monetary system

monetary system- this device monetary circulation in the country, historically established, enshrined in national legislation. The monetary system determines the banknote that is in circulation in a given state.

There are two types monetary systems: systems of metallic circulation and systems of circulation of banknotes, when gold and silver are forced out of circulation by credit and paper money that cannot be exchanged for them. Systems of metallic money circulation, in turn, are divided into bimetallic and monometallic systems. Bimetallic - these are monetary systems in which the state legislates the role of a universal equivalent (that is, money) for two noble metals, gold and silver. At the same time, free minting of coins from these metals and their unlimited circulation is carried out. Under monometallism, the universal equivalent is one monetary metal (gold or silver). At the same time, other banknotes function in monetary circulation: banknotes, treasury notes, and change coins. These banknotes are freely exchanged for monetary metal (gold or silver).

The most widespread in the world is gold monometallism. There are three types of gold monometallism: gold coin, gold bullion and gold trade standards.

Under gold-coin monometallism (which existed in Russia until 1914-1918), the prices of goods are calculated in gold, full-fledged gold coins function in the internal circulation of the country, and gold performs all the functions of money. Free minting of gold coins is carried out; all banknotes (banknotes, change coins) are freely exchanged for gold; free export and import of gold and the operation of free gold markets are allowed. After the First World War, instead of gold coin monometallism, gold bullion and gold exchange (gold motto) types of monometallism were established. Under the gold bullion standard, the exchange of banknotes and other money is carried out only for ingots weighing 12.5 kg; under gold exchange - the exchange of banknotes and other money began to be carried out for the currency of the mottos of countries where exchange for gold bars was allowed. After 1929-1933 all forms of gold monometallism were eliminated, and after the Second World War, at a conference in Bretton Woods (USA) in 1944, the so-called was formalized, characterized by the following features: gold is being squeezed out of free circulation and acts only as a means of final settlement between countries; along with gold international means and the reserve currency is the dollar (USA) and the pound sterling (UK); only reserve currencies are exchanged for gold according to the established ratio, as well as in free gold markets; interstate regulation currency relations carried out by the IMF (International Monetary Fund). The Bretton Woods monetary system was a system of international gold exchange monometallism based on the dollar.

In the 70s. 20th century in connection with the reduction of gold reserves in the United States, this system collapsed. In 1976, the Bretton Woods monetary system was replaced by the Jamaican monetary system, formalized by the Agreement of the IMF member countries (Jamaica) in 1976 and ratified by the IMF member countries in 1978.

Under the Jamaican Monetary System, Special Drawing Rights (SDRs) were declared world money and became an international unit. At the same time, the dollar kept important place in international settlements and foreign exchange reserves of other countries. In addition, the demonetization of gold was legally completed, that is, the loss of gold monetary functions. At the same time, gold remains a reserve of the state, it is necessary to purchase the currency of other countries.

There is currently no metal circulation in any country; the main types of banknotes are credit bank notes(banknotes), state money (treasury notes) and small change.

The official currency of Russia is the ruble. The official exchange rate of the ruble against foreign monetary currencies determined central bank and published in print. On the territory of Russia, cash (banknotes and coins) and non-cash money (in the form of funds in accounts with credit institutions) operate. The Bank of Russia has the exclusive right to issue cash, organize their circulation and withdrawal on the territory of Russia.

MAIN ELEMENTS OF THE MONETARY SYSTEM

The legislation of each country determines the structure of the monetary system, which includes the following elements:
- the name of the monetary unit and its parts;
- scale of prices;
- types of banknotes having legal tender value;
- the structure of the money supply;
- emission mechanism;
- types and procedure for securing banknotes;
- structure of money turnover, regulation of non-cash money turnover and cash circulation;
- the procedure for establishing the exchange rate;
- a state body that regulates monetary circulation.

Monetary unit - established by law banknote, which serves to measure and express the prices of all goods and services. The name of the national currency, as a rule, arises historically, but the state must legislative act fasten it. Monetary units are, for example, in the USA - the dollar, in Japan - the yen, in a number of European countries - the euro, in China - the yuan, in Russia - the ruble, etc.

The scale of prices is a means of expressing the value in monetary units, based on the weight of the monetary (precious) metal in the monetary unit. Now the scale of prices is formed under the influence of supply and demand.

