2 Reliable money and their forms

Non-discrepable (credit) money is called value marks, substitutes of natural (real) money. Reliable money includes paper, deposit and electronic money.

nominal value credit money significantly higher than the cost of the material they are made. For example, the highest value of ten paper rubles is precisely in their use as money, and not in any other quality.

The undeveloped money appeared in connection with the money of the payment of the payment fund function, when with the development of commodity-cash relations, the sale and sales began to be carried out with installments of payment (on credit). Initially, the economic significance of undeveloped money was expressed:

In creating elasticity monetary turnover, ability to expand and narrow, if necessary;

In cash savings (golden) money;

In the development of non-cash payments.

The peculiarity of credit money is that their release in appeal is linked to the actual needs of turnover. This involves the implementation of credit transactions in connection with the real processes of production and sales of products. At the same time, it is achieved with a linkage of the volume of payment facilities provided to borrowers, with the actual need of turnover in money. Such a feature is the most important advantage of undeveloped money.

Since the 30s of the XX century. In the capitalist world, a system of undeveloped credit money approached by their nature for paper money was established. Providing modern banknotes are mainly government securities: gold support and exchange of banknotes on gold are actually abolished in all countries of the capitalist world. The exchange of US dollar for foreign central banks was discontinued from August 16, 1971.

High-quality shifts in the monetary system determined its instability in the context of the general crisis of capitalism. For the modern monetary system of capitalism, the following features are characterized:

1) the weakening of communication with gold as a result of the displacement of it from the internal and external turnover;

2) the domination of undoubted on gold credit money approaching paper money;

3) the issue of money in the order of lending to the economy, the state and the increase in official gold and foreign exchange reserves;

4) widespread development of non-cash turnover and reduction of cash turnover;

5) State-monopolistic regulation cash circulation;

6) Chronic inflation.

2.1 Origin and Entity paper money

The appearance of paper money is objectively due to the patterns of metallic circulation, the development of commodity exchange and the needs of the state in the means to cover their expenses. The emergence of paper money was the result of a long historical process of gradual separation of the nominal value of money from real. The possibility of such a separation was associated with the fleeting nature of the functioning of money as a means of circulation.

In the process of circulation, full-fledged coins are gradually erased, lose part of their value. For twenty years of the first third of the XIX century. In Europe, it completely disappeared as a result of erasing 19 of 380 million f. Art., i.e. 5% of all gold.

Countries that have had a gold appeal in the 80s. XIX century Every year, not less than 700-800 kg of pure gold from cutting coins.

Despite the fact that the real metal content of the coin ceases to correspond to their raid, sobbing coins continue to properly perform the function of the treatment, as well as new coins. Thus, the practice of circulation of broken coins has created objective prerequisites for replacing full-fledged money by their substitutes.

The next step on the centuries-old way to replace full-fledged metal money by their paper signs was the conscious spank of coins by the state, i.e. The issue of the state of defective coins with a reduced content of gold in them (silver), and then the chasing of silver coins instead of gold, copper - instead of silver. The damage of coins brought an additional income to the state.

The final stage was the issue of the state (treasury) of paper money (in some countries they were called "paper coins") with a compulsory course to cover their expenses (at the beginning of the XIII century - in China, in the IV century - in Japan, CXVII century. - in Sweden). Initially, the state, as a rule, has expanded paper money (treasury tickets, appliances) on gold (silver) at the official rate, which gave rise to their public recognition. However, the continuous increase in the needs of the state in money forced it to produce more and more paper money and abandon their displacement for noble metal. At first, paper money (along with deposit) was treated in parallel with gold (silver), then completely crowded the latter. In the end, all the relationship of paper money with gold was lost, their universal contact was ensured exclusively by the power of the state - the Issuer. Paper monetary signs are not full-fledged money, but only their signs. This and the fact that paper money is more convenient in circulation, the fact of the transition from metal money to paper is explained. The possibility of such a transition is laid in the function of money as a means of circulation. The use of this opportunity for the practical implementation of the issue of paper money in appeal suggests the presence of two conditions: relatively developed commodity-money relations and the availability of confidence in paper money.

For the first time they were released in the VII century in China bills of large advantages to replace uncomfortable full-fledged copper money. And while bills could be freely exchanged for full-fledged money, they have successfully treated. Later, in the XIII century, paper money was released in Persia, and in the XIV century - in Japan.

Based on the strength of state power, it becomes possible to replace gold and silver in circulation first within this state, and then in world trade of value signs. Initially, these signs at any time could be exchanged for noble metals at par, which allowed them to circulate in circulation as substitutes for money from precious metals.

Paper money arise and act along with golden money, gradually gaining power and crowding gold money.

In the XII-XV centuries. The merchants for the convenience of trading are created by banks to replace cash payments by non-cash, more comfortable and safe.

In time times, paper money existed only until their free exchange for full-fledged. With the emergence of capitalism in the face of the bourgeois government, finally, the one to whom people could believe. Wide opportunities for the development of paper money Creates only capitalism with its developed credit system.

Paper money (treasury tickets) is paper marks of the cost, manufactured by the state (represented by the Treasury or Ministry of Finance) to cover the budget deficit, not exchanged for gold and endowed with a compulsory course.

It is necessary to pay attention to the fact that currently such money is practically not produced.

For paper money, two features were characterized.

The first feature was that they did not have their own internal value. They were infallible money - value signs, possessed a representative value, which determined their purchasing power.

The second feature is associated with the nature of the appeal: the paper money was unstable in nature, i.e. They, as a rule, were depreciated. This was caused by two reasons:

1) Paper money produced for coating budget deficit. excluding (more precisely, beyond the needs of commodity turnover in money);

2) Paper money did not swapped on gold, and therefore did not act the removal mechanism. Surplus paper money from circulation, therefore, released on the needs of commodity proof. Paper money "stuck" in the circulation channels and depreciated.

