Non-cash payments are calculations by transferring by banks money According to customer accounts on the basis of settlement documents in standardized form, as well as by testing mutual counterpart requirements. Non-cash payments are organized by a specific system under which the combination of the principles of calculations, forms and methods of making payments and related documents are understood.
Cashless money back - This is the movement of the cost without the participation of cash through the transfer of funds on the accounts of credit institutions, as well as in the offset of mutual requirements.
For non-cash monetary turnover There are about 80% of all payments in the Russian economy. In non-cash money circulation, money is functioning as a means of payment. This is determined by the fact that transfers on accounts are separated in time from the movement of material values, which they mediate, repayment of monetary obligations occurs after their occurrence.
Forms of non-cash settlements are determined by the rules established by the Bank of Russia in accordance with the legislative acts of the Russian Federation. Under the form of non-cash payments are understood as provided by legal norms or banking practices methods of translating funds through credit organizations. These are calculations of payment orders · Calculations by checks · Calculations for collection · Calculations on the letter of credit. The paying order is a document that is an instruction of the organization serving it to transfer it a certain amount from his account. The instructions are valid for 10 days, not counting the day of the statement. Schedule is a security containing an uncommonled disposal of the check of the bank to make the payment specified in it by the Chek holder. Incasso - instructions to the bank to recover money from the payer. Calculations on collection are widely used in the case when payments are not committed immediately after shipment of goods and discharge of commodity documents. Incasso orders are commonly used in the forced recovery of funds. The credis is a conditional monetary obligation taken by the Issuer Bank on behalf of the payer, to make payments in favor of the recipient of funds upon presentation of the latest documents that meet the conditions of the letter of credit, or to provide the authority to the executing bank to make such payments.
Monetary system: content and elements. The monetary system is the historically established form of monetary management in the country enshrined by national legislation. There are two types of monetary systems: the metallic circulation systems and the system of circulation of money signs, when gold and silver are ousted from circulation by credit and paper money on them. Metal monetary systems, in turn, are divided into bimetallic and monometallic systems. Modern monetary system includes the following main elements: 1. Monetary unit (Unit of account); 2 Official price scale; 3 Types of monetary signs; 4. Emisy system; 5. State or credit apparatus of monetary circulation. Part of The monetary system is the national currency system, although it is relatively self-independent. The money is established by law, which serves for the compassion and expression of the prices of all goods. The monetary unit is divided into smaller multiple parts. Most countries have a decimal division system: 1:10. Price scale is a means of expressing cost in monetary units, technical function of money. The official scale of prices has lost economic meaning with the termination of the exchange of credit money for gold. The types of money that are a legitimate payment facility is mostly credit banking tickets, as well as paper money (treasury tickets) and a translating coin.
1.32. The money issue and its shape. Cash circulation laws.
Emission - the issue of money in turnover, which leads to a common increase in the money supply in circulation (the monetary mass is a set of cash and non-cash money-funds in accounts, in deposits, certificates, bonds).
IN market economy The emission is divided into two types: cash emissions (carried out by the Central Bank); emission of non-cash money (carried out by commercial banks) - it is primary
Main forms of emissions: 1) Emissions credit money - banknotes; 2) depository - check emission; 3) Emissions of securities.
The law of money circulation establishes the amount of money necessary to perform the functions of the means of circulation and means of payment.
The required amount of money, which is required to perform money functions as a means of circulation depends on three factors: the number of goods sold on the market and services (direct link); price level of goods and tariffs (direct link); Money circulation rate (Reverse link). Fisher recorded this formula in the form of an exchange equation:
M * v \u003d Q * p, M is the mass of money; v - the rate of circulation; Q is the amount of goods; p - price.
The formula shows that the amount of goods is directly related to the price level.
If the money is large, the prices are high and hence inflation.
1.33. Money turnover of the Russian Federation: Structure, participants, implementation of monetary calculations and payments.
Money turnover is a manifestation of the essence of money in motion. This concept covers distribution and exchange processes. Its volume and structure affect the production and consumption stage.
Under the monetary turnover of the country means a combination of all payments in cash and non-cash forms, in which money performs the functions of the means of circulation, means of payment and accumulation for a certain period of time. Money turnover mediates trade and non-unurgas, as well as redistribution operations. Money turnover reflects the processes of creation, distribution and redistribution of GDP and ND. The rationally organized monetary turnover corresponds to the growth rates of these indicators. If the growth rate of money turnover exceeds the growth rate of GDP and ND, this indicates inflationary processes and slowing the calculations.
The money turnover has a complex internal structure, which is determined by the diversity of participants and a variety of cash flows serving the sale of goods, non-universal payments, as well as the processes of formation and use of cash savings. Several signs of the classification of the elements constituting this structure are: 1. In the form of a functioning money - cash and cashless money circulation. This is the most common feature of the classification of the elements of the monetary structure. 2. According to the subjects of economic activity - the turnover between business entities, between business entities and the population, between business entities, population and financial authorities. 3. According to the subjects of the credit and financial system, between commercial banks, between central and commercial banks, between commercial banks and their customers.
1.34. Cash monetary turnover and its organization.
Cash circulation is an integral part of the monetary turnover within the national economy. It is implemented as a permanent circuit of cash in the economy. Cash circulation is the movement of money in cash form When selling goods, providing services and implementing various types of payments.
For cash settlements, banknotes manufactured by the Central Bank are used, which has a monopoly right to their emissions. NDO is a smaller part of the money turnover, but has an important functional value. Only cash as legitimate payment resources are mandatory for reception at a nucleational value with all types of payments throughout the state at any time of the day and in unlimited volumes.
The task of the Central Bank in organizing cash turnover is to ensure its sustainability, elasticity and efficiency. Therefore, the turnover of cash serves as a subject of careful forecast planning by the Central Bank and Statistical Bodies.
The organization of monetary circulation depends largely on the conditions and procedures for the use of money by enterprises, which is governed by special regulatory acts. In Russia, the cash turnover is regulated by the "Regulations on the rules for organizing cash circulation in the territory of the Russian Federation", approved by the Bank of Russia. According to the provision, all enterprises regardless of organizational and legal form are free funds in bank institutions in relevant accounts on the contractual conditions.
Cash funds arriving at the cash office of enterprises are subject to delivery to the institutions of banks for subsequent enrollment on the accounts of these enterprises.
Cash limits stored at enterprises' tickets daily are set by serving them by banks in coordination with the leaders of these enterprises. This takes into account the specifics of the enterprise. The limit of the cash register at the direction of the bank can ensure the normal operation of the enterprise in the morning of the next day, the limit can be determined within the average daily revenue of cash, etc. The issuance of cash banks to enterprises produced, as a rule, due to current cash receipts at the cash register of credit institutions.
Similarly, cash is regulated in credit institutions serviced by settlement and cash centers (RCC).
1.35. Role of credit B. modern economy. Forms and types of loan.
Credit is a system of economic relations in connection with the transfer from one owner to another to temporary use of values \u200b\u200bin any form (commodity, monetary, intangible) on the terms of repayment, urgency, payability. Credit is the goods sold for a specific price - a loan percentage and on Specific conditions - for a period, with a refund. The salesman of the loan is the lender, the lender. The payer of the loan is the debtor, the debtor, the loan, the borrower.
