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MONEY, CREDIT, BANKS

Under the general editorship of prof. G.I. Kravtsova

Reviewers:

A wide range of issues related to the theory of money, credit, banks is revealed. The essence, role, types of money, organization are considered cash flow, concept and types of monetary systems. The characteristics of the loan, its forms, the essence of banks, non-bank financial institutions, their operations, services are given. Currency, credit, settlement relations in the sphere of international economic relations.

For students and teachers economic specialties higher educational institutions, employees of banks, financial structures, other economic personnel.

Foreword

1. Types and role of money

1.1 Reasons for the appearance of money

1.3 Types of money and their features

1.4 The role of money in a market economy

2. Emission and release of money into economic circulation

2.1 The concept of emission and issue of money

2.2 Money supply and monetary base

2.3 Emission non-cash money, bank multiplier

2.4 Cash issue

3. Cash flow

3.1 The concept of cash flow

3.2 Classification and principles of organization of money circulation

4. Payment system

4.1 The concept of "payment system". Elements and types of payment systems

4.2 Non-cash money turnover, its significance.

4.3 Forms of non-cash settlements of legal entities in the domestic economic turnover

4.4 Features of non-cash payments of the population

4.5 International payments, their forms

5. Cash turnover

5.1 Economic content of cash circulation

5.2 Organization cash transactions in national economy

6. Monetary system

6.1 Concept, types and elements of monetary systems

6.2 Monetary system of the Republic of Belarus

7. Methods of regulation and stabilization of money circulation.

7.1 Stability of money circulation, its role in ensuring macroeconomic balance.

7.2 The need to regulate money circulation

7.3 Methods of regulation of money circulation

8. Currency system and currency regulation

8.1 Monetary system, its elements

8.2 Types and evolution of currency systems

8.3 Convertibility of national currencies

8.4 Exchange rate

8.5 Balance of payments, its contents

8.6 Currency regulation, its directions and principles

8.7 Methods currency regulation, their features in the Republic of Belarus

9. Essence and role of credit

9.1 Causes and operating conditions credit relations

9.2 Nature of credit

9.3 Credit functions, their characteristics

9.4 Role of credit

10. Forms of credit

10.1 The concept of forms of credit and their classification

10.2 Bank loan

10.3 State loan

10.4 Commercial credit

10.5 Consumer credit

10.6 Leasing loan

10.7 Mortgage loan

10.8 Factoring loan

10.9 International credit

11. Banks and their role

11.1 Nature and role of banks

11.2 Types of banks and their classification

11.3 Banking activity, principles of its organization

11.4 Banking associations, their forms

12. Banking transactions

12.1 Banking services and operations

12.2 Classification banking operations

12.3 Characteristic individual operations banks

12.4 Development outlook banking services

13. Banking system

13.1 Banking systems and their types

13.2 Central Bank, its status and functions

13.3 National Bank The Republic of Belarus

13.4 Monetary policy of the central bank, its instruments

13.5 Commercial Bank, features of its organization and activities

13.6 The concept of bank liquidity

13.7 Bank regulation

13.8 Prospects for the development of the banking system of the Republic of Belarus

14. Bank interest

14.1 Essence bank interest, its functions

14.2 Deposit interest

14.3 Interest on bank loans

14.4 Central bank refinancing rate

14.5 Accounting interest

15. Non-bank financial institutions

15.1 Types and role of non-bank financial institutions

15.2 Leasing companies

15.3 Investment companies (funds)

15.4 Financial companies

15.5 Pawnshops

15.6 credit unions and cooperation

15.7 Specific financial institutions

Literature

Foreword

Money, credit - not new economic categories. They existed and exist in various socio-economic formations on the basis of commodity production and commodity circulation.

The everyday idea of ​​money and credit often does not coincide with their actual essence and role, which necessitates the disclosure of their role and place in the economy. Money and credit are not elements of private transactions isolated from each other, but social phenomena, elements of production relations, closely related to other economic concepts and instruments.

Money and credit as a product of economic relations develop on a scale determined by economic processes. Changes in monetary turnover are due to the reproduction process. Consequently, money and credit in their essence are not immutable, frozen in their development once and for all. At present, they are of particular importance as an element market relations.

With the development of market relations, the improvement of management methods, there is a need for in-depth study economic content money, credit in the interests of increasing efficiency social production. High requirements for economic management methods necessitate the study of the monetary mechanism as one of the constituent elements of the entire economic mechanism. In the conditions of competition between the participants in the reproduction process, success comes to the one who knows better modern methods use of money, credit, banking technology.

Subject academic discipline"Money, credit, banks" is the study of the sphere of economic relations related to the functioning of money, credit, banks, the laws of their development; basics of construction and structure credit system, principles of organization banking; the development of new phenomena in the country's monetary system. This discipline forms the basic theoretical knowledge necessary for the training of specialists in economic specialties.

The presentation of the material involves the study, generalization of facts by expressing them in concepts such as money, credit, payment turnover, money turnover, banks, etc. The presentation is carried out in the order of transition from the abstract ( general principles, patterns of functioning of monetary relations) to the specific (monetary, foreign exchange, credit system, banking operations, forms of payment).

Considered are not only the operating principles, forms of functioning of the mechanisms of the monetary sphere in their statics, but also in the development for the future. And this means that the subject of the course dictates the need to present the main development trends, improve the monetary and settlement mechanism in its connection with the economic mechanism.

The disclosure of theoretical provisions is based on the priority of a logical presentation of the system of economic relations in the field of money, credit and regularities over their historical description. At the same time, historical excursions into the field of the evolution of money, credit, and banks are used to identify the continuity of economic relations and to familiarize readers with the material that served as the basis for theoretical generalizations. At the same time, the authors tried to avoid overloading the content with secondary concepts and facts.

In the course “Money, credit, banks” practical matters are contained only to the extent necessary to understand the economic role of money, credit, and banks. Consequently, the course does not provide a systematic presentation of current lending practices, organizations monetary circulation, these issues should be addressed in applied special disciplines. The course forms the basic theoretical knowledge necessary to study such special disciplines as: “Organization of the activities of commercial banks”, “Bank audit”, “Financial analysis of the activities of banks”, “Organization of the activities of the central bank”, etc.

The first sections of the textbook characterize the types of money and their essence and role, money circulation, consider the organization of money circulation, methods of regulating money circulation, elements of the monetary and currency systems.

Further, the essence, functions and role of credit, the features of the organization of the functioning of its individual forms (banking, commercial, factoring, state, consumer, leasing, mortgage, international credit) are revealed. The characteristics of the credit and banking systems, the functions and role of banks and specialized financial institutions are given. various kinds banking services and operations.

During the study of the discipline "Money, Credit, Banks" students are required to:

- get acquainted with the views on the essence, functions, role of money and credit in the development of the national and world economy;

- to learn the content, organization of money circulation and the credit process in a market economy, the conditions of stability and methods of regulation of the monetary sphere;

- know the basics of the functioning of monetary relations in the international economic turnover;

to study the structure of the state credit system, types, functions and operations of banks and specialized financial institutions, their role in the country's economy;

- be able to use the theoretical knowledge of the course to acquire relevant practical skills in their specialty. The future work of students as employees of banks and enterprises is connected with the use of knowledge in the theory of money, credit, banks and non-bank financial organizations.

The structure and content of the textbook allows you to solve these problems.

The textbook was written by a team of teachers of the Department of Money Circulation, Credit and Stock Market under the guidance of Professor G.I. Kravtsova in accordance with the standard program of the course "Money, Credit, Banks" (2006).

The textbook takes into account legislative and regulations effective as of January 1, 2007.

The authors of individual chapters are:

G.I. Kravtsov - foreword, ch. 1 (§ 1.3); ch. 3,5,6,8 (§8.1.-8.5.), Ch. 10 (§10.1., 10.2; 10.4.-10.8.), 11,12,14,15, literature

G.S. Kuzmenko - Ch. 1 (§ 1.1.; 1.2.,1.4), ch.2, 4,9,10 (§10.9.), ch. 13 (§13.1)

O.V. Kupchinov - ch. 13 (§ 13.5-13.7)

O.I. Rumyantsev - ch. 7, ch. 8 (§8.6.-8.7), Ch. 13 (§13.2.-13.4.)

I.N. Tishchenko - Ch. 10 (§10.3.), ch. 13 (§13.8.)

1. Types and role of money

1.1 Reasons for the appearance of money

Money appeared millennia ago and has long been the subject of research, first by ancient thinkers, and then by economics as an independent field of knowledge. However, a generally accepted theory of money has not yet been developed. There is significant disagreement among economists on key issues monetary theory, such as the reasons for the emergence of money, the essence of money as an economic phenomenon, the composition and content of the functions they perform, their role in social reproduction.

The most common are two concepts of the origin of money - rationalistic and evolutionary. Within the framework of these concepts, fundamentally different approaches to the interpretation of the need for the appearance of money are used.

