The principles of the monetary system. Principles of the organization of the monetary system The essence of the monetary system and the principles of its functioning
The monetary system after the collapse of the USSR operates in accordance with the Federal Law "On The central bank Russian Federation(Bank of Russia) ".
The monetary unit is the Russian ruble.
The circulation of foreign currency in the country is prohibited. Together with the US dollar almost legally circulates, the issuing bank is forced to use in its activities the concept of the broad money aggregate M2X - this is the monetary aggregate M2 plus foreign currency balances in bank accounts.
The ratio between the ruble and gold is not legally defined.
The official exchange rate of the ruble against foreign currencies is set by the issuing bank based on the results of trading on the Moscow Interbank Currency Exchange with publication in the media.
The organizer of the issue and circulation in the country is the Bank of Russia, which is responsible for the condition money turnover for the stable functioning of the state economy.
Varieties of money - Bank of Russia banknotes and metal coins - are covered by all the assets of the Central Bank of the Russian Federation: gold, freely convertible foreign currency, etc.
Samples of banknotes and coins are set by the issuing bank. Information on the issue of banknotes and coins, new designs and their description is published in the press.
Coins and banknotes are required to be accepted by all economic entities at their face value throughout the state and in all forms of payment, for crediting to accounts and deposits, for transfer.
The period of withdrawal from circulation of old-style banknotes during the monetary reform is set at least 1 year and not more than 5 years. In the process of exchanging old money for new ones, no limiting procedures are allowed. With monetary reform, banknotes and coins may lose the validity of legal payment.
Counterfeiting of banknotes and coins is punishable by law. Non-cash money circulates in the country in the form of funds in bank accounts and cash (banknotes and coins of the Bank of Russia).
Genesis of development monetary system Of Russia
In Kievan Rus, due to the lack of discovered deposits of gold and silver, their own money was not minted, but mainly Arab and Byzantine coins were used. Silver and copper bars were also used as money. Since the 11th century, the "hryvnia", a one-pound bar of silver (about 400 g), has been used. The hryvnia was cut in half, and each half was called “ruble” (hence the name of the Russian currency) or “ruble hryvnia”. The ruble was divided into two parts - two half rubles. Poltina was divided into two quarters. Ingots were cast from imported metal, and a princely stamp was put on them with an indication of the weight.
During the Tatar-Mongol yoke in Russia, German and Riga marks, shillings, pfennigs, as well as the Golden Horde "denga" (ringing) coins were used. Hence the name Russian money. Imported silver and copper ingots were also used as money.
A unified monetary system was introduced in Russia by Ivan III (reigned in 1462-1505). Prior to that, each appanage prince minted his own money. Ivan III approved the Moscow money issue.
In the past, money was minted from precious metals and copper, and their value at a fixed rate corresponded to the value of the metal from which the coin was minted. However, later the so-called. “Tainted” or defective metal money, in which the content of noble metal or copper did not correspond to the enforced state rate regarding “real” money.
The process of "spoiling" money, which inevitably led to the disorder of the monetary circulation in the country, can be traced to the example of Russia.
In the middle of the 17th century Russian treasury emptied due to wars, crop failures and the Time of Troubles. The government issued copper coins in 1654 and forcibly equated them with silver of the same weight. It was a financial gamble, and a silver kopeck soon began to cost 15 copper kopecks on the market. There are double prices in the country. Moreover, the state paid salaries to servicemen in copper money, and demanded to pay taxes in silver. Living standards fell, leading to the "Copper Riot" (1662). After the suppression of the riot, copper money was withdrawn from circulation.
Peter I also issued defective money. He began with the minting of silver rubles. For the first time in the world, Peter I laid the basis for the monetary system of the decimal principle: 1 ruble = 10 hryvnias = 100 kopecks. There were also issued fifty kopecks - 50 kopecks, half-fifty kopecks - 25 kopecks, nickels - 5 kopecks, later altyn - 3 kopecks. and a five-salty one - 15 kopecks. The release of money was facilitated by the discovery and development of Russia's first silver deposits in Siberia.
Under Peter I, gold coins were also issued: Caesar rubles, used to award lower ranks, and chervontsy. Chervontsy were used in foreign trade and did not circulate in the domestic market.
The first issues of silver rubles were full-fledged - they contained 8 and 1/3 spool of silver (1 spool = 4.3 g), then the ruble contained 5 and 5/6 spool, then 4 spool. The reason is the deterioration of the country's economic situation, mainly due to wars. Hence, the constant growth of the tax burden and the decrease in the real value of the money issued (the weight of the coins).
Russia fortunately escaped the fate of France at that time. In 1717, while in France, the Russian emperor met with John Law, the ideologist of the issue of French paper money unsecured with gold. Peter I, tempted by the cheapness of new money, invited him to St. Petersburg to organize the issuance of paper money. For some reason, John Lo did not go to Russia, and a year and a half later, high inflation and a severe financial crisis erupted in France. In Russia, the minting of gold, silver and copper coins continued. And she learned the hardships of high inflation only after a few decades.
Over time, Russia, like other countries, switched to convenient paper money (banknotes) with guarantees of their exchange for gold. In this case, the banknotes actually represented gold. In the 20th century, the world community gradually abandoned the gold standard. The last dollar was exchanged for gold - until 1971, and therefore at that time played the role of the official world currency.
Monetary systems of individual countries
Monetary system of the USA
In the USA until 1900 there was a system of bimetallism. In 1990, the gold standard act was issued - the gold dollar became the monetary unit. In 1934, in the interests of the silver industrialists, the United States began to replenish stocks of precious metals and silver (according to the law, no more than 25%).
For a long time, banknotes were issued by state commercial banks. Under the law of 1863, this right was granted to national banks subordinate to federal legislation... But the situation remained, as most of the banks complied with the requirements. Under this law, banks could issue banknotes for the amount of government loan bonds they bought.
In 1913, the Federal Reserve System (FRS) was created from 12 banks of issue located in different states. This decentralized system served as a central bank.
During the world crisis of 1929-33. in the USA there was a gold coin standard. In 1934, the United States switched to a mixed gold coin and gold bullion standard.
In 1944, at the UN conference in Bretton Woods (USA), the gold and foreign exchange standard (Bretton Woods monetary system) was fixed. The dollar was recognized as the world currency, along with gold. The gold price in dollars was set unchanged - $ 35 per troy ounce. The dollar has become the recognized world currency. In 1970, its share in the gold and foreign exchange reserves of all countries of the world was about 75%.
However, the amount of dollars by 1970 exceeded the US gold reserves by several times. In addition, there was high inflation in the United States and a recession in the economy. The countries of the world began to intensively exchange dollars for gold. Then the USA on August 15, 1971 refused to exchange dollars for gold. In response, Western countries abandoned their support for the dollar, and the world switched to floating rate currencies.
Currently, money circulation in the United States is determined by the Fed, the Treasury Department (Treasury) and commercial banks.
The Fed, represented by the Federal Reserve Banks, issues banknotes - the main means of cash circulation.
The US Treasury issues small-bill (Treasury notes) from 1 to 10 dollars, silver and nickel and copper coins. Issue of treasury money was up to 11% of cash money supply(mostly coins).
Commercial banks issue bills of exchange, checks, credit cards - non-cash money. They accounted for 70% of the money supply in 1980 and are represented by bank accounts.
Demand deposit accounts play an important role in non-cash payments.
The regulation of monetary circulation is carried out mainly by the FRS with the help of the following main instruments:
Changes in the discount rate;
Purchase and sale of government securities;
Change in required reserves.
Monetary system of Germany
Before the formation of a single state in Germany, various types of monetary systems functioned with a predominance of silver monometallism. In 1871-73. after the unification of the lands, Germany switched to a unified system of gold monometallism - the gold coin standard - the Reichsmark (gold content -0.3584).
During the First World War, the gold standard was abolished, and after the defeat of Germany, a gold and exchange standard (gold exchange) was introduced in it. During the global crisis of the 1930s, this standard was also canceled.
During World War II, Germany switched to issuing unsecured Treasury notes. After the war, Germany was divided by the former allies into two parts: the FRG and the GDR. In May 1949, a gold-dollar standard was established in the FRG. In 1976, after the official cancellation of the gold parity by the IMF, the deutsche mark also lost its formal gold backing.
On January 1, 2002, a single European currency was introduced in the FRG to replace the mark. Before the introduction of the euro, the German Federal Bank was in charge of regulating monetary policy and issuing money in accordance with the legislation. He planned monetary policy, money supply and inflationary policy independently of the executive branch.
Monetary system of Japan
In Japan (currency - yen) in 1897-1933. there was a gold standard (gold coin). With the preparations for the war and during the Second World War, it was canceled.
Modern cash in Japan is 1,000, 6,000, and 10,000 yen banknotes, as well as 1, 5, 10, 60, and 100 yen coins. The Bank of Japan issues cash. Cash is secured by the assets of the Bank of Japan, including the country's gold and foreign exchange reserves (the largest in the world - over $ 400 billion in 2002).