The market implements two main forms of the loan: a commercial loan and banking. They differ from each other with the composition of the participants, the object of loans, the dynamics, the percentage value and the sphere of functioning.1. Commercial credit - Provided by one functioning entrepreneurs others in the form of sale of goods with a delay of payment. It is drawn up with a bill. His object is commodity capital. The goal is to accelerate the sale of goods and profits concluded in them.2. Bank loan issued by banks, special credit and financial institutions operating entrepreneurs in the form of cash loans. This is the main type of loan in modern conditions. Cash capital is the object of a bank loan. Consumer loan is provided to consumers in the form of a commercial loan (selling goods with a delay of payment) and a bank loan (loans for consumer purposes) .4. Mortgage - These are long-term loans on the security of real estate (land, industrial and residential buildings) .5. State Credit - a set of credit relations in which the borrower or lender is the state and local authorities in relation to citizens and legal entities. The traditional form of this loan is the release of state loans. 6. International loan is the movement of loan capital in the field of international economic relations related to the provision of currency and commodity resources on the terms of repayment, urgency and payability. Banks, enterprises, states, international and regional organizations are as lenders and borrowers. Agricultural loan is provided by banks for a long time to cover large capital investments in agricultural production, as a rule, to provide real estate.8. Roshdomrian credit is maintained as an anachronism in a number of developing countries where the credit system is weakly developed. Usually such a loan is issued by individual faces, changing offices, some banks . Credit types for timing: It is believed that in the Russian Federation there are only: short-term loans with a period of up to 1 year; long-term loans for more than 1 year . The allocation of medium-term loans with a period of 1 to 3 (5) years is inappropriate, as in modern conditions Long-term loans for banks are loans for more than 6 months. This is due to the peculiarity of the resource base of commercial banks, in the structure of which the main share (70%) is funds on the calculated (current) customer accounts, i.e., deposits to demand . Types of credit in the number of creditors:1. One lender.2. Consultation loans - at the expense of the formed banking consortiums in order to accumulate credit resources, reducing the risk of lending by attracting other creditors or compliance with the established CB standards, in particular, the maximum amount of large credit risks (H7), the maximum amount of loans, guarantees of guarantees provided by the Bank To its participants (shareholders) (H9 and H10). 3.Sindicated credit - loan provided by the borrower of at least two creditors (syndicate of creditors) involved in this transaction in certain shares within, as a rule, a single loan agreement. Currency loan types, inwhich provided a loan: monomatural - ruble and currency; multicurrency - in several currencies . Vida Credit for the type of borrower:interbank (other banks and non-bank financial institutions); consumer (population) is the target form of lending to individuals. Types of credit for security:secured (mortgage and guaranteed); unsecured (blank ). Vida Credit for goals (use directions): to increase the capital of the enterprise (investment); on the replenishment of the working capital of the enterprise; consumer purposes. Types of loan in form and method of granting:a loan between enterprises (commercial, purchase of securities); when the bank acts as a borrower.
1.36. The monetary regulatory system and its elements.
In accordance with the goals and objectives of monetary policy, the Central Bank carries out monetary regulation. Monetary regulation -Suppiness of specific measures of the Central Bank, aimed at changing the money supply in circulation, the volume of loans, the level of interest rates and other indicators of money circulation and the loan capital market. Monetary regulation is carried out by the Central Bank in accordance with the concept of monetary policy chosen at a certain point.
The tasks of monetary regulation include maintaining the sustainability of the national currency, restricting inflation; ensuring the stability of the monetary system; Coordination of the activities of the Central Bank with the activities of other state bodies and promoting the solution of social and economic tasks facing the state.
In accordance with the tasks defined as priority, the Central Bank in the monetary regulatory process can be implemented either the policy of restriction, or the expansion policy. Restriction monetary policy (restrictive or policy of "dear money") aims to limit monetary emissions, tightening conditions and limiting the volume of credit operations of commercial banks and increasing the level of interest rates. Emergency monetary policy (cheap money policy) means expanding lending, weakening control over the amount of money in circulation, lowering interest rates.
As the tasks of the implementation of expansion monetary policy, promotion of business activity and economic growth and reduction of unemployment. The following element of monetary regulation is 1. Subjects to which in a broad sense include all cash holders, in the narrow sense of subjects are persons carrying out monetary regulation, namely, the Central Bank, the legislative bodies, government ministries and departments. 2. The objects of monetary regulation are specific monetary circulation indicators, changing under the influence of monetary regulation. Such indicators include a money supply, its aggregates; the volume and structure of the monetary income of the population; the volume and structure of cash circulation passing through commercial banks; Money turnover rate; Camefficient of banking animation; the amount of credits of the Central Bank to the government; the volume of loans to credit institutions; The volume of loans issued to individuals and legal entities. As the next element of the monetary control system, 3. Methods and tools used by the Central Bank are allocated during the regulation. Under the methods of monetary regulation, the ways of impact on interim targets of monetary policy are understood. A) direct control method (administrative) is administrative control over the activities of banks and aimed at regulating their ability to provide loans or invest in securities, to limit interest rates. b) Market (indirect) method affects regulatory objects (money supply, interest rates, exchange rate) With the help of market mechanisms. The latest element of the monetary regulatory system is allocated 4. The regulatory mechanism is the conditions and procedures for the use of monetary regulatory tools, the organization of the Central Bank's activities on this use.
1.37 Modern Credit System: Structure and Participants.
When it comes to a credit system, then usually imply the two sides:
A combination of credit relations, forms and methods of lending;
A combination of banks, other credit and financial institutions that accumulate free cash and providing them in a loan.
Credit system structure Russian Federation:
I. Central Bank (Central Bank);
II. Banking system:
· Commercial banks;
· Savings banks;
· Mortgage banks;
III. Specialized non-bank credit and financial institutions:
· Insurance companies;
· Investment funds;
· Pension funds;
· Financial and construction companies;
· Others.
The bank is a credit institution that has an exceptional right to exercise in aggregate, the following banking operations:
1) attract cash and legal entities into deposits;
2) place these means on their own behalf and at its own expense on the terms of repayment, payability, urgency;
3) discover and conduct bank accounts of individuals and legal entities.
Non-bank credit institution - a credit institution that has the right to carry out separate banking operations provided for by law. Valid combinations of banking operations should be established by the Bank of Russia. In practice, three types of non-bank credit institutions were developed: settlement, deposit and collection and collection.
1.38. Central Bank as a subject of monetary regulation.
Central Bank of the Russian Federation (Bank of Russia) - entity, chief Bank The first level, the chief emission, monetary institute of the Russian Federation, developing and implementing in cooperation with the Government of Russia, a single state credit and monetary policy and endowed with special authority, in particular, the right emission of monetary signs and regulating the activities of banks. The Bank of Russia, fulfilling the role of the main coordinating and regulatory body of the entire credit system of the country, is an economic management body. The Bank of Russia controls the activities of credit institutions, issues and recalls their licenses for banking operations, and already credit organizations work with other legal entities and individuals.
Basic targets The activities of the Bank of Russia are: 1. Protection and ensuring the sustainability of the ruble, including its purchasing power and course in relation to foreign currencies; 2. Development and strengthening of the banking system of the Russian Federation; 3. Ensuring the stability and development of the national pay system; 4. Development of the financial market of the Russian Federation; 5. Ensuring the stability of the financial market of the Russian Federation.
Functions of the Central Bank: 1. Emissions of National Currency; 2. control over the amount of money supply in the country; 3. Storage of customer funds; 4. Credit issuance; 5. Financial adviser to state; Control over the activities of commerce banks and other organizations; 7.SB is a bank bank
Evolution of forms and types of money. Full and defective money.
Money (Money) is a tool of economic relations in society, which is: measure of value; exchange means; convenient form of savings; The means of payment and speaking in the form of global money.
The essence of money as an economic category is expressed in the unity of the three properties of their properties: universal immediate exchange, independent form of exchange value, an external material of labor.
Classification of types and forms of money
Types of money: Commodity, full, defective, quasi-thongs (according to the International Monetary Fund Methodology - these are cash that are on urgent and savings deposits in commercial banks. In modern conditions, quasidengi is the main component of the money supply, the most dynamically increasing part of it)
Mold forms: cattle, fur, sinks, animals, slaves, etc.; Gold and silver bars, gold and silver coins; Treasury Tickets, Banknotes, Bilon Coin
Full (valid) money is the kind of money, the rated value of which corresponds to the real value of the noble metal contained in them. They perform all the functions of money and are universal equivalent.
The first full-fledged money was produced in the form of ingots, after the coins appeared. With the expansion of commodity production and increasing exchange operations, full-fledged money was not able to ensure the growing needs of the farm in the means of circulation. Therefore, the need for the introduction of a new form of money - banknotes, which were representatives of full-fledged money. The banknote was a receipt containing the requirement for a bank-issuer to issue its bearer indicated by the number of coins.
Defective (undeveloped on gold) money is monetary signs, replacing full-fledged money and protruding as a credit sign. In defective money is lost in the commercial nature, do not have their own internal cost. Paper money arose as a result of metallic handling as substitutes for silver or gold coins. Purely metallic appeal was too expensive to the state and became impossible, since the extraction of precious metals is always lagging behind the growth of the needs of the farm in the means of circulation. Therefore, the replacement of metal money with paper signs contributes to saving costs of circulation.
Modern paper money is characterized by three signs: undoubted, the presence of a compulsory course and interest rate.
1.1. Money and money turns 3
1.2. Cash turnover, its organization 21
1.3. Cashless money turnover, His organization 27
1.4. Basics of international monetary and financial and credit relations 36
Monetary system 39.
Monetary legislation 39.
Currency regulation body 39
Monetary policy 39.
Currency regulation 39.
Subjects 39.
Full reversibility of currency 40
Internal reversibility 40.
1.5. International Financial Institutions 43
1.6. International calculations 47.
1.7. Balance of the country 49
Section II. Credit system 51.
2.1. The need and essence of the loan 51
2.2. Functions and Credit Laws 54
2.3. Loan forms, their economic value 57
2.4. The role of a loan in the development of the economy 62
Section III. Banking system 65.
