FEDERAL AGENCY FOR EDUCATION

State educational institution of higher professional education

RUSSIAN STATE TRADE AND ECONOMICS UNIVERSITY

GOU VRO "RGTEU"

Chelyabinsk Institute (branch)

TEST

Option 16

By discipline Finance, money circulation and credit

Well 1 Speciality Commerce (trading business)_____

Group KS 1 Cipher KzS-08-15M____________________ _

FULL NAME. Temnikova Veronika Valerievna_____________

Full name of the teacher ___________ _

Magnitogorsk 2009

1 What is the main feature of government credit 3

2 What two forms of government credit do you know? 4

3 What is public internal debt. What are the problems in this regard today?

What is the dynamics of government internal debt in recent years? 5

4 What government loans do you know? 7

5 When the state acts as a creditor 10

6 What are government guarantees 12

Question No. 1 What is the main feature of a state loan?

State credit is an economic relationship between the state and individuals and legal entities, constituent entities of the Russian Federation, local governments, foreign states, and international organizations. In these economic relations, the state plays the role of borrower, lender and guarantor.

The main feature of this form of credit is the indispensable participation of the state in the person of executive authorities at various levels. Carrying out the functions of a creditor, the state, through the central bank, provides loans to:

Specific industries or regions that have a special need for financial resources, if the possibilities of budget financing have already been exhausted, and loans from commercial banks cannot be attracted due to market factors;

Commercial banks in the process of auction or direct sale of credit resources on the interbank loan market.

The state acts as a borrower in the process of placing government loans or when carrying out operations on the market for government short-term securities.

The main form of credit relations with a state loan is one in which the state acts as a borrower of funds.

It should be noted that during the transition period it should be used not only as a source of attracting financial resources, but also as an effective tool for centralized credit regulation of the economy.

An important role in the system of public finance is played by state and municipal credit, which, for the sake of simplicity, is usually referred to simply as state credit.

State credit expresses the totality of credit relations between the state and legal entities and individuals. In these relations, the state acts as either a borrower, a guarantor, or a lender. Where the state acts as a borrower and guarantor, this is a state loan in the narrow sense of the word (or state borrowing). Relations in which the state acts as a creditor of legal entities and individuals are called state lending.

State credit in the narrow sense of the word as an economic category is at the junction of two types of monetary relations - finance and credit, integrating their features. Indeed, in this case, according to its intended purpose, state credit is an instrument for the formation of state monetary funds, and therefore a link in the state financial system. But according to the methods of raising funds, it represents a form of credit. State credit is singled out as an independent category because it differs significantly from such classical financial categories as taxes, excise taxes, and duties. So, unlike the latter, it is returnable and paid in nature. The state must not only return the borrowed amount, but also pay interest on its use. In addition, a state loan, like a loan in general, is limited to a specific period known in advance to the parties involved. The Budget Code of the Russian Federation provides that any debt obligations of the Russian Federation are repaid within the terms determined by the specific terms of the loan, but cannot exceed 30 years. Further, unlike taxes and fees, state credit is purely voluntary and, moreover, discrete, one-time in nature. It may or may not repeat. Taxes and fees are permanent and regular. Finally, state credit, due to its voluntariness, has a selective, selective nature, and taxes and fees are levied on all taxable economic entities.

However, state credit in the narrow sense of the word differs from other forms of credit. Firstly, a regular loan, unlike a government loan, as a rule, is strictly targeted. The main purpose of the latter is to cover the state budget deficit. Secondly, a regular loan is issued against specific material security (production or inventory, work in progress, finished goods, debt claims, real estate, securities, etc.). The collateral for a state loan is not a specific type of value, but all the property of the state or its administrative-territorial subdivision. Thirdly, a regular loan in most cases is issued to ensure the continuity (uninterruption) of the production process, i.e. is productive in nature. Government credit, especially at the highest level, typically serves to cover budget deficits and is an unproductive state object of study for Russia as a lender, borrower and guarantor.

Question No. 2 What two forms of government credit do you know?

Government credit can take two forms: savings and government loans.

A savings business belongs to a state loan if the funds raised are directed to budget revenues. However, as a rule, savings banks, regardless of their form of ownership, operate on a commercial basis and the mobilized funds form their credit resources. Part of these resources can be used to purchase government securities and thus belong to government credit.

Question No. 3 What is public internal debt? What are the problems in this regard today? What is the dynamics of government internal debt in recent years?

The state internal debt of the Russian Federation is debt obligations The Government of the Russian Federation, expressed in the currency of the Russian Federation... to legal entities and individuals, unless otherwise established by legislative acts of the Russian Federation

Internal public debt is the financial obligations of the state arising in connection with the attraction of funds from non-governmental organizations and the population of the country for the implementation of government programs and orders.
In the Russian Federation, public debt includes debt obligations of the Government of the Russian Federation, expressed in the currency of the Russian Federation, to legal entities and individuals, unless otherwise established by legislative acts, and is secured by all assets at the disposal of the Government of the Russian Federation. Domestic debt covers debts of past years, newly arisen debts and debt obligations of the former USSR in the part assumed by the Russian Federation.

Problems of managing Russian debt and ways to solve them

Main tasks of debt management:

· reducing the volume of external debt obligations and, accordingly, the cost of servicing them;

· optimization of the structure of external debt, increasing the share of its market component;

· optimization of the external debt payment schedule, elimination of payment peaks;

· refinancing of external debt through domestic borrowings without significant deterioration in the debt structure in terms of payment terms;

· increasing the efficiency of using borrowed funds.

There is a need for legislative reform of the public debt management system of the Russian Federation and the priority implementation of necessary measures, which include

· development and adoption of the Federal Law on amendments to the Budget Code of the Russian Federation in terms of issues related to public debt management;

· development and adoption of a federal law on the public debt of the Russian Federation;

· development and approval of regulatory documents regulating the activities of Vnesheconombank as an agent for servicing state external debt and state external financial assets;

· creation of a unified database on the public debt of the Russian Federation;

· development and approval of a unified procedure for maintaining the State Debt Book of the Russian Federation, a constituent entity of the Russian Federation and the municipal debt book;

· development of criteria and mechanisms for assessing the effectiveness of borrowing and debt policy.

Ways to overcome

There are two main solutions: - strengthening administrative control over financial flows, complemented by tightening legislation and implementing systemic institutional changes that create a favorable investment climate.

The first way is the implementation of administrative measures against standard schemes for the illegal export of capital - understatement of export prices, non-return of foreign exchange earnings, fictitious import contracts with advance payment and inflated prices, corruption at customs, payments through offshore companies.

The second path is preferable for Russia. Measures to strengthen confidence in the Russian economy should include: improving the tax system and tax administration; budget balance; ensuring reliable operation of the banking system; protection of the rights of creditors and investors; transparency of financial reporting of all enterprises and organizations; the fight against crime and corruption, a dramatic improvement in the work of the prosecutor's office and the judicial system; strict compliance with federal laws throughout the Russian Federation, the end of arbitrariness and electoral privileges on the part of regional and local authorities.

Russia can hold out for a maximum of a year without refinancing and restructuring its external debts, without new loans to repay old ones, writing off part of the debt and installment payments. The federal budget should not be considered as the main guarantor of solvency, since it will not withstand the load of 12-15 billion dollars a year. Otherwise, all hopes for economic growth, through which the revenue side of the budget can be replenished, can be abandoned. Other solvency factors also do not work. Therefore, it is necessary to negotiate until the victorious end.

Problems associated with managing public debt, its regulation, and choosing the right debt policy are still quite relevant. Despite the fact that in recent years the situation in the government borrowing market has changed a lot, and for the better, we should not forget that any wrong step can lead to serious problems in the future. To avoid this, it is necessary to regularly monitor the process of issuing government loans, issuing government loans and guarantees. It is possible to correctly assess the situation only by knowing all the features of public debt, its management and having studied the accumulated experience.

To ensure uninterrupted financing of diverse needs, the state generates additional financial resources by mobilizing temporarily free funds of the population and economic structures, the main way of obtaining which is a state loan. The funds mobilized in this case are placed at the disposal of public authorities and, turning into additional financial resources, are used, as a rule, to cover the budget deficit. The source of repayment of government loans and interest payments on them are mainly budget funds.