The rationalist conception historically arose first and explains the origin of money by subjective-psychological reasons. It is argued that at a certain stage in the development of commodity exchange, people understood the inconvenience of direct barter transactions and invented money as a tool that facilitates exchange transactions and reduces their costs. The introduction of money into exchange occurred either by concluding an agreement between people, or in the form of the adoption by the state of an appropriate law.

For the first time, the rationalistic concept was formulated by the ancient Greek philosopher and scientist Aristotle, who believed that money became a universal medium of exchange not by its intrinsic nature, but by virtue of an agreement, so people can replace them and make them useless. This concept dominated economics until the 19th century, when archaeological research showed that money did not arise overnight, but underwent a long evolution. Nevertheless, many economists adhere to rationalistic views. For example, P. Samuelson believes that money is an artificial social convention, M. Friedman is an experimental theoretical construction.

In the early stages of the development of monetary theory, the point of view prevailed that money is the creation of state power - after all, it is the state that creates money in the process of issuing it and legislatively endows it with purchasing power. At present, supporters of the rationalist concept most often consider the law only as one of the reasons for the emergence of money. For example, the origin of money is explained as follows: the difficulties of exchange in a barter economy led to an agreement between people to use money as a unit of account, a standard medium of exchange, and then this agreement was enshrined in state law.

Explaining the appearance of money by the shortcomings of direct commodity exchange, Western economists identify two main problems of barter transactions:

search for a double match, that is, two commodity producers mutually interested in acquiring each other's products. In order to exchange his commodity for another commodity he needs, the commodity producer may be forced to make many exchanges until a double coincidence of interests occurs;

determining the prices of goods and services. AT money economy each product has only one price, expressed in monetary units, which means that the total number of prices is equal to the number of goods participating in the exchange. In a barter economy, each good is valued in terms of the other goods it is exchanged for. In this regard, as the product range increases, the number of prices increases rapidly, which makes exchange very difficult.

Thus, according to the rationalistic concept, money was invented by people to use them as technical tool exchange in order to reduce costs and increase the efficiency of commodity circulation. In this regard, money is just a product of people's consciousness, the result of their subjective decision, that is, a psychological act.

The evolutionary concept was first developed by K. Marx, who substantiated the commodity origin of money. According to this interpretation, money did not appear overnight, by virtue of law or agreement, but as a result of a long evolution of exchange relations. They are an objective result of the development of the process of commodity exchange, which in itself, regardless of the desire of people, gradually led to the spontaneous separation of a specific commodity from the general mass of goods, which began to fulfill monetary functions.

Goods are created in the process of production by labor, which has a dual character: on the one hand, it is a type of concrete labor that has a private character and creates a use value for goods, on the other hand, it is part of general social labor. This labor is abstract labor and regardless of qualitative features. specific labor can be reduced to simple labor costs, i.e. labor costs in the physiological sense. The homogeneity of abstract labor makes commodities commensurable. Thus, abstract labor creates value and is a form of manifestation of social labor that creates the value of a commodity. But the social character of the labor expended on the production of a commodity can only be manifested in exchange by equating different goods and the value of commodities can only find expression in the form of exchange value.

Analyzing the historical process of the development of exchange, K. Marx singled out four forms of value.

The simple (random) form of value corresponds to the earliest stage in the development of exchange, when it was of a random nature, and, as a rule, products that for some reason were in excess became the object of exchange transactions. This form of value is expressed by the equality:

x product A = y product B

Here commodity A plays an active role, expresses its value through its relation to commodity B, and commodity B acts as an equivalent of commodity A. Thus, commodity A acts as a product of concrete, private labor, as use value, and commodity B as an expression of value. , the embodiment of abstract labor.

The full (expanded) form of value corresponds to the stage of development of exchange, when it has already become fairly regular, but the process of formation of permanent regional markets hasn't been completed yet. In this form of value, each commodity expresses its value in terms of a plurality of commodities:

y item B

z of product C

x product A = q product D

In contrast to the simple form of value, where the proportions of exchange may turn out to be random, in this form the proportions of exchange depend on the magnitude of the value of the commodities. Its disadvantage is the incompleteness of the relative expression of the value of the product that plays an active role (product A), since its value can be expressed by more and more new products that are in an equivalent form.

The universal form of value arose at a stage in the development of exchange, when specific goods were allocated in regional markets, which were assigned the functions of a universal equivalent. This form of value is expressed by the equation:

y item B

z of product C = x of product A

q of product D

Here, not only quantitative, but also qualitative development of value relations took place: if, under the full form of value, the commodity being exchanged corresponded to many commodity equivalents, then under the general form of value, there was only one equivalent product on the market, which was in general demand. All other commodities expressed their value in this equivalent commodity, which acted as an intermediary in the exchange. As a universal equivalent, different peoples used different goods in different periods of time - depending on natural conditions, national traditions, character production activities etc.

The monetary form of value replaced the universal form with the development of regional markets and international trade, when noble metals, mainly gold and silver, began to be used as a universal equivalent. The monetary form of value can be expressed in the form of the following equation:

x product A

y item B

z of commodity C = n grams of gold

q of product D

The transition from the universal form of value to money did not reflect any significant qualitative changes. Gold has become a universal equivalent only because it itself has a commodity nature and has a value. The emergence of the monetary form of value only meant that, by virtue of social habit, the form of the universal equivalent had grown together with the natural form of precious metals, in particular gold. This happened due to the convenience of using these metals as intermediaries in the exchange due to their inherent natural properties, such as qualitative uniformity, storability, quantitative divisibility, etc.

With the establishment of the monetary form, the value of a commodity took on the form of its price, and the process of exchange began to be expressed by the formula C-D-C.

According to the evolutionary concept, the prerequisites for the emergence of money are the social division of labor and the economic isolation of commodity producers. The spontaneous emergence of money is the result of the development of forms of value and is associated with the expansion of exchange. The role of the state in development monetary relations- minting coins, issuing banknotes - is formal and reflects the objective need to improve the forms of money. Precious metals became a universal value equivalent due to the objective laws of the development of commodity production, and the purchasing power of coins made from these metals was determined by their intrinsic value, and not by the will of the state.

1.2 Essence of money, their functions

Essence of money. Acting as a necessary element of commodity production, an active component of all economic processes in national and world economies, money is a very complex, multifaceted and constantly developing socio-economic phenomenon. In this regard, the interpretation of their essence within the framework of various economic schools varies significantly, and, accordingly, there is no generally accepted definition of money.

Based on the analysis of the historical evolution of the forms of money, we can give the following definition: money is the most liquid universally recognized financial asset, which is a specific form of public wealth that can be exchanged for any goods and services. However, this definition does not reveal all the facets of the essence of money as the most important macroeconomic category with the necessary completeness.

In modern economic literature, there are two most common approaches to the characterization of money.

One approach is based on the thesis that the functions of money determine their essence. Usually, money is characterized as a means of payment for goods and services (means of exchange), a unit of account (a measure of value) and a means of conservation (accumulation) of value, and the function of a medium of exchange is recognized as the primary and main function. In accordance with this approach, any financial asset is recognized as money. Financial asset is a set of property rights belonging to an individual or legal entity, in the form of cash, financial investments, as well as monetary claims on other individuals and legal entities or even an item that can be used as money, that is, will be accepted by any economic entity in exchange for goods and services. From these positions, money is most often seen as a technical instrument of exchange.

Within the framework of another approach, money is treated as a commodity of a special kind, acting as a form of value for all goods and services. They represent the universal equivalent of commodities, that is, a separate form of exchange value, and are used to determine exchange proportions in exchange. Functions do not determine the essence of money, but are a form of its manifestation, they follow from the essence. From the standpoint of this approach, money is considered as a historical category of commodity production, a historically defined form of economic relations between people. With the help of money, interconnections are carried out between the participants in the market economy - independent commodity producers, who, not being directly connected with each other, enter into relations through exchange.

The interpretation of money as the universal value equivalent of goods implies that they themselves must have value. Economists who adhere to this approach agree that in metallic monetary systems, full-fledged money (gold, silver) acted as a monetary commodity - the universal equivalent, and banknotes that were exchangeable for gold, treasury notes, etc., circulating credit and paper money, were representatives full-fledged money in the sphere of circulation and performed only two monetary functions - a means of circulation and a means of payment. However, the process of demonetization of gold is the process of withdrawing gold from circulation, the loss of its monetary functions. led to the emergence of a wide range of often opposing views on the nature of money in a modern market economy. In particular, this concerns the characterization of fiat credit money as a universal equivalent and their performance of the function of a measure of value. At the same time, none of the concepts presented in the economic literature provides a holistic and consistent explanation of their essence.