Types of money are denominations of banknotes and coins that are in circulation and are legal tender. First of all, it is credit money (banknotes), small change, as well as paper money (treasury notes).

The structure of the money supply is considered either as a ratio between the cash and non-cash money supply, or as a denomination structure of the mass of banknotes.

The emission mechanism includes the procedure for issuing and withdrawing money from circulation, money issue and provision of banknotes issued for circulation. The issue of banknotes is carried out by the central bank in three ways:
- provision of loans to credit institutions in the form of rediscounting commercial bills;
- lending to the treasury secured by government securities;
- issuing banknotes by exchanging them for foreign currency.

Banks ensure the banknotes issued for circulation at the expense of the following funds in their assets: inventory items, precious metals, freely convertible currency, securities and other liabilities.

The structure of money circulation as an element of the monetary system can be considered, first of all, as the ratio of cash circulation and non-cash money circulation. The state legislatively determines the procedure for cash and non-cash money circulation.

The exchange rate is determined based on the quote. Quotation - determination and establishment of the exchange rate of foreign currency to the national one. It allows you to determine the ratio of two monetary units offered for exchange. This ratio cannot be constant because foreign exchange market supply and demand are constantly changing. The quotation is carried out by central (national) banks and the largest commercial banks.

The state apparatus that regulates monetary circulation means the state body that is legally entrusted with monitoring and regulating the processes of issuing, securing, storing and withdrawing banknotes from circulation.

TYPE OF MONETARY SYSTEM

The type of monetary system depends on the form of functioning of money - full-fledged money or signs of value. In the process of evolution of the forms of money and monetary relations There are two types of monetary systems:
- metal circulation systems;
- currency circulation systems.
Systems of metallic money circulation, in turn, are divided into bimetallic and monometallic systems.

Bimetallism is a monetary system in which the role of the universal equivalent is assigned to two precious metals- gold and silver. This system is characterized by the free minting of coins from both metals and their unrestricted circulation. The ratio between gold and silver coins is set depending on market price precious metals. This system existed in the XIV-XVII centuries. Three varieties are known:
- a parallel currency system - the ratio between gold and silver coins was established spontaneously;
- dual currency system - the state fixed the ratio between metals, and the minting of gold and silver coins and their acceptance by the population were carried out according to this ratio;
- the "lame" currency system - gold and silver coins were legal tender, but not on equal terms. Silver served as a substitute for gold coins in circulation, and was also used as a bargaining chip.

However, the bimetallic monetary system did not meet the needs of a developed capitalist economy, since the use of two metals, gold and silver, as a measure of value at the same time, contradicts the nature of this function of money. Only one commodity can serve as a universal measure of value. In addition, the fixed value ratio between gold and silver established by the state did not correspond to their market value. As a result of the cheapening of silver production at the end of the 19th century and its depreciation, gold coins began to go out of circulation into a treasure.

The development of capitalism required stable money, a single universal equivalent, so bimetallism is giving way to monometallism. Monometallism is a monetary system in which one monetary metal is the universal equivalent and the basis of monetary circulation. Simultaneously with metal money, there are other signs of value in circulation (banknotes, treasury notes, small change) that can be exchanged for money metal. History knows silver and gold monometallism.

Silver monometallism existed in Russia in 1843-1852, in India in 1852-1893, in Holland in 1847-1875. In tsarist Russia, the system of silver monometallism was introduced as a result of monetary reform 1839 - 1843. The monetary unit was the silver ruble with a content of 4 spools and 21 shares of pure silver. Credit notes were also put into circulation, circulating on a par with silver coins and freely exchanged for silver. However, in the conditions of decaying serfdom, with a deficit of the state budget and foreign trade balance, this reform could not significantly streamline monetary circulation for a long period.

The introduction of the system of gold monometallism was due to the formation and development of a single world market, since the strengthening of foreign economic relations required stability from the national currencies serving them. One of the direct prerequisites for the introduction of the gold standard by states was the accumulation of gold reserves. Gold monometallism, or the gold standard, existed in the form of gold coinage, gold bullion and gold trade standards.