Let's look at the dynamics of domestic public debt over the past 10 years.
The structure of government internal debt expressed in securities has changed - the largest weight is occupied by highly liquid long-term OFZ-AD securities, introduced since 2003. The issue of GKOs and OFZ-PK was stopped. In 2006, a new GSO debt instrument was issued.
Let's consider the current state of domestic debt as of April 14, 2008. The volume of government internal debt, expressed in government securities, as of April 14, 2008 amounted to 1,329,574.838 million rubles. The largest weight (more than 60% of the total debt) is occupied by federal loan bonds with debt amortization, the smallest (less than 1%) is government savings bonds with a constant interest rate.
Let's consider the structure of the Russian government's internal debt by maturity.
The volume of government internal debt, expressed in government securities, at the beginning of 2008 amounted to 1331.264 billion rubles. Deadline – 2036
The largest volume of repayment expenses falls on 2008-2012 and 2018, 2021, 2022, while the largest amount to repay (2010) is 131.124 billion rubles, and there is a tendency towards uniformity. From 2030 to 2033, for borrowings made before 2008, no payments to repay the debt are expected, which can be taken into account when borrowing in subsequent years.

Question No. 4 What government loans do you know?

Government loans are the main form of government credit.

According to legal registration, government loans are divided into those provided on the basis of government agreements and secured by the issue of securities. Agreements usually formalize loans from the governments of other states, international organizations and financial institutions. With the help of securities, funds are mobilized in the financial market.

Government loans can be issued using two types of securities - bonds and treasury bills (bills).

Bonds are a debt obligation of the state, under which the debt is repaid within a specified period and income is paid in the form of interest or winnings. They can be impersonal (to cover the budget deficit) and targeted (for specific projects).

A bond has a face value - a designated amount of debt - and a market price at which it is sold and resold, depending on its profitability, reliability and liquidity. The difference between the exchange price and the nominal value is the exchange rate difference.

Treasury obligations (bills) have the nature of a debt obligation aimed only at covering the budget deficit. Payment of income is carried out in the form of interest. Treasury bonds, as a rule, are issued for loans (sometimes medium-term - treasury notes), bonds - medium- and long-term.

Depending on the location of the loans, they are divided into internal - in the domestic financial market (represented by legal entities and individuals of a given country and non-residents) - and external - coming from outside governments, legal entities and individuals, other states, international organizations and financial institutions.

According to the right of issue, state and local loans are divided.

Government loans are issued by central government authorities. Revenues from them are sent to the State Budget.

Local loans are issued by local governments and directed to the relevant local budgets.

Based on the nature of the use of securities, there are market and non-market loans.

Bonds (Treasuries) market loans are freely bought, sold and resold on the securities market.

Non-marketable loans prevent securities from entering the market, meaning their owners cannot resell them.

Depending on the determination of security, government loans are divided into secured and unsecured. Secured loans reflect one of the basic principles of lending – material security. Collateral loans are secured by state property or specific income. Unsecured loans do not have specific financial support. Their reliability is determined by the authority of the state

Depending on the repayment period, debts are divided into short-term (repayment period up to one year), medium-term (from 1 to 5 years), long-term (over 5 years).

Based on the nature of income payment, government loans are divided into interest-bearing, winning and discount (with a zero coupon).

For interest-bearing loans, income is established in the form of borrowed interest. In this case, either a firmly fixed rate for the entire loan period or a floating rate can be set, that is, one that changes depending on various factors, primarily supply and demand in the credit market.

Interest income is paid on a coupon basis. It can be carried out annually, once every six months, or quarterly. For winning loans, income is paid based on drawings of winnings. In this way, not all creditors receive income, but only those whose bonds won.

Discount loans are characterized by the fact that government securities are purchased at a certain discount and repaid at par. This difference represents the lender's income. These securities have no coupons, which is why they are also called zero coupon bonds.

Depending on the nature of debt repayment, there are two options: one-time payment and payment in installments. When repaying in installments, three options can be used. First, the loan is repaid in equal installments over several years. Second, the loan is repaid in ever-increasing amounts. Third, the amount is constantly decreasing. The second option is used when an annual increase in state revenues is envisaged in the future, the third - on the contrary, when incomes will decrease or government spending will increase.

Depending on the state's obligations to repay the debt, loans with and without the right of long-term repayment are distinguished. The right to long-term repayment allows the state to take into account the situation on the financial market.

Thus, state credit is a set of fairly diverse forms and methods of financial relations.

This approach is aimed at creating favorable conditions for raising funds both for the state and for its loans. The variety of forms allows maximum consideration of the diverse interests of legal entities and individuals. In general, the classification of government loans is presented in Diagram 17.

State credit requires special control. This control applies to both the raising of borrowed funds and their repayment.

Attracting loans should be based on two principles: minimizing the cost of the loan and establishing the stability of government securities in the financial market.

The issuance of government loans is based on the following conditions:

– the presence of creditors who have temporarily available funds;

– creditors’ trust in the state;

– interest of creditors in providing loans to the state;

– the ability of the state to timely and completely repay the debt and pay income.

Sources of repayment of government loans can be:

– income from investing borrowed funds in highly efficient projects;

– additional tax revenues;

– savings from cost reductions;

– issue of money;

– raising funds from new loans (debt refinancing)

Question No. 5 When the state acts as a creditor.

A state loan is a relationship in which the Russian Federation, a constituent entity of the Russian Federation or a municipal entity are lenders or borrowers. State and municipal loans can be received and provided by the Russian Federation, constituent entities of the Russian Federation and municipalities to legal entities and individuals, other budgets, foreign states, their legal entities and international organizations within the powers of the corresponding budget level.

The state, represented by the authorized executive body, enters into a loan agreement, in accordance with which it has corresponding obligations or requirements. The terms of the loan agreement are:

Duration of granting or receiving the loan;

Duties of the parties;

Conditions for ensuring loan repayment;

The interest rate for using the loan;

Other conditions.

In recent years, Russia has mainly acted as a borrower of funds. In 2002, external debt, according to experts, amounted to about 41% of GDP. It should be borne in mind that, according to international standards, the maximum amount of payments for servicing both external and internal debt should not exceed 30% of budget revenues; in 2002, this figure in Russia was 24.8%.

By providing loans or credits, the state acts as a creditor. In cases where the state assumes responsibility for repaying obligations undertaken by any entities (individuals, enterprises and organizations, constituent entities of the Russian Federation, local governments), the state acts as a guarantor. If the debtor pays his obligations in full and on time, then the state as a guarantor does not bear additional costs.

The state regulates money circulation by placing loans among various groups of investors. By mobilizing funds from individuals, it reduces effective demand. If production costs, such as investments, are financed through credit, there will be an absolute reduction in the cash supply of money in circulation. In the case of financing labor costs, for example, teachers and doctors, the amount of cash in circulation will remain unchanged, although the structure of effective demand may change.

Operations for the purchase and sale of government securities or the issuance of loans secured by them, carried out by the Central Bank of the Russian Federation, are an important tool for regulating the liquidity of commercial banks in the country. Loans secured by highly liquid government securities began to be provided by the Central Bank of the Russian Federation in April 1996.

By acting as a borrower in the financial market, the state increases the demand for borrowed funds and thereby contributes to an increase in the price of the loan. The higher the state's demand, the higher, other things being equal, the level of loan interest, the more expensive credit becomes for entrepreneurs. The high cost of borrowed funds forces businessmen to reduce investments in production, in; at the same time, it stimulates savings in the form of the purchase of government securities. If there is enough free capital in the country, the negative impact on production is insignificant. The unlimited activity of the state (as was the case in our country before the August 1998 crisis) in the financial market diverts a significant share of cash savings from the productive one! use, significantly slows down the pace of economic development, leading to an increase in public debt.

The state has a positive impact on production and employment by generating demand for domestically produced goods using funds borrowed from abroad, acting as a lender and guarantor. In particular, this may be expressed in supporting small businesses, exports or production in certain areas experiencing recession, by guaranteeing by the state loans provided by banks under relevant programs, by repaying debts to banks on loans provided to small entrepreneurs in the event of their bankruptcy, with the help of insurance risk of low rates of non-payment to exporters of national goods, etc.