The points of view existing in this area can be divided into two main positions, the essence of which is as follows:

Modern credit money performs all the functions of money, including the function of a measure of value, and therefore plays the role of a universal equivalent. Recognition of modern fiat money actually functioning universal equivalent requires a sufficiently convincing justification of how they perform the function of a measure of value. For in order to measure the value of commodities, credit money must itself have a definite value. Proponents of this position have developed a number of theories to explain the origin of such value. in particular, the theory of the representative value of money is widespread, according to which modern credit money, having no intrinsic value of its own, performs all monetary functions, including the function of a measure of value, on the basis of the representative value that they receive in the sphere of circulation from commodities. It is formed as the value of the mass of commodities that credit money actually represents;

modern credit money has no value, therefore it cannot serve as a measure of value and is not a universal equivalent. According to this view, value is not an essential property of money. The transition from the circulation of valuable money to the circulation of modern credit money, devoid of value, led to the transformation of the functions of money. It became possible to establish cost and price relationships between goods without the participation of a monetary equivalent, on the basis of price proportions that have historically developed under the conditions of the gold standard system. Consequently, at the present time, each commodity expresses its value not in terms of money, which has its own intrinsic value, but through credit money, in all other commodities. Thus, supporters of this point of view believe that money, no longer being a universal value equivalent, becomes simply a tool for equating the values ​​of various goods to each other and facilitating the process of exchange.

Despite differences in interpretations of the economic content of money, all economists agree that their essence is revealed in the functions they perform.

The functions of money characterize their individual specific essential properties, express the purpose of money. Due to the lack of a generally accepted interpretation of the essence of money, the subject of discussion in economics is still both the number of functions of money and their content.

Depending on the theoretical views on the nature of money and the goals of the analysis, there are:

two functions - a medium of circulation (or a means of exchange and payment) and a unit of account (or a means of measuring value);

three functions - means of circulation, unit of account and means of accumulation (store of value);

four functions - means of circulation, unit of account, means of accumulation (store of value) and means of payment;

five functions - measure of value, medium of exchange, means of payment, store of value and world money.

Consider the content of the five functions of money, as it is traditionally interpreted in the economic literature.

Money as a measure of cost. The purpose of money in this function is to measure the cost of all goods, mediation in determining prices. With the help of money, the values ​​of all commodities are expressed as qualitatively identical and comparable quantities, which makes it possible to establish price proportions between all commodities in the process of exchange.

In order to measure the value of commodities, money itself must have a value that can serve as a basis and standard for measurement. When exchange proportions are formed in the market, in accordance with which commodities are exchanged for each other with the help of money, the value of money finds its expression in other commodities. Thus, money has an exchange value or purchasing power, which is expressed in the absolute quantity of goods that can be bought with one monetary unit.

Full-fledged money had its own intrinsic value, which practically coincided with the exchange value of this money. In modern credit money, the exchange value exceeds the cost of their production and is formed under the influence of market conditions and state regulation of their issue and circulation. In this regard, the mechanism by which they perform the function of a measure of value, as shown earlier, is the subject of discussion. The point of view is widespread, according to which the functions of modern money, which do not have their own intrinsic value to play the role of a universal equivalent, have undergone modification and at present money performs the function not of a measure of value, but of a comparison of value or a unit of account.

With the advent of money, the value of all commodities received monetary expression - the price. Money, on the other hand, has no value, because it cannot express its value in itself. The real value of money is expressed by its purchasing power. In a market economy, the prices of goods are formed under the influence of such basic factors as labor costs for their production, the ratio of supply and demand for these goods, the purchasing power of money.

To determine the price of any commodity, it is not necessary to physical presence the necessary amount of money Ї, you just need to mentally equate it to a certain amount of money. After the allocation to the role of the universal equivalent of metals, the cost of goods was initially equated to the corresponding weight quantity of these metals. However, the need to weigh money made it difficult to exchange transactions. For the convenience of comparing the prices of different goods, they should have been expressed in the same units, that is, reduced to the same scale. In this regard, at a certain stage in the development of commodity-money relations, the function of the measure of value began to be implemented on the basis of the scale of prices.

Under the conditions of circulation of metallic money, the price scale was a certain weight of the metal, accepted as the country's monetary unit. For example, at the turn of the XIX-XX centuries. The price scale in Russia was the ruble, containing 0.774234 grams of pure gold, and in the USA - the dollar, the gold content of which was equal to 1.50463 grams of pure gold. The scale of prices in the country was fixed by the state by law and changed only when the national currency exchange rate was devalued and monetary reforms were carried out.

With the advent of the scale of prices, minted coins began to be used in exchange transactions. The weight of the money metal contained in the coins initially coincided with the scale of prices (nominal value). However, as a result of their wear and damage, a reduction in weight or metal sample to cover emergency public spending. The state gave the old denomination to the spoiled money and demanded from the reception not by weight, but by face value. the official scale of prices gradually separated from the real weight content of the coins, and with the abolition of the gold content of currencies (after the introduction of the Jamaican currency system in 1976), it completely lost its significance. There was a replacement of the official scale of prices by the actual, market scale, which is not fixed and develops spontaneously in the process of market exchange.

Thus, in modern conditions the price scale does not have an internal cost basis, is conditional and is simply a legally fixed national currency. For example, in the Republic of Belarus, the price scale is Belarusian ruble. The change in the scale of prices does not occur directly, by legislative increase or decrease in the weight of the money metal, but indirectly, as a result of fluctuations in the volume of money supply in circulation.

It should be noted that some economists consider the scale of prices as a technical function of money (in contrast to their economic function as a measure of value), because in order to determine the value of goods, money itself must be measured, expressed on a certain scale. Other economists under the function of the measure of value most often mean the use of money only as a scale of prices (counting units). Such an understanding follows from the interpretation of the essence of money as a technical instrument of exchange.

There are also different views on the significance of the cost measure function. Many authors traditionally consider it as a constitutive function from which all other functions follow. Thus, for example, in order for money to be able to function as a medium of exchange, it is first necessary to determine the proportions in accordance with which commodities will be exchanged for each other. These proportions can only be established after the value of the goods has been measured. Those economists who understand the scale of prices by the function of the measure of value regard it as an auxiliary function of money as a means of circulation, which they consider to be the main one.

Money as a medium of circulation. Performing the function of a medium of circulation, money acts as an intermediary in the exchange of goods, showing its property of universal purchasing power.

At a certain stage in the development of commodity relations, the direct exchange of goods for goods was replaced by an exchange process, which is serviced by money. As a result, the shortcomings inherent in natural exchange were overcome - the search for a double match, temporal and spatial restrictions, etc. The process of exchanging goods began to consist of two interconnected acts: the sale of goods (exchanging them for money) and the purchase of new goods with the proceeds (the exchange of received money for goods). The participation of money in exchange transactions led to the transformation of individual acts of commodity exchange into commodity circulation, which is expressed by the formula T-D-T.

The process of commodity circulation and the direct exchange of goods T-T formula differ significantly. If in direct commodity exchange the acts of purchase and sale of goods coincide (the commodity producer sells his commodity and at the same time acquires another), then in commodity circulation these operations are torn apart in time and space and become independent. The commodity producer has the opportunity to sell goods in one market and buy in another. He can, after the sale of his product, purchase another product not immediately, but after a period of time, use the money received from the sale to accumulate wealth.

Since, as a means of circulation, money serves purchase and sale transactions, the movement of goods from one economic entity to another, the movement of money in this function is subordinate to the movement of goods in the sphere of circulation. Concerning feature the functioning of money as a means of circulation is the simultaneous counter movement of goods and money.

This function can only be performed by real money, which must always be available, or, in other words, cash. In particular, money performs this function in transactions for the sale of goods for cash, when the goods are transferred to the buyer in exchange for cash. At the same time, when paying for cash, for example, utilities money performs the function of a means of payment, since there is a time gap here - services were provided in previous month, and payment is made in the current.

Although it is necessary to have real money in order to fulfill the function of a medium of exchange, it plays a fleeting role in this function, constantly moving from hand to hand. Here, receiving money for the goods produced is not an end in itself, they are needed to exchange it for another product that the seller needs. Thus, in this function, it becomes possible to replace full-fledged money with signs that represent them. To do this, it is necessary that these signs receive public recognition.

In the early stages of the development of commodity production, the function of a medium of circulation was performed by metal ingots, in particular gold. They were taken by weight, which created inconvenience for the exchange. With the beginning of the use of coins in circulation, the exchange began to be carried out in accordance with their face value. In the process of erasing and damaging coins, their value content separated from the face value, which served as the starting point for the idea of ​​replacing full-fledged money with value symbols - paper banknotes. Defective money acquires public recognition due to the fact that they are issued by the state, endowing them with a compulsory exchange rate by law. In modern conditions, the state guarantees the constancy of the purchasing power of defective money, regulating their quantity in circulation in accordance with the needs of the economy.

Through money, commodities enter the sphere of circulation and leave it for the sphere of consumption. The money itself is constantly functioning in the sphere of circulation, passing from one economic entity to another and continuously serving the exchange of goods. However, this circumstance does not guarantee the continuity of commodity circulation in the process of reproduction. As already noted, the use of money in exchange transactions makes it possible to separate the acts of sale and purchase of goods in time and space. A delay in the sale of goods can lead to problems for their producer in acquiring other goods that he needs for reproduction and consumption. Thus, a break in some links in the process of commodity circulation can provoke a break in its other links and ultimately cause the development of crisis processes.