Thus, paper money is undequented on full-fledged money marks manufactured to cover the deficit state budget. The difference between the nominal value of the released money and the cost of their release (paper costs, printing) form the emission income of the treasury, which is a significant element of state revenues. The release of paper money should be limited by the number of full-fledged money necessary to appeal in this period, in other words, the number of golden money they replace in circulation.

However, the appearance, and then the growth of the state budget deficit caused the expansion of the emission of paper money, the size of which depended on the need of the state in financial resources. Emissions (release) of paper money is not determined by the need for commodity treatment, but a state budget deficit. But no matter how much paper money did not release the state, they will only represent the number of full-fledged money that they replace in circulation. This is the essence of inflation, that is, reducing the purchasing power of paper money. But the depreciation of money can occur for other reasons: the decline of confidence in the government, the passive balance of the balance of payments.

Paper money perform two functions: means of circulation and means of payment. The economic nature of paper money eliminates the possibility of the stability of a paper-money circulation, because The release of them is not regulated by the needs of the turnover, and the mechanism of automatic withdrawal of the surplus of paper money from circulation is missing. As a result, paper money stuck in circulation, regardless of turnover, overflow the circulation channels and depreciate.

Money depreciation is a decrease in purchasing power. monetary unit. Consider the mechanism of depreciation of paper money as a result of their release above the needs of commodity turnover in money. For example, the need for commodity turnover in money (when this level prices, the number of money sold and the speed of money circulation) is $ 2000 billion. If the nominal value of the paper-money supply in circulation of 2000 billion dollars, then the representative value and purchasing power The entire money supply will be 2000 billion dollars, and the representative value and purchasing power of one monetary unit - $ 1 (2000: 2000), i.e. It is equal to its raid.

If the nominal value of the money supply is equal to $ 4000 billion, the representative value and, it means, the purchasing power of the entire money supply will be $ 2000 billion (as the need for commodity turnover in money is 2000 billion dollars), and the representative value and purchasing power of each The monetary unit will be lower than the denomination - $ 0.5 (2000: 4000). In other words, money mass It will exchange on the same commodity mass, but at the new prices - twice as high. Increase prices will lead to an increase in the need for commodity turnover: it will rise to $ 4000 billion. As a result, the amount of money in the turn will become equal to the need for commodity turnover in money (with a new, higher price level).

The depreciation of money is manifested in two forms:

In the internal depreciation - in relation to goods in the domestic market, i.e. in price increases for goods;

In external depreciation - in relation to foreign currency. in reducing the course national currency.

Causes of depreciation:

Overweight paper money by the state;

Decay confidence in the issuer;

An adverse relationship of exports and imports of the country.

The inevitable companion of paper money is inflation. It arises because of the impossibility of a natural adaptation of paper money to the needs of turnover and the use of emission governments to cover the state budget deficit.

Paper monetary marks are two types: government, manufactured by the Treasury (Treasury Tickets) and Banks (banknotes or banknotes - Bank Notes). Treasury tickets are called simply paper money in contrast to banknotes, which are by their nature credit money. Historically, paper money has arisen before credit. Banknotes appear with the development of credit relations.

Reliable (credit) money

Non-discrepable (credit) money is called value marks, substitutes of natural (real) money. Reliable money includes paper, deposit and electronic money.

The nominal value of credit money is significantly higher than the cost of the material they are manufactured. For example, the highest value of ten paper rubles is precisely in their use as money, and not in any other quality.

- in creating the elasticity of money circulation, the ability to expand and narrow, if necessary;
- in saving cash (golden) money;
- in the development of non-cash payments.

1) the weakening of communication with gold as a result of the displacement of it from the internal and external turnover;
2) the domination of undoubted on gold credit money approaching paper money;
3) the issue of money in the order of lending to the economy, the state and the increase in official gold and foreign exchange reserves;
4) widespread development of non-cash turnover and reduction of cash turnover;
5) state-monopolistic regulation of money circulation;
6) chronic inflation

Non-discrepable money is monetary signs that replace full-fledged money and speakers as a credit sign. Three main forms of undeveloped money can be distinguished: paper money (cash), manufactured by the government, deposit money produced by deposit institutions, and electronic money produced by specialized financial institutions.

Cash and electronic money are issued for consumer needs. Deposit emission has a different nature: deposit money is given for the time for production needs.

The reasons for widespread raising of non-dissimilar money:

Firstly, the undeveloped money is money, as people recognize them as a means of sharing on goods and services. This public recognition is based on confidence in issuers based on the long-term experience of economic settlements.

Secondly, the undeveloped money has a predictable purchasing value, which can be assessed, guided by the rates of inflation.

Thirdly, cash is a legitimate means of payment, i.e. The obligation of the state, and deposit and electronic money are the debt obligation to their issuer.

All forms of non-dissimilar money provide for legal responsibility for the refusal to fulfill the fulfillment of monetary obligations.

The undeveloped money is divided into: paper money, deposit (bills, checks, plastic cards, electronic systems wholesale payments, online payments), electronic money.

The classification of undeveloped money is presented in Fig. 3.3.

Fig. 3.3. Classification of undeveloped money

Paper money. The first paper money appeared in China during the reign of Emperor Hin Tsuung (Hien Tsung) in 806-821. AD Modern paper money is characterized three signs: Untimented, the presence of a compulsory course and interest-free. Currently a significant part of the undeveloped money in developed countriesah is produced in the form of cash. About 95-97% of the total amount of paper money produced by governments or central banks. The remaining part is 3-5% of the total volume - is produced in the form of exchange coins, as a rule, on behalf of the treasury.

Over the second half of the XX century. The value of paper money as a means of payment in developed countries has decreased steadily. It was connected with the widespread replacement in the payment turnover of cash with deposit money. In parallel, the state income from cash emissions was reduced.

Currently, together with the active development of deposit activities of various financial institutions, as well as with the advent of electronic money, a further reduction in the need for paper money is expected.