Non-cash circulation prevails in Japan. The Bank of Japan regulates the aggregate money circulation using:
Regulation of the money supply;
Discount rate;
Government securities;
Concessional lending commercial banks;
Regulation exchange rate yen;
Gold and foreign exchange reserves;
Direct government aid to commercial banks.
In the 1990s, the Japanese economy experienced a prolonged recession (negative or close to zero GDP growth rates). In order to revive business activity, the Bank of Japan pursued a policy of cheap loans (zero rate for commercial banks) and a policy of depreciating the yen to support exports. As a result, at the beginning of the 21st century, there was a slight increase in Japan's GDP.
Bibliography
1.Money.Kredit.Banki: Textbook for universities / E.F. Zhukov, N.M. Zelenkova, L.T. Litvinenko / Ed. Prof. EF Zhukova - 3rd ed., Revised and enlarged. - M.: UNITY-DANA, 2008 .-- 703 p. S.115-132
2.Money. Credit. Banks. Ed. A. S. Selishcheva - SPb .: Peter, 2007.432 p. S. 76-84
3.Spitsyn S.F. "The payment system of Russia is the most important object of supervision and regulation" Money and credit 8/2008 p.43-46
4. Money, credit, banks: textbook / col.aut; under the editorship of honored workers of science of the Russian Federation, Doctor of Economics, prof. O.I. Lavrushina. - 4th ed., P. - M .: KNORUS, 2006 .-- 560 p. S.56-78.
Monetary system management principles. The principles of managing the monetary system are a set of rules, guided by which the state organizes the country's monetary system. These include: 1) centralized management of the national monetary system; 2) predictive planning of cash flow; 3) stability and elasticity of money circulation; 4) the credit character of the issue of money; 5) the security of banknotes issued into circulation; 6) insubordination to the government of the central bank and its accountability to the country's parliament, or the principle of independence; 7) providing the government with funds only in the form of lending; 8) comprehensive use of monetary regulation instruments; 9) supervision and control over money circulation; 10) the functioning of exclusively the national currency on the territory of the country. Let's open them.
The implementation of the principle of centralized management of the national monetary system allows, based on development needs, to set common goals and make decisions that are beneficial for the country's economy as a whole.
The principle of predictive planning of money turnover means that plans for money turnover are prepared as a set of general assessments based on scientific ideas about the state and prospects national economy or its individual sectors in the future. Making a reliable macroeconomic forecast is one of the most important and most difficult management tasks. Such forecast plans are not of a directive nature, and special administrative bodies are not created for their implementation.
At the same time, the main financial plan of the state - the state budget - is formalized by law and has a directive character. The execution of the state budget is the responsibility of the government as a whole and the Ministry of Finance.
The principle of stability and elasticity of money turnover means that the change in the mass of money in circulation should be correlated with the needs of the national economy: increase with an increase in demand, decrease with a decrease in demand in such a way as to prevent inflation.
The principle of the credit nature of the issue of money obliges, firstly, to carry out additional issues of banknotes - both cash and non-cash, only as a result of credit operations carried out by banks, and secondly, not to admit banknotes from other sources, including the state treasury, into circulation.
The principle of the security of banknotes issued into circulation assumes that all substitutes for real money - banknotes - are secured by various bank assets (gold and other precious metals, freely convertible currency, inventory, securities, debt obligations, etc.).
The principle of insubordination to the government of the Central Bank and its accountability to the country's parliament is associated with the principle of state building, which consists in the separation of powers. It is expressed in the fact that the Central Bank of the country is a structure controlled by the parliament, the legislative body, is not administratively subordinate to the executive power, i.e. to the government or any other body, public council, etc. Only in this case the Central Bank is able to fulfill the function of maintaining a stable exchange rate of the national currency, corresponding to the trends in the development of the country's economy. If independence is not ensured in practice, the government is able to carry out uncontrolled emission of banknotes, money circulation is exposed to the threat of crisis and destruction.
The principle of providing the government with funds only in the form of lending is expressed in the fact that the Central Bank does not finance the government.
If funds are provided, they are allocated, firstly, on credit terms and, secondly, against certain collateral (government securities, government inventory, real estate, etc.) in order to guarantee their return. As a result, barriers are set for covering the emission budget deficits at all levels.
The principle of the integrated use of monetary regulation instruments declares broad opportunities for the Central Bank in maintaining the stability of monetary circulation.
The principle of supervision and control over money circulation is an integral function of the public administration system. Constant continuous supervision and control is carried out by authorized state bodies (financial, tax, banking, etc.) for cash and non-cash money turnover.
The principle of functioning exclusively of the national currency on the territory of the country permeates everything legislative acts related to money circulation within the state. In accordance with it, only those payments made in national currency are legal on the territory of the country.
The population has the right to buy and sell foreign currency for the currency of their country, accumulate it, keep it in bank deposits, and use it as a means of payment abroad.
On the basis of the considered principles, the elements of the national monetary system are formed.
Elements of the monetary system. The structure of the monetary system and its elements are determined by the measure of compliance with the general principles of management and functioning and are regulated by the legislation of the country. With significant differences in the forms of building monetary systems at different stages of the development of a commodity economy, with different forms of the national state structure, all systems are characterized by some common features. Being formalized by law, they constitute the components of the monetary system.
The developed monetary system of the country includes the following elements: -
name of the monetary unit; -
the procedure for securing banknotes; -
emission mechanism; -
the structure of the money supply in circulation; -
the procedure for forecast planning; -
mechanism of state monetary regulation; -
the procedure for setting the exchange rate; -
order of cash discipline.
Let us explain them.
The name of the country's monetary unit serving as the price scale is established by law. The main currency, as a rule, has a decimal division into smaller types of banknotes (1 ruble “100 kopecks, 1 pound sterling = 100 pence, 1 franc = 100 centimes, 1 dollar“ 100 cents, 1 mark = 100 pfenings, etc.). etc.). By-laws or decisions of central banks regulate the types of large-denominated banknotes.
The procedure for securing banknotes is a characteristic of the types and basic rules for securing them.
The emission mechanism is the regulation for the issue and withdrawal of banknotes from circulation.
State legislation usually makes a distinction between the Treasury issuing center and the Central Bank as the issuer of banknotes. Non-cash money is issued by banks in the process of making credit transactions. Repayment of loans represents the actual withdrawal of non-cash money from circulation.
The structure of the money supply in circulation includes a number of parameters: the ratio between cash and non-cash money, between the volumes of issued notes of different denominations. The convenience of settlements depends on the structure of the money supply.
The procedure for forecast planning determines the goals and objectives of forecast planning, organizations and institutions that draw up plans, the system of the forecast plans of money circulation themselves, the methodology for their compilation and the set of calculated parameters and indicators.
The mechanism of monetary regulation is, firstly, a set of methods, methods, instruments of state influence on the monetary sphere of the economy, secondly, it includes tasks, objects and institutions of monetary regulation, thirdly, rights, obligations and responsibility of the bodies implementing it.
The procedure for establishing the exchange rate is a set of rules for establishing the rate of the national currency and the procedure for exchanging the national currency for foreign. Usually, the procedure for setting the exchange rate is the prerogative of the country's Central Bank, which is responsible for maintaining stable monetary circulation. Information about the exchange rate of the national currency for a specific date is published in official periodicals.
The order of cash discipline in the national economy includes general rules for the execution of cash settlements carried out through cash desks, and the principles of ensuring control over them.
The regulation establishes the forms of primary cash documents and reporting forms that all entities must use. economic activity when organizing cash turnover.
The primary control over the observance of the order of cash discipline is assigned to the banks that provide cash services to business entities.
More on topic 4.2. The functioning of the monetary system:
- CHAPTER 3. FUNDAMENTALS FOR FORMATION AND FUNCTIONING OF A DIAPOSITIVE ELECTRONIC MONETARY PAYMENT SYSTEM
- FUNCTIONING PRINCIPLES OF NATIONAL INNOVATIVE SYSTEMS UNDER CYCLIC CONDITIONS General principles of NIS functioning
The principles of the organization of the monetary system are the fundamental element of the monetary system. They mean the rules according to which the state organizes this monetary system.
There are the following principles of the organization of the monetary system:
1. The principle of centralized management of the monetary system is characteristic of the administrative-distributive model of the economy. It is implemented through government directives, which are binding on all state-owned banks and their branches. Management of monetary systems in a market model of the economy is characterized by the fact that it is not administrative methods of management that come to the fore here (although they do exist), but economic ones, when the state, through the apparatus of central banks, imposes conditions on the markets that force banks, financial institutions and other legal entities to make decisions necessary for the state. The implementation of the principle of centralized management of the national monetary system allows, based on development needs, to set common goals and make decisions that are beneficial for the country's economy as a whole.
2. The principle of predictive planning of cash flow. It means that both centralized and decentralized plans for money circulation and its constituent parts are prepared not as directive plans that are binding on specific bodies responsible for their implementation, but as forecasts, i.e. landmarks to strive for. Money circulation plans are prepared as a set of general assessments based on scientific ideas about the state and prospects of the national economy or its individual sectors in the future. Making a reliable macroeconomic forecast is one of the most important and most difficult management tasks. Such forecast plans are not of a directive nature, and social administrative bodies are not created for their implementation. An exception is a financial plan such as the state budget, which, in any type of monetary system, remains a directive plan, for the implementation of which the government and, as a rule, the country's finance ministry are responsible.