In modern conditions, in the function of a medium of circulation, money serves mainly the final movement of GDP elements - retail turnover and sales. retail services. At the same time, the global trend is to reduce the scope of this function. With the development of non-cash payments, where money acts only as a means of payment, cash is being squeezed out of circulation.

Money as a means of payment. The purpose of money when performing the function of a means of payment is that they are used as instruments for repaying financial and other obligations. The emergence of such obligations is due to the discrete nature of social reproduction, the fact that all processes of production, exchange and consumption of goods are separated in time and space.

The function of money as a means of payment arises from the process of commodity circulation. Historically, its appearance was due to the need to sell goods on credit. The development of commodity production required exchange transactions, the settlements for which, for various reasons, could not be carried out simultaneously with the transfer of goods to buyers. Such reasons are the discrepancy in time between the process of production of various goods, the difference in the location of the seller and the buyer, the seasonal nature of the production of a number of useful goods, etc. This leads to the fact that the purchase is made without pre-sale goods, Ї having no money to buy, an economic entity can acquire the necessary benefits only if it is granted a deferred payment. When goods are sold on credit, the real use value is transferred to the buyer, but payment for the goods is postponed in time - there is promissory note(bill, check, etc.), in which the value of the commodity finds its ideal expression. When the loan is repaid, the ideal value becomes real.

At the stage of formation of commodity production, money was used mainly as a measure of value and a means of circulation. However, with the development of commodity relations, their functioning as a means of payment became increasingly important. Having arisen on the basis of a loan, the function of a means of payment serves not only credit relations - as a means of payment, money functions in the process of non-cash payments, payment of wages, pensions, scholarships, benefits and incomes of the population; payment of taxes and fees, etc. At the same time, non-cash money is mainly used as a means of payment. Cash performs this function mainly in cases where one of the subjects of the relationship due to the monetary obligation is an individual.

The movement of money as a means of payment has a specific form, different from the form of movement of money as a means of circulation. In the function of a means of payment, money is no longer an intermediate link in the sale and purchase of goods, their movement acquires an independent character, separated in time and space from the movement of goods. In this way, hallmark of this function is that there is no simultaneous movement of goods and money, that is, when selling goods, their monetary equivalent may be transferred to the seller by the buyer later or earlier than the receipt of the goods.

If, in the function of a medium of circulation, money only serves the relations that arise between the seller and the buyer, then in the function of a means of payment, the very emergence of these relations is possible only through the use of money. In a developed market economy, the majority of commodity producers are united precisely by the functioning of money as a means of payment, and with the further development of the market economy, as already noted, the scope of the use of money as a means of circulation is increasingly narrowing and their use as a means of payment is expanding.

Debt obligations that arise in the process of the functioning of money as a means of payment, in turn, can also be used for settlements, that is, they can be handled independently, passing from hand to hand. Thus, the performance of this function led to the development of money as a means of payment, the emergence of new types of money, in particular, credit money, as well as special institutions that serve the movement of money when making payments.

Due to the fact that a characteristic feature of the functioning of money as a means of payment is the separation of their movement from the movement of goods, the development of this function increases the risks associated with the production of goods and other economic activities. Untimely repayment of their debt obligations by some economic entities can lead to the insolvency of not only their counterparties in transactions, but also other economic entities. This is explained by the fact that in the modern market economy its participants are closely interconnected not only by exchange relations, but also within the framework of the functioning of the financial, banking systems, etc. Risks are aggravated by the fact that at present, money, in the function of a means of payment, serves not only the movement of goods, but also the movement of capital, including that embodied in securities. This increases the separation of the movement of money from commodity circulation, which is the basis for the stability of the purchasing power of defective money. To reduce potential risks, it is important to improve payment systems aimed at reducing the time gap between the movement of money and the movement of goods, ensuring that payments are made in deadlines, as well as state regulation quantity of money in circulation in accordance with the needs of the social economy.

Money as a means of accumulation. Acting as a means of accumulation, money independently exists outside the sphere of circulation. Their purpose in this function is that they keep the cost of goods and services sold in the most liquid form for future purchases. The possibility of the functioning of money as a means of accumulation is due to the fact that in the process of reproduction the social product takes on not only productive and commodity, but also monetary form, which expresses the real accumulation material assets. Need money accumulation due to various factors of an objective and subjective nature: the need to expand reproduction, insurance of market risks, the acquisition of expensive goods, etc.

In the function of a means of accumulation, money acts as a specific form of social wealth, that is, it is recognized by society as an economic good that makes it possible to turn it into any commodity at any time in the future. Thus, in contrast to the accumulation of material values, in the process of monetary accumulation, value is preserved in its general form and is constantly ready to enter circulation again without any preliminary preparation, servicing exchange transactions.

The function of a store of value, like the function of a means of payment, arose from the process of commodity circulation. In the course of performing the function of a medium of circulation, money can stop its movement: if the commodity producer, after selling his product, did not exchange the proceeds for another product, then they leave the sphere of circulation and begin to function as a means of accumulation. The fulfillment of this function by money, in turn, is a necessary condition for the accumulation of funds for the purpose of subsequent redistribution on the basis of credit, in the process of which money functions as a means of payment.

All types of money can act as a means of accumulation, however, there are features in the performance of this function by full-fledged and inferior money. The process of accumulation of valuable money (precious metals in the form of coins, ingots, nuggets, etc.) is carried out in the form of the formation of treasures, since they, having their own intrinsic value, were valuable both in the sphere of circulation as money, and outside this sphere as a commodity.

The important role of the function of the store of value in metallic monetary systems was that it was a spontaneous regulator of monetary circulation. During periods of decline in production and reduction in trade, the need for money as a means of circulation and payment decreased. The resulting surplus of gold left the sphere of circulation and became a treasure; credit money (banknotes) circulating in such systems, issued in excess of the need for commodity circulation, was exchanged for gold, which was then hoarded. With the growth of production and trade turnover, hoarded gold, as the need for additional funds increased, returned from the sphere of accumulation to the sphere of circulation. Thus, there was always such an amount of valuable money in circulation that was necessary to service the circulation of goods.

With the development of national monetary systems and the emergence of central banks, the latter were obliged to accumulate reserves of gold in the form of reserves, which were used to ensure money issue, the exchange of banknotes issued by them for gold and payments on international obligations. In modern conditions, when gold has ceased to act as a universal equivalent, central banks continue to accumulate it as part of their reserves as a financial asset that has its own value and is used to ensure the stability of the national currency, regulate the balance of payments and other purposes.

Inferior money cannot act as a treasure because it has no intrinsic value. They function as a store of value, storing value in its most liquid form. By means of fiat credit money, the process of accumulation of value temporarily released in the process of reproduction is carried out, and its transformation into capital. At the same time, they act as a representative of social wealth only to the extent that the value that has received its ideal expression in them can be embodied in real use values. Therefore, defective money can most fully fulfill the function of a store of value only if its purchasing power is constant. The depreciation of defective money in the process of inflation reduces their attractiveness as a means of accumulation the more, the higher the inflation rate. Hyperinflation finally undermines the foundations of money accumulation, the flight from money begins, economic entities prefer to accumulate material values ​​instead of accumulating money.

Initially, people began to save money, turning into them an excess of created economic benefits Therefore, money at that stage acted only as an expression of social wealth. With the development of the commodity economy, money accumulation has become a necessary condition for the continuous functioning of reproduction, the circulation of capital. The accumulation of money is necessary, first of all, for the implementation of expanded reproduction, since additional investments in fixed capital are required. It is also necessary for the movement of circulating capital, when there are temporary gaps between the sale of manufactured goods and the purchase of raw materials for their production, and so on. The creation of cash reserves at enterprises ensures smoothing out the emerging violations of the production cycle in individual economic entities, and reserves on a national scale - disproportions in the public economy.

The population also accumulates money for purchases in the future, saving them in the form of bank deposits, investments in securities, hoarding of precious metals, etc. Savings of the population are one of the main sources of the investment process that ensures economic growth, therefore, it is of great importance to increase the efficiency of the state credit system for the accumulation of individual savings and their subsequent redistribution into loans. real sector economy.

Money accumulation has objective limits. During the circulation of valuable money, these limits were quantitatively set by the reserves of money metal available in nature and the scale of its production. Under the conditions of the functioning of defective money, their accumulation should reflect the accumulation of real material goods, that is, it is necessary to maintain a balance between the monetary and natural-material structure of reproduction. Otherwise, the possibility of inflationary depreciation of money is created.

The functions of world money is a manifestation of the essence of money in the sphere of international economic turnover, when counterparties of commodity and financial transactions are residents of different states. The formation of this function is associated with the development foreign economic relations, the formation of the world market and cross-country movement of capital. In fact, it is a derivative of the functions that money performs in the internal economic circulation of countries.

Functioning as world money, money realizes its purpose as:

universal means of purchase - when the purchase of goods and payment for services abroad is carried out for cash;

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The role of banks and credit relations in the economy. Functions of the Central Bank: issue of cash, regulation of banks, monetary policy. Central banks in modern world: Russian Federation, England, Germany and Japan.