Deposit money. The emergence of deposit money is historically connected with the development of the banking system and the implementation of banking operations on accounting of bills. They are numerical records of a certain monetary sum On customer accounts in the bank. Initially, deposit money appeared upon presentation by the owners of the bill of exchange to account in the bank, as a result of which the bank, instead of paying the amount of debt banknote, opened the bill bill. In this account, the amount due to the amount of money was recorded, and payments were made from this account by writing off. Currently, deposit money most often appear by making cash at the Bank's cashier and the opening of the current bank accounts.

Today a number of financial institutions have the right to produce undoubted money in the form of opening transactional (current, check, card) accounts that received the name of deposit money. Banks, loans-savings associations, credit unions in most developed countries provide customers with the opportunity to open current accounts.

Bill. A special place in non-discriminative money systems are held, a bill of exchange is a billion of the debtor's unconditional written obligation to pay the amount marked on it within the specified period.

As a credit and settlement fund, a bill is a certain prototype of banknotes, and later - and paper money. However, in the modern economic theory of bills are considered to a greater extent as securities acting as a tool of commercial lending, not money. At the same time, the importance of financial promissory notes in the monetary circulation of Russia and other developing countries as a calculated fund is high enough. The first references to bills belong to 1160-1200. n. e.

A bill of exchange as a kind of debt obligations has specific features: a) abstract (there is no specific type of transaction on the bill, and with it the source of the occurrence of debt); b) with no importance (unconditional payment of debt, including forced measures after compiling a notary protest act); c) converted (used instead of cash as a means of means of transmitting bills to other persons with a transfer inscription on its turnover). This creates the possibility of mutual credit bills.

By the nature of the occurrence of bills there are commercial and financial. Commercial bill is based on real trade transactions and is the basis for the development of a commercial lending. The financial bill does not have a real basis and is often regarded as a monetary surrogate. It is used in granting money. One of the types of financial bills are treasury bills manufactured by the state to cover budget expenditures.

In your character, a bill may be simple and transferable. A simple bill is the obligation of the billboard to pay the bill holder a certain amount within the prescribed period. The translated bill (Tratta) is an order of the bill holder (traxant) addressed to the payer (RUSSATU), to pay the specified amount to a third party (Remitent).

A bill of exchange as a cash tool is the object of pledge when lending.

A bill appeal has its own borders. First, the notch has a limited handle. Secondly, a bill can not be paid by salary and other regular income, as well as payments to the budget. Thirdly, bill can not be used in several payment transactions. Fourth, the bill serves only wholesale trade. Fifth, a limited circle is involved in the bill appeal. The above-mentioned borders of bill of exchange do not allow the bill to carry out the main cash functions And, therefore, to be considered as money.

Checks. The check is a monetary document of the established form, which contains an unconditional order of the checkbook to the credit institution on the payment of the check holder specified in it. Checks are used by physical and legal entities For mutual calculations. The first mention of them relates to 1659, when a check was discharged in London in the name of Mr. Delbo (Mr. Delboe). However, widespread checks received only at the end of the XIX century. With the active development of deposit operations by banks of developed countries. Already by 1890, in the United States, about 90% of all transactions were carried out using check bills.

As a rule, a payer on a check is a bank or another credit institution, which placed the payer's account.

You can highlight three main functions of the check: is he

a) serves as a means of receiving money in a bank from the current account;

b) acts as a means of circulation and payment when purchasing goods and repayment of debts in mutual settlements between legal entities and individuals;

c) is a tool for non-cash payments, significantly reducing the amount of cash in circulation.

A feature of the check as the payment instrument is that it should be physically presented to the bank for payment.

Checks are called personal If they were discharged by individuals. Checks are called commercialIf they were discharged by commercial enterprises. Checks are called governmentIf they were discharged by federal and local authorities.

Checks have two main advantagesbefore cash. First, checks can be written on any amount (i.e. the amount within the balance on the bank account or credit Limita). Secondly, checks are easy to handle, and if they are lost, they can be restored. In addition, unlike plastic cards or electronic money to service checks, it is not necessary to use an electronic identification network, which includes a system of authorization centers, ATMs, electronic finals, etc.

Checks can be divided into: named (written on a certain person without the right to transfer to another), oRDERS.e (compiled on a certain person, but with the right to transfer to another person on the endorsement) and bearer (discharged without specifying the recipient, and the amount indicated in them should be paid to the check locker).

In some cases, to confirm the solvency of the check of the checks may be acceptable, i.e. The bank with the help of a special inscription certifies the client's signature and guarantees the payment specified in the check. Such checks are called accepted or certified. There are other ways to confirm the solvency of the client who wrote the check. For example, in Europe, EUskops received widespread, which are standardized checks manufactured by banks by members of the international organization of Evrochkov and accompanied by a special guaranteed card by the EUROKE card (Euro Card). This card guarantees the check of the check within the established limit, and also be used to remove cash in ATMs. The greatest distribution today have order of acceptanced checks.

Despite the marked advantages, the checkpoint is characterized by a number shortcomings. In particular, the ubiquitous use of checks as a means of circulation and payment created great difficulties in their processing (check authenticity of checks, signatures on them, etc.). In addition, an increase in the amount of operations related to the collection of checks requires a significant number of qualified bank employees, which increases the cost of processing the checks.

A special kind of checks represent traveler's checks. Travel checks are a standardized cash document written in local foreign currency, commonly used when traveling abroad to pay for goods and services or receiving cash. Travel checks are usually covered by a more advantageous rate than cash exchange. By nature, traveler checks are prepaid financial products. In all the agencies of the company that has released a traveler, they are cash without commission. Their feature is that they are nominated and require the calculations of personal confirmation of authenticity. When the traveler's owner pays him or exchanges it to cash, he makes a control signature in the presence of a cashier. The main issuers of road checks are the largest international credit companies "American Express", "Visa", "Thomas Cook" and others.