Since the mid-90s, the activity of the Russian Federation as a lender in the domestic market has increased. Loans were provided to legal entities for structural restructuring of production, for settlements on targeted loans, in particular for the purchase of equipment, for the development, implementation and acquisition of the latest technologies and materials, including abroad. The activities of the Russian Federation as a creditor in the international arena are mainly limited to the CIS states (within the limits of funds received in the form of interest payments and amounts to repay the principal debt on previously granted loans).

In turn, the activities of the Russian Federation as a guarantor have been expanding in recent years. Traditionally, the state guarantees deposits of the population in Sberbank of the Russian Federation, acts as a guarantor for debt obligations of various companies and groups (in particular, it stimulates the creation and activities of financial and industrial groups); provides financial support for the export of goods and services produced by domestic producers.

Question No. 6. What are government guarantees?

State guarantees are a way of ensuring obligations, by virtue of which the guarantor region gives a written obligation to be responsible for the fulfillment by the person to whom the guarantee is given of obligations to a third party.

Article 116. Provision of state guarantees of the Russian Federation

Federal Law No. 310-FZ of December 30, 2008 introduced amendments to paragraph 1 of Article 116 of this Code, which come into force on January 1, 2009.

1. The Government of the Russian Federation has the right to make decisions in the form of an act of the Government of the Russian Federation on the provision of state guarantees to the Russian Federation in accordance with the federal law on the federal budget for the corresponding year and planning period. The Ministry of Finance of the Russian Federation has the right to make decisions on the provision of state guarantees to the Russian Federation in the amount and in cases established by the federal law on the federal budget for the corresponding year and planning period and acts of the Government of the Russian Federation adopted in accordance with it.

The act of the Government of the Russian Federation (act of the Ministry of Finance of the Russian Federation) on the provision of a state guarantee to the Russian Federation must indicate:

a person to ensure the fulfillment of whose obligations a state guarantee of the Russian Federation is provided;

limit of obligations under the state guarantee of the Russian Federation;

basic conditions of the state guarantee of the Russian Federation.

2. The Ministry of Finance of the Russian Federation, in accordance with an act of the Government of the Russian Federation (act of the Ministry of Finance of the Russian Federation), on behalf of the Russian Federation, enters into agreements on the provision of state guarantees of the Russian Federation, on ensuring the fulfillment by the principal of his possible future obligations to compensate the guarantor in recourse to the amounts paid the guarantor in fulfillment (partial fulfillment) of obligations under the guarantee, on the assignment to the guarantor of the rights of the beneficiary's claim to the principal, other contracts (agreements) in accordance with the act of the Government of the Russian Federation (act of the Ministry of Finance of the Russian Federation) and issues state guarantees of the Russian Federation.

The procedure and timing of compensation by the principal to the guarantor by way of recourse for amounts paid by the guarantor in fulfillment (partial fulfillment) of obligations under the guarantee are determined by the agreement between the guarantor and the principal. In the absence of an agreement between the parties on these issues, satisfaction of the guarantor's recourse claim against the principal is carried out in the manner and within the time frame specified in the guarantor's claim.

3. State guarantees of the Russian Federation cannot be provided to ensure the fulfillment of obligations of state or municipal unitary enterprises, with the exception of federal state unitary enterprises.

4. The total amount of obligations arising from state guarantees of the Russian Federation in the currency of the Russian Federation is included in the state internal debt of the Russian Federation as a type of debt obligation.

The total amount of obligations arising from state guarantees of the Russian Federation in foreign currency is included in the state external debt of the Russian Federation as a type of debt obligation.

5. The provision and execution of the state guarantee of the Russian Federation are subject to reflection in the State Debt Book of the Russian Federation.

6. The Ministry of Finance of the Russian Federation keeps records of issued state guarantees of the Russian Federation, reduction of public debt in the event of fulfillment by principals or third parties of the principal’s obligations secured by state guarantees of the Russian Federation, as well as in the case of payments made by the guarantor under issued state guarantees of the Russian Federation.

Federal Law of April 26, 2007 N 63-FZ Article 117 of this Code is stated in a new wording, which comes into force on January 1, 2008

Bibliography

1. Constitution of the Russian Federation, 1993

2. Budget Code of the Russian Federation, 1998

3. Tax Code of the Russian Federation, (Part 1) 1998, (Part 2) 2000 (with amendments and additions dated December 1, 2006)

4. Andrianov V.D. - Russia in the world economy, 1998, p. 68

5. Gorbunova O.N. - Socio-economic development and financial law, 1988

6. Gorbunova O.N. Financial Law, 1996

7. Gracheva E.Yu. - Financial law (schemes and comments), 1999, Gracheva E.Yu. - Financial law in questions and answers, 2003

8. Gracheva E.Yu. - Financial Law, 1998

9. Emelyanov A.M. - Finance, taxes and credit, 2001

10. Zhdanov A.A. - Financial law of the Russian Federation, 1995.

11. Karaseva M.V. - Financial Law, 2000,

12. Kovalev V.V. - Finance, 2001

13. Lushin S.I. - Finance, 2000

14. Mandritsa V.M. - Financial Law, 2003

15. Melikhova L.V. - Financial Law, 2001, p. 65

1. Finance monetary appeal And credit

   Test >> Finance

   TECHNIQUE Examination in the discipline: " Finance, monetary appeal And credit" Completed by: student of group BU-51сз..., the entire population of the country is sustainable finance And monetary appeals. Financial results are the final result of activities...

2. Finance, monetary appeal And credit (4)

   Test >> Finance

   ... No. 1 In discipline: “ Finance, monetary appeal And credit" Completed Checked Ryazan 2009 ... and repayment monetary loans, with monetary relationships with financial... monetary turnovers as a means of payment, as opposed to turnovers as a means of payment appeals ...

3. Finance, monetary appeal And credit (5)

   Abstract >> Finance

   Test " Finance, monetary appeal And credit" Money as a commodity...inflation; cost distribution; means appeals

Finance, money circulation and credit

Money circulation is the movement of money when they perform their functions in cash and non-cash forms in connection with the sale of goods, with payment for services provided, with making various payments (payment of wages, payment of taxes, return and provision of credit, payment of interest, etc. .).

The basis for money circulation is the circulation of goods. In the process of circulation, money does not leave the sphere of circulation, but circulates again and again in accordance with its functions.

From the standpoint of historical evolution, two main groups are distinguished among money:

• a) money that has value or material value;
• b) money that has no material value, or inferior money.

The first type is the so-called commodity money, or natural (real) money. Such real money appears in the form of goods that historically acted or act as a universal equivalent. Commodity money has the ability to exist both as money and as an ordinary commodity. Therefore, the nominal value of such money corresponds to its real commodity value.

The second group consists of paper and credit money. Such symbolic money acts only as signs of value. When considering the functions of money, a tendency was recorded for commodity or gold money to die out and symbolic money to come to the fore. money coin credit bill

Modern symbolic money takes the form of real (cash) and immaterial (non-cash) money. Therefore, monetary circulation consists of cash and non-cash spheres.

Cash. Symbolic real money consists of cash and credit money (debt obligations or securities - bills, checks, etc.). Cash made from paper and base metals (bargaining coins) has a value significantly less than its face value. Such symbolic signs of value rely on the power of the state. Cash paper money circulation can be represented by treasury notes and banknotes of the country's central bank. At the same time, it must be admitted that at the moment the difference between banknotes and treasury notes has actually been lost.

The essence of non-cash payments. Non-cash money is non-cash money. Non-cash money turnover is the movement of value without the participation of cash, through the transfer of funds (digital symbols) to bank accounts. The modern system of non-cash payments operates through the mediation of special institutions (banks), whose activities, in turn, are controlled by the country’s central bank. At the country's central bank, private banks are required to open their correspondent accounts to store available funds - their own and borrowed. Using these essentially “monastic” or, as they are now commonly called, correspondent accounts, mutual settlements are carried out between private commercial banks, which in turn open current (settlement) accounts for clients and process their payments. Thus, the non-cash payment system presupposes a hierarchy of relations between the central bank, private banks and business entities. All business entities of all forms of ownership are required to keep their funds in bank accounts and comply with other requirements for cash flow.