Under the gold coin standard, gold performs all the functions of money, both gold coins and gold tokens are in circulation; free coinage of gold coins with a fixed gold content is carried out; gold coins are freely exchanged for signs of gold at face value. With the outbreak of the First World War, the gold standard ceased to exist in most countries.

Under the gold bullion standard, banknotes were exchanged only for gold bullion (not gold coins), and with certain restrictions. Namely, standard gold bars weighing about 12 kg were sold, so only relatively wealthy holders of funds could purchase them. This prevented the dispersal of gold reserves among small owners. Thus, gold was gradually forced out into wholesale circulation.

A feature of the gold exchange standard was that banknotes are exchanged for mottos, i.e. into foreign currency exchanged for gold. Important role of the gold exchange standard was that it fixed the currency dependence of some countries on others, which was the basis for the subsequent creation of a system of international currency contracts and systems currency regulation, ensuring the relative stability of freely convertible currencies.

The gold bullion and gold exchange standards were formalized by interstate agreements reached at the international economic conference in Genoa in 1922. This conference determined the status of the reserve currency (reserve motto). The reserve currencies during this period were recognized as the pound sterling and the dollar.

As a result of the global economic crisis 1929-1933 the gold standard was abolished in all countries. There has been a denial of domestic markets from all forms of payments in gold, the relationship between the volume of gold reserves of banks and the size of the money issue has been lost. After the collapse of the British Empire, the role of the reserve currency was assigned to the dollar.

In 1944, the charter of the International Monetary Fund was approved and a fixed price of gold was set - $ 35 per troy ounce (31.1 grams). Thus, the gold-dollar standard was established.

In connection with the reduction of gold reserves, the US government officially stopped selling gold bars for dollars in 1971, and the gold-dollar standard ceased to exist. The last stage in the gap between monetary systems and gold was the abolition of fixed gold parities of currencies and the transition to floating ones. exchange rates. The Jamaican International Conference, whose agreements were introduced in 1976-1978, legally fixed the demonetization of gold, which was expressed in the following:
- the official (fixed) price of gold has been cancelled;
- the gold content of the monetary units of countries has been canceled; - gold is excluded from settlements between the International Monetary Fund and its members.

Since the 30s of the twentieth century, a system of circulation of nominal banknotes has been formed in Western countries, in which the monetary product functions not in monetary form, but in the form of paper money circulation and purely banknote circulation. In modern monetary systems, banknotes retain their credit nature, but are subject to the laws of paper money circulation.

Monetary systems based on the circulation of fiat money currently exist in the vast majority of countries. The obvious advantages of such systems, associated primarily with the convenience and economy of circulating money, contributed to their ubiquitous distribution.

The main features of the monetary system characteristic of a market economy are:
- decentralization of money circulation between different banks;
- division of the function of issuing non-cash and cash banknotes between different links banking system. The issue of cash is carried out by central banks, the issue of non-cash money is carried out by commercial banks that are in different forms of ownership;
- creation and development of the mechanism of state monetary regulation which is of an economic nature;
- centralized management of the monetary system through the apparatus of the central bank.

Features of the functioning of paper-credit monetary systems

Banknotes in paper-credit (fiduciary) monetary systems are not representatives of social material wealth. Such monetary systems were formed as a result of the demonetization of gold. There are three types of fiduciary monetary systems:
- transitional (combine metal and paper circulation);
- full fiduciary standard;
- electronic-paper money systems.

Currently, in most countries there is a transition to electronic-paper money systems. Characteristics such systems are:
- issuance of money is ok bank lending subjects of the economy and under the growth of official gold and foreign exchange reserves;
- development of non-cash money circulation and reduction of cash;
- monopolization of the issue of cash by the state represented by the issuing bank;
- prevailing development in the system of non-cash money circulation of electronic money payments;
- based on "network money" (software-based / network-based systems) - monetary value stored in the memory of computers, and with the help of a special software it is transferred via electronic communication networks (electronic payment systems of issuing banks, payments on the Internet);
- increasing role state regulation money circulation.