Plastic cards. With development in the second half of the XX century. Payment systems that allow retail payments in electronic form, a new payment instrument appears - plastic card. A plastic card - This is a registered cash document released by a bank or other specialized organization certifying the availability of a plastic card owner's account and the right to purchase goods and services for non-cash payments.

Bank cards appeared at the beginning of the 50s. XX century Currently, in circulation is over 2.7 billion. bank cardswhich are produced mainly by international payment systems or credit companies. The largest international card payment systems are Visa International (more than 21 thousand banks) and EUROPAY INTERNATIONAL (more than 28 thousand banks). They account for about 80% of all bank cards. A special type of payment cards are tourism and entertainment maps, the issuers of which are credit companies, such as "American Express", "Diners Club" and others. As a rule, this species Maps are intended for wealthy citizens and provides their holders in addition to paying opportunities, increased credit limits, additional benefits and discounts when booking air tickets, hotels, etc. Currently, the share of card settlements in the United States accounts for about 26% of the total amount of non-cash payments and only 0.2% of their cost.

You can highlight three main plastic card functions: 1) is a tool of non-cash payments, significantly reducing the amount of cash in circulation; 2) acts as a means of payment when purchasing goods and repayment of debts in mutual settlements between legal entities and individuals; 3) serves as a tool for receiving money from a current account almost anytime.

Electronic systems wholesale payments. These systems are used to carry out transactions for large sums. Electronic systems of wholesale payments are payment systems to carry out in electronic form payment transactions of great value between banks, commercial companies and government agencies. Wholesale systems Operate by deposit money. Electronic systems of wholesale payments appeared in the late 1960s. And they were widespread in the 1970-1980s.

The main elements are:

1) Clearing settlement systems that produce mutual settlement on the accounts of their customers (netting) at a certain point in time, as a rule, after the end of the working day. Such systems can be bilateral and multilateral. The main disadvantages of such systems are insufficient efficiency in conducting payments, as well as the presence of liquidity risk;

2) Gross calculation systems in real time. Currently, these systems have already replaced netting in many countries. With their appearance, the risk of liquidity and the system risk of the banking sector decreased significantly. In the European Union, two regional supersystems, Target and Euro I are functioning in individual countries, primarily in the United States, where the Clearing CHIPS Clearing System is transformed into hybrid, which is netting with a short cycle (through small intervals).

You can highlight three main advantages electronic systems of wholesale payments: an increase in the speed of mutual settlements; reducing the cost of payment transactions; Simplify banking correspondence processing.

Online payments systems. Currently, in connection with the active development of the electronic economy, minine payments (online banking systems) are becoming increasingly distributed. Online payments systems are new electronic payment systems that allow direct time directly to make payments from the payer's account and credit funds to the recipient's account. Online payments can be used to conduct payments both within the traditional and within the electronic family.

Electronic money. Last years XX century marked up by a new stage in the development of commodity-money relations: the appearance of a new form: money - electronic money (E-Money).

Backgrounds of appearance and evolution of electronic money. The active evolution of monetary forms is observed over the past forty years.

From 1960 to 2000 The monetary sphere survived two stages of electronization. The first stage (1960-1980) was translated into the electronic basis of wholesale payments. It was characterized by the emergence of clearing settlement systems, automated settlement chambers, as well as the wide use of electronic transfers systems. The first phase of electronization allowed rationalize the payment management system, reduce credit and settlement risks at the level of wholesale payments, stimulate the emergence of new financial products, diversify access to them. The wide use of electronic transfers' systems was the basis for introducing retail electronic means of payment, such as credit and debit cards.

The emergence of electronic access systems in the mid-1990s. and the emergence of electronic money in the second half of the 1990s. symbolize the beginning of the second phase of electronization.

You can select several main electronic access systems: Calculations debit cards on the Internet using various security protocols; calculations using electronic checks; Calculations using online banking systems that provide direct access to customer bank accounts. The accounts of electronic access to accounts operate with deposit money by customers posted on current accounts in credit institutions.

Definition of electronic money. Formal characteristics. There are several main approaches to the definition of electronic money. Conditionally, they can be divided into european, American and Asian.

Within european approach electronic money Considered as new form Money that requires a special regime of their emission and circulation. According to the definition of the European Central Bank, electronic money is a monetary value stored in electronic form on a technical device, which can be widely used to make payments in favor of third parties without the need to involve bank accounts in transaction and which operates as a prepaid financial product.

Within the framework of the US approach, electronic money is not considered as a new form of money, and they are treated as a new type of financial services provided by credit institutions. According to the definition of the US Congress Budget Committee, the term "electronic money" can be used to indicate a wide range of new payment mechanisms (New Payments Instruments) created to make current payments by consumers in electronic form. In the US, electronic money most often like other prepaid financial products, such as traveler checks. In this regard, according to the US Congress Budget Committee, emissions and appeal of electronic money should be subject to traditional banking legislation. Therefore, in the US, there are currently no special regulations governing the procedure for emissions and circulation of electronic money.

In Japan and a number of other Asian countries, there are currently no unambiguous approach to the issue of interpretation of electronic money. In this regard, the Bank of Japan consciously compatible into the definition of electronic money the two most common interpretations. According to this definition, electronic money is an electronic means of payment that stores monetary value in electronic form (or the right of money value). Currently, electronic money issues related to the release of prepaid financial products are regulated in Japan by the Law on Prepaid Map.

It should be highlighted four important electronic money characteristics: 1) the money value is directly recorded on the information carrier (there is no binding to any account in credit institutions); 2) the payment by electronic money is final (the recipient of electronic money is considered completely paid, i.e. no longer has any requirements for third parties); 3) emissions of electronic money is a special type of financial activity (electronic money issuers are special institutions to which the special procedure for regulation and control over their activities should be applied); 4) Electronic money are an interest-free obligation of their issuer (like cash issued by central banks, electronic money does not imply interest payments to their holders).