3. The principle of stability and elasticity of money turnover. This principle is that the monetary system should be organized in such a way as to prevent inflation on the one hand; on the other hand, to expand money turnover if the economy's needs for monetary funds increase, and to narrow them if these needs decrease. Under certain conditions (a decline in production, budget deficit, insufficient provision of funds for turnover, etc.), the stability of the money turnover can be violated, and a payment crisis arises. Overcoming such a crisis is possible with the help of a set of measures, including the development of production, budget deficit, ensuring the turnover with the necessary mass of funds, etc.
4. The principle of the credit character of the issue of money - the emergence of new banknotes (non-cash and cash) in economic turnover possible only as a result of banks conducting credit operations. Banknotes should not come into circulation from other sources, including the treasuries of countries.
5. The principle of security of banknotes issued into circulation. Under the conditions of a market economy model, banknotes are secured by commodity and material assets in the assets of banks, gold and other precious metals, freely convertible currency, securities and other debt obligations. At the same time, the gold content of the monetary unit has not been recorded in the Russian Federation since 1992.
6. The principle of independence of the Central Bank from the government and its subordination to the country's parliament. It is connected with the fact that maintaining the stability of monetary circulation and combating inflation are a priority task of the Central Bank. If this principle did not exist, there would always be a threat that the government would begin to “scoop out” the funds of the Central Bank to solve the tasks facing it, and thus the stability of monetary circulation would be disrupted. The principle of independence of the Central Bank from the government and its subordination to the country's parliament is associated with the principle of state building, which consists in the separation of powers. It is expressed in the fact that the Central Bank of the country is a structure controlled by the parliament, the legislative body, administratively not subordinate to the executive branch, i.e. government or any other body, public council, etc. Only in this case the Central Bank is able to perform the function of maintaining a stable exchange rate of the national currency, corresponding to trends in the development of the country's economy. If independence is not ensured in practice, the government is able to carry out uncontrolled emission of banknotes, money circulation is exposed to the threat of crisis and destruction. At the same time, the Central Bank may pursue policies that run counter to the current objectives of the state, therefore the central bank must systematically report to the country's parliament, which is designed to help bridge the differences between the central bank and the government.
7. The principle of providing the government with funds only in the form of lending. Usually in the legislation of countries with market economy there is a provision stating that the central bank should not finance the government, but provide funds to it only by way of lending against certain collateral (real estate, commodities belonging to the state, government securities, other securities belonging to the state (federations or subjects of the federation )). Application this principle prevents the use of money to cover the deficit of federal local budgets and thus not give an incentive to the development of the inflationary process. In addition, the use of this principle forces the government to seek other sources of revenue for the budget to cover federal and local expenditures.
8. The principle of the integrated use of instruments of monetary regulation. Its essence lies in the fact that the Central Bank should not be limited to any one instrument of monetary regulation to maintain the stability of monetary circulation, but should use a set of these instruments, otherwise the monetary effect cannot be achieved.
9. The principle of supervision and control over money circulation is an integral function of the public administration system. The principle of supervision and control over money turnover - the state through the banking financial system, tax authorities must ensure constant control over both the entire money turnover as a whole and over individual cash flows on the farm. In addition, the object of control is the observance by the subjects of monetary relations of the basic principles of organizing both cash and non-cash turnovers.
10. The principle of functioning exclusively of the national currency on the territory of the country. The country's legislation provides for payments for goods and services within the country to be made exclusively in national currency. This does not mean, of course, that the population cannot freely exchange the national currency on the territory of the country for the currencies of other countries, but it is allowed to use such currency received during the exchange for payments abroad, as well as placing in deposits in banks. The principle of functioning exclusively of the national currency on the territory of the country permeates all legislative acts related to monetary circulation within the state.
Modern monetary systems are a system within which the individual elements are in a certain unity. The elements can be conditionally divided into 3 blocks, which function in indissoluble unity:
1. basic (fundamental);
2. managerial (functional);
3. infrastructural (regulatory framework, legislatures and government).
The elements of the monetary system are:
1st block:
Principles of the organization of the monetary system;
The name of the monetary unit;
Types and procedure for securing banknotes;
Emission mechanism;
2nd block:
The structure of the money supply;
Monetary regulation mechanism;
The procedure for establishing the exchange rate;
Cash discipline procedure;
3rd block:
The procedure for forecasting and planning cash flow.
Principles of the organization of the monetary system:
The principle of centralized management of the monetary system. In market conditions, this principle is based on economic methods based on the motivation of the activities of business entities;
The principle of planning money turnover is based on the preparation of appropriate forecasts;
The principle of stability and elasticity of money turnover: the monetary system should satisfy the economy's needs for money, but not allow the development of inflationary processes;
The principle of the credit character of the issue of money means that the issue of cash and non-cash money is carried out on the basis of credit operations;
The principle of security of the issued money;
The principle of independence of the central bank from the state in the field of issuing operations, in solving the problem of ensuring the stability of the national currency, the comprehensive use of monetary regulation instruments, and the provision of funds to the government by way of lending;
The principle of supervision and control over money turnover: the state through the banking, financial system, tax authorities must ensure constant supervision and control over money turnover and main cash flows in the economy.
Monetary unit name- the next element of the monetary system. Currency unit- a statutory banknote that serves to measure and express the prices of all goods. As a rule, it is divided into small multiples. All banknotes monopoly issued by the central bank are legal tender. Legal tender - these are banknotes, which, according to the law, are obligatory to be accepted in repayment of a debt on the territory of a given state. All legal tender is money, but not all money is legal tender (for example, foreign currency is not legal tender).
Types and procedure for securing banknotes - state legislation establishes what can serve as a guarantee for the emission of banknotes (commodities, gold and precious metals, hard currency, securities, government guarantees, etc.).
Emission mechanism - the procedure for the issue of cash and non-cash money into circulation and their withdrawal.
Money supply structure- is considered either as the ratio between cash and non-cash money supply, or as a purchase structure of the mass of banknotes.
The procedure for predictive planning of cash flow - includes a system of forecast plans, the bodies that make up these plans, a set of indicators determined with the help of these plans, the tasks solved with the help of each plan of money turnover.
Monetary regulation mechanism - a set of instruments of monetary regulation (direct and indirect), the rights and obligations of monetary authorities.
The procedure for establishing the exchange rate or the quotation of currencies - means the ratio of the currency of a given country, expressed in currencies of other countries. Central banks are quoted. It can be official and free (market). Currently, they use a quotation method based on a “basket of currencies”, in which the national currency is compared with a number of other national currencies included in the “basket”.
Cash discipline procedure - it is a set of general rules, forms of primary cash documents, reporting forms, which should be followed by business entities when organizing cash turnover passing through their cash desks.
Introduction
Theoretical and methodological foundations of the functioning of the monetary system
The origin and evolution of money
1 Origin of money
2 The history of the evolution of the monetary system in Russia
Features and problems of the functioning of the monetary system in Russia at the present stage
2 Problems and prospects for the development of the monetary system of Russia
Conclusion
Application
Introduction
Money is one of the greatest inventions of humanity. They constitute the most fascinating aspect of economics. Money is perhaps one of the most important elements of any economic system, helping the economy run. If the current monetary system works well and harmoniously, then it infuses vitality into all stages of the production process, into the circulation of income and expenses, contributes to the full use of available production capacities and labor resources. Conversely, if the functioning monetary system does not work well, with interruptions, then this can become the main reason for the decline or sharp fluctuations in the level of production, employment, rising prices and lower incomes of the population.
The globalization processes unfolding in the world are leading to the blurring of boundaries between national systems of monetary circulation. As a result, a single financial space, the world capital market, is formed. The Russian economy cannot stay away from the world integration processes: isolation will negatively affect the implementation of market reforms in the country. But the complete openness of the economy in the conditions of an immature monetary system, a weak national currency turns the country into a means of solving the internal problems of developed countries.
By its content, the monetary system is a structured set of certain elements that closely interact and ensure its integrity. In its form, the monetary system is implemented through the organization of monetary relations in the country or in a single economic space. The form of the monetary system takes shape historically and is fixed by the relevant legislation.
It appeared in Europe in the 16th-18th centuries. with the emergence and establishment of capitalist production, as well as the centralized state and the national market, the monetary system, as commodity-money relations developed, underwent qualitative changes.
Over the past two hundred years, Russia has been going through monetary reforms, as a result of which a new monetary system was created, the task of which was to streamline the existing monetary system in order to stabilize money circulation. The preparation and implementation of monetary reforms in Russia was influenced primarily by the specifics of the country's monetary and banking systems.
The chosen topic of the course work is relevant, since money, monetary systems and the money market are closely related to our daily activities, and play an important role, both in the life of society as a whole, and in the life of an individual and citizen.
The purpose of the course work: to consider and analyze the features of the evolution of the monetary system in Russia, as well as to reveal its problems and development prospects.
To achieve this goal, the following tasks were set:
· study the theoretical foundations of the monetary system;
· consider the historical aspect of the emergence of money;
· analyze the current state of the monetary system in Russia;
· to reveal the problems of the development of the monetary system in Russia;
· find ways to solve these problems.