This reference abstract of lectures on the course "Money, Credit, Banks" was developed by associate professors of the regional department "Finance and Credit" Ph.D. V.M. Nikitin and Ph.D. I.N. Yudina. This course is taught to students of the specialties "Accounting and Audit" and "Finance and Credit", and its content corresponds to the educational standard for this discipline. The abstract has three parts: “Money and monetary circulation” (Part 1); "Loan capital and credit" (Part 2); "Banks and banking system" (Part 3). Each part contains up-to-date statistical data concerning the specifics of the monetary and banking spheres of the Russian Federation.
The reference abstract will help students to better master the material, especially those subjects that affect the practical aspects of the functioning of the payment system, lending processes in a commercial bank. The authors also consider some problems of the formation and functioning of the Russian banking system.
A list of topics for examinations and a list of basic literature are given.
It is recommended to use the material of this publication for independent work of students of the VZFEI branch in Barnaul when writing control and graduation papers.

Introduction 3

Part 1. Money and money circulation 6
1.1. Types of money. Metamorphoses and perpetual motion. Theories of emergence (evolution of monetary systems) 6
1.2. Functions of money and their transformation in modern conditions 11
1.3.Definition of the national money supply. Monetary Aggregates. Statics 13
1.4. Issue of money 17
1.5. The amount of money in circulation. Schemes and mechanisms of circulation 19
1.6. Inflation, its essence and types 21
1.7 Monetary and payment systems of the Russian Federation 24

Part 2. Loan capital and credit 41
2.1. The essence of loan capital and loan interest 41
2.2. Financial market and the role of financial intermediaries 42
2.3. Theory of interest 46
2.4. Credit and its role in a market economy 49
2.5. Bank loan 55

Part 3. Banks and banking system 64
3.1. History of banking development 64
3.2. Central Bank of the Russian Federation 69
3.3. Prospects for using the mechanism of emergency lending to insolvent banks in developed countries 75
3.4. Typology of Russian commercial banks 80
3.5 Specialized banks and banking associations 83
3.6. Operations and resources of commercial banks 93
3.7. State and development prospects of the Russian banking sector 103

Exam topics 110
References 111
Apps 113

Introduction

Money is a special category in the life of society. They are associated with hopes and failures, success and failure. But the study of this side of our life. domain of art and literature. Our attention will be directed to other features of money and related problems. We will consider money as an economic category.
It is difficult to imagine the life of modern society without such an important financial instrument as money. It is money that sets in motion all the productive forces of society and reveals the potential opportunities at its disposal for the benefit (and sometimes to the detriment) of people. It is money that provides people with the opportunity to exchange their abilities, skills, knowledge for everything necessary in order to organize their lives in accordance with their own ideas about it. But before falling into the hands of people who can dispose of them at their discretion, money goes through a long path of metamorphosis, and this path of money is associated with certain laws and order. For the movement of money, specific channels (payment systems) are needed, money must be concentrated somewhere so that it can be effectively used in the production of necessary goods and services, maintaining the stable existence of the state, and finally, money must be produced somewhere (printed or be minted) and put into operation. In modern society, the concentration of money, their direction in different flows, the introduction of new banknotes and coins is carried out by banks. On a national scale, banks form banking system. One of the most important properties of money. be a commodity. This property is fully implemented by the credit system (national, international, global).
Thus, money, credit and banks are closely related and it is quite natural that the study of these three components of the economic and financial life societies are united in one discipline. Of course, one can separately study only money in all its variety of forms and manifestations (properties) or banks and banking systems, but such an approach would exclude the possibility of studying complex dynamic processes that obey certain laws and link together the monetary system, credit relations in society, the banking system and, most importantly, the mechanisms for regulating this complex and diverse system. The purpose of this discipline is to study these three components in a complex in order to understand the complex processes of formation, development and state of the art the credit and financial system, its role in the economic life of society, the formation of future specialists of solid theoretical knowledge and practical skills in money circulation, credit and banks.
The goal set defines a number of tasks. The main ones are the following:
♦ learn how to properly assess possible consequences changes in one of the areas for the entire credit and financial system;
♦ to learn how to use the basic patterns that link individual processes in the credit and financial system to develop effective management decisions in the management of a bank, in a trade enterprise or in the manufacturing sector.
As a result of studying the discipline, students should know:
♦ essence, functions and role of money in the economy;
♦ laws of monetary circulation;
♦ essence of inflation, forms of its display and methods of stabilization of monetary circulation;
♦ types of monetary reforms;
♦ essence, elements, types of the monetary system, its features in Russia;
♦ paper and credit money, patterns of their circulation;
♦ convertibility of national money and its types, exchange rate, international settlement operations;
♦ the need for a loan, its essence, forms, functions;
♦ the essence of the loan interest and its economic role;
♦ essence and forms of international credit;
♦ types of banks, the structure of the banking system, the role of banks in the development of the economy; banking system of Russia;
♦ operations of central, commercial and specialized banks;
♦ modern inflation and its national features;
On the basis of theoretical material and independent study of special literature, regulations, students should be able to:
♦ organize cash service enterprises, organizations, institutions and population;
♦ determine the creditworthiness of the client and the possibility of granting loans to him;
♦ to ensure the conclusion of the loan agreement and its implementation on time;
And have an idea:
♦ about essence, functions, money. credit policy central bank;
♦ on the methods of conducting monetary policy by the central bank (accounting policy, operations on the open market, changes in the norms of required reserves, selective policy);
♦ on active, passive, commission transactions of commercial banks;
♦ about new operations of commercial banks: leasing, factoring, forfeiting;
♦ on operations of commercial banks with securities.

List of exam questions

For the specialty 5B050900 - "Finance"

Discipline "Money, credit, banks"

1. Describe the activities of second-tier banks and their main functions.

2. Describe monetary policy National Bank.

3. Describe the main tasks, functions and powers of the National Bank of the Republic of Kazakhstan.

4. Describe banking reforms in Kazakhstan.

5. Describe the banking system of the Republic of Kazakhstan.

6. Explain the essence of remuneration for a loan, its types and rates.

7. Explain the functions of credit in a market economy.

8. Describe the concept of the credit system and its structure.

9. Describe credit resources and sources of their formation.

10. Describe the forms and functions of credit in modern conditions

11. Describe the functions of money as a means of circulation and payment.

12. Describe the functions of money as a measure of value and a scale of prices.

13. Explain the need and essence of money in modern conditions.

14. Describe the active operations of second-tier banks.

15. Explain the investment activities of commercial banks.

16. Describe bonds and their classification.

17. Describe pension system Republic of Kazakhstan.

18. Describe bills, their types and circulation of bills.

19. Describe monetary reforms in the Republic of Kazakhstan.

20. Explain the function of money as a means of accumulation and savings. World money.

21. Explain the law of money circulation.

22. Explain the cash flow and the principles of its organization.

23. Describe the passive operations of commercial banks.

24. Explain the concept of the monetary system and its elements.

25. Explain the causes and effects of inflation.

26. Describe the insurance market, the development of insurance relations.

27. Explain the factors affecting the exchange rate and its formation.

28. Explain the need and essence of credit in modern conditions

29. Describe non-banking financial institutions in Kazakhstan

30. Describe stocks and their classification.

31. Describe cash and non-cash money.

32. Describe the instruments of the monetary policy of the Republic of Kazakhstan.

33. Determine the main sources of formation of credit resources.

34. Describe the metallic money circulation.

35. Describe the activities of non-bank financial institutions of the Republic of Kazakhstan.

36. Describe the structure and governing bodies of the National Bank of the Republic of Kazakhstan.

37. Describe the types of inflation due to the occurrence, anti-inflationary policy.

38. Characterize payment order as a form of payment.

39. Describe the principles of lending.

40. Describe the forms of non-cash payments.

41. Describe the forms of consumer credit.

42. Describe the technique of calculating simple interest.

43. Describe the types of money and their features.

44. Describe the role and development of money in the conditions market economy.

45. Describe paper and credit money, the patterns of their circulation.

46. ​​Explain the concept of money supply and monetary base.