3.1. general characteristics Central banks 65.
3.2. Functions and operations of central banks 67
3.3. Operations of commercial banks. Banking services 72.
List of references 82.
This course of lectures contains three sections and is devoted to considering the most important economic categories, the main theoretical provisions that disclose the principles, the essence and function of development in the conditions of a market economy of money and a loan, monetary, currency and banking systems, as well as the patterns of motion of market prices, interest rates and currency courses, their relationships and interdependence.
Section I. Monetary System
1.1. Money and money circulation
In undeveloped societies, when market relations were not yet established, natural exchange prevailed, that is, one product was exchanged for another without the media (Tt-T).
The exchange proportions were established depending on random circumstances - for example, on how much the need for a proposed product has a single tribe or community, as well as how much we treated our breath. At the same time, in the process of exchange, numerous difficulties arose: for example, one of the parties the exchange was not needed by the goods offered by the other party.
With the development of the relationship of TRANSFER. For many millennia, one product stated from the mass of goods, which began to play the role of an intermediary in exchange operations. In some nomadic peoples, wealth was measured by the number of cattle heads. In these communities, the role of the goods - an intermediary began to play cattle. It is curious that the Latin root of the word "capital" comes from capu.t - Head (Capitalis. − Head, main). In a number of countries, in particular, in some areas of the Mediterranean, the product - the mediator was salt. In a number of African countries, such goods had rare shells. In Russia, the role of goods - intermediary for a long time they played fur, in particular the skin skins as the least expensive (exchange) counting unit. Such exchange means were called "KUNS" - from the fur of the cunning. More expensive exchange units were sobra and foxes.
However, such goods are cattle, skins, the sinks were not quite convenient to perform their social function of the mediator when exchanging goods. Not all of them were subject to long storage, many when divided into parts lost their appeal, they were difficult to move from place to place.
Development of crafts, and especially melting metals, somewhat simplified the case. The role of intermediaries in the exchange is firmly fixed behind metals ingots. Initially, they were copper, bronze, iron. As public wealth increases, the role of the universal equivalent is fixed for precious metals (silver, gold), which, by virtue of their qualitative characteristics - absolute liquidity, recognition, rarity, high value at a small volume (portability), divisibility, continuability, high-quality homogeneity - were, one can say, doomed to perform the role of money material over a long period of human history.
Very soon bars precious metals Miscellaneous weight began to brand in order to avoid their constant weighing and as a guarantee from the fake. So the coins of different nominal nominal (and, accordingly, of different costs) appeared. At the same time, money from precious metals, the denomination reflects their genuine cost, so they got a name actual or full-fledged money. In cases where the nominal differed from the internal value of money (the cost was less than the denomination), the money was considered defective.
In order to easier to measure the cost of different goods, were introduced cash units. For example, the United Kingdom's monetary unit is a pound sterling. The name of the monetary unit reflects the weight content of the precious metal: Sterling (English) means "pure silver". Now the cost of goods can be expressed in the form of a price. The price is a monetary value of value, the cost, expressed in the money.
Thus, it can be stated that money - This is a special product that allocated from the general commodity mass and assumed the public function of the universal equivalent. Such money is customary called "commodity money." As the exchange for the exchange, the role of money was entrenched in one product - noble metals (gold and silver).
These exchange equivalents, in addition to their usual consumer value, acquire an additional, specific consumer value: the ability to exchange on all other goods in the market. Thus, they turned into genuine money in their current sense. Exchange is already carried out by the formula T-dt: commodity producers exchange their products for money from precious metals in order to subsequently exchange the money received on any goods they need.
Thus, many difficulties of commodity were overcome. So, in the absence of the required goods in the market, the revenue money could be postponed and waited until it appears on the market: before the arrival of foreign merchants or the opening of the fair. Money arose from the needs of commodity exchange, for the measurement and complications of which there was a need for a discharge, measuring the value of all other goods.
The essence of money is manifested in their functionswhich reflect the possibilities and features of their use:
1 . Function measure cost.Money performs the function of the cost measure, i.e. Serve to measure and compare the cost of various goods. The measure of cost is the main function of money. All varieties of money acting in national Economics At the moment, intended to express the cost of goods. Each country has its own monetary unit, which is the measure of the value of all goods present in the market. Money as a universal equivalent measure the cost of all goods. Such use of money allows the participants of the transaction to easily compare the relative value of various goods and resources. However, no money makes goods commensurate, and the socially necessary labor, spent on the production of goods, creates the conditions for their equalization. All products are the products of socially necessary labor, therefore money that has cost can become a measure of their value. The cost of goods expressed in money is called price. It is determined by the socially necessary labor costs for its production and implementation. The scale of prices for metallic circulation is called the weight amount of money metal, adopted in a given country for a monetary unit and serving to measure prices of all other goods. Currently, the official scale of prices is replaced by the actual, which takes shape spontaneously on the market. Between money as a measure of cost and money as a scale of prices there are significant differences. Money as a measure of cost belong to all other goods, it is spontaneously, varied depending on the number of social labor spent on the production of money products. Money as a scale of prices is established by the state and act as a fixed weight amount of metal, changing with the cost of this metal. With modern money, not exchanged for gold, the price of goods finds its expression not in one specific product (gold), but in all other goods, resembling the deployed value form. Goods are increasingly receiving public recognition not so much through money as directly in the production process. Since the current working time already in the process of production begins to act as a certain extent as socially necessary, the goods are able to relate to each other already at this stage, and not after preliminary equating them to the monetary product in circulation, as it was at the initial stages of commodity production . In capitalism, the price is formed not only in the market, but also in the field of production, and its adjustment is already on the market. The price of goods in such conditions depends on two factors: the cost of banknotes, which is determined by the value of goods sold and the number of banknotes in circulation; The ratio of supply and suggestions for this product on the market.
2. Tool function.Money as a means of appeal Play the role of an intermediary in the movement of goods from sellers to buyers. Commodity circulation includes two metamorphoses, i.e. Two changes in value forms: selling one product and buy another - T-D. and Dr.. To fulfill the function of the means of circulation, the money should be directly physically present in the exchange certificate to the goods, moving from the hands of the buyer to the seller's hands at the time of transfer the latest goods to the buyer, so this function is performed in cash;
3. Payment Function. The payment fund function occurs when the goods are sold on credit, i.e. with a delay of payment ( T-dt,gDEDO - debt obligation). Sale of goods with a deferment condition becomes a necessary element of economic life, especially with exacerbation of competition between commodity producers. The fee function becomes the predominant with the development of credit relations and non-cash settlement systems. When carrying out non-cash payment for goods, there is a spatial and temporary gap in the oncoming movement of goods and non-cash money. In this case, the money performs the function of the payment tool, since the delivery of goods in a developed market economy is usually preceded by an act of payment. Money performs the payment tool function in cases, the code occurs the previously arising debt, for example, when returning a loan;
4. Function of the accumulation means.Speaking as a means of accumulation, money act as deferred to the future of solvent demand. Subjects of economic relations can accumulate wealth by purchasing jewels, real estate, antiques, etc. However, the use of money as a means of accumulation has one significant advantage. This advantage consists in their absolute liquidity, i.e. In the ability to be used as a means of payment at any time without losing its nominal value.
5. The function of world money.This feature is formed and is developed as the international exchange and international economic relations grow. Material economic ties between countries generate cash payments and income. Money begins to perform the above functions on a qualitatively different - intercountry level. Money operating in the framework of international economic relations is customary to be called global money.
Types of money.The main types of money are commodity and paper credit money.
Gold and silver - varieties of commodity money - for a long time became the basis of money circulation different countries and the global community as a whole.
However, in Europe, in the XVIII-XIX centuries, gold and silver coins participated in the money back along with the "cost signs".
The invention of paper money is attributed, of course, with a large proportion of convention, the ancient Chinese merchants. Initially, in the form of additional means, the exchange was the receipts about the adoption of goods for storage, about paying taxes, issuing a loan. Their appeal was expanded by commercial capabilities, but, at the same time, it often made it difficult to exchange these paper duplicates on metal coins.
The appearance of the "Signs of value" - substitutes for real money - is due to the fact that as the turnover increases, problems of ensuring its metal money arose. As the productive forces and deepening public division Labor there was a transition from manual labor to the engine, which stimulated the growth of cities and the urban population. Along with the rapid growth of turnover, the number of purchase and sale transactions increased, while the sum of most of the transactions concluded was very small, since the majority of the population constituted the poor. Under these conditions, it became not enough of the exchange money, and the money from precious metals came to the limit of divisibility.
Another fact that pushed the evolution of money forms was the process of abrasion of gold and silver coins. At the same time, despite the fact that their weight content has decreased, they continued to be taken in the money circulation at par.