1. Theoretical and methodological foundations of the functioning of the monetary system
1 Concept and elements of the monetary system
The monetary system is a form of organization of monetary circulation in a country or region that has developed historically and is enshrined in national legislation.
There are three key functions of the monetary system:
· Emission;
· Regulatory;
· Control.
With the help of these functions, the main goal of the monetary system is achieved: ensuring its stability and elasticity.
The main elements of the monetary system are:
· the name of the monetary unit and the scale of prices;
· types of banknotes;
· the emission mechanism and the procedure for securing banknotes;
· the structure of the money supply in circulation;
· the procedure for setting the exchange rate and exchange for foreign ones;
· mechanism of monetary regulation.
The name of the monetary unit and the scale of prices as an element of the monetary system evolved historically. For example, the ruble was initially synonymous with the hryvnia - the monetary and weight unit of Ancient Rus.
The types of banknotes are mainly credit bank notes, as well as paper money (treasury notes and change coins).
The emission mechanism is understood as the procedure for issuing money into circulation and withdrawal from circulation. The procedure for securing banknotes is established by the legislation of the countries. In particular, in Russia in the laws "On the Central Bank of the Russian Federation (Bank of Russia)" and "On banks and banking»It is established that commodity-material values can serve as collateral: gold and precious metals, freely convertible currency, etc.
The structure of the money supply in circulation is the ratio either between cash and non-cash money supply, or between individual banknotes in the total amount of banknotes or in the total number of banknotes.
The procedure for setting the exchange rate is a quotation of currencies, or the ratio of a unit of the currency of a given country to the currency of other countries (for example, $ 1 = 33.06 rubles as of 25.08.13).
The mechanism of monetary regulation is various instruments of monetary regulation to support the stability of monetary circulation and the national currency.
With the development of commodity-money relations, the monetary system has undergone qualitative changes.
There are various systems of monetary circulation in the world, which have developed historically and are enshrined in legislation by each state.
The type of monetary system depends on the form in which money functions: as a commodity - a universal equivalent, or as a sign of value.
In the process of evolution, three types of monetary systems have developed: bimetallism, monometallism, and the system of paper and / or credit money (Fig. 1).
Bimetallism is a monetary system in which the role of the universal equivalent was legally assigned to two metals - gold and silver. Within the framework of this system, free minting of coins from both metals was provided. There are three types of bimetallism:
· a parallel currency system, in which the ratio between gold and silver was established spontaneously in accordance with the market price of these metals;
· double currency system - the ratio between metals was established by the state, and in accordance with this, coins were minted from gold and silver;
· lame currency system - a system in which both gold and silver coins served as legal tender, but not on equal terms, since silver coins were minted in a closed manner, and gold coins were minted freely, and silver coins were the sign of gold.
Rice. 1. Types, types and forms of monetary systems.
Bimetallism was widespread in Europe in the 16th-18th centuries. However, the functioning of the two metals as a universal equivalent was contrary to the very nature of money. Legislatively fixed ratios between the two currencies usually did not correspond to their market value, and the double price system led to a violation of the established price proportions, which had a negative impact on economic life.
France and a number of other countries in 1866, in order to preserve bimetallism, signed an agreement to maintain a solid ratio between silver and gold coins (15.5: 1). However, the dual currency system did not match the market value of gold and silver. In addition, at the end of the XIX century. there was a devaluation of silver due to the reduction in the cost of its production: and the market ratio of silver to gold was 20: 1 or 22: 1. As a result, undervalued gold coins (by law) began to go out of circulation as treasures. This once again highlighted the instability and contradiction of bimetallism.
In 1878, the member countries of the Latin Monetary Union stopped free minting of silver coins, and as a result, bimetallism gradually gave way to monometallism.
Monometallism is a monetary system in which one money metal, gold or silver, serves as the universal equivalent and basis of monetary circulation, and functioning coins and value signs are exchanged for gold or silver.
Gold monometallism was first established in Great Britain actually at the end of the 18th century, legally - in 1816; and in the last third of the XIX century. most countries switched to a monometallic monetary system on a gold basis. Gold monometallism was introduced in Germany in 1871-1873, in Sweden, Norway and Denmark in 1873, in France in 1876-1878, in Austria in 1892, in Russia and Japan in 1897 in the USA - in 1900.
In the Russian Empire, gold monometallism was introduced in 1897, when real conditions appeared for replenishing the country's gold reserves.
Almost the entire 19th century. and part of the XX century. gold played a central role in international monetary and credit relations. The gold standard reached its greatest strength in the period from 1880 to 1914.
Depending on the nature of the circulation and exchange of banknotes for gold in the theory of money, three varieties of gold monometallism are distinguished:
) gold coin standard;
) gold bullion standard;
) gold exchange standard.
World economic crisis 1929-1933 led to the fact that all forms of gold monometallism ceased to exist. Since the 1930s. monetary systems based on the functioning of non-exchangeable credit money are beginning to operate in the world. In 1931-33. the gold standard was abolished, and a system of irredeemable banknote circulation was established.
The motto of the monetary system is that a country with this system conducts international settlements in foreign convertible currency.
The system of closed currencies - countries in which various restrictions and prohibitions are in force, both for residents and non-residents, regarding the import and export of national and foreign currency, currency exchange, sale and purchase of currency and currency values and other currency regulation measures aimed at contain the spending of scarce foreign currencies.
With the transition to irredeemable credit money, all monetary systems began to be characterized by the following features:
· the abolition of the official gold content, security and exchange of banknotes for gold and its settling in reserves;
· issuance of cash and non-cash money based on credit operations of banks;
· prevalence in money circulation cashless circulation;
· strengthening of state regulation of monetary circulation, the creation of a mechanism for monetary regulation.
The types of money that are legal tender at the present stage are mainly credit bank notes (banknotes) and loose change. The right to issue banknotes is reserved for central banks. The Central Bank has the exclusive right to issue cash into circulation and only partially participates in the issue of credit. Unlike other credit institutions, the central bank itself creates lending resources for itself, while other banks in the process of their credit and settlement operations mainly redistribute the resources it has created.
2 Principles of organization of the monetary system
The principles of the organization of the monetary system are the fundamental element of the monetary system. They mean the rules according to which the state organizes this monetary system.
There are the following principles of the organization of the monetary system:
.The principle of centralized management of the monetary system is characteristic of the administrative-distributive model of the economy. It is implemented through government directives, which are binding on all state-owned banks and their branches. Management of monetary systems in a market model of the economy is characterized by the fact that it is not administrative methods of management that come to the fore here (although they do exist), but economic ones, when the state, through the apparatus of central banks, imposes conditions on the markets that force banks, financial institutions and other legal entities to make decisions necessary for the state. The implementation of the principle of centralized management of the national monetary system allows, based on development needs, to set common goals and make decisions that are beneficial for the country's economy as a whole.
.The principle of predictive planning of cash flow. It means that both centralized and decentralized plans for money circulation and its constituent parts are prepared not as directive plans that are binding on specific bodies responsible for their implementation, but as forecasts, i.e. landmarks to strive for. Money circulation plans are prepared as a set of general assessments based on scientific ideas about the state and prospects of the national economy or its individual sectors in the future. Making a reliable macroeconomic forecast is one of the most important and most difficult management tasks. Such forecast plans are not of a directive nature, and social administrative bodies are not created for their implementation. An exception is a financial plan such as the state budget, which, in any type of monetary system, remains a directive plan, for the implementation of which the government and, as a rule, the country's finance ministry are responsible.
.The principle of stability and elasticity of money circulation. This principle is that the monetary system should be organized in such a way as to prevent inflation on the one hand; on the other hand, to expand money turnover if the economy's needs for monetary funds increase, and to narrow them if these needs decrease. Under certain conditions (a decline in production, budget deficit, insufficient provision of funds for turnover, etc.), the stability of the money turnover can be violated, and a payment crisis arises. Overcoming such a crisis is possible with the help of a set of measures, including the development of production, reducing the budget deficit, ensuring the turnover of the necessary amount of money, etc.
.The principle of the credit nature of the issue of money - the emergence of new banknotes (non-cash and cash) in economic circulation is possible only as a result of banks conducting credit operations. Banknotes should not come into circulation from other sources, including the treasuries of countries.
.The principle of security of banknotes issued into circulation. Under the conditions of a market economy model, banknotes are secured by commodity and material assets in the assets of banks, gold and other precious metals, freely convertible currency, securities and other debt obligations. At the same time, the gold content of the monetary unit has not been recorded in the Russian Federation since 1992.