Electronic money simultaneously embody the important advantages of both cash and deposit money. From cash, electronic money inherited the property of anonymity and unconditional disposal of cash, as well as low transaction costs, from deposit money - a dematerialized form, due to the convenience of making calculations, and low costs of circulation.

Thus, the main advantages of electronic money are: 1) Flexibility in payments. Electronic money can mediate both payments in the traditional economy and microplates in the electoral economy; 2) Low transaction costs. The cost of transaction using "network money", their processing and accounting is significantly cheaper than the cost of payments using cash, checks and credit cards; 3) High level of anonymity. Electronic money, in contrast to checks and credit cards, allow maintaining a high level of transaction anonymity, since when they are used, they do not require the identity of the payer and verification of its creditworthiness; 4) the possibility of direct disposal by their means. In contrast to cash, payment by electronic money does not require the presence of a payer and the recipient in one place, and unlike deposit money - the intervention of the third parties into the progress of transaction.

Electronic money systems.

Currently you can allocate three main types of electronic money systems:

Based on multipurpose prepaid cards (Card-based Systems);

Based on prepaid software / network products (Software-Based / Network-Based Systems);

Based on the prepaid value stored in virtual wallets on remote issuer servers (Server-Based Systems).

First type Electronic money systems are based on the cards with stored value (Stored-Value Cards) or "Electronic Wallet" (Electronic Purses or E-Purses). Such cards have a built-in microprocessor with a cash equivalent as a result of prepayment.

It is worth noting that only multipurpose or universal prepaid cards (that is, those in which the money value can be used for payments in favor of third parties include electronic money. The one-left prepaid cards that have gained widespread in telephony and transport services around the world are not related to electronic money. The information posted on such maps is not due to its nature, but is a prepaid number of consumption units of the individual service.

Second Type Electronic money systems are based on prepaid software / network money (Network Money), also called digital cash (Digital Cash). In this case, the money value is stored in the memory of computers on hard drives and with the help of special software, it is transferred by electronic communication networks, including through the Internet. Like multipurpose pre-paid cards, only multipurpose networks of network money belongs to electronic money.

Third type Electronic money systems use virtual wallets as an electronic money storage device (V-Wallets), posted on the issuer's server, access to which is provided by entering a personal code remotely. In such systems to transfer the cost to the electronic money holder, it is required to obtain remote access to the server and only after that, with the help of software and hardware, the issuer can be transferred to electronic money on communication networks, such as the Internet, etc.

Properties of electronic money. The main obstacle to the widespread introduction of electronic money is a relatively low degree of compliance of electronic money by desirable monetary properties. The evolution of money clearly showed that money should have a number of properties that make them most suitable among other goods for use in this capacity. Desired properties electronic money are basic to meet the two most important money characteristics:

first, be highly liquid asset and, secondly, have a stable purchasing power. Can be allocated at least twelve desirable electronic money properties:

1) convenience. Electronic money should be simple when used in both directions - both when they receive and when they are spent;

2) Security. In other words, it should be provided both to protect the integrity of information and protection against its unauthorized reproduction. For example, the payer should be able to translate electronic money to the recipient without fear that they will be changed or copied;

3) Anonymity (Privacy). The requirement of transactional anonymity is an important condition for the implementation of electronic transactions. Anonymity guarantees the secrecy of transactions on several levels. The payer and the recipient of electronic money must have the right to remain completely invisible with the direct implementation of the payment (although the latter will certainly be criticized by law enforcement agencies);

4) Universality (Wide acceptance). Electronic money must be well known and accepted in a wide commercial zone. This characteristic implies the recognition of the issuer and confidence in it by buyers and sellers;

5) Offley Compatibility. The exchange between the two parties by electronic money should provide for the possibility of working in the mode of offline. This means that the electronic money holder does not need to directly connect to the communication line to make payment. The payer must be able to freely translate the cash value to the recipient at any time without authentication to a third party;

6) microplating support. Electronic payment system It should technically maintain the possibility of holding payments of low denominations (we are talking about payment transactions in the amount of 0.001 to $ 10), but also ensure the profitability of such payments;

7) bilateralness. There must be an opportunity to transfer electronic money to other users. Bilateral payments should be carried out without the participation of the third party in them, authorizing the transaction, as is the case in the case of calculating systems on plastic cards;

8) portability. The use of electronic money should not depend on the physical location of their holders. They must navigate not only on computer networks, but also from computer networks to other cash value storage devices (for example, electronic wallet). Electronic money holders should be able to carry them with them and use if necessary in other networks and using other access tools;

9) Discussion. Electronic money must be divided into parts. Their holders should be able to refer to the issuer or the electronic exchange bureau for the exchange of electronic money a higher nominal value for electronic money of a lower nominal value;

10) Durability. Electronic money should not have the shelf life. They must maintain their cost unchanged and be protected from impairment or destruction. There should be a guarantee that the Issuer will not reduce the dignity of electronic money (they will not devalue them) or will not lead them from circulation;

11) exchangeback. Electronic money at the initial stage of development should be converted into cash issued by the Central Bank;

12) Free value unit. Electronic money should provide for the possibility of denominations in non-state currency. The issuers should have the right to release, and users use electronic money denominated in any new monetary unit, which will compete with electronic money released by the state.

It should be noted that at present, none of the existing electronic money systems satisfies all the properties specified above.

K. Marx wrote that "since gold money in the process of appeal themselves becomes a simple sign of their own value, they may be substituted by simple cost signs." Already in the functions of money as a cost measure, it is possible to replace real money with paper. This is due to the fact that:

the scale of prices is conditional and legislatively regulated;
in the names of money, the consequences of cost relationships are gradually smoothed (in the process of circulation of money).