Features of the modern Russian monetary system

The monetary system of Russia is in constant development, reflecting modern economic and political realities. Its peculiarity is the rigid centralism of the management of this system. The main elements of the Russian monetary system:
1. The national currency is the ruble and its constituent part is the kopeck (1 ruble = 100 kopecks).
2. Types of money in circulation - bank notes (banknotes) and small change (such a structure has developed since 1991, when treasury notes were withdrawn from circulation).
3. The national emission system of Russia is the monopoly right of the Bank of Russia to issue money into circulation, currently enshrined in federal law Russian Federation"On the Central Bank of the Russian Federation (Bank of Russia)". The banknotes of the Bank of Russia issued into circulation are secured by a set of obligations to it.
4. The national apparatus that supports and regulates monetary circulation is a monopoly Central Bank on all issues related to the issue of money and the organization of their circulation on the territory of Russia.

The monetary system and money circulation function in accordance with the law on the Central Bank of April 12, 1995, which determined them legal framework. The monetary unit of the Russian Federation (currency) is the ruble. The law prohibits the introduction of other units of money, and does not require a ratio between rubles and gold. Ruble exchange rate against currencies developed countries established by the Central Bank of the Russian Federation and officially published. This is necessary to maintain normal conditions for economic activity countries. The types of money valid in the Russian Federation are banknotes and metal coins. They are backed by Central Bank assets, which include gold reserves, securities, as well as reserves credit institutions. In the Russian Federation, cash (both coins and banknotes) and non-cash money (funds on the accounts of credit institutions) are in circulation. Since the ruble is not associated with gold, there is no fixed price scale in the Russian Federation. The state officially sets the price scale for the ruble. Central Bank to regulate the economy through monetary policy uses such tools: discount policy (discount rate), reserve norms credit institutions, operations open market, regulation of standards for credit institutions, etc. The Central Bank approves samples of banknotes. The issue of new money takes place on the basis of an issuance permit issued by the Board of the Central Bank within the amount established by the Government of the Russian Federation. The release of new money is reported in the media.

monetary system - this is a form of organization of money circulation in the country, historically established, fixed and regulated by national legislation. Its integral part is the national monetary system, which at the same time is relatively independent.

Monetary systems formed in Europe in the 16-17 centuries. during the period of strengthening state power and the formation of national markets, although some of their elements appeared in an earlier period.

The objective need for a single, stable and elastic monetary system was determined by feudal fragmentation, including in monetary matters, which prevented the formation national market; commodity-money relations of the period of capitalism and free competition, which required the stability of the monetary system, the relative constancy of the value of the monetary unit.

Depending on the form in which money functions: as a commodity - a universal equivalent or as a measure of value, two types of monetary systems are distinguished:

· Systems of metallic circulation, in which the monetary commodity (precious metals) directly circulates and performs all the functions of money, and credit money is exchanged for metal;

· Systems of circulation of banknotes, when gold and silver are forced out of circulation by credit and paper money that cannot be exchanged for them.

In the case of metallic circulation, depending on the metal, which in a given country is accepted as a universal equivalent, and the base of monetary circulation, bimetallism and monometallism are distinguished.

Monometallism is a monetary system in which gold (or silver) plays the role of a universal equivalent.

Types of monometallism:

1. silver;

2. golden:

gold coin;

gold bullion;

gold exchange.

gold coin standard - a monetary system in which cash can be freely and unlimitedly exchanged for gold at face value.

Gold bullion standard - a monetary system characterized by the fact that there are no gold coins in circulation, and banknotes are exchanged for gold bars.

Gold exchange (gold devising) standard - a monetary system in which there is no circulation of gold coins, and the exchange of banknotes is carried out for the currency of countries with a gold bullion standard.

Bimetallism - a monetary system in which the role of a universal equivalent is assigned to two precious metals (usually gold and silver), free minting of coins from both metals and their unlimited circulation is provided.

Types of bimetallism :

· system of parallel currency;

a dual currency system;

· system of "limping" currency.

Parallel currency system - a type of bimetallic monetary system in which the ratio between gold and silver coins was established spontaneously, depending on the market price of the metal.

Dual currency system - a type of bimetallic monetary system, in which the state fixed the ratio between metals.

The lame currency system - a type of bimetallic monetary system in which gold and silver coins were legal tender, but not on equal terms.

