital also acts as a short-term source of free cash. This is a temporary form of reserve fund for capital investments. During periods of revival and recovery, this

the reserve fund is transformed as quickly as possible into productive capital, while during a crisis and depression it acts to a greater extent in the form of money capital.

The possibility of the accumulation of money capital by entrepreneurs is determined by the process of expanded reproduction itself, which requires the constant maintenance of part of the used industrial capital in the form of money. These funds should ensure the continuity of the production process and, if possible, protect the reproduction process from various fluctuations in supply and demand. A certain minimum capital required for new productive investment is also pre-accumulated in cash. The same applies to the process of replacing the fixed capital consumed in production; Significant sums of money are accumulated in depreciation funds before the purchase of new equipment. The contradiction that arises between the nature of capital and the need to form money funds that do not participate in the production process is resolved by using these funds as money capital. Thus the money form of industrial capital functions for a more or less long time as money capital.

The total monetary capital of enterprises, due to its importance and necessity, tends to grow. However, in some periods of time, its decrease or stabilization is observed. This is determined by a number of factors that shape its development. The most important factor is the development of GNP, its cyclical development, which directly affects all components of money capital. With a favorable development of the conjuncture, with an increase in demand, favorable profitability, increasing profitability and an increase in investment demand, the formation of savings increases, and more strongly than incomes, since large incomes are used for own production. During a crisis, when there are problems of overproduction, costs rise, the amount of depreciation decreases due to a decrease in the volume of production, the retained part of the profit decreases, reserve funds remain at the same level, since there is no increase in production, therefore, the accumulation of money capital, as usually decreases. In a calm phase with difficult sales, declining revenues,

With declining profitability and muted investment, savings are hard to come by, often turning into income as profits are more used by entrepreneurs. This is due to the extent to which profits are channeled into property investments as self-financing in the narrow sense or as contributions to monetary savings opportunities.

The entry of the economy to a qualitatively new stage in the development of its productive forces is characterized by a chronic excess of accumulated production assets and leads to the fact that the excess funds of industrial companies are converted into cash and accumulated as loan capital. If at first such a situation with an excess of money capital was typical only for economic crises, then later, by the 60s. 20th century in developed countries, this process has become permanent, independent of the cyclical development of the economy. Calculations carried out by S. L. Vygodsky for the USA show that, with the tendency towards an increase in the savings rate characteristic of this period, their use for investments in fixed capital decreased. From 1929 to 1971, the savings rate increased from 14.4% to 16.4%, and the rate of use for fixed investment decreased from 69.3% to 62.5%, with the largest drop in 1966-1971. during the rise and significant intensification of inflationary processes. The same is true for Germany and the UK. According to S. L. Vygodsky, with whom it is difficult to disagree, this phenomenon is based on the overaccumulation of capital that does not find production use, which is a structural element of the production relations of a market economy. Under conditions of inflation, depreciating money capital supplements this overaccumulation. Thus, the growth of profits in conditions of chronic inflation leads to an increase in the size of money capital, which could not find its application within the country and tried to find it abroad. for example, in England for 1967 - 1978, i.e. during the period of accelerated inflation, the dynamics of profits of British companies increased from 1.1 to 26.6%.

Changes in the 1970s in the process of accumulation in the mechanism of the economic cycle, led to the fact that after a long "oppression of the economy" there comes a rather sluggish and insignificant rise in time, during which the increase in output occurs mainly as a result of an increase in

capacity utilization, rather than an intensive increase in capital investments. The focus is increasingly shifted to the replacement of fixed capital through its rationalization and modernization at the expense of funds coming from depreciation funds. All this, on the one hand, reduces the need to attract borrowed capital, and on the other hand, it leads to the fact that part of the money capital, as excess, is pushed out of the circulation and turns into loan capital.

The peculiarity of the movement of the process of expanded reproduction in the period of the 70-80s. 20th century lies in the increased instability of the economy. A period of deep economic crises, high rates of inflation, crises in the monetary sphere, in the supply of energy and raw materials - all this has affected the investment activities of industrial companies. Its pace has slowed down significantly. Firms, as a result of the unpredictability of price developments, the dynamics of exchange rates, the movement of other factors of production and, as a result of this, the prospects for economic development, have become much more cautious in their approach to large investment projects. Profitable at the beginning of construction, they may turn out to be unprofitable by its end or even completely unnecessary due to changes in market demand, the emergence of more advanced products and technologies. The growth in the number of bankruptcies, including among large firms, imposes its own restrictions on the current activities of companies, their relationships with customers, suppliers, creditors and borrowers.