47. Explain the concept of investment and evaluate investment activity banks.

48. Describe cash and its evolution.

49. Describe the credit risk in the activities of banks, methods of managing it.

50. Describe factoring, its types and foundations of organization.

51. Describe forfaiting as a kind of financial intermediary operations.

52. Describe leasing companies: essence, form of organization and field of activity.

53. Characterize investment funds their functions and characteristics of operations

54. Describe the evolution of forms and types of money (full, not full, credit money).

55. Describe the concept of money supply. Structure and measurement of the money supply.

56. Describe monetary reforms: the essence, types and methods of implementation.

57. Describe the concept and content of the monetary system, its elements.

58. Describe the concept and content of money circulation, the laws of money circulation.

59. Describe the essence of the loan. Functions and laws of credit.

60. Describe the role of credit in economic development.

61. Describe the forms and types of credit.

62. Explain socio-economic the consequences of inflation and the main directions of anti-inflationary policy.

63. Describe the functions and types of banks.

64. Describe the types of bank loans. The procedure for their issuance and redemption.

65. Describe commercial banks and the basis of their activities.

66. Characteristics of the operations of commercial banks.

67. Characterize government loan: content and functions.

68. Evaluate the basic principles of credit.

69. Explain the economic basis for the formation of loan interest.

70. Explain the organization of cash circulation.

71. Describe currency control.

72. Describe the currency relations and monetary system.

73. Describe the elements of the monetary system.

74. Describe the exchange rate as an economic category.

75. Describe the factors affecting the exchange rate.

76. The monetary system of pre-revolutionary Russia.

77. Monetary reforms 1922-24,1947

78. Transfer of the ruble to a gold base and its denomination in 1961

79. Monetary reform RK in 1993

80. The concept of the credit system and the conditions of operation.

81. Views credit institutions.

90. Members of the stock exchange.

91. The concept and functions of the stock exchange.

92. Organizational structure of the stock exchange

94. IMF, its tasks and functions.

95. Asian Development Bank, functions and tasks.

96. Activities of international financial institutions in RK.

97. Emergence of Central Banks.

98. Purpose, tasks and functions of the Central banks.

99. Origin of money.

100. Necessity and essence of money.

101. Functions of money.

102. Features of the functioning of credit institutions in developed countries

103. The concept of the credit system and the conditions for functioning

104. Types of credit institutions

105. .

106. Commission and intermediary operations of commercial banks.

107. Active Operations commercial banks.

108. Passive operations of commercial banks

109. Commission and intermediary operations of commercial banks.

110. Forms and functions of credit.

111. The role of credit in the modern period.

112. Origin, necessity and essence of money.

113. Functions of money and their evolution in the modern period.

114. World money.

115. The role of gold in the modern period.

116. Credit system as a set of credit relations and credit institutions.

117. National currency Kazakhstan: formation, development and prospects.

Money. Credit. Banks. Lecture notes. Designed for students of the Faculty of Economics and Law. Specialty management. It will help to acquire knowledge on this subject and better assimilate the material. / E.N. Lebedeva Vitebsk: VF UO FPB "MITSO", 2008. - p.

INTRODUCTION

CHAPTERI. MONEY

Subject, tasks and structure of the course. Types and role of money. Emission and release of money into economic circulation.

Money turnover. Payment system. Cash turnover.

Monetary system and its elements.

Monetary system and currency regulation.

Methods of regulation and stabilization of money turnover.

SECTION II. CREDIT

6. The essence and role of credit.

Loan forms.

SECTION III. BANKS

Banks and their role.

Bank operations.

Banking system. Bank interest.

Non-bank credit and financial organizations .

QUESTIONS FOR THE EXAM.

LITERATURE.

INTRODUCTION

Money, credit, banks are essential attributes of modern civilization. Their functioning makes it possible to combine the production, distribution, exchange and consumption of a social product into a continuous process. Not a single business entity can do without their use. Each person, one way or another, constantly or occasionally turns to banking services. Banks, collecting temporarily unused funds, redistribute them between regions and industries, between enterprises and the population, feed the economy with additional capital and "energy" resources, creating a basis for increasing the wealth of society.

Money and credit are complex organisms; they give rise to complex economic ties that can both facilitate exchange and create certain barriers to the movement of a product.

The course of lectures "Money, credit, banks" acts as a theoretical course, as a continuation of the analysis of economic relations in the economy. It is intended to give a detailed description of the essence and role of money and credit and banks in the economy, their role in the transition to a market economy.

Money, credit, banks are considered not as something “frozen”, but as phenomena that are in development. The course of lectures has not only a theoretical orientation, but also a certain applied aspect. It is divided into three sections in sequence. The first section is devoted to money, the second - to credit, the third - to banks.

In the first section, the theory of money is combined with the provisions on the monetary system, the organization of money circulation, cash and non-cash money circulation. Here inflation is presented as a consequence of violations of the proportions of material production and the laws of money circulation; the mechanism of monetary reforms, their prerequisites, the procedure for carrying out and results are shown.

The second section on credit includes not only its essence, functions, laws and role in the economy, but also the forms of credit used in the relationship between lenders and borrowers.

The combination of theory and practice is also inherent in the third section, which covers banks. The bank is considered as an element of the banking system, as a special monetary institution, as an enterprise that creates a specific product in the form of means of payment and various services. The essence of the bank, its functions and role are investigated in conjunction with its operations. The lectures provide descriptions of traditional banking (credit, settlement and deposit) and other operations, including new banking products.

The purpose of teaching the discipline:

The acquisition by students of knowledge about money, credit and credit relations, about banks and their place in a market economy;

Better understanding of the regularities of the prospects for the development of credit relations, banks in a market economy, their importance for the development of the market.

Discipline tasks:

Master the theoretical foundations of the functioning of monetary circulation, payment turnover in a market economy;

Master the theoretical foundations of the essence of credit relations, the place and role of banks in a market and transitive economy.

During the study of the discipline "Money, credit, banks"students should:

get acquainted with the views on the essence, functions, role of money and credit in the development of the national and world economy;

know the basics of the functioning of monetary
relations in international economic turnover;

to study the structure of the state credit system, types, functions and operations of banks and specialized financial institutions, their role in the country's economy;

be able to use the theoretical knowledge of the course to acquire relevant practical skills in their specialty.

CHAPTERI. MONEY

Topic 1.Subject, tasks and structure of the course. Types and role of money. Emission and release of money into economic circulation.

Questions

Background and meaning of the appearance of money.

Essence of money.

Functions of money.

Types of money.

The role of money in the reproduction process.

1. Background and meaning of the appearance of money.

Money arises under certain conditions for the implementation of production and economic relations in society and contributes to their further development. Under the influence of changing conditions for the development of economic relations, the features of the functioning of money also change.

The immediate prerequisites for the emergence of money include:

Development of the social division of labor;

property separation of producers of goods - owners of manufactured products.

In the initial period of the existence of human society, a subsistence economy dominated, in which products were produced for their own consumption. Gradually, in the interests of increasing production, and to a certain extent under the influence of natural conditions (for example, such conditions for the development of animal husbandry, agriculture, fishing, etc.), people specialized in the manufacture of certain types of products. At the same time, it was possible to use the increased number of products not only to meet the needs of the manufacturer, but also to exchange for other products needed by this manufacturer. This is the most important prerequisite for the emergence of product exchange.

The transition to the production of goods and the exchange of goods was accompanied, first of all, by the fact that instead of manufacturing products to meet the own needs of an economic entity, the production of products developed for exchange for other goods or for sale. Such a transition was based on the specialization of producers in the manufacture of certain types of products, which increased its production on the basis of an increase in labor productivity.

The property separation of commodity producers, who are the owners of the goods produced, made it possible to exchange their goods for others or to sell goods for money.

The direct exchange of goods for goods can be only if the seller needs exactly the goods that are offered for exchange by the other party. This also assumes that other commodity producers have the opportunity to present for exchange the products needed by this producer, and accordingly, this producer has the products needed by another commodity producer.

Therefore, the exchange of goods can take place if the parties involved in the exchange deal have the necessary goods. However, this significantly limits the possibility of exchanging goods. In addition, when exchanging, the interests of commodity producers must be taken into account and the requirement of equivalence of the value of the exchanged goods must be observed, which in turn also limits the exchange, including due to the indivisibility of the exchanged goods (for example, cattle).

Compliance with the requirements of the equivalence of exchange involves measuring the value of goods based on the labor costs for their manufacture.

The desire to develop exchange prompted an increase in the production of goods, the selection of a universal equivalent from the variety of exchanged goods used to measure value and in the exchange of goods.

The development of exchange, the gradual increase in its intensity, first led to the use of certain types of goods (livestock, furs), and then precious metals (mainly gold) as a universal equivalent. The allocation of gold as a universal equivalent and, ultimately, as money was facilitated by its uniformity, divisibility and safety from deterioration.

The transition from a subsistence to a commodity economy, as well as the requirement to observe the equivalence of exchange, necessitated the emergence of money, without which the mass exchange of goods is impossible, which is based on industrial specialization and property isolation of commodity producers.

The need for the emergence and use of money is confirmed by numerous unsuccessful attempts to do without them. This is evidenced by the bankruptcy of an attempt by R. Owen in 1832 to exchange goods without money, with the help of valuation of goods, based on the cost of working time using "labor bonds". The attempts to carry out product exchange in Russia on the basis of natural coefficients, carried out in 1918 and 1921, were also unsuccessful.

The emergence of money and its use was accompanied by important consequences. The appearance of money made it possible to overcome the narrow framework of the mutual exchange of individual producers of goods and create conditions for the emergence of a market, in the operations of which many owners of different goods can participate. This, in turn, contributed to the further development of the specialization of production and increase its efficiency.

It was important that, thanks to the use of money, it became possible to divide the one-time process of the mutual exchange of goods (T-T) into two processes carried out at different times: the first consists in the sale of one's goods (T-D),. the second is in acquiring the right product at another time and in another place (D-T).