Money, as you know, is a historical category. They appeared at a certain stage in the development of society. Therefore, when analyzing the types and forms of money, as a rule, the results of their evolution and differentiation of the content of public works performed by function are considered. At the same time, the classification of forms and types of money by various economists is interpreted ambiguously and appears debatable. A number of authors consider full-fledged (real money) as a classification feature of forms of money, which, in turn, are divided into the following types: gold and silver bars, gold and silver coins, precious stones and inferior money, which are divided into the following types: money substitutes (central bank notes, coins, treasury notes, funds on demand accounts in banks) and money surrogates (checks, bills, electronic money). A number of other authors, classifying money, subdivide it according to its natural and functional characteristics and distinguish three main types of money: commodity money, full-fledged money, fiat money.

Within the type of money, monetary forms are distinguished. For example, the main forms of full-fledged money are bars, coins, and banknotes with full or partial coverage. Fiat money includes paper money, deposit money (bills of exchange, checks, plastic cards, etc.) and electronic money.

Some economists distinguish types of money according to different criteria. So, in the historical aspect, they distinguish between full-fledged metallic and inferior money. Depending on the form, there are cash (banknotes, coins and treasury notes) and non-cash money, which exists in the form of records in bank accounts (mainly in electronic form).

The modern interpretation of the concept of money excludes the commodity nature of money. Thus, the new economic encyclopedia gives the following definition of money: “Money is an instrument of economic relations in society, which is:

measure of value;

medium of exchange;

convenient form of savings;

a means of payment and acting in the form of world money.

In the process of replacing full-fledged money with paper banknotes, the problem arose of linking the total mass of such banknotes with the needs of circulation. The relevance of this problem was due to the fact that when banknotes are issued in circulation beyond the need for them, there is a threat of their depreciation, which does not happen when using gold money. Depending on the features of issue into circulation, banknotes made of paper are divided into:

paper money (treasury notes);

credit money (banknotes).

A billon coin is a small changeable metal coin, the face value of which exceeds the value of the metal it contains and the cost of minting it. B. m. is a substitute for gold and, ultimately, a sign of value. Acting primarily in retail trade, banknotes perform only the functions of a medium of exchange and, to a limited extent, a means of payment. Since 1933, only coins have been put into circulation in all countries. They are minted from silver (of low standard), copper, nickel, aluminum and other metals. The minting of B.m., in contrast to the minting of a full-fledged coin, brings coin income to the state and is closed, i.e., it is made from metal that belongs to it. Release of B.m. limited by the needs of monetary circulation, and its distribution between coins of different denominations and the maximum wear period of the coin. established on the basis of practical experience. Release of B.m. strictly limited by the needs of cash flow. In Tsarist Russia, the release of B.m. was limited to the amount of 3 rubles. per capita. In the USSR, small change coins made of base metals are issued in denominations of 1 ruble, 50, 20, 15, 10, 5, 3, 2 and 1 kopeck.

Paper money (treasury notes). Treasury bills are paper money issued by the Treasury, i.e. government agency in charge of cash execution of the state budget. Their main feature is not that they are made on paper, but that their issuance by the state (usually the treasury) is usually determined by the need for funds to cover its expenses. The reverse influx of paper money (treasury notes) occurs when paying taxes and other payments, including for goods, works and services, etc.

The most important disadvantage of paper money is that it comes into circulation without the necessary connection with the needs for banknotes. In this regard, it becomes possible to release such money into circulation excessively (compared to the need for turnover), which is likely to depreciate the value of money and reduce its purchasing power. The disadvantages inherent in paper money can be largely eliminated through the use of credit money. The issuance of treasury notes is typical for underdeveloped countries. There are none in Russia.

Credit money is a form of money that arises in the conditions of the development of commodity production, when purchases and sales are carried out in installments (on credit). The emergence of credit money is associated with the function of money as a means of payment; they replace gold and paper money and are the basis of the modern payment and settlement mechanism. Domestic money circulation and international money circulation are based on credit money.

Credit money is a sign of value that arises and functions in circulation on the basis of credit. They, like full-fledged money, arose in the process of spontaneous development of market relations, when the mutual trust of market subjects reached such a level that one of the subjects dared to transfer a product or other value to the second under the obligation to pay in the future. Trade circulation itself gave rise to trade money in the form of a promissory note, which began to circulate as a means of circulation. Their appearance is also associated with the function of money as a means of payment, where money acts as an obligation that must be repaid after a predetermined period with real money.

There are three main types of credit money: bill, banknote and check, which in circulation act as obligations, for example, of a central bank. These obligations, having the force of legal tender, are issued in two forms - cash and money in the accounts of commercial banks and other institutions at the central bank.

A bill is a written unconditional obligation of the debtor to pay a certain amount within a predetermined period in a specified place (simple, transferable, treasury, bank). Features are abstractness (the term of the transaction is not specified), indisputability (mandatory payment of the debt), and negotiability. It serves only wholesale trade, the balance of mutual claims is repaid in cash, and a limited number of persons are involved in bill circulation. It is limited by the size of the reserve fund of the creditor enterprise. There are:

• 1. Domiciled bill of exchange - a bill on which the place of payment is indicated other than the place of residence of the drawer;
• 2. Treasury bill - a short-term bill issued by the state to cover its expenses;
• 3. Commercial bill - a bill issued by the borrower to the lender when pledging goods;

Short-term bill - a bill payable on demand or within the shortest possible time.

A bill of exchange (draft) is a written document containing an unconditional order from the drawer to the payer to pay a certain amount of money at a certain time and at a certain place to the recipient or his order. The main difference between a bill of exchange and a simple one, which is essentially a promissory note, is that it is intended to transfer, move values ​​from the disposal of one person to the disposal of another. To issue (trace) a bill of exchange means to undertake the obligation to guarantee acceptance and payment thereunder. Consequently, it is possible to trace to another only if the drawer (bill drawer) has at his disposal a value not less than the amount of the bill being traced. Unlike a simple bill of exchange, not two, but three persons are involved in a bill of exchange: the drawer (drawer), who issues the bill, the first purchaser (or bill holder), who receives along with the bill the right to demand payment on it, and the payer (drawee), to whom the bill holder offers To make a payment.

The holder of the bill is the owner of the bill who has the right to receive the amount of money specified in it. The holder of the bill, designated as the recipient in the bill itself, is called the first holder of the bill (remitee). When transferring a bill, the legal holder of the bill is the person who bases his right on a continuous series of endorsements. The holder of the bill has the right to the bill itself; he is obliged to give it to the person who lost possession of the bill only if he acquired the bill in bad faith or, while acquiring it, committed gross negligence. The holder of the bill has the right to receive payment on the bill from the acceptor (the drawer of the promissory note), as well as by way of recourse from all other responsible persons (endorsers, avalists). The holder of the bill also has a number of other rights (to protest, to file lawsuits, etc.) provided for by law.

Drawer (debtor) is a person who writes and issues a bill to repay the debt for payment of inventory, work or services to the holder of the bill (creditor).

An endorser is a person who transfers his rights under a bill of exchange to another person (endorser), as indicated by the first person in the endorsement on the back of the bill of exchange. The endorser is responsible not only for the existence of the right, but also for its implementation.

Endorser is a person who accepts rights from the endorser of a bill.

Drawer is the drawer of a bill of exchange, the person who created and issued this bill of exchange.

Drawee is the payer of a bill of exchange, the person to whose address the order is given to pay the bill of exchange. The drawer (drawer) can appoint himself as drawee (payer). For example, a bank may issue a bill of exchange to itself.

An endorsement is an endorsement made on bills of exchange, checks, bills of lading and other securities for the purpose of transferring rights of claim under these documents or securing any other claims.

Aval is an inscription on a bill that endorses or guarantees the bill. Aval is expressed by the words “considered as aval”, “as a guarantor”, “as a guarantor”, etc. Aval is placed on the front side of the bill or on an additional sheet - allonge. The aval must necessarily contain the signature of the avalist.