Features of modern monetary systems :

· Cancellation of fixing the gold content of national currencies;

Cancellation of the exchange of credit money for gold in any form;

· the transition to the circulation of credit money that cannot be exchanged for gold, which can degenerate (in violation of the law of banknote circulation) into paper money;

· issuance of money into circulation is carried out in the order of lending to the economy;

the predominance of non-cash money circulation;

· Strengthening state regulation of money circulation.

Like any complex system, the monetary system consists of a number of elements. Among them are the following:

Elements of the monetary system :

principles of organization of the monetary system
monetary unit as a unit of monetary account necessary to express the price;
types of money and banknotes in circulation and being legal tender;
price scale,
the issuing system and the nature of the security of banknotes put into circulation;
methods and analysis of the regulation of monetary circulation ( the state apparatus responsible for the regulation of monetary circulation)

The principles of organization of the system are the fundamental element of the monetary system. By them are meant the rules according to which the state organizes a given monetary system. There are the following principles of organization of the monetary system:

Principle centralized control the monetary system is characteristic of the administrative-distributive model of the economy. It is implemented through directive acts of the government, which are binding on all state banks and their branches.
Principle predictive planning of cash flow means that both centralized and decentralized plans for the circulation of money and its components are prepared not as directive plans that are mandatory for implementation by the bodies responsible for their implementation, but as forecasts, that is, guidelines to which one should strive. The exception is the state budget, which under any type of monetary system remains a directive plan.
Principle stability and elasticity of money circulation is that the monetary system should be organized in such a way that, on the one hand, it does not allow inflation, and, on the other hand, it expands money circulation if the economy's needs for Money ah, and narrow them down if those needs decrease.
Principle credit character of money issue - the emergence of new banknotes (non-cash and cash) in economic circulation is possible only as a result of banks credit operations. From other sources, including the treasuries of countries, banknotes should not come into circulation.
Principle security of banknotes put into circulation - in a market economy, banknotes are backed by inventory items, gold and other precious metals, freely convertible currency, securities and other debt obligations in the assets of banks.
Principle non-subordination of the Central Bank to the Government and accountability to its Parliament of the country - to eliminate the threat of spending the funds of the Central Bank by the national Government to solve its problems, which can disrupt the stability of money circulation. But the Central Bank can also pursue a policy that is contrary to the current tasks of the state, so it systematically reports to the country's parliament.
Principle providing funds to the government only in the order of lending - in countries with a market economy, the Central Bank does not finance the government, but provides funds in the form of loans against certain collateral (real estate, inventory, state-owned, government securities, etc.). The application of this principle does not allow the constant use of money to cover the deficit of federal and local budgets, thereby restraining incentives for the development of the inflationary process.
Principle integrated use of monetary regulation instruments means that the Central Bank should not be limited to any one instrument of monetary regulation in order to maintain the stability of money circulation, but should use the entire known complex of these instruments.
Principle supervision and control over money circulation - the state through the banking, financial system, tax authorities should ensure constant control over both the entire money circulation as a whole and 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 transactions.
Principle functioning exclusively of the national currency on the territory of the country provides for payments for goods and services within the country exclusively in the national currency, which, as a rule, is reflected in national legislation.

The listed principles of building a monetary system are reflected in its other elements and affect them.

Currency unit- a legally established currency used to measure and express the prices of all goods and services. The monetary unit is usually divided into small, proportional parts. Most countries use the decimal division system. Yes, one Russian ruble equals 100 kopecks, one US dollar equals 100 cents, one English pound equals 100 pence. The name of the monetary unit is formed historically.

Under type of state banknotes, means the forms of money that exist within a particular economy (bank notes (banknotes), treasury notes, change coin ).

Banknotes - it's legal means of payment issued by central banks. Their appearance at the end of 17 . was driven by the development market relations and, in particular, credit transactions. Central banks issued banknotes on the basis of accounting (purchase) of private commercial bills that served as collateral.

Along with bills, banknotes were secured by gold, which was at the disposal of the central bank. Double security gave the "classic" banknotes high stability and reliability. The issued banknotes were regularly returned to the central bank when the bill of exchange fell due, as well as when presented by their owners for exchange for gold, since during the period of the gold standard banknotes were freely exchanged for precious metals. After the global crisis of 1929-1933. the exchange of banknotes for gold was finally stopped, and today in no country banknotes are exchanged for precious metal. Banknotes are issued in strictly defined denominations: banknotes in 10, 50, 100, 500, 1000 and 5000 rubles circulate in Russia; in the USA - 1, 5, 10, 20, 50 and 100 dollars; in the UK - 1, 5, 10 and 20 pounds.