Enterprises begin to develop investment activities, which requires additional funds and, accordingly, absorbs excess cash capital, but again not to the full extent. The development of income leads to an increase in the size of money capital itself, which increases the supply of money capital and leads to the emergence of prerequisites for its further overaccumulation and the emergence of crisis phenomena in the economy. Thus, as practice shows, a favorable ratio between the supply of money capital and the demand for it cannot be long, and the violation of stability in the economy again leads to lack of coordination in it, which characterized the beginning of the 21st century.

Establishing a relationship between the activities of a corporation and the conditions of uncertainty seems to be a rather complex issue that is beyond the scope of this article. In this case, it is important for us to conclude that under conditions of uncertainty

there is an increase in liquidity as a form of "protection against uncertainty"1. Indeed, as a result of deterioration in the conditions of reproduction, the firm must constantly have a certain reserve of cash or liquid financial assets in case of unforeseen losses, liabilities or temporary suspension of activities, as often happens in a crisis. In modern conditions, the accumulation of liquidity (albeit to certain limits that do not contradict the production nature of the activity) becomes an objective necessity for the existence of an industrial company. This provision is confirmed by the fact that with a deterioration in both indicators of production activity (capacity utilization, a slowdown in labor productivity growth, an increase in capital intensity, etc.) and indicators of financial condition (profits, equity capital ratios, an increase in interest payments on debt, etc. n) German firms increase financial investment2. Statistically, this can be seen, firstly, in the preservation and even some increase in the share of non-financial companies in the accumulation of loan capital in the economy as a whole, moreover, taking place against the background of a decrease in their share in net and gross accumulation of real capital.

The way out of this situation is an increase in the export of capital, the possibility of a more attractive use of money capital abroad, which, on the one hand, would sterilize the excess money capital in the country, and on the other hand, gave an impetus to higher incomes and, consequently, to a further increase in money capital. However, other negative aspects arose here, already connected with the export of capital. Therefore, state intervention, in our opinion, can to some extent prevent such consequences.

The second factor determining the size of money capital is the income of enterprises. The savings of enterprises for the most part consist of one quarter or one third of net income and are seriously dependent on the income of enterprises, considered as the difference between the receipts and expenses of the enterprise for the production and sale of products, therefore, the growth and development of cash

1 See more details "Modern Economic Thought" / Pod. ed. S. Weintraub / Per. from English. M., Progress. 1981.

2 Financial investments include investments in all types of financial assets, including maintaining cash on hand and claims from extended loans.

entrepreneurs' incomes are the basis for the development of savings. Income, in turn, also depends on many factors, first of all, it should be related to the structure of total savings, the phase of development of production, and to what extent profit is divided into a consumption fund (net property) and an accumulation fund. This statement is confirmed in the long run by two values: a clearly increasing trend in savings and an increase in net income. But short-term fluctuations in savings depend on many aspects of the development of income and on the share of savings in the income of entrepreneurs, which finds its expression in statistics in the form of a savings rate.

Tax measures are also important for the development of savings. Particularly favorable are tax measures that increase depreciation charges, as they provide a strong incentive for more and more profit-financed investment. Through tax rates, tax opportunities increasingly restrict the distribution of net income and lead to higher depreciation over time while lowering tax rates, so that the value of money capital rises. Favorable conditions of taxation appear in different forms, which have different meanings for intra-enterprise capital formation: some forms reflect tax favors for the unused part of profits. At the same time, for the use of profits for the development of the enterprise, the share of the tax changes (investment is not necessary). The released share of the profit can be used as an opportunity to increase money. This is not very important and can only have a significant impact at high tax rates.

Of particular importance are tax regulations, which involve depreciation, which reduces the amount of tax. Through the depreciation rate, the taxable profit decreases and the profit allocated to the so-called quiet reserves for self-financing increases. In addition, in the future you can expect that it was an interest-free loan, since you still have to repay, or you can talk about tax savings if the tax rate decreases by then. It should also be noted that, as a result of tax breaks on savings income, the ability to

self-financing. In general, the tax has relatively little effect on the savings rate of enterprises, in contrast to private households.

An important factor is the development of the capital market, where enterprises, on the one hand, can borrow money, on the other hand, place their own. In the first years after the monetary reform, the capital market was unable to function, so that enterprises formed funds for investment activities from their own funds, from profits. With the expansion of the profitability of the capital market, the need for self-financing has decreased. The improvement of relations in the capital market leads to the fact that part of the entrepreneurial savings is again converted into real incomes of enterprises.