Allonge is an additional sheet of paper attached to a bill of exchange, on which endorsements are made if they do not fit on the reverse side of the bill of exchange.

Acceptance is the response of the person to whom the offer is addressed about its acceptance. Acceptance - consent to payment. According to Russian law, acceptance must be complete and unconditional (acceptance of an offer on different terms is recognized as a new offer).

Commercial bill - issued against the security of goods and secured by funds that the drawer will receive from the sale of goods purchased using the bill. Commercial bills are based on an actual transaction for the purchase and sale of goods on credit. The buyer (drawer) has the opportunity to postpone the payment terms, and the seller can immediately receive part of the cost of the goods sold by discounting (selling) the bill from another person.

A financial bill is a bill whose payers are banks. In Russia it is called a bank bill. This bill is a debt obligation issued by a bank in order to attract temporarily available funds.

Discounting a bill is the transfer of a bill by the bill holder to the bank to receive the bill amount before the payment date. For discounting a bill of exchange, the bank charges a fee in the form of a percentage of the bill amount. This percentage is called the discount rate or discount interest or discount. In other words, bill discounting is the purchase of a bill of exchange by a bank at a price lower than the bill amount, with a discount.

Acceptance of a bill of exchange - a bill (bill) with an obligation to pay it upon presentation and upon the arrival of the stipulated period specified in this document, or having the consent of the bank to guarantee payment of the amount specified in it. An accepted bill is usually issued with an inscription such as “accepted”, “accepted”, “I undertake to pay” or simply the signature of the payer for its payment. The payer becomes the acceptor - the main debtor of the bill, responsible for its payment on time. In case of non-payment, the holder of the instrument has the right of direct action against the acceptor.

Valuation of bills is the acceptance by the bank of obligations to fully or partially pay the bill for one of the persons obligated under the bill.

Collection of money - receiving money on a bill of exchange.

A banknote is a ticket of the central state bank, which acts as a means of payment throughout the state. A banknote is synonymous with a banknote and has a certain value, which can be nominal or real. In some countries, the free circulation of other currencies is prohibited. Several states, on the contrary, do not have their own national banknotes and use foreign ones.

Urgency. A banknote is an indefinite means of payment, always has a certain value, which depends on the financial and economic situation, and is always accepted as a means of payment. The bill is a fixed-term obligation and is subject to repayment within the period specified in its text.

Warranty and security. The state is the guarantor of the central bank's debts; they are backed by the country's gold and foreign exchange reserves. The bill is covered only by the property of the debtor; it is the drawer who is responsible for repaying the amount of the debt.

Appealability. The banknote is valid throughout the entire state and, subject to certain conditions, can be converted into other currencies. A bill of exchange is valid only when presented to the debtor, but can act as a means of payment upon agreement of the parties.

Paper money, which arose as paper tokens (representatives) of gold and silver, endowed with a forced denomination, over time ceased to be exchanged for metal and gradually began to live up to its name, turning into pieces of paper, supported only by the imperious power of the state with the exchange rate it sets.

Banknote (bank note) - banknotes issued for circulation and guaranteed by central (issuing) banks. Currently they are the main type of paper money. That is, a banknote is 50, 100, 500, 1000, 5000 rubles in pieces of paper.

A check is a security document containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder. The drawer is a person who has funds in the bank, which he has the right to dispose of by issuing checks, the check holder is the person in whose favor the check was issued, the payer is the bank in which the drawer's funds are located.

Checks can be used to receive cash, to make non-cash payments, and checks can be used to pay for goods and services. In accordance with this, settlement checks are distinguished from the total mass of checks, intended exclusively for making non-cash payments by debiting from one account and recording to another.

Because a check is a private promissory note and has a specific expiration date. As a rule, they are: in domestic circulation - 10 days; internationally - 20-70 days.

A check is a document of the established form containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder.

Depending on the nature of ownership and use, a distinction is made between registered, order and bearer checks. A registered check is issued to a specific person with the clause “not to order”; such a check cannot continue to circulate or pass from hand to hand by endorsement. In Russian practice, all checks used to receive cash are registered.

An order check is issued to a specific person with or without the clause “to order”, i.e. it can be circulated, transferred by the holder under endorsement by another person. A bearer's check is issued to the bearer or without specifying the holder of the check and is circulated by simple delivery. If an order check contains a blank endorsement, then the check is also circulated by delivery, without making an endorsement.

Electronic money is monetary units of a certain quantity and a certain currency, which are stored and transmitted using electronic media. The main such means are plastic cards with a chip, which serve ATMs and cash terminals.

Electronic money is a system through which Monetary obligations are transferred.

The law of monetary circulation shows how much cash is needed for the country's economy.

Law according to K. Marx: “The sum of prices for goods, works or services sold minus the sum of prices for goods, works or services sold by installments, the payment period for which has not yet arrived, plus the sum of prices for goods sold, paid from previous periods, minus mutual payments."

The money supply is influenced by two factors:

• 1) the amount of money, which is determined by the state issuing money and its legislative power;
• 2) the speed of circulation of money, the influence is inversely proportional to the amount of money in circulation. It is determined by the amount of turnover of the ruble that it will make in the process of performing the functions of circulation and payment for a certain period of time.

The amount of money in circulation (money supply) must correspond to the growth of the national product and the velocity of circulation of money.

Money supply is the totality of cash in circulation and non-cash balances in accounts held by individuals, legal entities and the state.

To analyze the state of money circulation, in addition to the money supply indicator, it is necessary to use indicators of the velocity of money circulation. The velocity of circulation of money characterizes the intensity of the movement of money as a medium of circulation and a means of payment, i.e. shows the number of transactions that each monetary unit services during the year.

The monetary base is the sum of cash and commercial bank funds deposited with the Central Bank as required reserves. With the help of this money, the Central Bank fulfills its obligations to commercial banks and government agencies.

The main regulatory body in the field of monetary circulation in the Russian Federation is the Central Bank of Russia. In accordance with current legislation, he is entrusted with the responsibilities for implementing, developing and carrying out the state's monetary policy, issuing money, maintaining the stability of the ruble and its purchasing power, and organizing money circulation. The Central Bank of Russia establishes the total volume and structure of the money supply necessary for the normal functioning of the economy, determines the rules for the movement of non-cash money, as well as the procedure for transportation, storage, and collection of cash banknotes. The Bank of Russia is also entrusted with control and supervisory powers in the field of monetary circulation.

List of used literature

• 1. Constitution of the Russian Federation, //www.consultant.ru
• 2. Belousovs. Financial control in the public sector // “The Economist”. 2007 No. 4.
• 3. Tedeev A.A., Parygina V.A. “Financial Law” // M., 2004. Issues of Economics. 2005 No. 3.
• 4. Law of the Russian Federation No. 151-FZ “On the tax authorities of the Russian Federation” dated July 8, 1999 (as amended), //www.consultant.ru
• 5. Regulations on the Ministry of Finance of the Russian Federation, //www.consultant.ru6. Regulations on the Federal Treasury of the Russian Federation, //www.consultant.ru
• 6. Money, credit, banks / Ed. HE. Lavrushina, M.: Finance and Statistics, 1998
• 7. Dolan E.J. and others. Money, banking and monetary policy - M.: New time, 1998
• 8. Handbook for a financier /Under. Ed. V.G. Pansky. - M.: Higher School, 1995.
• 9. General theory of money and credit / Ed. E.F. Zhukova - M.: UNITI, 1995.
• 10. General theory of finance: Textbook for universities. /Under. Ed. L.A. Drobozina. - M.: Finance and Statistics, 1995.
• 11. Finance / Ed. L.A. Drobozina. - M.: ICC “Marketing”, 1999.
• 12. Budget Code of the Russian Federation of July 31, 1998 N 145-FZ (as amended on July 24, 2007) Adopted by the State Duma on July 17, 1998. Approved by the Federation Council on July 17, 1998.