In the process of long-term use of money as a means of payment and circulation, it became clear that these functions are a certain degree of technical character. Money as a means of appeal is present in the act of exchange fleetingly: immediately after receiving money for the goods, they exchange them for other goods. So, gold money in this function can be replaced? Thus, the idea of \u200b\u200bintroducing "money substitutes" to the money circulation, while ensuring their exchange rate on money from precious metals in a fixed, prescribed proportionally established by law.
As soon as "substantive money substitutes" appeared in the monetary circulation, the stability of the money circulation was undermined. The money circulation is steadily, as long as the number of "substitutes" does not exceed the established law and secured by gold. However, governments always have a temptation to release such "substitutes" more than established by law: it is very profitable! Having spent 1000 monetary units on the production of "substitutes", it is possible to release them in the amount (denominer) in 1000,000 monetary units and exchange for goods worth 1000,000. The difference between the denominations issued by the government not secured by the gold "money substitutes" and the cost of their release - this is emisy income states. At the same time, unsecured money, having a forced, established by the state, and practically no internal cost are incurred into the cash circulation channels. Such "extra" for the economy and money circulation money is customary to call "paper", they cause a violation of the sustainability of monetary circulation, price increases and distrust of the produced by the Government of the money.
Paper money can not be identified with credit.
Credit money - A type of money arising in the context of the development of credit relations between economic agents. Credit money, for its effective functioning requires a state guarantee. Such a guarantee is ensured due to the availability of state laws regulating the rules for the issue and circulation of bills and banknotes.
The following varieties distinguish credit money:
1) Bill - This is an unconditional written monetary commitment. debtor(simple bill) or order supplier (translation Bill - Tratta) To pay the amount marked on the bill to the bill, or by his order - any other person specified in the bill. A bill must be compiled according to the law established by law. The law strongly supports the reliability of a bill of interest. A bill of exchange is a payment and credit tool.
2) Check - This is a monetary document of the established form, which contains no reason for the disposal of the check of the bank to make the payment of the amount specified in it by the check holder. A check is a tool with which calculations are carried out. If the client has a deposit in a bank, the bank can issue checks on the amount of deposit to the client.
3) Banknote (Classical, Modern) - This is an indefinite debt obligation of the central (emission) bank provided by all its assets.
Note that as the evolution of credit money increases the reliability and liquidity of the instruments applied: if the bill is a monetary obligation of any economic agent, then the check is the obligation credit organization - A very conservative institution, and banknote - the obligation of the Central Bank of the country, in fact, national money.
One of the manifestations of credit money progress is to develop their derivative forms, the application of which opens up new opportunities for moving forward a monetary and credit system and improve credit and payment operations.
Payment Systems (debit, credit, etc.) - Tool of calculations for goods and services without the use of cash for their own means of account owner or credit resources of commercial banks. Just as checks are "dormant orders" on the actuation of deposit money located in the bank. While the order is sleeping in the depositor's pocket, the money in the bank on his deposit can be used by the bank at its discretion, for example, they can be provided for payment credit cards other bank customers.
Derivative forms of money should not be identified with the money themselves. These are tools through which non-cash and electronic money are driven. Modern money derivatives and their appearance, and development associated with the progress of banking technology and Internet technologies. An example of derived money is electronic money.
Electronic money - that's payment Toolexisting exclusively in electronic formatThat is, in the form of records in specialized electronic systems on the Internet. Electronic money allow you to perform a fairly wide range of various payments. As a rule, these are internal payments of that payment system of the Internet, within which electronic money is issued, but payments to external systems can also be carried out, including conventional bank transfers. There is a fundamental difference between electronic money and ordinary, it is that electronic money is not substitutes for ordinary money, but function as payment resources within the framework of the electronic system in which they are issued.
In addition to various species Money is distinguished different forms The existence of money. Money is cash and non-cash. Cash Apply in the form of banknotes, treasury tickets and exchanged coins. Non-cash money There are in the form of recording on the bank in the bank, they go from one economic agent to another, moving from the bank of one client of the bank, at the expense of another client of the bank. Non-cash money is the obligation of the Bank to return money to the Client in cash on his requirement or list them to another account for paying purchased customers of goods. Cashless can turn into both metal money from precious metals and paper-credit money. The condition for the existence of non-cash money is the presence of banks.
Money theory.Money is an important element Any economic system ensuring the fulfillment of payment obligations of economic agents. There are various theories, differently evaluating the role of money and the monetary system in the development of the economy. These theories arise, receive confirmation and for some time dominate. Some of them are rejected with time, since the practice does not confirm, but also simply refutes their postulates.
There are three main theories of money - metallist, nominal and quantitative.
Metal money theory.This theory arose in England during the initial capital accumulation period in the Hi-Huii centuries. She prevailed in the framework of the theory of mercantilism. Depending primarily from the assessment of the role of money and the monetary system in the development of the economy of the theory of money, the identification of the richness of the Company with precious metals, which was attributed to the monopoly fulfillment of all functions of money.
In the most complete form, the mercantilists were developed (T. Men, D. HOPS, etc. in England; J. F. Melon, A. Monkeyen in France), who advanced the doctrine of full-fledged metal money as wealth of a nation. Stable metal currency, according to their thoughts, was one of the necessary conditions for the economic development of the bourgeois society. The mistake of supporters of the metallic theory was to identify money with goods, misunderstanding the differences between the money circulation and the commodity exchange, not understanding that the money is a special product that serves as a universal equivalent. Representatives of the metallic theory denied the possibility of replacing full-fledged metal money by their signs in internal circulation.
Nominal money theory.The British of J. Berkeley were prominent representatives of this theory (1685-1753) and J. Stewart (1712-1780). It was based on the following two positions. First, the money is created by the state, and, secondly, the cost of money is determined by their face value. Representatives of this theory of money argued that money is only conventional signs that do not have anything in common with the goods; It is important only a summary of a monetary unit. Nominalists concentrated on analyzing money functions as a means of circulation and means of payment, which is possible to replace metal money with paper.
The main mistake of representatives of nominalism is the provision that the cost of money is determined by the state. Thus, they deny the labor theory of the cost and commercial nature of the money. The error of nominalists also consisted that by taking off paper money from gold and from the cost of goods, they endowed their "cost", "purchasing power" by adopting the relevant legislation.
Quantitative money theory.Founder quantitative theory The money was French economist J. Boden (1530-1596). For further development, this theory received in the works of the British D. Yuma (1711-1776) and J. Mill (1773-1836), as well as the Frenchman Sh. Montesquieu (1689-1755). D. Yum, trying to establish a causal and proportional connection between the influx of noble metals from America and the rise in prices in the XVI-XVII centuries, put forward the thesis: "The cost of money is determined by their number." Supporters of this theory were seen in money only the means of circulation. They mistakenly argued that in the process of circulation as a result of a collision of monetary and commodity masses, prices are allegedly established and the value of money is determined.
A quantitative theory of money establishes a direct relationship between the increase in the money supply in circulation and the growth of commodity prices.
The basics of modern quantitative theory of money were laid by an American economist and mathematician Irving Fisher (1867-1947). I. Fisher denied the labor cost and proceeded from the "purchasing power of money." Modern quantitative theory of money, studying macroeconomic models and common relationships between weights and price level, argues that the basis of changes in price levels is mainly the dynamics of the nominal monetary mass. It nominates the relevant practical recommendations for stabilizing the economy through the regulation of the money supply and money supply in the economy.
Critical criticism of the quantitative theory of money gave K. Marx. He showed that adherents of this theory do not understand the fact that precious metals, like other goods, have internal cost, and depict the case in such a way that "... goods enter the process of circulation without a price, and money without cost, and then In this process, the known part of the commercial mescan is exchanged for the corresponding part of the metal pile. " 1 K. Marx emphasized that the representatives of the quantitative theory did not understand the functions of money as a cost measurement and the accumulation means.
A variation of the quantitative theory of money is monetarism.
Monetarism.Under monetarism, they understand the general theoretical approach, which recognizes the exceptional importance of money in the economy and gives priority to a special type of monetary regulation - through the regulation of the growth rate of the money supply - as opposed to other methods of impact, primarily fiscal, as well as monetary policies, but affecting the economy Not through a monetary offer, but through the regulation of interest rates.
The development of monetarism is primarily associated with the name of the Nobel laureate of 1976. Milton Friden (born. 1912), A. Schwartz, K. Brunner, A. Melser, D. Leidler, R. Selden, were made a great contribution to the development of this concept. F. Keigan.
M. Friedman believed that money serve: 1) the main reason for the change in real income in a short period of time and 2) the only reason for changing the nominal income in long periods of time. Long-term economic growth, on the contrary, is determined by resources, technologies and preferences of consumers.