.The principle of independence of the Central Bank from the government and its subordination to the country's parliament. It is connected with the fact that maintaining the stability of monetary circulation and combating inflation are a priority task of the Central Bank. If this principle did not exist, there would always be a threat that the government would begin to “scoop out” the funds of the Central Bank to solve the tasks facing it, and thus the stability of monetary circulation would be disrupted. The principle of independence of the Central Bank from the government and its subordination to the country's parliament is associated with the principle of state building, which consists in the separation of powers. It is expressed in the fact that the Central Bank of the country is a structure controlled by the parliament, the legislative body, administratively not subordinate to the executive branch, i.e. government or any other body, public council, etc. Only in this case the Central Bank is able to perform the function of maintaining a stable exchange rate of the national currency, corresponding to trends in the development of the country's economy. If independence is not ensured in practice, the government is able to carry out uncontrolled emission of banknotes, money circulation is exposed to the threat of crisis and destruction. At the same time, the Central Bank may pursue policies that run counter to the current objectives of the state, therefore the central bank must systematically report to the country's parliament, which is designed to help bridge the differences between the central bank and the government.
.The principle of providing the government with funds only in the form of lending. Usually in the legislation of countries with market economies there is a provision stating that the central bank should not finance the government, but provide funds to it only by way of lending against certain collateral (real estate, commodity-material belonging to the state, government securities, other securities, owned by the state (federation or subjects of the federation)). The application of this principle makes it possible to prevent the use of money to cover the deficit of federal local budgets and thereby not give an incentive to the development of the inflationary process. In addition, the use of this principle forces the government to seek other sources of revenue for the budget to cover federal and local expenditures.
.The principle of the integrated use of instruments of monetary regulation. Its essence lies in the fact that the Central Bank should not be limited to any one instrument of monetary regulation to maintain the stability of monetary circulation, but should use a set of these instruments, otherwise the monetary effect cannot be achieved.
.The principle of supervision and control over money circulation is an integral function of the public administration system. The principle of supervision and control over money turnover - the state through the banking financial system, the tax authorities must ensure constant control over both the entire money turnover as a whole and over individual cash flows in the economy. In addition, the object of control is the observance by the subjects of monetary relations of the basic principles of organizing both cash and non-cash turnovers.
.The principle of functioning exclusively of the national currency on the territory of the country. The country's legislation provides for payments for goods and services within the country to be made exclusively in national currency. This does not mean, of course, that the population cannot freely exchange the national currency on the territory of the country for the currencies of other countries, but it is allowed to use such currency received during the exchange for payments abroad, as well as placing in deposits in banks. The principle of functioning exclusively of the national currency on the territory of the country permeates all legislative acts related to monetary circulation within the state.
2. The origin and evolution of money
1 Origin of money
Money has become an integral part of our life and everyday life. However, they were not always the case. Money appeared at a certain stage in the development of society. In the initial period of the existence of human society, a natural economy dominated. The manufactured products were intended for own consumption. Gradually, people specialized in the manufacture of certain types of products. The surplus began to be used for exchange for other products required by this manufacturer. Business entities began to produce products not only for their own consumption, but also for exchange for other goods or for sale. This caused the emergence of a regular exchange.
In conditions of natural exchange, when the goods were exchanged for goods directly (barter), the need for money did not exist. The deed of purchase was at the same time an act of sale. The proportions were established depending on random circumstances, for example, how much the need for the proposed product was expressed in one tribe, and also how much others valued their surplus. People return to spontaneous exchange to this day. In international trade, barter transactions are carried out to this day, where money acts only as a counting unit.
Due to development market relations, it was required to establish a universal equivalent that would not create difficulties in its circulation. Therefore, the second stage in the formation of money was the allocation of certain goods that had high liquidity (the ability to sell). It was cattle, furs, precious stones, salt, grain, precious metals. If such a commodity was livestock, then it must be fed, protected from predators, driven, etc. And if such a function was performed by grain, furs, then they could be spoiled by moths, weevils, etc. Thus, thanks to "natural selection", the role of money first passed to ferrous metals (in Babylon, the equivalent was originally iron), then to non-ferrous (the money of Ancient Rome - copper), and later to precious metals. At the same time, silver and gold for a long time performed this function at the same time, which was called "bimetallism".
The next stage was the emergence of paper money. One of the reasons for the appearance of paper money was the "spoilage of coins". In the past, each appanage principality could mint coins. Having discovered that recently issued coins and coins that were already "handled" and had less weight perform their functions equally successfully, they deliberately reduced the content of noble metals in the coins ("spoilage of coins"). Gradually, to save gold and silver, coins began to be made from alloys of base metals. Initially, paper money was issued to cover deficits state budget... They first appeared in China in the 11th century. In 1690, paper money appeared in America, in the 18th century. - in France, England. The state issued banknotes and treasury notes, which could be freely exchanged for gold (more precisely, for gold coins) from the reserves of the state treasury upon presentation. Paper money was more convenient to use than metal money.
The whole history of paper money is the history of the introduction by banks into circulation of obligations - bills of exchange and government regulation of their issue and circulation. Initially, the bill circulated between debtors and creditors, but gradually creditors began to pay them off. In this case, to confirm that the debt would be returned by a third party, the signature of a well-known and respected merchant or banker was required. Over time, large banks themselves began to issue bank bills, which were called banknotes. This is a different kind of paper money.
The appearance of banknotes greatly simplified the conduct of business by entrepreneurs and undermined the monopoly of the usurers in the money market. If a commodity (commercial) bill could circulate between sellers and buyers connected by commercial activities, then a bank bill (banknote) began to perform the function of a universal means of payment between any entrepreneurs. Banknotes, unlike treasury bills, were initially freely exchanged for gold. Currently, paper money is not exchanged for gold either domestically or on the world market. The division of all paper money into banknotes and treasury notes is purely formal.
With the abandonment of gold, and at the end of the 70s. and from the gold and exchange standard in the world arose the problem of paper money. It should be noted that some economists, including V. Ya Iokhin, continue to adhere to the point of view that, in spite of everything, gold continues to play the role of true money. Another part of economists, in particular A.G. Bratko, believes that in modern conditions money has lost its own value, and its value is determined by the entire mass of commodities opposing them. However, the fact is that if the mass of commodities has value in its content, then this value cannot be the content of the money supply for the second time. In this case, money comes close to fulfilling the function of a counting unit.
Money is a social phenomenon. They are released by the state. It also keeps the emission under control, i.e. circulation of money. If the issue of money was not limited, i.e. Anyone could print money, then prices would jump sharply, money would depreciate, and no one would use it. In this case, we would move on to natural exchange, barter transactions - the exchange of goods for goods.
Simultaneous lending to buyers and sellers in the form of commercial or bank promissory notes led to the emergence of credit money. Credit money is inherent in a more developed, higher sphere of the socio - economic process. Credit money is a debt that is used as a medium of exchange in the payment and settlement mechanism.
In modern conditions, most of the credit money is personified by deposits, or deposits. In the composition of the money supply, bank deposits play a predominant role in comparison with the cash component. Currently, more than 90% of all payments and settlements are carried out with the help of credit money in developed countries. Thus, the bulk of the transactions for the purchase and sale of goods are carried out without the participation of money in the usual sense of the word.
A new stage in the development of money is the emergence credit cards when all income and expenses are recorded through the peripheral departments by a central computer. They make it possible not only to pay directly with a card in a store, to receive paper money from an ATM, if necessary, but also to make payments in other countries.
It can be concluded that money has evolved from commodity, metal, paper, credit money to electronic reading devices.
2. The history of the evolution of the monetary system in Russia
In Novgorod in the XIII century, along with the name "hryvnia", the name "ruble" began to be used. So they began to call the Novgorod hryvnia, which was an oblong silver ingot, 14-20 cm long, with one or several dents on the "back" and weighing about 200 g. The first known mention of the ruble dates back to the end of the 13th century. It is mentioned in a birch bark letter of Veliky Novgorod, dated 1281-1299.
The ruble became widespread in Russia. The Moscow ruble appears, the shape and weight of which copies the Novgorod one. Also widespread were Western Russian or Lithuanian rubles, which had the same shape as the Novgorod ones, but were 10-17 cm long and weighing 100-105 g.
In the 15th century, the ruble finally pushed the hryvnia out of circulation, becoming, in fact, the only (if not counting a half-dollar) real payment unit of a coinless period in Russia.
From the end of the XIV century, the minting of the Russian silver coin - money - began. Its weight was 0.93g. and corresponded to 1/200 hryvnia of silver. The minting of money is associated with the struggle of the Grand Duke Dmitry Donskoy (1362-1389) against the Tatars. In addition to Dmitry Donskoy, many appanage princes were involved in minting money with various designs.
As a bargaining chip, the ruble was able to satisfy small payments. The increase in the scale of minting of coins and their continuous deterioration shook the stability of the ruble. As a result, from the middle of the 15th century, the ruble ceased to be an ingot and in the sphere of monetary circulation remained a countable concept.
In 1534, in Russia, Elena Glinskaya, the mother of the young Ivan IV the Terrible (1530-1584), carried out a monetary reform (unification of the monetary system). The purpose, which was the ban, of all old Russian and foreign coins (cut and uncut), and their replacement with a new coin - a penny.
After the monetary reform, the ruble continued to be a counting unit, but it contained 68 g of pure silver and was equal to 100 Moscow kopecks or 200 Novgorod money or 400 half-rubles (half money or a quarter of a penny). But, despite this, the Russian monetary system until the beginning of the 18th century was perhaps the most backward in Europe.