At the same time, the use of money is no longer limited to participation as an intermediary in the exchange of goods. On the contrary, the functioning of money acquires the features of an independent process: commodity producers can keep the money received from the sale of their goods until the moment the necessary goods are purchased. Hence, money savings arose, which could be used both for the purchase of goods, and for lending money and paying off debts.

As a result of such processes, the movement of money acquired an independent significance, separated from the movement of goods.

The functioning of money received even greater independence in connection with the replacement of full-fledged money with its own value, banknotes, as well as with the subsequent abolition of the fixed gold content of the monetary unit. At the same time, money that does not have its own value began to function in circulation, which made it possible to issue banknotes in accordance with the need for turnover, regardless of the presence of gold backing.

The independence of the functioning of money has expanded significantly with the advent of non-cash payments, including payments based on the use of electronic technology.

1. Banks and their role in the modern economy (8)

   Abstract >> Finance

   Operations. Ed. E.F. Zhukova. – M.: “ Banks and exchanges”, 1997. 3. Money, credit, banks. Abstract lectures. G.N. Beloglazova - M. "Yurayt", 2007 4. Borisov ...

2. The monetary system of Russia and the monetary policy of the central jar

   Coursework >> Economic theory

   Russia: problems transition period// Money and credit 1996.-№4.-p.31. 9 Banks and banking operations / edited by ... and statistics, 1992. eleven Money. Credit. Banks: Abstract lectures. – M.: Prior-izdat, 2006 12 Money. Credit. Banks: - St. Petersburg: Peter, 2007 ...

3. International credit (5)

   Coursework >> Financial Sciences

   ... // PSIS "Consultant Plus". Gryaznov M.B. Money, credit, banks: abstract lectures(for students of the Faculty of Economics by correspondence ... and additional .. - M .: UNITI - DANA, 2003. - 600 p. Money. Credit. Banks: Textbook / G. E. Alpatov, Yu. V. Bazulin and others; Under...

Non-cash settlements are settlements by banks transferring funds to customer accounts on the basis of settlement documents in a standardized form, as well as by offsetting mutual counterclaims. Non-cash payments are organized according to a certain system, which is understood as a set of settlement principles, forms and methods of making payments and related workflow.

Non-cash money turnover- this is the movement of value without the participation of cash by transferring funds to the accounts of credit institutions, as well as offsetting mutual claims.

The share of non-cash money turnover accounts for about 80% of all payments in the economy of the Russian Federation. In non-cash money turnover, money functions as a means of payment. This is determined by the fact that transfers to accounts are separated in time from the movement of material values, which they mediate, the repayment of monetary obligations occurs after their occurrence.

Forms of non-cash payments are determined by the rules established by the Bank of Russia in accordance with the legislative acts of the Russian Federation. The form of non-cash payments is understood as the methods of transferring funds through credit organizations provided for by legal norms or banking practice. These include Settlements by payment orders · Settlements by checks · Settlements by collection · Settlements by letter of credit. Orders are valid for 10 days, not counting the day of issue. A check is a security containing an unconditional order of the drawer of the check to the bank to pay the amount specified in it to the holder of the check. Collection - an order to the bank to collect money from the payer. Collection settlements are widely used in the case when payments are not made immediately after the shipment of the goods and the issuance of trade documents. Collection orders are usually used for the forced collection of funds. A letter of credit is a conditional monetary obligation accepted by the issuing bank on behalf of the payer to make payments in favor of the recipient of funds upon presentation of the latter documents that comply with the terms of the letter of credit, or to authorize the executing bank to make such payments.

Monetary system: content and elements. The monetary system is a historically established form of organization of monetary circulation in the country, enshrined in national legislation. There are two types of 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. The modern monetary system includes the following main elements:1. Monetary unit (account unit); 2. Official price scale; 3. Types of banknotes;4. Emission system; 5. State or credit apparatus for regulating monetary circulation. An integral part of the monetary system is the national monetary system, although it is relatively independent. A monetary unit is a legal currency that serves to measure and express the prices of all goods. The monetary unit is divided into smaller multiple parts. Most countries have a decimal division system: 1:10. The scale of prices is a means of expressing value in monetary units, a technical function of money. The official scale of prices lost its economic meaning with the cessation of the exchange of credit money for gold. The types of money that are legal tender are mainly credit bank notes, as well as paper money (treasury notes) and small change.

1.32. Money emission and its forms. Laws of money circulation.

Emission- release of money into circulation, which leads to a general increase in the money supply in circulation (money supply - a set of cash and non-cash money-funds in accounts, deposits, certificates, bonds).

In a market economy, the issue is divided into two types: the issue of cash (carried out by the central bank); issue of non-cash money (carried out by commercial banks) - it is primary

Main forms of issue: 1) issue of credit money - banknotes; 2) deposit-check issue; 3) issue of securities.

The law of money circulation establishes the amount of money needed to perform the functions of a medium of circulation and a means of payment.

The necessary amount of money required to perform the functions of money as a means of circulation depends on three factors: the number of goods and services sold on the market (direct connection); the level of prices for goods and tariffs (direct connection); velocity of circulation of money (feedback). Fisher wrote this formula as an equation of exchange:

M*v=Q*P,M - money supply; v - velocity of circulation; Q - quantity of goods; P - price.

The formula shows that the quantity of goods is directly related to the price level.

If the money supply is large, then prices are high and hence inflation.

1.33. Money turnover of the Russian Federation: structure, participants, implementation of cash settlements and payments.

Money turnover is a manifestation of the essence of money in motion. This concept covers the processes of distribution and exchange. Its volume and structure are influenced by the stages of production and consumption.

The country's money turnover is understood as the totality of all payments in cash and non-cash forms, in which money performs the functions of a means of circulation, a means of payment and accumulation for a certain period of time. Money turnover mediates commodity and non-commodity turnover, as well as redistribution operations. Money turnover reflects the processes of creation, distribution and redistribution of GDP and ND. A rationally organized cash flow corresponds to the growth rates of these indicators. If the growth rate of money turnover exceeds the growth rate of GDP and ND, then this indicates inflationary processes and a slowdown in settlements.

Cash turnover has a complex internal structure, which is determined by the diversity of participants and the variety of cash flows serving the sale of goods, non-commodity payments, as well as the processes of formation and use of cash savings. There are several signs of classification of the elements that make up this structure: 1. According to the form of functioning money - cash and non-cash cash flows. This is the most common feature of the classification of the elements of the monetary structure. 2. By subjects of economic activity - turnover between economic entities, between economic entities and the population, between economic entities, the population and financial authorities. 3. According to the subjects of the credit and financial system - between commercial banks, between the central and commercial banks, between commercial banks and their clients.

1.34. Cash turnover and its organization.

Cash turnover is an integral part of the money turnover within the national economy. It is realized as a constant circulation of cash in the economy. Cash flow is the movement of money in cash when selling goods, providing services and making various types of payments.

For cash payments, banknotes issued by the central bank, which has a monopoly right to issue them, are used. NDO makes up a smaller part of the money turnover, but has an important functional significance. Only cash as legal tender must be accepted at face value for all types of payments throughout the state at any time of the day and in unlimited quantities.

The task of the central bank in organizing cash circulation is to ensure its stability, elasticity and economy. Therefore, the circulation of cash is the object of careful predictive planning on the part of the central bank and statistical authorities.

The organization of money circulation largely depends on the conditions and procedure for the use of money by enterprises, which is regulated by special regulations. In Russia, cash circulation is regulated by the “Regulations on the rules for organizing cash circulation in the territory of the Russian Federation”, approved by the Bank of Russia. According to the regulation, all enterprises, regardless of their organizational and legal form, keep free cash in bank institutions on appropriate accounts on contractual terms.

Cash funds received at the cash desks of enterprises are subject to delivery to banking institutions for subsequent crediting to the accounts of these enterprises.

The cash limits kept at the cash desks of enterprises on a daily basis are set by the banks serving them in agreement with the heads of these enterprises. This takes into account the specifics of the enterprise. The cash limit at the direction of the bank can ensure the normal operation of the enterprise from the morning of the next day, the limit can be determined within the average daily cash receipts, etc. Banks issue cash to enterprises, as a rule, at the expense of current cash receipts at the cash desks of credit organizations.

Similarly, cash is regulated in credit institutions serviced by cash settlement centers (RCC).

1.35. The role of credit in modern economy. Forms and types of credit.

A loan is a system of economic relations in connection with the transfer from one owner to another for temporary use of values ​​in any form (commodity, monetary, intangible) on the terms of repayment, urgency, payment. A loan is a product sold for a specific price, - loan interest and on specific conditions - for a period, with a return. The seller of the loan is the lender, the lender. The buyer of the loan is the debtor, debtor, borrower, borrower.