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Posted on http://www.allbest.ru/

[Enter text]

Yuriev-Polsky College of Finance and Economics - a branch of the federal state

educational budgetary institution of higher professional education

"Financial University under the Government of the Russian Federation"

LECTURE NOTES

by discipline

“Finance, money circulation and credit”

Section 1. Money

1.2 Money circulation and characteristics of total money turnover

Section 2. Finance

2.2 State budget and treasury functions

2.3 Taxes and their functions

2.4 Extra-budgetary funds

2.5 Insurance

Section 3. Credit and banks

3.1 Essence, functions and forms of credit

3.2 Banking system of the Russian Federation

3.4 Bank profit and liquidity

3.5 Central Bank of Russia

3.6 Monetary policy. Monetary Policy Instruments

Section 4. Evolution of monetary circulation and the banking system of Russia

4.1 Development of banking in Russia since 1917

Section 5. Securities and stock market

5.1 Securities market, its meaning, basic concepts. Securities

5.2 Securities market participants

5.3 Stock exchange, organization of barge activities

Section 6. Specialized financial institutions

6.1 Insurance companies, investment funds, savings institutions, companies and banks

6.2 Financial companies, financial and industrial groups, credit partnerships, credit unions

Section 1. Money

History of money

Money as a social relation, i.e. a connection in society, historically appears before finance. The emergence of money was caused by the social division of labor and the development of exchange. The emergence of such social relations as finance is associated with the formation of the state. In the early stages of the development of exchange, money - the universal equivalent - became the product most in demand in a given area. In countries where there were deposits of gold and silver, these metals began to be used in ancient times as money. Thus, clay tablets found in the ruins of the city of Ur (Mesopotamia) contain information that almost 3.5 thousand years BC. e. silver served as money. In the 19th century The lag of the extraction of precious metals from the needs of the growing trade turnover in means of payment led to the spread of paper money issued by governments, as well as credit money issued by banks. After the First World War (1914-1918), the entire monetary turnover was made up of paper-credit money supply. Thus, the development of money has gone from commodity money to so-called fiat money with purchasing power established by the state. Traditional money was defined as a commodity, spontaneously isolated from the world of goods to serve as a universal equivalent. However, it is very difficult to define modern maternity money. They tried to express their essence in different formulations. For example, “Money is what it does.” Or: “Money is the reservoir of purchasing power.” It is unlikely that such definitions can be considered successful. In order to correctly say what money is, it is necessary to pay attention to the following circumstance. Money, as we know, has four functions: a measure of value; medium of exchange; store of value; instrument of payment. But it is very difficult to give a formulation that unites all these functions. After all, money is banknotes, numbers in a savings book, and electronic credit card codes. In the doctrine of money at the beginning of the 19th century. Two main directions have emerged. The first, predominant one, argued that only gold can be full-fledged money, and paper money is a substitute for gold. The suspension of the exchange of paper money for precious metal, according to representatives of this trend, could only be temporary. Such views were shared by A. Smith, D. Ricardo, J. Mill, K. Marx. This direction had many supporters in the twentieth century. For its representatives, the collapse of gold circulation in England, France and Germany after the First World War and the final abolition of the gold content of the dollar in 1971 were a complete surprise. However, there was another theoretical school that argued that paper money could be in circulation without a gold base. In 1923, in his work “Treatise on Monetary Reform,” J. Keynes wrote that “the gold standard is only a barbaric relic of the past.” Under the Minister of Finance S. Yu. Witte, the Russian government headed for the introduction of a gold currency. This was motivated by the fact that in conditions of paper money it is impossible to ensure the stability of the ruble exchange rate to foreign currencies.

So, the development of exchange leads to the emergence of an equivalent product. In a later historical period, the process of formation of state principles takes place.

To provide material support for government, rulers begin to levy taxes from their subjects. The income generated from them is spent on certain purposes: the construction of defensive structures, the maintenance of troops, judges, etc. From the money collected in the form of taxes, funds begin to be formed for subsequent expenditure. They make up public finances. Thus, in the definition of finance, the key word becomes the word “funds”.

Individuals and their associations also form their own funds. This is how the finances of business entities-organizations appear, as well as the finances of households.

Money: essence, evolution, types and functions

Money is one of the main inventions of mankind, comparable to the invention of writing, electricity, and electronic communications (the World Wide Web). The entire modern global world economy has a main characteristic - monetary. The evolution of individual private, regional, and national economies to the modern global world market is a long process, spanning almost five millennia. Money appeared as a result of similar economic processes almost simultaneously in all civilized human societies (Ancient Egypt, the Babylonian kingdom, Ancient Greece and Rome, etc.). Consequently, money has an objective economic essence, it is universal and absolutely necessary in the process of exchange, which is impossible without property relations.

There are two concepts of the origin of money:

The first is the origin of money as a result of an agreement between people who were convinced that special intermediaries were needed to move values ​​in exchange.

The second is that money appeared as a result of an evolutionary process, which, regardless of the will of people, led to the fact that some objects stood out from the general mass and took a special place as an intermediary in the act of exchange.

The essence of money

In accordance with the concept, the essence of money is determined. According to the rationalist concept, money is an artificial social convention, a product of the rule of law, an experimental theoretical construction. The evolutionary concept of essence is based on the commodity nature of money, from which it follows that money is a special commodity that serves as a universal equivalent.

According to evolutionary theory, money appeared as a result of the development of commodity circulation.

The evolution of the exchange of goods involves the development of forms of value:

Simple (random);

Expanded;

General;

Monetary.

To transform a product into money you must:

a) general recognition of the role of a universal equivalent for this product;

b) long-term performance of this product as a universal equivalent;

c) the presence of special physical properties suitable for constant exchangeability.

Properties of money:

Money provides universal, immediate exchangeability. They can be used to buy any product.

Money expresses the exchange value of a commodity.

Money acts as the materialization of universal socially necessary labor time contained in a commodity.

Since money has two properties - value and use value - we can talk about the following.

The origin of money is connected with the fact that every commodity has a use value and values ​​that are in contradictory unity with each other. At the same time, use value characterizes the material properties of a product that allow it to satisfy the corresponding needs, and value is a social property of a product as part of social wealth. Use and exchange values ​​exist as a unity of opposites. Exchange value is a property of use value, its ability to be exchanged for other use values, that is, the amount of use value that an individual or an organized group of people (corporation) agrees to exchange for a corresponding amount of other use value.

Since value is a social relation, it cannot exist on its own in a physical, material form. Its social character requires expression in a socially acceptable and recognized form. In order for value to be adequately represented as a social relation, a certain substance is necessary that will take on this function. This substance is money.

Prerequisites for the emergence of money:

The transition from subsistence farming to the production and exchange of goods;

The emergence of owners producing products for sale;

Maintaining equivalence.

With the emergence of money, conditions are created for the emergence and then expansion of the market, since the monetary equivalent makes it possible to simplify the exchange of goods for goods.

A single act of exchange breaks down into 2 stages:

Stage 1: Product - Money

Stage 2: Money - Product

Money acquires independent movement.

Exchange is the movement of goods from one producer to another. It involves the comparison of goods of different types, quality and purpose. The basis for measuring goods is their cost.

Money is a commodity that spontaneously emerged in the process of historical development of commodity production and exchange.

Money is a special privileged commodity that plays the role of a universal equivalent.

Money is a mechanism that resolves the contradictions between value and use value.

Functions of money

The function of money as a measure of value

Money as a universal equivalent measures the value of all goods. What makes all goods commensurable is the socially necessary labor spent on their production.

The cost of a product expressed in money is called price. To compare the prices of goods of different values, it is necessary to reduce them to the same scale, i.e. express them in the same monetary units. The scale of prices in metal circulation is the weight of the monetary metal accepted in a given country as a monetary unit and serves to measure the prices of all other goods. Initially, the weight content of the monetary unit coincided with the scale of prices, which was reflected in the names of some monetary units. So, the English pound sterling really weighed a pound of silver

2. The function of money as a medium of exchange

With direct exchange of goods (goods for goods), purchase and sale coincided in time and there was no gap between them. Commodity circulation includes two independent acts, separated in time and space. Money plays the role of an intermediary, allowing one to bridge the gap in time and space and ensure the continuity of the production process.

The features of money as a medium of exchange include the real presence of money in circulation and the short duration of its participation in exchange. In this regard, the circulation function can be performed by inferior money - paper and credit.