In 1654, under Tsar Alexei Mikhailovich (1645-1676), real ruble silver coins were issued for the first time - "efimki", minted from West German thalers - full-fledged current coins of Europe. The inscription "ruble" was placed on the coin for the first time. On the obverse there is a two-headed eagle, and on the reverse - a king on a horse. However, at this time the ruble was a defective coin, it contained less silver than 100 silver kopecks. Its actual cost was 64 kopecks. In 1655, the production of "efimks" was discontinued, they were replaced by full-weight thalers with a stamp (rider on a horse and the year - 1655), which were called "efimkas with signs".
At the end of the 17th century, a monetary crisis developed in Russia. And then the great reformer of the Russian state - Peter I Alekseevich Romanov "the Great" (1672-1725), decided to introduce a new monetary system that would meet the ever-increasing commerce. The reform was carried out gradually over 15 years. During the reform, in 1701, gold coins were put into circulation - a ducat (3 rubles), equal in weight to a Western European ducat (3.4 grams), a double ducat (6 rubles) and a double ruble (about 4 grams). And in 1704, a copper penny, equal to 1/100 of a silver ruble, appeared in circulation, which was produced according to the model of the Western European thaler and weighed 28 grams. Thus, Russia became the first state in the world to introduce a decimal monetary system based on the ruble and its one-hundredth part - a kopeck. This system was so convenient and progressive that it subsequently became widespread in the lands and states adjacent to Russia. The coins introduced by Peter I did not remain unchanged in subsequent times. Some denominations disappeared and other denominations appeared, coin types changed, their quality and weight data fluctuated. Until 1764, the amount of pure silver in the ruble decreased, after which, having dropped to 18 grams, it remained unchanged until 1915.
There were also changes in the value of gold coins. For example, by 1764 the gold ruble contained 27 shares (Share = 44.43 mg) of pure gold, and at the end of the 19th century - only 17.424 shares. In 1775, the gold poltina, the ruble, the semi-imperial (5 rubles) and the imperial (10 rubles) were issued. The latter contained 2 spools with 69.36 shares of pure gold (11.61 grams). At the end of the 19th century, the gold content of the imperial was reduced. Its weight in 1775 began to correspond to 15 rubles in 1897, and the semi-imperial, respectively, to 7.5 rubles.
During the reign of Catherine II (1729-1796), in 1769, to finance the war with Turkey, paper money was first issued in Russia - bank notes. In 1771, a stamp was made for a huge copper coin - the so-called Sestroretsk ruble. It was named so because these giant coins were supposed to be minted at the Sestroretsk plant. Such a coin was unsuitable for circulation. These rubles were supposed to provide paper notes introduced by Catherine II. But the mass production of these rubles did not take place. However, the increased issue of banknotes, which exceeded the security, led to a fall in its rate. It especially intensified during the Patriotic War of 1812.
The banknotes were withdrawn from circulation in connection with the next monetary reform of 1839-1843, which established silver monometallism in Russia. Which existed in Russia until 1852.
In 1828, in connection with the discovery of platinum in the Urals, the minting of platinum coins with a denomination of 3 rubles, weighing 2 spools (Zolotnik = 4.266 grams), 41 shares of pure platinum, began. In 1829 and 1830 platinum 6 - and 12 - rubles were consistently put into circulation, corresponding in diameter to a silver fifty dollars and a ruble, weighing twice and four times heavier than 3 rubles. The issue of these unusual coins is explained by the fact that in the 19th century, platinum had not yet found technical use, and therefore was valued relatively low.
Finance Minister of the Government of Nicholas I (1796-1855), Count E.F. Kankrin introduced banknotes in 1843, replacing bank notes. But by 1849, tickets and old banknotes were exchanged for new-type banknotes, which soon became worthless. Therefore, with the outbreak of the Crimean War of 1853-1857, banks stopped exchanging banknotes for gold and silver. A period of wide circulation of paper money has begun in Russia.
In 1895-1897, the Minister of Finance S.Yu. Witte (1849-1915), a new monetary reform was carried out, the purpose of which was to establish gold monometallism in Russia. It is based on the gold backing of the state's monetary system. According to the plan of the reformers, in order to ensure stable convertibility of the national currency (ruble), a free exchange of credit notes was established, the issue of which was limited to gold coin at the rate of one paper ruble for one ruble in gold, and also reduced the gold content of the imperial. Also, new technologies for the manufacture of banknotes, unknown in the West, were developed and introduced. The most popular was the Oryol method of multicolor printing, named after its author Ivan Ivanovich Orlov (1861-1928). His method received worldwide recognition and is still used with some improvements. The tsarist credit notes with the image of Peter I and Catherine II coming out from under the printing press of the State Sign were real works of art.
The war with Japan in 1904-1905, the revolution of 1905-1907, and the first world war that broke out in 1914 led to the collapse of golden monometallism. Paper money was no longer exchanged for gold. At the beginning of the First World War, gold, silver and copper coins disappeared from circulation. In 1915, the last issue of the silver ruble was minted in a meager edition. Paper money circulation was introduced in the country.
Mass issues of monetary (paper) surrogates, which began to fully serve the markets of the empire, led to an increase in inflation. In February 1917, the Provisional Government came to power, headed by the Socialist-Revolutionary A.F. Kerensky. As a result of the wrong policy of the state, the national debt of Russia increased, the war was waged "to the bitter end", a huge amount of paper money was printed. As a result, inflation has greatly increased.
In October 1917, the "October Socialist Revolution" took place, which resulted in the Civil War of 1918-1920. The Bolshevik government that came to power was also forced in March 1919 to intensify the production of new paper money.
In March 1921, Soviet Russia began issuing silver coins of equal quality to those of tsarist Russia. But all these coins were not released into circulation until 1924 - a monetary reserve was created.
In 1923, the first Soviet gold chervonets were issued, which corresponded in terms of the content of pure gold to the pre-revolutionary 10 rubles. The official rate of the chervonets as of January 1, 1923 was 175 rubles in 1923 banknotes or 17,500 rubles in 1922 banknotes. The Soviet chervonets received the nickname "sower" because the image of the sower was chosen for the obverse of the coin after the sculpture by Ivan Dmitrievich Shadr (1887-1941). The author of the sketch was the chief medalist of the Mint A.F. Vasyutinsky, who later took part in the creation of the Order of Lenin.
Today, gold chervonets of 1923 and 1925 are the rarest Soviet coins. Most of them were used for settlements with other states. Only a small number of these coins remained in the collections of museums and private individuals. Therefore, their collection value is now very high. From 1975 to 1982, the USSR continued minting gold ducats.
Silver coins of the RSFSR of 1921-1923 were put into circulation on February 26, 1924. In the same year, the release of silver coins of the USSR began. The silver ruble was minted only in 1924. Further, only parts of it were minted - fifty kopecks before 1927 and a penny, but in 1931 silver was replaced with nickel. Further, the ruble was circulated only in paper form and was expressed in Treasury notes and chervontsy of the State Bank of the USSR. During the post-war monetary reform of 1947, chervontsy and Treasury bills were exchanged for new money and a single calculation was introduced in rubles.
The 1961 reform introduced new coins from a copper-nickel alloy of white color (coin cupronickel) - 50 kopecks and 1 ruble. In May 1965, in commemoration of the 20th anniversary of the victory over fascism, for the first time in the USSR, a commemorative coin was issued with a denomination of 1 ruble. The coin depicts the sculpture "Soldier-Liberator" by Evgeny Viktorovich Vuchetich. In 1977-1980, in honor of the 1980 Olympics, held in Moscow, the first coins were minted from precious metals - gold, silver, platinum. In 1988, for the minting of commemorative and commemorative coins, palladium of 999 purity was used for the first time. international market and the manifestation of attention to it on the part of numismatists and investors. The practice of using palladium for minting coins became widespread in the world only in the late 80s.
In 1991, the Bank of the USSR for the last time put into circulation ruble coins, as well as Bank notes of a new design. The people called them "GKChP coins" and "wooden rubles". But the collapse of the USSR and inflation soon brought them to nothing. In 1992, the Bank of Russia issued new rubles in coins and bank notes, completely abandoning minting bargaining chip... As a result, 1 ruble became the smallest coin. But due to increased inflation in 1993 Russian government is conducting a new monetary reform, as a result of which the smallest coin already becomes - 10 rubles. In 1995 National Bank Russia refused to mint the ruble in coins, expressing it only in bank notes. Moreover, the smallest bill becomes - 1000 rubles. But already in 1998, during the denomination of the ruble (changing the denomination of banknotes in order to prepare the stabilization of monetary circulation), coins again appeared in circulation. The denomination of the ruble revived not only the coin ruble, but also the long-defunct kopeck.
With the collapse of the USSR, in many former fraternal republics, and now independent states, national currencies were introduced - Lari, Manat, Hryvnia, Litas, etc. Among them is Belarus, which chose the ruble as the national currency, with which she met in the distant XIII century. Since then, he has firmly entered her life and history. In 1992, the National Bank of Belarus put into circulation the first national rubles, popularly nicknamed "bunnies" since a hare was depicted on a 1-ruble ticket. In 1993, Transnistria introduced coupons denominated in rubles into circulation on its territory. In 1994, the Bank of Tajikistan also introduced the national currency, the ruble, into circulation (until October 30, 2000). Interestingly, the size, watermarks and colors are painfully reminiscent of the 1961 "socialist hem".