M. Friedmen and A. Schwartz in the work "The Monetary History of the United States, 1867-1960" (1963) detect patterns, according to which the rate of growth of the money supply in circulation is related to the flow of cycle, proactive the general pace of development of the business cycle. Studies discovered the relationship between the growth rates of the money supply and the points of extremums in the business cycle. In the period from 1908 to 1916, the growth of money supply began to increase approximately 12 months before the peaks of the cycles. Like this, the growth of the money supply started to increase until the bottom of the business cycle is achieved. Within one business cycle, the mutual connection of the money supply and the absolute level of prices is not so close as in long-term time intervals.
The main provisions of the classical (Friedmen) monetarism are as follows:
1. The capitalist economy is internally resistant to a relatively optimal level of production, which is determined by the development of productive forces, resource reserves, etc. This optimal level of production does not exclude the presence of some unemployment, which is associated with the institutional characteristics of the economy, for example, insufficient flexibility. wages. We are talking about the so-called natural level of unemployment. The achievement of the optimal level of production is ensured by the action of a price mechanism that is a way to distribute resources. The intervention of the state in this mechanism should be minimal.
2. Changing the amount of money contradictively affects the rate of interest: the growth of the money supply first causes a decrease in the percentage rate, and then the increase in costs and inflation increases the demand for loans, which leads to an increase in the percentage value. In addition, high inflation increases the distinction between the nominal and real percentage, and the foresight of greater inflation increases the percentage more.
3. Under long-term equilibrium, the money is neutral, i.e. There is a proportionality between money and prices based on the stability of money demand (or the inverse value of the amount of money circulation). On the contrary, the limiting tendency to consumption and the multiplier are considered unstable values. The long-term real interest rate is impossible to change with the help of monetary policy in order to stimulate investments and accumulation of capital. The long-term bet is determined by real factors, productivity and thrift.
4. In short and average periods of time (up to 5-7 years), money, on the contrary, is not neutral and can cause real changes in the economy. Due to the short-term impact on the issue of money are important for determining real level Employment and income. Money influence arises in connection with the discrepancy between the actual and desired values \u200b\u200bof real cash balances, which causes an unpredictable change in the supply of money. Changing the money supply affects prices through interest rates by changing the structure of the assets portfolio. The change in demand for money affects the rate of money circulation, which depends on the costs of storage of money (interest rate values \u200b\u200band the rate of inflation), from the values \u200b\u200bof real income per capita.
5. The business cycle strengthens the impact of changing the money supply on income. The monetary crisis, leading to a decrease in the money supply, forms the condition of depression.
6. The amount of money supply is under the control of the central bank directly affecting the amount of the monetary base, which is the main indicator of the monetary policy and its main tool.
7. Inflation is a monetary phenomenon in the sense that it may occur only when the amount of money grows faster than the level of production. Public spending growth does not cause inflation if it does not use an additional issue of money.
The recommendations of monetarism are reduced to the following: average money increase In the conditions of a minor reduction of the speed of money it should be 4 -5% per year to ensure the average annual increase in real GNP by 3%.
Keynesian money theory.In 1929-1933 The global economic crisis that called the "Great Depression" broke out. Its result was a reduction in gross national product and investment, unemployment growth. The crisis covered the United States, Germany, France, England. All classes and segments of the population were injured. Mass bankruptcy took place.
Under these conditions, the search for new theoretical models began. During this period, a new course began to be held in the United States - F. Roosevelt (1882-1945), and in Germany and Italy received the spread of neo-Nazism and the ideology of fascism.
IN 
30s in economic science Imjudge appeared. Keynes (1883-1946). In 1936, J. M. Keynes "General theory of employment, percentage and money" was published. Together with the exit to the light of this book, an end was the end of the theory of "invisible market hand", an end to the theory of automatic setting of a market economy.
J. Case's work contains a number of new ideas. From the first pages of his book, he points to the priority of the first word in its title, i.e. general TheoryIn contrast to the private interpretation of these categories by neoclassics. Further, he explores the cause of crises and unemployment and develops a program to combat them.
Thus, J. Keynes first recognized the presence of unemployment and crises, internally inherent capitalism. He then declared the inability of capitalism with his internal forces to cope with these problems. By Keynes, the state intervention is necessary to solve them. In fact, he struck the neoclassical direction as a whole, as well as on the thesis on the limited resources. By Keynes, there is no rare resources, but, on the contrary, their oversuetment, as evidenced by unemployment. And if for a market economy natural is part-time, the implementation of the theory implies full-time. Moreover, under the last employment, J. Keynes understood not absolute employment, but relative. He considered the necessary 3-hpillant unemployment, which should serve as a pressure buffer on occupied and reserve for maneuver when expanding production.
The emergence of crises and unemployment J. Keynes explained in insufficient "total demand", which is a consequence of two reasons. The first reason he called the "main psychological law" of society. Its essence is that, with income income, consumption is growing, but in a lesser extent than income. In other words, the growth of citizens' income is ahead of their consumption, which leads to insufficient aggregate demand. As a result, disproportions in the economy arise, crises that in turn weaken capitalist incentives for further investment.
The second cause of insufficient "aggregate demand" by J. Keynes considers the low rate of profit to capital due to the high level of interest. This forces the capitalists to keep their capital in cash (in liquid form). This is detrimental to the growth of investments and "aggregate demand" is further cut. Insufficient investment growth in turn does not allow to provide employment in society.
Consequently, insufficient expenditure of income, on the one hand, and "liquidity preference", - on the other, leads to absent. Unsuitation reduces "total demand". Unrealized goods accumulate, which leads to crisis and unemployment. J. Keynes makes the following conclusion: if the market economy is granted to itself, then it will be stagnant.
J. Keynes developed a macroeconomic model in which the relationship between investments, employment, consumption and income was established. An important role in it is given to the state. The state should do everything possible to raise the limit (extra) effectiveness of capital investments, i.e. The limit profitability of the last unit of capital at the expense of subsidies, state procurement, etc. In turn, the Central Bank should lower the bid of the loan interest and maintain moderate inflation that will stimulate the growth of investment. As a result, new jobs will be created, which will lead to the achievement of complete employment.
The main rate in increasing the total demand of J. Keynes did on the growth of productive demand and productive consumption. Lack of personal consumption He offered to compensate for the expansion of productive consumption.
Consumer demand needs to be stimulated through consumer credit. J. Keynes also positively referred to the militarization of the economy, the construction of the pyramids, which, in his opinion, increases the amount of national income, ensures the employment of workers and high profits. Keynesian and monetarist approaches to the monetary policy of the state are presented in Table. one
Money. Credit. Banks. Lecture notes. Designed for students of the Faculty of Economics and Law. Specialty management. It will help to master knowledge of this subject and it is better to learn the material. / E.N. Lebedeva Vitebsk: VF UO FPB MITSO, 2008. - with.
Introduction
SECTIONI.. MONEY
The object, tasks and structure of the course. Types and role of money. Emissions and issue of money in the economic turnover.
Money turnover. Payment system. Cash circulation.
Monetary system And its elements.
Currency system and currency regulation.
Methods for regulation and stabilization of money circulation.
Section II. CREDIT
6. Essence and role of the loan.
Forms of the loan.
Section III. Banks
Banks and their role.
Banking system. Bank interest.
Non-bank credit and financial organizations .
Questions for the exam.
LITERATURE.
Introduction
Money, credit, banks are inalienable attributes of modern civilization. Their functioning allows you to combine the production, distribution, exchange and consumption of public product into a continuous process. Without their use, no economic entity is required. Each person, one way or another, constantly or episodically refers to banking services. Banks, collecting temporarily unused cash, redistribute them between the regions and sectors, between enterprises and the population, feed the economy with additional capital and "energy" resources, creating a base for the increase in the wealth of society.
Money and loan are complex organisms, they generate complex economic ties that can easily make the exchange and create certain obstacles on the way of movement of the product.
The course of lectures "Money, credit, banks" acts as a theoretical course, as a continuation of the analysis of economic relations in the economy. It is designed to give a detailed description of the essence and role of money and loan and banks in the economy, their role in the transition to the market.
Money, credit, banks are considered not as something "frozen", but as events in development. The course of lectures has not only theoretical orientation, but also a certain applied aspect. It sequences three sections. The first section is dedicated to money, the second - loan, the third banks.
In the first section, the theory of money is combined with the provisions on the monetary system, the organization of monetary turnover, cash and non-cash money circulation. Here, inflation is presented as a consequence of violations of the proportions of material production and the laws of money circulation; Showing mechanism monetary reforms, their prerequisites, the procedure and results.