3. The function of money as a means of accumulation and savings

Money, providing its owner with the receipt of any product, becomes the universal embodiment of social wealth. So, people have a desire to save them.

In metal circulation, this function of money served as a spontaneous regulator of money circulation: excess money went into treasures, and shortages were filled from treasures.

In conditions of expanded commodity reproduction, the accumulation (i.e. accumulation and saving) of temporarily free funds is a necessary condition for the turnover of capital. The creation of cash reserves smoothes out the unevenness and peculiarities of economic life.

On a state scale, the creation of a gold reserve was required. In connection with the withdrawal of gold from circulation, the size of the gold reserve indicates the wealth of the country and ensures the confidence of residents and non-residents in the national currency.

4.The function of money as a means of payment

Money as a means of payment has a specific movement pattern (T-DO-T) not related to the oncoming movement of goods: goods - fixed-term debt obligation - money.

5. Function of world money

In the role of world money, it functions as a universal means of payment, a universal means of purchasing and a universal materialization of social wealth.

The world money was gold as a means of regulating the balance of payments and the credit money of individual states, exchangeable for gold: mainly the US dollar and the British pound sterling.

In this case, the money is:

A universal means of purchasing for goods imported into one country from another;

A universal means of payment for the repayment of international debt obligations, for the payment of interest on foreign loans and other obligations;

The universal embodiment of social wealth when transferring money from one country to another to place it in foreign banks, providing loans, etc. The transfer of wealth also occurs when gold, in flight from socio-economic conflicts, inflation, from the threat of defeat in war, rushes to banks other countries.

Types of money

Money in its development came in two forms:

Real money;

Signs of value (substitutes).

Real money is money whose nominal value (the value indicated on it) corresponds to the real value, i.e. the cost of the metal from which they are made and taking into account production costs. Metal money (copper, silver, gold) had different forms: first in pieces, then in weights. The coin of the later development of monetary circulation had distinctive features established by law (appearance, weight content). The most convenient for circulation turned out to be the round shape of the coin (less wearable), the front side of which was called the obverse, the back side was called the reverse, and the edge was called the edge. In order to prevent the coin from being damaged, the edge was cut.

The first coins appeared almost 26 centuries ago in Ancient China and the Ancient Lydian state. In Kievan Rus, the first minted coins date back to the 9th - 10th centuries. Initially, both zlatniki (gold coins) and srebreniks (silver coins) were in circulation.

The country switched to gold circulation in the second half of the 19th century. The leading of these countries was Great Britain, which, together with its colonies and dominions, ranked first in gold production. The reasons for the transition to metal circulation and, above all, to gold were the properties of the noble metal, making it most suitable for fulfilling the purpose of money: uniformity in quality, divisibility and connection without loss of properties, portability (high concentration of value), storability, difficulty of extraction and processing.

The peculiarity of such money is that it has its own value and is not subject to depreciation. This means that if there is full-fledged gold money in circulation in quantities exceeding the actual need, they go out of circulation into treasure. On the contrary, when the need for cash in circulation increases, gold coins are freely returned to circulation from the treasure. Thus, gold coins are able to adapt quite flexibly to the needs of circulation without harming the owners of the money.

Under such conditions, there is no need for certain measures to regulate the mass of money in circulation in accordance with the needs of circulation, which is typical for paper banknotes.

However, gold money has considerable disadvantages: 1. Gold mining did not keep up with the production of goods and did not meet the full need for money;

2. Highly portable gold money could not serve low-value turnover;

3. Due to objectivity, gold circulation did not have economic elasticity, i.e. expand and contract quickly;

4. The gold standard generally did not stimulate production and trade turnover.

Due to the above reasons, as well as some other reasons, the use of gold as a material for making money gradually ceased throughout the world. On the contrary, substitutes for real money or signs of value began to be widely used.

Substitutes for real money (signs of value) are money whose nominal value does not correspond to the real one, i.e. social labor spent on their production. These include: -metal tokens of value (worn gold coins and billon coins, i.e. small coins made of copper and aluminum); paper tokens of value, usually made of paper. There are paper money and credit money.

Paper money appeared as a substitute for gold coins in circulation. In Russia, since 1769, the right to issue paper money belongs to the state. The difference between the nominal value of the issued money and the cost of its issue forms the treasury's share premium, which is an essential element of government revenues. Excessive issuance of money to cover the budget deficit leads to its depreciation. Paper money performs two functions: a medium of circulation and a means of payment. They are usually irredeemable for gold and are given a forced exchange rate by the state.

Credit money. Their appearance is associated with the function of money as a means of payment, where money acts as an obligation that must be repaid after a specified period with real money. Credit money has gone through the following development path: bill of exchange, accepted bill of exchange, banknote, check, electronic money, credit cards

A promissory note is a written unconditional obligation of the debtor to pay a certain amount at a predetermined time and place. In the USSR, bills of exchange were used in domestic circulation from 1922 to 1930. and from 1991 to the present. There is a distinction between a promissory note and a bill of exchange, the difference between which is that the payer for a promissory note is the person who issued the bill, and for a bill of exchange - some third party. Treasury bills are bills issued by the government to cover budget deficits and cash gaps. A commercial bill is a bill issued on the security of goods. A bank bill is a bill issued by a bank to its client.

A banknote is a perpetual debt obligation secured by a guarantee from the central (issuing) bank of the country. Initially, banknotes had a gold guarantee, ensuring their exchange for gold. Banknotes are issued in strictly defined denominations, and in essence they are national money throughout the state. In the Russian Federation, the issuer of banknotes is the Central Bank of Russia.

A check is a monetary document of an established form containing an unconditional order from the account holder at a credit institution to pay the holder of the check a certain amount. Checks first appeared in the 16th-17th centuries. in Great Britain and Holland. There are three main types of checks: registered - to a specific person without the right of transfer; bearer - without indicating the name of the recipient; order - to a specific person, but with the right to transfer by endorsement. In accordance with the “Regulations on Checks” of 1929, they also distinguish: settlement checks are a written order to the bank to make a cash payment from the drawer’s account to the check holder’s account, i.e. employees for non-cash payments; cash checks are checks intended for receiving cash from credit institutions.

On March 1, 1992, a new “Regulation on Checks” was adopted, defining the procedure for check circulation in the country.

Using electronic money, i.e. The vast majority of interbank transactions are carried out on the basis of paperless media in the form of electronic signals.

The role of money in modern conditions

In a modern market economy, all goods, services, natural resources, as well as people’s ability to work, acquire the form of money. The qualitatively new role of money, in contrast to money of simple commodity production, is to transform it into money capital, or self-increasing value. The new role of money can be traced through five previous functions.

Thus, in the first function, money not only measures the value of all goods and services, it also measures the value of capital.

When buying and selling various valuables for cash, money acts as a means of circulation for both goods and capital. Money as a means of accumulation and savings is concentrated in the credit system and provides the owner with profit, and accumulation in the form of hoarding gold (ingots and coins as treasure) protects monetary wealth from depreciation.

Money serves a variety of payment relationships, including labor ones. This function mainly ensured the widespread development of the credit system. Functioning on the world market, money ensures the flow of capital between countries. They also serve the production and sale of social capital through a system of cash flows between economic sectors, industries and regions of the country. And these flows are organized by the state, economic entities and partly by individuals, while the turnover of the value of the social product begins and ends with the owner of the capital.

In modern market conditions, the effectiveness of using a currency largely depends on the stability of its monetary unit, that is, on the constancy of the exchange rate and the presence of a tendency towards its increase.

Monetary system concept

The monetary system is a historically established form of organizing money circulation in the country, enshrined in national legislation.

There are two types of monetary systems: systems of metal 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. Metallic monetary circulation systems, in turn, are divided into bimetallic and monometallic systems. Bimetallic are monetary systems in which the state legislates the role of the universal equivalent (i.e., money) for two noble metals, gold and silver. In this case, free minting of coins is carried out. These metals and their unlimited circulation. In monometallism, the universal equivalent is one monetary metal (gold or silver). At the same time, other banknotes function in monetary circulation: banknotes, treasury notes, and small change. These banknotes are freely exchanged for monetary metal (gold or silver).