There are two main forms of credit on the market: commercial credit and bank credit. They differ from each other in the composition of participants, the object of loans, the dynamics, the amount of interest and the scope of operation.1. Commercial credit - provided by some functioning entrepreneurs to others in the form of the sale of goods with a deferred payment. It is issued by promissory note. Its object is commodity capital. The goal is to accelerate the sale of goods and the profits contained in them.2. A bank loan is issued by banks, special financial institutions, functioning entrepreneurs in the form of cash loans. This is the main type of credit in modern conditions. The object of a bank loan is money capital.3. Consumer credit is provided to consumers in the form commercial loan(sale of goods with deferred payment) and bank credit (loans for consumer purposes) .4. A mortgage loan is a long-term loan secured by real estate (land, industrial and residential buildings).5. State credit - a set of credit relations in which the state and local authorities act as a borrower or lender in relation to citizens and legal entities. The traditional form of this credit is the issuance of government loans. 6. International credit - the movement of loan capital in the sphere of international economic relations, associated with the provision of foreign exchange and commodity resources on terms of repayment, urgency and payment. Banks, enterprises, states, international and regional organizations act as creditors and borrowers.7. Agricultural credit is provided by banks for a long period to cover large investments in agricultural production, usually secured by real estate.8. Usury credit persists as an anachronism in a number of developing countries where the credit system is poorly developed. Typically, such a loan is issued by individuals, money changers, some banks . Types of loans by terms: There is an opinion that in the Russian Federation there are only: short-term loans with a period of up to 1 year; long-term loans for a period of more than 1 year . The allocation of medium-term loans with a term of 1 to 3 (5) years is inappropriate, since in modern conditions, long-term loans for banks are loans for a period of more than 6 months. This is due to the peculiarity of the resource base of commercial banks, in the structure of which the main share (70%) is made up of funds on settlement (current) accounts of clients, i.e. demand deposits . Types of credit by the number of creditors: 1. One creditor.2. Consortial loans - at the expense of banking consortiums formed in order to accumulate credit resources, reduce the risk of lending by attracting other creditors or complying with the standards established by the Central Bank, in particular, the indicator of the maximum amount of large credit risks (H7), the maximum amount of loans, guarantees of guarantees provided by the bank to its participants (shareholders) (H9 and H10). 3. A syndicated loan is a loan provided to the borrower by at least two lenders (a syndicate of lenders) participating in this transaction in certain shares within the framework, as a rule, of a single loan agreement. Types of credit by currency, in to which the loan was granted: monocurrency - ruble and currency; multicurrency - in several currencies .Types of loan by type of borrower: interbank (to other banks and non-banking financial institutions); consumer (to the population) - a targeted form of lending to individuals. Types of loan by security: secured (collateral and guaranteed); unsecured (blank ).Types of credit by purpose (directions of use): to increase the capital of the enterprise (investment); to replenish the working capital of the enterprise; consumer purposes. Types of credit by form and method of provision: credit between enterprises (commercial, purchase of securities); when the bank acts as a borrower.

1.36. System monetary regulation and its elements.

In accordance with the goals and objectives of monetary policy, the central bank carries out monetary regulation. Monetary regulation is a set of specific measures of the central bank aimed at changing the money supply in circulation, the volume of loans, the level interest rates and other indicators of money circulation and loan capital market. Monetary regulation is carried out by the central bank in accordance with the concept of monetary policy chosen at a certain moment.

The tasks of monetary regulation include maintaining the stability of the national currency, curbing inflation; ensuring the stability of the monetary system; coordination of the activities of the central bank with the activities of other state bodies and assistance in resolving social and economic tasks facing the state.

In accordance with the tasks identified as priority, central bank in the process of monetary regulation, it can implement either a policy of restriction or an expansion policy. Restrictive monetary policy (restrictive or "dear money" policy) is aimed at limiting monetary emission, tightening conditions and limiting the volume of credit operations of commercial banks and raising interest rates. Expansionary monetary policy (“cheap money” policy) means expanding the scale of lending, loosening control over the increase in the amount of money in circulation, and lowering interest rates.

The objectives of the expansionary monetary policy are to stimulate business activity and economic growth and reduce unemployment. The next element of monetary regulation are 1. entities, which in a broad sense include all owners of funds, in a narrow sense, the entities are persons exercising monetary regulation, namely, the central bank, legislative bodies, government ministries and departments. 2. The objects of monetary regulation are specific indicators of money turnover that change under the influence of monetary regulation. These indicators include the money supply, its aggregates; the volume and structure of monetary incomes of the population; volume and structure of cash turnover passing through commercial banks; money turnover rate; bank multiplication factor; the volume of central bank loans to the government; volume of loans to credit institutions; the volume of loans issued to individuals and legal entities. As the next element of the system of monetary regulation, 3.methods and tools used by the central bank in the process of regulation are singled out. Under the methods of monetary regulation understand the ways of influencing the intermediate benchmarks of monetary policy. A) The method of direct control (administrative) consists in administrative control over the activities of banks and is aimed at regulating their ability to provide loans or invest in securities, to limit interest rates. b) The market (indirect) method affects the objects of regulation (money supply, interest rates, exchange rate) with the help of market mechanisms. The last element of the system of monetary regulation stands out 4. regulation mechanism - the conditions and procedure for the use of monetary regulation instruments, the organization of the activities of the central bank for this use.

1.37 Modern credit system: structure and participants.

When it comes to the credit system, it usually means two sides of it:

The totality of credit relations, forms and methods of lending;

A set of banks and other financial institutions that accumulate free cash and lend it.

The structure of the credit system of the Russian Federation:

I. Central Bank (CB);

II. Banking system:

· Commercial banks;

· savings banks;

Mortgage banks

III. Specialized non-bank credit and financial institutions:

· Insurance companies;

investment funds;

· pension funds;

financial and construction companies;

Others.

A bank is a credit institution that has the exclusive right to carry out, in aggregate, the following banking operations:

1) attract funds from individuals and legal entities in deposits;

2) place these funds on its own behalf and at its own expense on the terms of repayment, payment, urgency;

3) open and maintain bank accounts of individuals and legal entities.

Non-banking credit institution - a credit institution that has the right to carry out certain banking operations provided for by law. Permissible combinations of banking operations for them must be established by the Bank of Russia. In practice, three types of non-bank credit organizations have been developed: settlement, deposit and credit, and collection.

1.38. Central bank as a subject of monetary regulation.

Central Bank of the Russian Federation (Bank of Russia) - a legal entity, the main bank of the first level, the main issuing, monetary institution of the Russian Federation, developing and implementing, in cooperation with the Government of Russia, a unified state monetary policy and endowed with special powers, in particular, the right to issue banknotes and regulate the activities of banks . The Bank of Russia, acting as the main coordinating and regulating body of the entire credit system of the country, acts as an economic management body. The Bank of Russia controls the activities of credit institutions, issues and revokes their licenses for banking operations, and credit institutions already work with other legal entities and individuals.

Main goals The activities of the Bank of Russia are: 1. protecting and ensuring the stability of the ruble, including its purchasing power and exchange rate against foreign currencies; 2. development and strengthening of the banking system of the Russian Federation; 3. ensuring stability and developing the national payment system; 4. development financial market Russian Federation; 5. ensuring the stability of the financial market of the Russian Federation.

Functions of the Central Bank: 1. Issue of national currency; 2. Control over the volume of money supply in the country; 3. Storage of customer funds; 4. Issuance of loans; 5. Financial adviser to the state; Control over the activities of commercial banks and other organizations; 7. The Central Bank is a bank of banks

The evolution of forms and types of money. Good and bad money.

Money (money) - an instrument of economic relations in society, which is: a measure of value; medium of exchange; convenient form of savings; means of payment and acting in the form of world money.

The essence of money as an economic category finds expression in the unity of its three properties: universal direct exchangeability, an independent form of exchange value, and an external material measure of labor.

Classification of types and forms of money

Types of money: commodity, high-grade, defective, quasi-money (According to the methodology of the International Monetary Fund, these are funds held on fixed-term and savings deposits in commercial banks. In modern conditions, quasi-money is the main component of the money supply, the most dynamically increasing part of it)

Forms of money: cattle, furs, shells, animals, slaves, etc.; gold and silver bars, gold and silver coins; treasury notes, banknotes, billon coin

Full (real) money is a type of money, the nominal value of which corresponds to the real value of the precious metal contained in them. They perform all the functions of money and are the universal equivalent

The first full-fledged money was issued in the form of ingots, after which coins appeared. With the expansion of commodity production and the growth of exchange transactions, full-fledged money was not able to meet the growing needs of the economy in the means of circulation. Therefore, there was a need to introduce a new form of money - banknotes, which were representatives of full-fledged money. The banknote was a receipt containing a requirement for the issuing bank to issue to its bearer the number of coins indicated in it.

Inferior (non-exchangeable for gold) money is banknotes that replace full-fledged money in circulation and act as a sign of credit. Inferior money loses its commodity nature, does not have its own intrinsic value. Paper money arose as a result of metal circulation as substitutes for silver or gold coins. Purely metallic circulation was too expensive for the state and became impossible, since the extraction of precious metals always lags behind the growth of the economy's need for means of circulation. Therefore, the replacement of metal money with paper signs helps to save distribution costs.

Modern paper money is characterized by three features: inexchangeability, the presence of a forced exchange rate and interest-free.