In addition to these determining factors, other factors also influence the development of money capital, for example, the development of the pension and insurance business in the country, where enterprises must send part of their income in order to support workers after retirement. It is a debatable question how to consider these funds - as expenses or as savings in these funds. On the one hand, since they will never return to the enterprise, they cannot be considered savings, they are direct costs. From the point of view of national economic accumulation, these funds refer to the savings that are accumulated by these institutions for a sufficiently long period of time for the subsequent payment of insurance compensation and pensions to workers.

The interest rate also plays a role when enterprises face a certain choice - expanding production or investing money in financial assets, but to a greater extent it affects the amount of borrowing and solving programs through their own accumulation. Germany is characterized by a traditionally high level of foreign financing, so a change in the interest rate has a direct impact on entrepreneurial activity and, as a result, on the amount of money capital. As a rule, the change in interest plays a more significant role in a crisis state of the economy, when there is a great need for free cash.

Inflation also plays a significant role, although its influence is possible only at high rates. Low inflation rates have practically no effect on the volumes of cash savings of enterprises. On the

The development of the money capital of enterprises is also influenced by state policy, not only in the field of taxes, but also in terms of supporting the money savings of enterprises. A change in the price of investment goods also has a certain effect, since a decrease in it leads to an increase in depreciation, deductions for investments. Accelerated depreciation means that more cash is saved. The growth in the efficiency of capital investments increases the intensification of production, which also determines the size of money capital.

The accumulation of money capital in industrial companies acts as the release of capital from the production process at one of the moments of its circulation. This is a temporary form of reserve fund for capital investments. During periods of revival and upswing, this reserve fund, which in monetary form can only bring interest on loans, is transformed as quickly as possible into profitable productive capital. During the crisis and depression - on the contrary. In addition to the free reserve fund of industrial and trading companies, the accumulation of money capital is carried out for reasons of a non-productive nature: the requirements of financial institutions to maintain an account balance, at a certain percentage of the loan amount, significant cash reserves for the implementation of strategic goals (diversification, development of new markets, absorption etc.), acquisition of shares in other companies. In the latter case, there is usually a long fixation of the form of shares for capital. This form of company assets also comes through the loan capital market, like other financial assets at their disposal. Companies act as creditors.

The influence of these factors determines the uneven development of enterprises' savings. However, one should not forget about the motives for the accumulation of money capital by enterprises, which also have a certain role in accumulation. In general, the second economic entity - enterprises - is characterized by the same motives as for the population, although in a slightly different sequence. The main motive for enterprises also remains saving money in order to obtain

additional income (commercial motive), maintaining income and for the purpose of uncertainty in the future. This is evidenced by the fact that enterprises constantly deduct a certain part of their profits for the formation of reserves, which will help them not only expand production and receive large incomes, but also cover the losses of an unfavorable period and not reduce their usual income, as well as provide an opportunity to postpone bankruptcy. The speculative motive also plays a certain role in the motives for the accumulation of enterprises. The ability to invest not only in production, but also in risky, but highly profitable forms of investment, allows enterprises to quickly increase their income and the possibility of further expansion of production. In certain periods of time, the bulk of the income of enterprises was formed at the expense of dividends, interest on deposits, loans and bonds. Unfortunately, there are no separate statistics that could determine the share of enterprises in speculative securities, but the fact that they really exist is an indisputable fact. The totality of factors and motives for the money savings of enterprises leads not only to the constant absolute growth of such savings, but also to the unevenness of their development.

Thus, the action of factors does not occur simultaneously and at any given moment certain of them prevail. However, this reveals a clear dependence of the development of the accumulation of money capital primarily on the industrial cycle, which forms the main part of the factors.

Literature

1. Vygodsky S. Modern capitalism. The experience of theoretical analysis. M., Thought, 1975. S. 374, 375.

2. Bondarenko O. A. Theoretical issues of the accumulation of money capital in a market economy // M., 1998.

3. Dollan E. J., Macroeconomics // St. Petersburg, CJSC "Litera Plus", 1994.

4. Zhukov E. F. New trends in the accumulation of money capital in the global economy. // Finance. 2006. No. 7.

5. General theory of money and credit / / textbook, ed. prof. E.F. Zhukova, 2001.

The accumulation of money capital is a necessity and sources. Accumulation of capital: essence and types. Features of capital accumulation in the form of securities

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