Paper money is two types: government, manufactured by the Treasury (Treasury Tickets) and Banks (banking tickets or banknotes). Treasury tickets are called simply paper money in contrast to banknotes, which are by their nature credit money. Historically, paper money arose before credit, banknotes appear with the development of credit relations.

The first paper money appeared in China in the XII century. n. e., in Europe and America - in the XVII-XVIII centuries. In Russia, paper money (sources) was introduced in 1769

Paper money is signs, representatives of full-fledged money. The appeals of the costs of the cost acquire the form of symbolic money, this contributes to the fleeting nature of their appeal, as well as the fact that their forced course is sanctioned by the state. Initially, the release of paper money was limited in such a number, which was equal to the amount of gold needed to appeal. They express the obligations of state power and become a weapon of circulation, a way of government payments to debt, a payment facility, aimed at learning income to replenish the state treasury. Their possible impairment is connected not only with the increase in prices for goods and services, but also a possible change of state power, undermining the confidence of the population to the state. Paper money will not exchange on precious metalsare not determined by the need for turnover. Their emission is due to the main need for financing public spending and budget deficit. Completely admitted excessive emission Paper money, which causes their impairment.

Thus, money is used as deputies of gold when performing their main function - means of circulation, i.e. Indirectly replacing gold, they represent only the signs of the value of all goods in circulation. By themselves, paper money cannot serve as a commodity, at first they were freely exchanged for gold at par. Their two main functions: measure of cost and means of circulation.

The main reasons for the release of paper money are:

the needs of the State Treasury in the resources caused by the state budget deficit;
the presence of historical periods characterized by the acute need of government in money (war, revolution);
chronic deficit of the balance of the country's balance sheet, when the government, seeking to avoid gold leaks abroad, is forced to introduce unbelievable money to gold, equipped with a forced course, in order to obtain emissions income;
physical wear of coins, turning full-fledged coins in terms of value, and in some cases a conscious damage of coins by the state, leading to a decrease in the metal content of coins in order to obtain additional income to the treasury.

Paper money produced by the Treasury is based on the redistributive function of the state, its ability to carry out noncommissible coercion. Paper money is not a debt obligation of the state. At the same time, their release can be viewed as a specific form of a compulsory financial subsidy of society by the state.

Paper money - These are monetary marks manufactured to cover the budget deficit and not intended for the exchange of metal, but those submitted by the state forced course. The real paper value of money is determined by the objective law of money circulation: their release is limited to the amount that would reflect the actual treatment of gold symbolically represented by them. Paper money is mandatory money marks that replace gold as a means of circulation. They are inherent instability of circulation and impairment. They are not suitable for performing the treasure function.

Credit money - This is a form of money generated by the development of credit relations, the basis of a modern payment and settlement mechanism. They arise at that time when capital becomes an integral part Production itself, i.e. They appear not from handling (goods - money), but from the production itself, from the circuit. Credit money belongs to the highest sphere of the socio-economic process and are managed by other laws than ordinary money. The object of exchange relations is not a product in its essence, but commodity capital. The functions of money performs not a cash product, but cash capital in the form of credit money.

The credit system gave rise to the credit money of a special kind, which are undequented on gold banknotes of central banks and on their basis bank deposits (Deposit money, which are the base of check-in circulation). A bill and banknote arose on the basis of the appeal of debt obligations. K. Marx wrote: "The issuance of bills is the transformation of goods into one of the forms of credit money, and billing bills is only the transformation of these credit money into other money, namely in banknotes." Debt liabilities With the onset of the deadline for eliminating the balance of payments, cash was required, cash was to appear before the payment period on the bill, otherwise the production process could be broken and slowed down. Thus, credit money is subject to the law of monetary circulation and the laws of the movement of loan capital. Their appeal is connected both with the action of the law of value and the law of surplus value.

There is a phased evolution of money. Under the conditions of the golden cash circulation, the transition of money from one function to another occurred without changing their shape: from the means of handling a means of payment and back. Qualitative and quantitative polls of gold as money are permitted by the appearance of gold signs and the signs of value, which are new forms of money. Gradually, the role of money as payment tools goes beyond the scope of commodity treatment. Money becomes an universal product obligations.

Bill As the first type of credit money arose as a result of selling goods on credit. The bill is transformed into full money from the creditor's seller, giving the debtor to the buyer the opportunity to pay it directly not with him, but with the bank, which made debt obligation In the form of a bill. A bill of exchange is a document drawn up by law established by law and containing unconditional abstract written debt monetary obligation. this is security.

A bill of exchange happens:

simple (solo bill) - this is a written debt obligation of the debtor about paying a certain amount of money to the owner of the bill;
transferable (Tratta) is an order of the creditor to the debtor about paying the amount of money to a third party for a specified period.

Simple and translated bills are varieties of a commercial bill, which can be two types:

commercial, arising based on a trade transaction;
a simple or transferable bill that has no special support, but supported by unused bank credit lines.

Other worst bills:

treasury - short-term government securities (their sale is made with a discount to nominal value);
financial - long term duties Regarding a certain amount of money liable;
friendly - a bill not related to a real commercial deal; They are written to each other side of the transaction to get money by accounting bills in the bank;
bronze - a long-term commitment that has no real support.

The features of the bill are:

abstract - on the bill of exchange does not specify a specific type of transaction;
constability - mandatory payment of debt;
appeal is the possibility of transmitting bills to other persons with the help of a transfer inscription (indorsement), which creates the possibility of a mutual credit of the bill of interest.

Elasticity is characterized for billproof, i.e. Ability to automatic expansion and compression:

the growth of bills on turnover is associated with the level of development of credit relations and growth of turnover;
reducing turnover in reducing credit treatment and maturity of bills.

In the field of monetary circulation, a limited sphere is allocated, since it serves mainly wholesale trade, not always known information about the solvency of persons who transmit bill to the indorsement, a limited circle of persons is involved in the appeal of bills. The inconsistency arising in a wide scale between the number of accessible money and the volume of turnover is compensated by the expansion of billproof. The cost of the bill is determined by the cost of goods whose sales are serviced by them.