Treasury notes - paper money issued directly by the state treasury: the ministry of finance or a special financial authority usually to cover the budget deficit. Unlike bank notes, treasury notes were never backed by precious metals and could not be exchanged for gold or silver. After the abolition of the gold standard, the difference between treasury notes and banknotes was practically erased.

Small coin - an ingot of metal statutory weight content and shape. Coins are minted, as a rule, by the treasury, and the value of the metal of the coin corresponds to only a part of the face value (token coin). Coins serve as a bargaining chip and allow you to make any small transactions (purchases).

Price Scale is a means of expressing value in monetary units, a kind of technical function of money. During metal circulation, when the monetary commodity - metal - performed all the functions of money, the price scale was the weighted amount of the monetary metal accepted in the country as a monetary unit or its multiples. States fixed the scale of prices by law. Initially, the weight content of the coins coincided with the scale of prices, which was reflected in the names of some monetary units (for example, the pound sterling was a pound of silver).

With the cessation of the exchange of credit money for gold, the official price scale lost its economic meaning. At present, the scale of prices is formed spontaneously and serves to measure the cost of goods through price.

Emission system– by law established order issue and circulation of banknotes. Issuing operations (operations for issuing and withdrawing money from circulation) are carried out by the central (issuing) bank, which enjoys the monopoly right to issue bank notes (banknotes), and the treasury (state executive body), which issues small denominations of paper money (treasury notes and coins made by from cheap types of metal).

Under the state apparatus responsible for the regulation of monetary circulation, means the state body that is legally entrusted with monitoring and regulating the processes of issuing, securing, storing and withdrawing banknotes from circulation.

The evolution of monetary systems leads to the creation of more economical monetary systems, where the costs of money circulation are constantly decreasing, therefore, the costs of social labor are also reduced. Since the mid-1930s, monetary systems based on the circulation of fiat credit notes have begun to function in the world. Such monetary systems built on the turnover of credit money are characterized by:

the displacement of gold from both internal and external circulation and its settling in gold reserves, while gold continues to function as treasures;
issuance of cash and non-cash banknotes based on credit operations of banks;
development of non-cash money turnover and reduction of cash money turnover;
creation and development of mechanisms of monetary regulation by the state.

In general, the following trends can be traced in the development of the modern monetary system over the past decades in the world economy:

1) gold (gold and money) has been completely ousted from money circulation as a means of payment

2) the issuance of money into circulation is carried out not only in the form of bank lending to the economy, but to a large extent to cover the costs of the state (issue security is mainly government securities).

3) Paper money, which has lost its functions - a means of accumulation and world money, will be squeezed out of the money circulation. An increasing role in the money circulation of many countries is beginning to be played by so-called quasi-money: checks, bills, credit cards, bank accounts, etc., in connection with which they began to allocate monetary aggregates M0, M1, M2, M3.

4) With further intensification of globalization economic life and the development of computerization, national money is increasingly being squeezed out of the money circulation by collective currencies (for example, the euro).

5) Electronic money plays an increasingly important role in money circulation. Their distribution in the world has great advantages: it saves huge resources; contributes to the decriminalization of monetary relations (electronic money always acts as nominal money); allows you to exercise total control over all cash transactions, tracking and preventing tax evasion, etc.

Thus, the evolution of banknotes in essence is a process of their gradual dematerialization, which made it possible to significantly improve the mechanism of money issue.

Russian monetary system - This is a typical modern monetary system using credit tokens of value, not redeemable for gold, regulated by the Central Bank of Russia through monetary policy instruments.

In the Soviet Union, under conditions of strict centralization and planned system management national economy the concept of money circulation was associated only with the circulation of cash. With planned pricing, it was in this area that the economic and social consequences violations of the law of monetary circulation: an increase in the shortage of many goods, an increase in prices for consumer goods, etc., and, consequently, a decrease in the quality and standard of living of the population.

Control over the mass of cash was carried out by direct planning of its size and growth rate.