The second section on the loan includes not only its essence, functions, laws and role in the economy, but also the forms of the loan used in the relationship between creditors with borrowers.
The combination of theory with practice is inherent in the third section covering banks. The Bank is considered as an element of a banking system, as a special monetary institute, as an enterprise, creating a specific product in the form of payment tools and various services. The essence of the bank, its functions and role are investigated in relationship with its operations. In lectures given descriptions of traditional banking (credit, settlement and deposit) and other operations, including new banking products.
The purpose of teaching discipline:
Acquisition by students knowledge of money, loan and credit relations, banks and their place in a market economy;
A better understanding of the laws of the prospects for the development of credit relations, banks in the conditions of a market economy, their importance for market development.
Objectives of discipline:
Master the theoretical foundations of the functioning of credit and money circulation, payment turnover in the conditions of a market economy;
Master the theoretical foundations of the essence of credit relations, places and roles of banks in the conditions of market and transitive economies.
During the study of the discipline "Money, credit, banks"students must:
familiarize yourself with the views on the essence, functions, the role of money and loan in the development of national and world economy;
know the basis of the functioning of monetary
relations in the international economic circulation;
explore the structure of the credit system of the state, types, functions and operations of banks and specialized credit and financial organizations, their role in the country's economy;
to be able to use theoretical knowledge of the course to purchase relevant practical skills in their specialty.
SECTIONI.. MONEY
Topic 1.The object, tasks and structure of the course. Types and role of money. Emissions and issue of money in the economic turnover.
Questions
Prerequisites and meaning of money.
Essence of money.
Money functions.
Types of money.
The role of money in the reproduction process.
1. Prerequisites and meaning of money.
Money arises under certain conditions of production and economic relations in society and contribute to their further development. Under the influence of changing conditions for the development of economic relations, the peculiarities of the functioning of money are changed.
The immediate prerequisites for the emergence of money include:
Development of public division of labor;
property isolation of manufacturers of goods - owners of manufactured products.
In the initial period of the existence of human society, the natural economy was dominated, which produced products intended for their own consumption. Gradually in the interests of increasing production, and to a certain extent influenced natural conditions (For example, such as conditions, for the development of animal husbandry, agriculture, fishing, etc.) there were specialization of people on the manufacture of certain types of products. At the same time, the increased amount of products was possible to use not only to meet the needs of the manufacturer, but also for exchanging to other products necessary to this manufacturer. Such is the most important prerequisite background of the exchange of products.
The transition to the production of goods and the exchange of goods was accompanied, first of all, the fact that instead of manufacturing products to meet their own needs of the business entity developed production for exchange for other goods or for implementation. Such a transition was based on the specialization of manufacturers on the manufacture of certain types of products, which increased its production based on improving labor productivity.
Property isolation of commodity producers, which are owners of manufactured goods made it possible to exchange goods belonging to them on other or implement goods for money.
The direct exchange of goods on the goods can only be in the presence of the seller's need specifically, which is offered to the exchange of the other party. This also suggests that other commodity producers have the ability to make it possible to exchange products necessary to this manufacturer, and, accordingly, this manufacturer has the products required by another commodity producer.
Consequently, the exchange of goods can occur in the presence of the necessary goods at the parties entering the exchange transaction. However, this significantly limits the possibility of exchanging goods. In addition, when exchanging the interests of commodity producers should be taken into account and the cost of equivalence of the value of exchanged goods must be observed, which in turn also limits the exchange, including due to the indivisibility of the exchanged goods (for example, cattle).
Compliance with the equivalence requirements of the exchange involves measuring the value of goods on the basis of labor costs for their manufacture.
The desire for the development of the exchange encouraged to increase the production of goods, the allocation from the variety of exchanged goods universal equivalentused to measure value and when exchanging goods.
The development of exchange, gradual increase in its intensity caused the use of first selected types of goods (livestock, fur), and then precious metals (mainly gold) as universal equivalent. The release of gold as a universal equivalent and, ultimately, its homogeneity, divisibility and safety from damage contributed as money.
Transfer from natural economy To the commodity, as well as the requirement of compliance with the equivalence of the exchange led to the need for money, without the participation of which the mass exchange of goods is impossible, developing on the basis of the production specialization and property separation of commodity producers.
The need for the occurrence and application of money is confirmed by numerous unsuccessful attempts to do without them. This is evidenced by bankruptcy implemented by R. Owen in 1832 attempts to exchange goods without money, with the help of the assessment of goods, based on the cost of working time using "labor bon". Attempts to implement product production on the basis of natural coefficients in Russia in 1918 and 1921 were unsuccessful.
The emergence of money and their use was accompanied by important consequences. The emergence of money made it possible to overcome the narrow framework of the mutual exchange of individual producers of goods and create conditions for the emergence of the market, in which many owners of different goods can participate in operations. This, in turn, contributed to the further development of the specialization of production and an increase in its effectiveness.
It was important that thanks to the use of money there was an opportunity to divide a one-time process of mutual exchange of goods. (Tt)two multipoint of the process: the first is to sell their goods (T-D),.the second - in the acquisition of the desired goods at another time and elsewhere (Dt).
At the same time, the application of money is no longer coming down to participate as an intermediary in the exchange processes of goods. On the contrary, the functioning of money acquires the features of an independent process: commodity producers can store money derived from the sale of their goods before the purchase of the desired goods. From here there were monetary accumulations that could be used both for the purchase of goods and to provide money and repayment of debts.
As a result of such processes, the movement of money has gained independent importance, separated from the movement of goods.
The functioning of money was even greater independence due to the replacement of full-fledged money with their own value, monetary signs, as well as upon subsequent cancellation of the fixed gold content of the monetary unit. At the same time, money, not possessing its own value, which made it possible to emiate monetary signs in accordance with the need of turnover, regardless of the presence of gold collateral.
The independence of money has significantly expanded in the emergence of non-cash payments, including calculations based on electronic technology.
Banks and their role in the modern economy (8)
Abstract \u003e\u003e FinanceOperations. Ed. E.F. Zhukova. - M.: " Banks Burzhi ", 1997. 3. Money, credit, banks. Abstract lectures. G.N. Beloglazova - M. "Yuratt", 2007 4. Borisov ...
Monetary system of Russia and credit and monetary policy bank
Course work \u003e\u003e Economic theoryRussia: problems transition period// Money and credit 1996.-№4.-C.31. nine Banks and banking operations / ed ... and statistics, 1992. eleven Money. Credit. Banks: Abstract lectures. - M.: Prior-Edition, 2006 12 Money. Credit. Banks: - SPb.: Peter, 2007 ...
International credit (5)
Coursework \u003e\u003e Financial Sciences... // Psis "Consultant Plus". Mudnov M.B. Money, credit, banks: abstract lectures (For students of the Economic Faculty of Course ... and additional .. - M.: Uniti - Dana, 2003. - 600 p. Money. Credit. Banks: Textbook / G. E. Alpatov, Yu. V. Bazulin et al.; Under...
This reference ability of lectures at the rate "Money, credit, banks" was developed by opposite of the regional department "Finance and Credit" K.T.N. V.M. Nikitin and k.E.N. I.N.Yudina. This course is read by students of the specialties "Accounting and Audit" and "Finance and Credit", and its content complies with the educational standard for this discipline. The abstract has three parts: "Money and money circulation" (part 1); "Loan capital and credit" (part 2); "Banks and banking system" (part 3). Each part provides modern statistical data regarding the specifics of the monetary and banking spheres of the Russian Federation.
The support abstract will help students better master the material, especially those plots that affect the practical aspects of the flow system, lending processes in commercial bank. The authors also consider some problems of the formation and operation of the banking system of Russia.
Dana List Topics test work and a list of basic literature.
It is recommended to use the material of this publication for independent works of students of the branch of the PSFEI in Barnaul when writing control and final work.
Introduction3
Part 1. Money and money circulation 6
1.1. Types of money. Metamorphosis and eternal movement. Theories of the emergence (evolution of monetary systems) 6
1.2. Money functions and their transformation in modern conditions 11
1.3. Determination of national money supply. Monetary aggregates. Static 13.
1.4. Money emission 17.
1.5. The amount of money in circulation. Schemes and mechanisms of circulation 19
1.6. Inflation, its essence and species 21
1.7 Monetary and Payment Systems of the Russian Federation 24
Part 2. Loan Capital and Credit 41
2.1. Essence of loan capital and loan percentage 41
2.2. Financial market and role financial intermediaries 42
2.3. Theory of interest 46.
2.4. Credit and its role in a market economy 49
2.5. Bank loan 55.
Part 3. Banks and Banking System 64
3.1. Banking Development History 64
3.2. Central Bank of the Russian Federation 69
3.3. Prospects for the use of an emergency lending mechanism of insolvent banks in developed countries 75
3.4. Typology of Russian commercial banks 80
3.5 Specialized banks and banking associations 83
3.6. Operations and resources of commercial banks 93
3.7. State and Prospects for Development banking sector Russia 103.
Topics of test work 110
References 111
Appendices 113.