The disadvantages of bill appeal caused the appearance of banknotes. This is a bank card, a credit card of money produced by emission banks and replacing metal money in circulation. Banknotes are indefinite debt obligations. The banknote is different from bills, and from paper money.

The difference between banknotes from the bill:

banknotes are issued not by industrial and trading companies, but by central banks;
banknotes are indefinite debt obligations. Modern banknotes Nowhere will be exchanged for metal, but have a commodity (credit) basis;
they have a common passage because they are produced by central banks, the solvency of which is not subject to doubt.

Banknote represents a debt obligation, credit banking card, type of paper money, produced central Bank As a means of circulation, a deputy full money.

Since banknotes are issued in a lending order, and the loans after the expiration of the term are subject to return, then ultimately banknotes are returned to the emission bank. Release of banknotes in lending order and regular return of them to the emission bank - such are the patterns of banknote.

Banknotes may return to the emission bank not only by repaying the loan. For a long time, the banknotes were fluent on metal coins.

Free exchange banknotes on gold had fundamentally importantSince I excluded the possibility of an excessive amount of money and prevented their impairment in relation to gold. In the 30s of the XX century. In all countries, the free exchange of banknotes on gold was discontinued and no longer renewed.

The lack of a free fastement on gold brings the undequensed banknotes to paper money. Banknotes issued in the procedure for lending to trade turnover are credit money. If the emission of banknotes is used to cover government spending, then banknotes are actually turning from credit money into paper.

Reliable banknotes can be produced in excessive amounts and are impeded to gold.

Receipt It is a document of the established form containing an unconditional disposal of the checkbook of credit learning about the payment of the Checkholder specified in it, and can be used to receive money from the bank, as well as for payment of purchased goods or services received. Checks perform the function of handling. Checks appeared in circulation in the XVI-XVII centuries. Simultaneously in England, where banks provided their depositors with special books with orders used for settlements, which appeared to the prototype of modern cheek books, and Holland, where banks began to give out their depositors to the bearer receipt. In the conditions of developed product circulation checks play important role. If retail turnover is serviced mostly in cash, the wholesale turnover is accompanied by a checkpoint. Check turnover significantly exceeds the turnover of cash.

The economic nature of the check is that. that he serves as a means of receiving cash in a bank, acts as a means of circulation and payment, is a tool of non-cash payments.

There are many types of checks:

registered - checks issued on a certain person without the right to transfer to another person;
orders - checks issued on a certain person with the right to transfer to the endorsement;
bearer - Checks in which a specific person is not specified;
settlement - checks used in the system of non-cash settlements;
accepted - the Bank gives consent to the payment.

K. Marx narrated that "since gold money in the process of appeal themselves becomes a simple sign of one's own value, they can be substituted by simple cost signs." Already in the functions of money as a cost measure, it is possible to replace real money with paper. This is due to the fact that:

the scale of prices is conditional and legislatively regulated;
in the names of money, the consequences of the cost relationship are gradually smoothed (in the process of money circulation)

Paper money is two types: state-owned treasury (treasury tickets) and banks (banking tickets or banknotes) Treasury tickets are called simply paper money in contrast to banknotes, which will be credit money. Historically, paper money arose before credit, banknotes will be happy with the development of credit relations.

The first paper money appeared in China in the XII century. n. e., in Europe and America - in the XVII-XVIII centuries. In Russia, paper money (sources) was introduced in 1769

Paper money will be signs, representatives of full-fledged money. The applying signs of the cost acquire the form of symbolic money, I contributes to the fleeting nature of their appeal, as well as the fact that their forced course is sanctioned by the state. Initially, the release of paper money was limited to so much by their amount, which was equal to the amount of gold needed to appeal. It is worth noting that they express the obligations of state power and become a weapon of circulation, the method of government payments to debt, a payment facility, aimed at learning income to replenish the state treasury. Their possible impairment is connected not only with the increase in prices for goods and services, but also a possible change of state power, undermining the confidence of the population to the state. Paper money is not exchanged for precious metals, do not define the need for turnover. Their emission is mainly due to the need to finance government spending and budget deficit. The excessive emission of paper money is quite admissible, which causes their impairment.

Based on all the above, we conclude that money can be used as the deputies of gold when performing the main function - means of circulation, i.e. Indirectly replacing gold, they are exclusively the signs of the value of all goods in circulation. By themselves, paper money cannot serve as a commodity, at first they were freely exchanged for gold at par. Their two main functions: measure of cost and means of circulation.

The main reasons for the release of paper money will be:

the needs of the State Treasury in the resources caused by the state budget deficit;
the presence of historical periods characterized by the acute need of government in money (war, revolution);
chronic deficit of the balance of the country's balance sheet, when the government, seeking to avoid gold leaks abroad, is forced to introduce unbelievable money to gold, equipped with a forced course, in order to obtain emissions income;
physical wear of coins, turning full-fledged coins in terms of value, and in some cases a conscious damage of coins by the state, leading to a decrease in the metal content of coins in order to obtain additional income to the treasury.

Paper money produced by the Treasury is based on the redistributive function of the state, its ability to carry out noncommissible coercion. Paper money will not be a debt obligation of the state. With all this, their release can be viewed as a specific form of a compulsory financial subsidy of society by the state.

Paper money - ϶ᴛᴏ Monetary marks manufactured to cover the budget deficit and not intended for the change of metal, but those submitted by the state forced course. The real paper value of the money is determined by the objective law of money circulation: their release is limited to the amount, it would reflect the actual treatment of the gold symbolically represented by them. Paper money - ϶ᴛᴏ Mandatory making monetary signs that replace gold as a means of circulation. They are inherent instability of circulation and impairment. It is worth noting that they are not suitable for performing the treasure function.