Since October 30, 2000, the national currency of Tajikistan is the somoni. One Tajik somoni was confined to 1000 Tajik rubles, a complete replacement was carried out by April 1, 2001.
In different languages and in different states The CIS ruble continues to live as the currency of these states.
evolution money national currency
3. Features and problems of the functioning of the monetary system of the Russian Federation at the present stage
1 The current state of the monetary system of the Russian Federation
The characteristic features of modern monetary systems of industrialized capitalist states are:
· abolition of the gold standard at the end of the 70s. XX century;
· the main types of money are banknotes, in some countries, treasury notes;
· more and more electronic money is attracted, bank cards;
· the total money supply is dominated by cashless payments;
· the share of cash turnover is decreasing;
· the use of credit instruments of circulation;
The Central Bank regulates monetary circulation in the country and maintains the stability of the monetary system.
The legal basis for the functioning of the monetary system in Russia is determined by the norms of the Constitution of the Russian Federation, Federal Laws "On the Central Bank of the Russian Federation (Bank of Russia)", "On currency regulation and currency control"," On banks and banking activities ", other laws, regulations of the President and the Government of the Russian Federation, as well as bylaws of the Central Bank of the Russian Federation. In accordance with the Constitution of the Russian Federation, the competence of the Russian Federation includes "establishing legal framework single market; money issue ". The Constitution also stipulates that "federal laws adopted by the State Duma on financial, currency, credit, customs regulation, money emission are subject to mandatory consideration in the Federation Council."
The official monetary unit (currency) in our country is the ruble, consisting of 100 kopecks. The introduction of other monetary units on the territory of the Russian Federation is prohibited. The relationship between the ruble and gold or other precious metals has not been established by law. The official exchange rate of the ruble against foreign currencies is determined by the Central Bank and published in the press.
The Bank of Russia has the exclusive right to issue cash, organize its circulation and withdrawal on the territory of Russia. He is responsible for the state of monetary circulation in order to maintain normal economic activity in the country.
The Board of Directors of the Bank of Russia decides on the issue of new banknotes and coins and the withdrawal of old ones, approves the denominations and samples of new banknotes. The decision on these issues is sent to the Government of the Russian Federation in the order of prior notification. Commercial banks are also involved in the issuance process. They issue non-cash money in the process of lending, and when the loan is repaid, money is withdrawn from circulation.
The types of money that have legal payment force are banknotes and metal coins, which are backed by all the assets of the Bank of Russia, including gold reserves, government securities, reserves credit institutions held in the accounts of the Central Bank.
Samples of banknotes and coins are approved by the Bank of Russia. The announcement of the issue of banknotes and coins of new designs, as well as their description are published in the mass media. They are required to be accepted at their face value throughout the country and in all types of payments, as well as for crediting to accounts, deposits and transfers.
The term for the withdrawal of old banknotes must be at least one and not more than five years. When exchanging, any limitation of the amounts and subjects of exchange is not allowed. Banknotes and coins may be declared invalid by law (no longer legal tender). Counterfeiting and illegal money making are punishable by law.
Cash (banknotes and coins) and non-cash money (in the form of funds in accounts with credit institutions) operate on the territory of Russia. In order to organize cash circulation in the Russian Federation, the Bank of Russia has the following responsibilities:
· forecasting and organization of production, transportation and storage of banknotes and coins, as well as the creation of their reserve funds;
· establishment of rules for storage, transportation and collection of cash for credit institutions;
· determination of signs of solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction;
· development and approval of rules of conduct cash transactions in the national economy.
Unlike the period of existence of valid gold money in paper-credit circulation, when the signs of value have lost their connection with the metal base, the Central Bank must create certain restrictions that restrain the emission of this money.
To provide cash services to credit institutions, as well as other legal entities on the territory of the Russian Federation, settlement and cash centers are being created at the territorial head offices of the Bank of Russia. These centers form a revolving cash desk for receiving and issuing cash, as well as reserve funds for bank notes and coins. Reserve funds represent stocks of unissued banknotes and coins in the vaults of the Central Bank of Russia and are important for the organization and centralized regulation of cash resources. The balance of cash in the circulating cash desk is limited, and when the established limit is exceeded, the surplus money is transferred from the circulating cash desk to the reserve funds.
Reserve funds of banknotes and coins are created by order of the Bank of Russia, which sets their value based on the size of the circulating cash desk, the volume of cash circulation, storage conditions. The objective need for reserve funds is due to:
· the need to meet the needs of the economy in cash;
· renewal of the money supply in circulation in connection with the money that has fallen into disrepair;
· maintaining the mandatory purchase composition of the money supply as a whole in the country and in the regions;
· reducing the cost of transportation and storage of banknotes.
Cash is released into circulation on the basis of the issuance permit of the document authorizing the Central Bank of Russia to back up the circulating cash desk at the expense of the reserve funds of banknotes and coins. This document is issued by the Board of the Bank of Russia within the limits of the emission directive, i.e. the maximum size of the issue of money into circulation established by the Government of the Russian Federation.
All issues related to the organization and regulation of non-cash settlements are established by the Bank of Russia in accordance with current legislation... It defines the rules, forms, terms and standards for the implementation of cashless payments. His responsibilities include licensing the settlement systems of credit institutions. The law provides for a general term for non-cash settlements of no more than two business days within a constituent entity of the Federation and no more than five business days within the Russian Federation. Payment orders, settlement checks, letters of credit, payment orders and other payment documents approved by the Bank of Russia are used as payment documents for non-cash settlements.
Due to the fact that the Russian monetary unit, the ruble, is not legally linked to the monetary metal (gold), there is no fixed price scale for it. The official scale of the ruble prices is set by the state.
The regulation of monetary circulation, imposed on the Bank of Russia, is carried out in accordance with the main directions of monetary policy, which is developed and approved in the manner prescribed by banking legislation. The Bank of Russia, endowed with the exclusive right to issue money, is especially responsible for maintaining equilibrium in the sphere of money circulation.
To calculate the total money supply in circulation in Russia, the following monetary aggregates are provided:
· unit M-0 - cash;
· unit М-1 - unit М-0 plus settlement current and other accounts (settlement accounts, special accounts, capital investments, letters of credit and checking accounts, accounts of local budgets, accounts of budgetary, trade union, public and other organizations, State Insurance funds, long-term credit fund) deposits in commercial banks; demand deposits with Sberbank;
· unit М-2 - unit М-1 plus time deposits in Sberbank;
· unit М-3 - unit М-2 plus certificates of deposit and government bonds.
The Federal Law on the Central Bank of the Russian Federation (Bank of Russia) provides for the procedure for the development and conditions for the implementation of a unified state monetary policy, as well as instruments for the Central Bank to regulate the amount of money in circulation. Such tools and methods, in particular, are:
· interest rates on Bank of Russia operations;
· Required reserve ratios deposited with the Bank of Russia (reserve requirements);
· open market operations;
· accounting policy;
· currency regulation;
· setting benchmarks for money supply growth;
· direct quantitative restrictions.
In accordance with the adopted state monetary policy, the Central Bank of the Russian Federation (Bank of Russia), in order to strengthen the ruble, regulates the total volume of loans issued by it, uses interest rate policy to influence market interest rates on credit operations, stimulating the growth or reduction of credit investments.
Of course, the Bank of Russia cannot directly influence interest rates on banks' transactions with their clients. These interest rates are determined mainly by the amount of money in circulation and the efficiency of the intermediation activities of the banking system and financial markets. Therefore, the influence of the Bank of Russia on interest rates on transactions of the banking system with non-financial agents is limited to regulating the money supply and measures to improve the state of the banking system.
Mandatory reserves perform not only a social function, guaranteeing in the event of a bank collapse from the complete ruin of depositors, but also are a source of additional financial sources for the Central Bank to regulate the money supply in circulation. The amount of required reserves is set as a percentage of the liabilities of credit institutions.
The essence of open market operations is to change the supply of loan capital in the country by buying or selling securities by the Central Bank, injecting funds into the economy or withdrawing liquid funds.
Accounting policy Of the Central Bank is in accounting and rediscounting commercial bills, coming from commercial banks, which, in turn, receive them from industrial, transport, trade and other enterprises. The central bank issues credit resources to pay bills and sets the so-called discount rate. As a rule, the discount rate of the Central Bank is aimed at limiting the rediscounting of bills, setting the maximum loan amount for each commercial bank. Thus, the impact on the volume of issued loans is carried out.
Currency regulation is associated with the purchase and sale of foreign currency by the Bank of Russia. These operations of the Bank of Russia in the foreign exchange market make it possible to influence the ruble exchange rate in foreign currency and the amount of money supply in circulation.
Along with the economic methods of regulating money circulation, which were listed above, the Bank of Russia in exceptional cases may apply direct quantitative restrictions in the form of setting limits on the refinancing of banks, on the conduct of certain banking operations... The Bank of Russia may establish benchmarks for the growth of one or several indicators of the money supply.