The degree of provision of cash with goods and paid services in the planned period was established using the balance cash income and expenses of the population, the formation of which was associated with the movement of cash. However, this complex system of planning and regulation cash circulation with all its strict centralization and strict control over the implementation established plans was not perfect. A serious gap was constantly felt in the country between the amount of cash in circulation and their commodity and material coverage, which created a shortage of goods and stimulated an increase in prices in the consumer market.

The transition from the administrative-command system of managing the national economy to a market economy radically changed the practice of planning and regulating money circulation.

The monetary system of the Russian Federation after the collapse of the USSR functions in accordance with the Federal Law "On the Monetary System of the Russian Federation" dated September 25, 1992. establishes the legal basis for the functioning of the monetary system. According to this law, the types of money are banknotes, bank notes and metal money approved by the Central Bank. According to this law, the Central Bank is responsible for planning the amount of money in circulation, for creating reserves of banknotes and metal coins.

The Central Bank determines the rules for the storage, transportation and collection of cash.

The Central Bank determines the rules and principles of solvency of banknotes.

1. Government is responsible for referrals economic policy, and monetary.

2. The government determines the size of the refinancing interest rate.

(note: Refinancing - reimbursement for expenses this moment funds financial resources of another type in order to continue the provision of a loan in conditions when all funds have been distributed, or to ensure the repayment of previously formed debt)

The issue of cash into circulation is carried out on the basis of an issuance permit issued by the Government.

Monetary system. Types of monetary systems. The concept and structure of the Russian monetary system

monetary system - This is a historically established and legally established form of organizing money circulation in the state. The national monetary system is an essential attribute of the economy of any civilized state.

The national monetary system includes the following mandatory elements :

national currency - price scale ;
types of money that are legal tender (paper money, coins);
national emission system;
national credit system and others government bodies that regulate the circulation of money (Central Bank, Ministry of Finance, Treasury).

Types of monetary systems

Over the long period of the existence of money, the following types of monetary systems :

1. metal money system , the basis of which is the use of real money, usually metallic (gold, silver, less often copper, bronze). The metal money system can be of two types:

Bimetallism - a type of monetary system in which the role of the universal equivalent is officially assigned to two metals (gold and silver). With bimetallism, it is established coin parity - the order of coexistence of coins from different metals. Types of monetary parity :

equal (parallel) parity - the state does not interfere in the order of correlation of coins, the parity is set by the market (characteristic of the early stages of economic development);
subordinate parity - the rate of coins from one metal to coins from another is officially established by the state (in Russia - this is the period of the "Copper Riot").

Monometallism - the type of monetary system in which the role of the universal equivalent is played by one metal (gold). There are the following gold standard types :

2. System fiat money (non-metal or paper-monetary or monetary) - a type of monetary system in which monetary carriers do not have a direct connection with metals. Currently, the system of fiat money is inherent in most countries. Features of such a monetary system :

the abolition of the official content of gold in monetary units (in Russia since 1991);
preservation of the gold reserve in the Central Bank (in Russia - in the form of gold and foreign exchange reserves);
transition to credit money that cannot be exchanged for gold;
national unit - banknote of the Central Bank;
provision of banknotes;
preservation of treasury notes in some systems (was in the USSR);
issue of money to cover the budget deficit;
development cashless system and reduction of cash turnover;
creation and development of state monetary regulation (in Russia it is represented by the Central Bank, its main goal is to reduce inflation).

Features of the modern Russian monetary system

The monetary system of Russia is in constant development reflecting modern economic and political realities. Its peculiarity is the rigid centralism of the management of this system. The main elements of the Russian monetary system :

1. The national currency is the ruble and its constituent part is the kopeck (1 ruble = 100 kopecks).

2. Types of money in circulation - bank notes (banknotes) and small change (such a structure has developed since 1991, when treasury notes were withdrawn from circulation).

3. The national emission system of Russia is the monopoly right of the Bank of Russia to issue money into circulation, currently enshrined in the Federal Law of the Russian Federation "On the Central Bank of the Russian Federation (Bank of Russia)". The banknotes of the Bank of Russia issued into circulation are secured by a set of obligations to it.

4. The national apparatus that supports and regulates money circulation is the monopoly of the Central Bank on all issues related to the issue of money and the organization of their circulation on the territory of Russia.