Credit money -϶ᴛᴏ The form of money generated by the development of credit relations, the basis of a modern payment and settlement mechanism. It is worth noting that they arise at that time when capital becomes an integral part of the production itself, i.e. They will not get from handling (goods - money), but from the production itself, from the circuit. Credit money goes to the highest sphere of the socio-economic process and are managed by other laws than ordinary money. The object of exchange relations will not be a product in the entity, but commodity capital. The functions of money sells not a cash product, but cash capital in the form of credit money.

The credit system spawned the credit money of a special kind, which is non-discrepable for the gold banknotes of central banks and on their basis bank deposits (deposit money, which are the base of checking) bill and banknote arose on the basis of the appeal of debt obligations. K. Marx narrated: "Issuing bills - ϶ᴛᴏ Transformation of goods into one of the forms of credit money, and billing bills - exclusively to transform credit money into other money, namely in banknotes." Debt liabilities With the onset of the deadline for eliminating the balance of payments, cash was required, cash was to appear before the payment period on the bill, otherwise the production process could be broken and slowed down. Based on all the above, we conclude that credit money is subject to the law of money circulation and the laws of loan capital. Their appeal is connected both with the action of the law of value and the law of surplus value.

Bill As the first type of credit money arose as a result of selling goods on credit. A bill is transformed into full-fledged money from the creditor's seller, providing a debtor to the buyer the opportunity to pay it directly not with him, but with the bank, which made a debt obligation in the form of a bill. A bill of exchange - ϶ᴛᴏ Document compiled according to the law established by law and containing unconditional abstract written debt monetary obligation, i.e. ϶ᴛᴏ Securities.

A bill of exchange happens:

simple (solo bill) - ϶ᴛᴏ Written debt obligation debtor about paying a certain amount of money to the owner of the bill;
transferable (Tratta) - ϶ᴛᴏ Order of the creditor debtor about paying the amount of money to a third party for a specified period.

Simple and transfer bills will be varieties of a commercial bill, which can be two types:

commercial, arising on the basis of a trading transaction;
a simple or transferable bill that has no special support, but supported by unused bank credit lines.

Other worst bills:

treasury - short-term government securities (their sale is made with a discount to nominal value);
financial - long-term obligations about a certain amount of money deprecated;
friendly - a bill not related to a real commercial deal; They are written to each other parties of the transaction, to get money by accounting bills in the bank;
bronze - a long-term commitment that has no real support.

The features of the bill will be:

abstract - on the bill of exchange does not specify a specific type of transaction;
constability - mandatory payment of debt;
appeal is the possibility of transmitting bills to other persons with the help of a transfer inscription (indorsement), which creates the possibility of a mutual credit of the bill of interest.

Elasticity is characterized for billproof, i.e. Ability to automatic expansion and compression:

the growth of bills on turnover is associated with the level of development of credit relations and growth of turnover;
reducing turnover in reducing credit treatment and maturity of bills.

In the field of monetary circulation, a limited sphere is allocated, since it serves mostly wholesale trade, information about the solvency of persons broadcasting an empowerment bill is not always known, a limited circle of persons are involved in the appeal of bills. Non-scale arising between the number of compensated full-fledged money and the volume of turnover is compensated by the extension of billproof. The cost of the bill is determined by the cost of goods, sales of them are serviced.

The disadvantages of bill appeal caused the appearance of banknotes. This is a bank card, a credit card of money produced by emission banks and replacing metal money in circulation. Banknotes will be indefinite debt obligations. The banknote is different from bills, and from paper money.

The difference between banknotes from the bill:

banknotes are issued not by industrial and trading companies, but by central banks;
banknotes will be indefinite debt obligations. Modern banknotes do not exchange anywhere, but have a commodity (credit) basis;
they have a universal concern because they are produced by central banks, the solvency of the Kᴏᴛᴏᴩh is not subject to doubt.

Banknote It is a debt obligation, a loan banking ticket, a type of paper money, is produced by the central bank as a means of circulation, a deputy full-fledged money.

Banknotes may return to the emission bank not only by repaying the loan. For a long time, banknotes are okly swapped on metal coins.

Free exchange of banknotes on gold was fundamentally important, since he excluded the possibility of an excessive amount of money and prevented their impairment in relation to gold. In the 30s of the XX century. In all countries, the ςʙᴏ-deep exchange of banknotes on gold was discontinued and no longer renewed.

The absence of ςʙᴏ-like razing on gold closures undequensed banknotes for paper money. Banknotes issued in lending to trade turnover will be credit money. In the event that the emission of banknotes is used to cover government spending, then banknotes are actually turning from credit money into paper.

Reliable banknotes can be produced in excessive amounts and are impeded to gold.

Receipt It is a document of the established form containing an unconditional disposal of the checkbook of credit learning about the payment of the Checkholder specified in it, and can be used to receive money from the bank, as well as for payment of purchased goods or services received. Checks perform the function of handling. Checks appeared in circulation in the XVI-XVII centuries. At the same time in England, where banks provided special books with orders, used for settlements, which came to the prototype of modern checkbooks, and Holland, where banks began to produce depositors of the bearer receipt. In the conditions of developed product circulation checks play an important role. If the retail turnover is serviced mostly in cash, the wholesale turnover is accompanied by a checkpoint. Check turnover significantly exceeds the turnover of cash.

The economic nature of the check is that. that he serves as a means of receiving cash in a bank, acts as a means of circulation and payment, will be a tool of non-cash payments.

There are many types of checks:

registered - checks issued on a certain person without the right to transfer to another person;
orders - checks issued on a certain person with the right to transfer to the endorsement;
presenters - checks, in Kᴏᴛᴏᴩ, not specified a specific person;
settlement - checks used in the system of non-cash settlements;
accepted - the Bank gives consent to the payment.

Reliable money. Evolution of modern forms and species of undeveloped credit money undoubted paper money

Reliable (credit) money