Introduction
Money is a special category in society. Hope and crash, success and failure are associated with them. But the study of this side of our life. The lot of art and literature. Our attention will be directed to other features of money and related problems. We will consider money as a category of economic.
The life of modern society is difficult to imagine without such an important financial instrumentslike money. It is money that all the productive forces of society lead to the movement and reveal the potential opportunities at his disposal, for the benefit (and sometimes to the detriment). It is money that people provide people with the opportunity to exchange their abilities, skill, knowledge of everything you need in order to organize your life in accordance with own ideas about her. But before you get into the hands of people who can dispose of them at their discretion, money is held a long path of metamorphosis and this path of money is associated with certain laws and order. For the movement of money, specific channels are needed (payment systems), money must be concentrated somewhere in order for them to be effectively used in the production of the necessary goods and services, maintaining the stable existence of the state, finally, the money should be manufactured somewhere (printed or Compound) and put into action. In modern society, the concentration of money, the direction of them in different streams, the commissioning of new bills and coins is carried out by banks. On the scale of the state, the banks form banking system. One of the most important properties of money. Be a kind of commodity. This property is fully implemented by the credit system (national, international, world).
Thus, money, credit and banks are closely related and it is quite natural that the study of these three components of the economic and financial life of society in one discipline. Of course, it is possible to separately study only money in all the variety of their forms and manifestations (properties) or banks and banking systems, but this approach would exclude the possibility of studying complex dynamic processes subject to certain laws and connecting the monetary system, credit relations in society, banking system And, most importantly, the mechanisms for regulating this complex diverse system. The purpose of this discipline is to study these three components in the complex in order to understand the complex processes of formation, development and modern state of the credit and financial system, its role in economic Life Societies, the formation of solid theoretical knowledge and practical skills in terms of money, loan and banks in future specialists.
The set target determines a number of tasks. The main ones are as follows:
♦ learn to correctly evaluate possible consequences changes in one of the areas for the entire credit and financial system;
♦ learn how to use basic patterns that link individual processes in a credit and financial system to develop effective management decisions in the Bank's management, at the trade enterprise or in the manufacturing sector.
As a result of studying discipline, students should know:
♦ Essence, functions and role of money in the economy;
♦ Cash circulation laws;
♦ the essence of inflation, the form of its manifestation and methods for stabilizing the cash circulation;
♦ types of monetary reforms;
♦ Essence, elements, types of monetary system, its features in Russia;
♦ paper and credit money, the patterns of their appeal;
♦ Convertibility of national money and its types, exchange rate, international estimated operations;
♦ the need for a loan, its essence, forms, functions;
♦ The essence of the loan percentage and it economic role;
♦ Essence and forms of international loan;
♦ types of banks, the structure of the banking system, the role of banks in the development of the economy; Banking system of Russia;
♦ operations of central, commercial and specialized banks;
♦ Modern inflation and its national features;
Based on theoretical material and self-study of special literature, regulations should be able to:
♦ Organize cash service enterprises, organizations, institutions and the population;
♦ to determine the creditworthiness of the client and the possibility of providing him with loans;
♦ Ensure conclusion loan agreement and execution of it on time;
And have a presentation:
♦ On the entity, functions, monetary. credit policy of the Central Bank;
♦ On the methods of the Central Bank of the Monetary Policy ( accounting Policy, operations on the open market, changes in the norms of mandatory reserves, selective policies);
♦ about active, passive, commission operations commercial banks;
♦ on new operations of commercial banks: leasing, factoring, forming;
♦ On operations of commercial banks with securities.
Topic number 1. Origin and essence of money 3
Topic number 2. Money functions 8.
Topic number 3. Types of money and their role in the reproduction process 11
Topic number 4. Bank cards and features of their appeal 15
Topic number 5. Emissions and issue of money in economic turnover 18
Topic number 6. Money turnover and its features 23
Topic number 7. Features of the accreditation form of non-cash calculations 26
Topic number 8. Payment system 31
Topic number 9. Monetary system and its elements 36
Topic number 10. Inflation and methods of stabilization of monetary turnover 38
Topic №11. The need and essence of the loan 43
Topic number 12. Bank credit, its types and importance in the economy of the Republic of Belarus 47
Topic №13. Commercial loan, its features and use borders 50
Topic №14. State loan, the form of its development in RB 52
Topic №15. Consumer credit and his varieties 55
Topic №16. International loan and its impact on economic development States 57.
Topic №17. Leasing as a form of property lending 60
Topic №18. Mortgage loan 65.
Topic №19. Modern forms and lending types 68
Topic number 20. Radic capital market 71
Topic №21. Credit system And her links 75
Topic №22. Banking operations and classification 80
Topic №23. Central Bank and the basis of its activities 82
Topic №24. Features and meaning of monetary policy Central Bank 88
Topic number 1. Origin and essence of money
1) Rationalistic concept of money
2) Evolutionary Concept of Money Origin
3) Metallic Money Theory
4) Nominal Money Theory
5) quantitative money theory
- 1 -
The rationalistic concept of the origin of money historically arose first. In it, to explain the emergence of money and the development of their forms is used subjectvista-psychological approach:it is argued that the money was consciously invented and entered by people to facilitate the exchange process, a more rational organization of exchange operations.
Thus, this theory explains the emergence of money out ofconomic reasons, considering their appearance as the result of a psychological act, subjective decision of people,which either took the form of an agreement between people, or expressed in adoption by the state of the relevant law. It is assumed that at a certain stage of the development of a commodity exchange, people understood the inconvenience of direct barter transactions and invented money as a tool that facilitates the exchange and reduced costs.
For the early stages of the development of Western monetary theory, the absolutization of the role of the state in the emergence of money was characterized: the state creates money in the process of their issue and legally emphasizes their purchasing power - therefore, the money is the creation of state power. Modern Western economists no longer adhere to a purely legal interpretation of the origin of money and consider the law only as one of the reasons for their occurrence. They believe that difficulties in the exchange in the barter economy led to the conclusion of an agreement between people on the use of a counting unit, a standard means of circulation, and then this agreement was enshrined by the state law.
Explaining the emergence of money with disadvantages of direct commercial exchange, Western economists allocate two main problems of barter transactions:
search double coincidencethat is, two producers, mutually interested in acquiring each other's products;
determination of prices of goods and services.
With the development of production and an increase in the scale of trade, the straight barter has increasingly complicated the exchange between producers of products. These difficulties led to the fact that people began to use money to facilitate the exchange process, as a result of which the number of necessary metabolic operations and prices used sharply decreased, the costs of circulation were optimized.
Thus, according to Western economists, the money was invented by people to use them as a technician exchange to reduce costs and increase the efficiency of commodity circulation. According to the rationalistic concept, the money is a product of the consciousness of people, and not an objective development of production and exchange processes.
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The evolutionary concept of the origin of money was first developed by K. Marx. To explain the need for money, he used historical and materialistic approachaccording to which, in the production process, people are independent of their will enter into certain necessary production relations, developing in objective laws. With these positions, the origin of money is explained by the objective patterns of development of reproduction.
The evolutionary concept proves that the money appeared not simultaneously, by virtue of the law or agreement, but spontaneously, as a result of a long process of developing exchange relations. In other words, money are objectivethe result of the development of the process of commercial exchange,which in itself, regardless of the desire of people, gradually led to a natural allocation of the total mass of goods of a specific product, which began to perform cash functions.
In this concept, the emergence of money is associated with the beginning of the transition from the natural economy for the commodity, with the development of the forms of value (forms of expression). The object of the study is the product as the unity of consumer and exchange costs.
Analyzing the historical process of sharing development, K. Marx allocated four forms of value.
Simple (random) value formit corresponds to the earliest stage of development of the exchange, when he wore a random character, and the object of exchange transactions became, as a rule, products that for any reason were in excess.
Full (expanded) cost formcorresponds to the exchange rate of the exchange when it has become quite regular, but the formation of constantly functioning regional markets has not yet been completed.
In contrast to the simple form of value, where the exchange proportions may be random, the dependence of exchange proportions from the value of the value of goods becomes the obvious value.
Generalized form of valuecorresponds to the exchange rate of the development when regional markets occurred the allocation of specific goods, followed by the functions of the universal equivalent.
As a universal equivalent of various nations and at different times, various goods were used - depending on the natural conditions, national traditions, the nature of production activities, etc.