Let us consider and analyze the indicators of the Russian monetary system in development (Tables 1 and 2).
Table 1 Dynamics of money supply (M2) 1) in 2005-2010. (for the beginning of the year)
Money supply (М2), billion rubles Including Share of М0 in М2,% cash outside the banking system (М0), billion rubles non-cash funds, billion rubles 20054353,91534,82819,135,320066032,12009 , 24022,933,320078970,72785,26185,6312008128693702,29166,728,8200912975,93794,89181,129,2201015267,64038,111229,526,41) Data of the Bank of Russia.
Table 2 Dynamics of the money supply (M2) 1) in 2011-2013 (for the beginning of the year)
Money supply (M2), billion rubles Including Share of M0 in M2,% cash outside the banking system (M0), billion rubles transferable deposits, billion rubles other deposits, billion rubles 201120011.95062, 75797,1915225,3201224483,15938,66918,911625,724,3201327405,46430,17323,513651,823,51) Data of the Bank of Russia.
The component of cash in the total weight of the money supply tends to decrease annually.
The growth of cash in circulation in Russia is objective in nature and is associated with high rates of economic development, with a tendency towards an increase in the nominal cash income of the population, with an increase in retail trade, as well as with an increase in consumer prices for goods and services.
The indicator as of January 1, 2013 amounted to 27.405 trillion rubles against 24.483 trillion rubles at the beginning of 2012.
Earlier, the first deputy chairman of the Bank of Russia Alexei Ulyukaev noted that the decrease in the growth rate of the money supply at the end of 2012 to 12% from 22.3% a year earlier was excessive. He attributed the sharp slowdown in M2 growth to low credit demand amid uncertainty related to political factors and the external economic situation, as well as expectations for Russian economy... The Central Bank considers the optimal annual growth rate of M2 at the level of 15%.
As of January 1, 2013, the M0 monetary aggregate, which represents cash in circulation outside the banking system, amounted to 6.43 trillion rubles against 5.939 trillion rubles as of January 1, 2012 (an increase of 8.3).
It should be noted that the growth of cash circulation is indirectly associated with an increase in the shadow money turnover in the economy, the departure of business entities from taxation, and complicates the fight against corruption, money laundering, crime and terrorism.
Despite the increase in cash money turnover in recent years, there has been a tendency towards a decrease in the share of cash (outside the cash registers of banks) in the M0 aggregate in the total money supply (M2) due to an increase in the share of non-cash funds.
Let us consider the change in the amount of cash in circulation in the period from 01.01.2012 to 01.07.2013 (Fig. 2).
Rice. Change in the amount of cash in circulation
This graph shows that the maximum amount of cash in circulation falls on January 1, 2013 and amounts to 7,675.4 billion rubles. As of July 1, 2013, the amount of cash in circulation is 7430.9 billion rubles. It follows that for the period from 01.01.2012 to 01.07.2013, the amount of cash in circulation increased by 7, 65%.
3.2 Problems and prospects for the development of the Russian monetary system
One of the main problems in the development of the Russian monetary system is the convertibility of the ruble, i.e. its recognition by various economic entities in different countries as a reliable means of payment and a store of value. The desire of officials to put the Russian ruble on a par with world currencies is not news to either the Western or the Russian public. And steps are already being taken to achieve this. A number of world central banks have decided to include the ruble in their reserves. However, it is premature to say that the Russian ruble may become one of the world's reserve currencies.
In order for the ruble to move into the category of significant world currencies, it is necessary to form a high demand for it from outside foreign investors and create serious economic prerequisites for increasing the demand for the ruble. Probably, such prerequisites can be trade in energy resources (oil, gas) for rubles, but this process is still in its infancy. The effect of strengthening the national currency is still an unattainable dream for the Russian government. For large participants in international commodity-money relations, it is unprofitable to keep rubles just to pay for Russian oil.
Thus, at the moment, the ruble is a national currency, its circulation outside the Russian Federation is limited to certain countries - members of the CIS. The status of the "world reserve currency" automatically implies its being in the structure of gold and foreign exchange reserves of world central banks. Moreover, such banks should consider it on a par with the dollar and euro, currently performing the main function of reservation. At the same time, this kind of currency should have maximum liquidity and be recognized as an alternative means of payment by the majority of economic entities in a conditional country. The Russian ruble, unfortunately, does not yet have any of the above functions.
The most that the Russian ruble can claim is the role of a regional reserve currency.
The economy must be backed by a strong national financial system. The recognition of the ruble by various economic entities in different countries as a reliable means of payment and a store of value is one of the main tasks that must be solved as soon as possible.
Conclusion
In this term paper the features of the evolution of the monetary system of Russia were considered as a historical process of changing various functional forms of money.
However, each of them does not exist in the abstract, but within the framework of some monetary system. Throughout the history of mankind, not only the external appearance of money and their internal content have changed, but also changes have constantly occurred in the monetary systems as a whole. They have a long history, and the main stages of their development are generally associated with changes in the forms of money.
The monetary system in the course of historical development has undergone several organizational changes, each of which had a certain historical name, occupied a specific time space and was present in national and / or international systems farms.
When money is over-issued and there is no gold reserve backing, money falls in value. Although they are not the first step in demonetization, they are very significant. Also, banknotes are of interest as documentary evidence reflecting political events in the country, the state of the economy and finances of the state, the level of development of industrial production.
Paper money was a big step in the evolution of money, but nevertheless, they have already largely exhausted their potential. The future belongs to the so-called "electronic" money.
Based on the material presented in the work, a number of the following conclusions can be drawn:
1.The essence of money lies in its five main functions:
·the measure of value;
· means of circulation;
· storage medium;
· instrument of payment;
· World money.
Each monetary function, with all its specificity, constitutes an organic unity along with the rest.
.The emergence of money is associated with the development of exchange, trade relations. The first money was intended to solve problems in the implementation of barter transactions. The emerging need for a universal equivalent secured the function of money for precious metals (gold and silver). However, the intrinsic usefulness of high-grade money has led to its displacement by paper money.
.Money has the property of the greatest liquidity, that is, at any time it can be used to purchase goods or services. They are an established medium of exchange.
List of used literature
the federal law of 10.07.02 "On the Central Bank of the Russian Federation" // Money and Credit. - 2002. - No. 8.
Money, credit, banks: textbook / Ed. E.A. Zvonovoy. - M .: INFRA-M, 2012 .-- p. 88-102.
Money. Credit. Banks: a textbook for university students studying in economic specialties, in the specialties "Finance and credit", "Accounting, analysis and audit" / E.F. Zhukov, N.M. Zelenkova, N. D. Eriashvili; ed. E.F. Zhukov. - 4th ed., Rev. and add. - M .: UNITI-DANA, 2009 .-- p. 65-69.
5. General theory of money and credit: Textbook / Ed. E.F. Zhukov. - M .: UNITI-DANA, 2001.- p. 150.
6. Money, credit, banks / Ed. G.N. Beloglazovoy: Textbook. -M .: Yurayt-Izdat, 2006. - p. 87-88.
Galitskaya S. V. Money, credit, finance: textbook. / S. V. Galitskaya. - M .: Eksmo, 2009 .-- p. 130-136.
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Ivankov Ya.I. Evolution of the monetary system of the Russian Federation // Money and Credit - 2009. - №1. - with. 31-34.
Money, credit, banks: Textbook for universities / E.F. Zhukov, L.M. Maksimova, A.V. Pechnikova and others; Ed. academic RAYEN E.F. Zhukov. - 2nd ed., Rev. and add. - M .: UNITI-DANA, 2003 .-- p. 146.
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A.I. Sumenkov The money supply as one of the indicators of the stability of the financial system of the state // Finance and Credit - 2008. - №12. - with. 45-48.
16. National Bank of Tajikistan: [Electronic resource] // URL:<#"justify">Application
Problems of the development of the monetary system of Russia and ways to solve them
Problem Content of the problem Manifestation of the problem Ways to solve 1. Underdevelopment of the banking system Monopoly establishment of foreign exchange rates by the Central Bank of the Russian Federation The Bank of Russia insists on the need to preserve currency restrictions so that they allow it to fight the export of capital from the country, currency speculation and are necessary to maintain the ruble exchange rate, counter inflation . Improvement of the legislative base. Elimination of currency restrictions and, based on the prevailing real rate foreign currencies, the definition of the necessary emission of money supply - as a way to combat inflation. That will also make it possible to deal with other problems: the devaluation and inconvertibility of the ruble. The monopoly right of the Central Bank of the Russian Federation for money issue is an increase in the money supply. The actual size of the money supply is determined solely by the volume of money issue (monetary obligations) of the Bank of Russia. Foreign currency received as income of exporters or investors' funds will be replaced by a certain amount of rubles, the exchange rate is set by the Central Bank of the Russian Federation. The costs of Russian entrepreneurs are increasing. Non-convertibility of the ruble. Dependence of the ruble on world currencies. Payment for many goods and services in Russia is made in rubles, but prices are equal to the exchange rate of the US dollar (or euro). Dependence of the ruble on world currencies. Removal of restrictions on exchange, import, export and payment both in rubles and foreign currency. Inflation. The process of decreasing the value
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