Cash shape of the costit came to replace the universal form with the development of regional markets and international trade, when the universal equivalent began to use noble metals, mainly gold and silver.
So, according to the evolutionary concept, the money appeared as a result of the development of the forms of value (exchange value).
Prerequisites for the emergence of money are the public division of labor and economic separation of commodity producers. The transition from one form of value to another is associated with the expansion of the exchange and deepening of the internal contradictions of the goods - between public and private labor, between consumer cost and cost. The allocation in the process of the exchange of goods - the equivalent was due to the need for value accounting of social labor spent on the production of goods.
The role of the state in the development of monetary relations is formal and reflects the objective need for improving the forms of money. Noble metals have become a general value equivalent due to objective patterns of market development, the purchasing power of coins from these metals was determined by their internal cost, and not the will of the state.
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Metallic theory of money originated in the XVI-XVII centuries, in the era of the initial accumulation of capital, and was based on the views of mercantilists who identified wealth with money, and money with precious metals. According to the ideas of mercantlers, the wealth of the nation is the accumulation of gold and silver, and the source of the country's wealth is an external trade that allows for the influx of precious metals.
The main positions of the metallic theory of money are reduced to the following:
money is identical to goods, and cash circulation - commercial exchange;
only noble metals are money;
money is a technical exchange instrument;
the cost of money acts as a natural property of precious metals;
metal money perform three main functions: cost measures, treasure and global money formation.
For metallic views, a misunderstanding of the essence of paper and credit money is characteristic. Representatives of early metatization (T. Meng, W. Stafford, A. Monkeyen, etc.) denied the possibility of their appeal; Representatives of late Metalism (K. Book, V. Lexis, etc.) recognized, but with the obligatory condition for the change in these monetary signs to metals.
When the development of the industry and agriculture, the need for the formation of the national market, the metallic theory of money, like mercantilism, began to criticize. Her opponents claimed that the source of the richness of the Company is the current capital (production), and the use of metal money in internal circulation leads to non-production costs.
In the XIX century Metallic theory of money in the interpretation, which recognizes the appeal of paper and credit money, provided that they are molded to metals, gained very widespread. Its provisions were applied during monetary reforms aimed at combating inflation.
Currently, metallic views are very rare. You can allocate two directions of their development. Representatives of the first direction believe that the monetary appeal retains stability only under the condition of the restoration of the gold standard system, up to the introduction of reversibility of national currencies in gold. Supporters of the second direction do not see the need to complete the restoration of the Golden Standard and it is believed that to stabilize the global monetary system, it is necessary to restore the exchange of currencies for gold in international calculations, as well as obligate countries to use gold to repay the balance of payments and the formation of their official reserves.
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Nonomalistic theory of money originated at a slave-owned strict and received systematic development in the XVII-XVIII centuries. The reason for the appearance of nominal dispenses was the transition from the use of precious metals ingots to turning the coins, which were accepted during the exchange not by weight, and at face value. At the same time, it was possible to deviate the nominal value of the coin on the value of the metal contained in it.
The treatment of thowned or exterior coins contributed to the fact that the money began to be perceived as conditional signs, the purchasing power of which is decorated by the state or establishes as a result of the agreement of people. With the advent of paper and credit money, the nominal theory was widely distributed, and with the departure of gold, it became dominated in Western economic science.
The main provisions of the nominalistic theory:
any money is only conditional nominal signs, devoid of internal cost;
the purchasing power of money, expressed in price indices, is established by the state and is regulated by their number in circulation;
the main function of money is the function of the handling means in which money is only as an intermediary when exchanging goods, a technical technique of exchanging;
the price and cost of goods are identical.
Thus, supporters of nominal theory reduce the essence of money to the ideal scale of prices, indicators of exchange proportions, thereby denying their role of universal equivalent in measuring the cost of exchanged goods.
During the development of nominalist views, approaches to the interpretation of the essence of money under this theory have undergone some evolution. Early nominalists, the most well-known representatives of which were English economists D. Stewart, D. Berkley, D. Beller, N. Barbon, considered money as ideal monetary units, conventional signs that have nothing to do with the goods.
Widespread received state theory of money,being a kind of nominalism. This theory was developed in the most detailed by the German scientist G. Knapp. The money is considered as a phenomenon having a purely legal nature. The state creates money (this process is considered as their emission) and gives them purchasing powerThat is, it defines, according to the city of KNAPPA, their cost. It does not matter which material substance is used - metal or paper money sign, as it is only a carrier unit of value established by law.
The state theory of money was further developed in the works of the Austrian economist F. Bendisen, which, unlike the legal version of KNAPPA, tried to develop an economic version of this theory. He considered money as conditional signs of value, testifying to the provision of the service by one person to another, and therefore giving the right to receive counter services.
English economist J. M. Keynes, in the first third of the XX century. Creating a theory of state-monopolistic regulation of the market economy was a supporter of the state theory of money and considered the treatment of paper money as an ideal elasticity, which makes it possible to increase cash emissions in accordance with the need for money without restriction of noble metal reserves.
Modern Western economists also adhere to most of the nominal looks on the nature of the money. Considering the commodity forms of money, they use the following approaches: money in the initial stages of development had only the form of goods, but at the same time they were not; Money arose as a product, but then changed their essence; Formally recognize the value of the money, and essentially interpret their essence as a conditional counting unit. The most widespread point of view, according to which money is the conditional nominal signs that do not have internal cost and used as an intermediary when exchanging and repayment of debt.
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The quantitative theory of money originated in the XVI century, when the number of precious metals due to gold and silver exported from America has increased significantly in Europe. This led to the so-called "revolution of prices" - a sharp increase in the price level for goods.
In this regard, the early representatives of the Quantitative theory of Sh.Montesky region (France) and D. Yum (England) came to the conclusion that mercantlers were mistaken in the fact that the accumulation of precious metals increases the wealth of the nation: the growth of gold and silver reserves leads to their impairment and appropriate Raising prices for goods. The actual wealth of the nation can only increase through the development of industrial production.
The main provisions of the classical quantitative theory:
all forms of money, including metal money, are deprived of internal cost;
the cost of any forms of money and the level of commodity prices depends on the amount of money in circulation;
the main function of money is the function of means of circulation;
money is performed only by intermediary role in the economy and do not have a noticeable independent impact on reproduction.
A large contribution to the development of a quantitative theory of money was made by the American economist I. Fisher (1867-1947), which developed the so-called transaction option this theory and its simplified model - the exchange equation
M.V. = RY.,
where M is the amount of money in circulation; V - the speed of money turnover; P - price level; U is the level of real production volume.
In essence, this equation is a identity, since both parts are an expression of the same value - the amount of cash payments for goods and services for a certain period of time.
Along with a transaction variant of the quantitative theory of I.Fisher, a wide distribution received Cambridge this theory (theory of cash balances), developed by English economists A. Marshall (1842 - 1924) and A. Pig (1877 - 1959). The equation expresses the simplified model of the Cambridge variant, similar to the equation I. Fisher
M \u003d k,
where M is the amount of money in circulation; k \u003d 1 / v; P - price level; U is the level of the real volume of the final product of production.
Like the I. Fisher, the representative of the Cambridge destination believed that the price level was determined by the amount of money in circulation. It can be seen from the equation because k. it is considered as a constant (due to the fact that the permanent value is the rate of treatment). The difference between these approaches is to interpret the demand for money.
In both variants of a quantitative theory, the demand for money is proportional to the total nominal income. However, in contrast to the transaction variant, denying the possibility of changing demand for money in short-term intervals under the influence of oscillations. interest rateThe Cambridge School makes the impact of the interest rate for demand, as the decision to use money as a means of preserving wealth depends on the expected profitability of other assets, which also perform the function of the means of preserving wealth.
The fallacy of a number of provisions of the quantitative theory manifested itself in practice in the 20-30s of the 20th century, after which it ceased to enjoy popular. She then got a new development and was significantly modified as part of a widespread neoclassical concept - monetarizmaThe ancestor of monetarism was M. Frydmen, who in 1956 published an article "Quantitative theory of money: a new wording".
The characteristic features of the monetaristic variant of quantitative theory include the following provisions:
the thesis on the defining effect of monetary circulation on the development of the public economy;
recognition of the speed of circulation of money variable, which varies under the influence of two main factors - interest rate and expected inflation rate;
the idea of \u200b\u200bthe money supply as an exogenous value controlled by government agencieswhich must
increase uniform annual rates regardless of the state of the economy, the phase of the business cycle and other reproductive factors;
assumption of certain delay in relationships between cash, nominal GNP, real GNP and absolute price level;
using the theory of demand for financial assets To analyze the demand for money.