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

Under gold coin monometallism (which existed in Russia until 1914-1918), the prices of goods are calculated in gold, full-fledged gold coins function in the country’s internal circulation, and gold performs all the functions of money. Free minting of gold coins is carried out; all banknotes (banknotes, small change coins) are freely exchanged for gold; free export and import of gold and the functioning of free gold markets are allowed. After the First World War, instead of gold coin monometallism, gold bullion and gold currency (gold coin) types of monometallism were established. Under the gold bullion standard, banknotes and other money are exchanged only for bars weighing 12.5 kg; under the gold coin exchange, the exchange of banknotes and other money began to be carried out for the currency of the countries where exchange for gold bars was allowed.

After 1929-1933 all forms of gold monometallism were eliminated, and after the Second World War, at the conference in Bretton Woods (USA) in 1944, the so-called Bretton Woods monetary system was formalized, characterized by the following features: gold is forced out of free circulation and acts only as a means of final payment between countries; Along with gold, the dollar (USA) and pound sterling (Great Britain) are international means and reserve currencies; Only reserve currencies are exchanged for gold according to the established ratio, as well as on free gold markets; interstate regulation of currency relations is carried out by the IMF (International Monetary Fund). The Bretton Woods monetary system was a system of international gold exchange monometallism based on the dollar.

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

According to the Jamaican monetary system, the special drawing rights SDR were declared world money, which became an international unit. At the same time, the dollar retained an important place in international payments and foreign exchange reserves of other countries. In addition, the demonetization of gold was legally completed, i.e., the loss of monetary functions by gold. At the same time, gold remains a state reserve; it is necessary to purchase the currencies of other countries. At present there is no metal circulation in any country; The main types of banknotes are credit bank notes (banknotes) and government money (treasury notes).

The official currency of Russia is the ruble. The official exchange rate of the ruble to foreign monetary currencies is determined by the Central Bank and published in the press. On the territory of Russia there is cash (banknotes and coins) and non-cash money (in the form of funds in accounts with credit institutions). The Bank of Russia has the exclusive right to issue cash, organize its circulation and withdraw on the territory of Russia.

Principles of organization of modern monetary systems

The principles of organization of the monetary system depend on other elements of the basic (fundamental) block of the monetary system. The basic principles of organizing the monetary system include the following.

1. The principle of stability and elasticity of money circulation: the monetary system must satisfy the economy’s needs for funds, but not allow the development of inflationary processes. The Central Bank ultimately undertakes the obligation to regulate non-cash emission in accordance with the needs of economic turnover, as well as to link the issue of banknotes with the process of production and exchange of goods and services, or the obligation not to issue such a quantity of banknotes that the owners of goods, performers of works and services do not agree to exchange their own assets. The need to service trade turnover actually means that new issues of cash can be carried out either in order to replace physically worn-out banknotes, or to increase national wealth.

2. The procedure and types of security for banknotes, established by legislation, on the basis of which it is determined what can serve as security for the issue of banknotes. These can be inventory assets, gold or other precious metals, currency values, securities, insurance policies, guarantees from the government, banks, etc. Today, in all countries, the issue of banknotes is carried out backed by the assets of the central bank.

Inflation

Inflation is the overflow of financial channels with paper money, which leads to their depreciation.

Inflation is a monetary phenomenon, but it is not limited to the depreciation of money. It penetrates into all spheres of economic life and begins to destroy these spheres. The state, production, and the financial market suffer from it, but people suffer the most. During inflation, what happens:

1. Depreciation of money in relation to gold;

2. Depreciation of money in relation to goods;

3. Depreciation of money in relation to foreign currency.

We can read another definition of inflation in modern American textbooks.

Inflation is an increase in the general price level. This, of course, does not mean that all prices necessarily rise; even during periods of fairly rapid inflation, some prices may remain relatively stable while others fall. One of the big pain points is that prices tend to rise very unevenly. Some jump, others rise at a more moderate pace, and others do not rise at all. Inflation is measured using a price index. Recall that the price index determines their general level in relation to the base period. The inflation rate for a given year can be calculated as follows: subtract last year's price index from this year's price index, divide this difference by last year's index, and then multiply by 100%.

To ensure that the economy does not experience inflationary crises:

1. There must be a constant balance of the state budget;

2. The central bank must pursue ideal policies;

3. The state should not interfere in the distribution of income;

4. The country should be populated by citizens with a healthy market psychology, people devoid of inflationary expectations.

1.2 Money circulation and characteristics of total money turnover

Cash

Cash turnover includes the movement of the entire cash supply over a certain period of time between the population and legal entities, between individuals, between legal entities, between the population and government agencies, between legal entities and government agencies.

Cash movement is carried out using various types of money: banknotes, metal coins, paper money (treasury notes). Cash issuance is carried out by a central bank (usually a state bank). It issues cash into circulation and withdraws it if it has become unusable, and also replaces the money with new types of bills and coins.

Cash is used:

for the circulation of goods and services;

for settlements not directly related to the movement of goods and services, namely: settlements for the payment of wages, bonuses, benefits; for the payment of insurance compensation under insurance contracts; when paying for securities and paying income on them; on household payments for utilities, etc.

Cash is the currency of one of the countries in any physical form held by a specific individual or legal entity.

An example of physical representations would be bills and coins. Cash is inconvenient because it cannot be paid remotely (for example, on the Internet); for this you need to use electronic money or non-cash payment, but it is very convenient when you need to pay for something confidentially.

Non-cash money turnover is the movement of value without the participation of cash through the transfer of funds to the accounts of credit institutions, as well as against mutual claims.

Non-cash payments are carried out on the basis of payment documents in the form established by the Central Bank and in compliance with the appropriate document flow. Non-cash turnover is realized through appropriate methods of organizing non-cash payments.

Depending on the method of payment, the type of payment documents and the organization of document flow in the bank, the following main forms of non-cash payments between payers and recipients can be distinguished: settlements by payment orders, by letter of credit, checks, by collection, payment cards.

The basis of non-cash payments are interbank payments. Settlements between banks in Russia are made, as already noted, through cash settlement centers created by the Central Bank of the Russian Federation. Banking transactions for settlements can also be carried out through correspondent accounts of banks opened to each other on the basis of interbank agreements.

Monetary aggregates

Cash is the basis of the entire monetary system, the most liquid monetary instrument and monetary reserve, which attaches particular importance to ensuring the strength and stability of the cash component of the money supply. The most important quantitative indicator of money circulation is the money supply. The money supply is the total volume of purchasing and payment instruments that serve economic turnover and belong to individuals, legal entities and the state. The characteristics of the total money turnover are reflected in monetary aggregates, which are indicators of the volume and structure of the money supply. In economic theory, an aggregate is a collection of specific economic units that are treated as if they constituted one unit. Monetary aggregates are used to analyze quantitative changes in money circulation on a certain date and for a certain period, as well as to develop measures to regulate the rate of change in the money supply and its individual components. Based on this analysis, the Central Bank develops the main guidelines for monetary policy and exercises control over the money supply in circulation. The principle of constructing aggregates is based on the fact that all goods can be ranked from absolutely liquid to absolutely illiquid. Consistently adding less liquid ones to the most liquid ones, we obtain, respectively, the indicators M0, M1, M2... Aggregates M0, Ml, M2, MZ make up the total money supply. Each of the aggregates represents a part of the money supply. The M2 aggregate is taken as an indicator of the money supply used for macroeconomic analysis and statistics.

Monetary aggregates are indicators of the structure of the money supply. Monetary aggregates are types of money and funds that differ from each other in the degree of liquidity (the ability to quickly convert into cash). Different countries have different monetary aggregates. The IMF calculates a common M1 indicator for all countries and a broader indicator of “quasi-money” (time and savings bank accounts and the most liquid financial instruments traded on the market).

Monetary aggregates are a hierarchical system - each subsequent aggregate includes the previous one.

The monetary aggregate M1 includes cash in circulation outside the banking system (monetary aggregate M0) and balances in national currency on settlement, current and other demand accounts of the population, non-financial and financial (except credit) organizations that are residents of the Russian Federation.

The monetary aggregate M2 includes the monetary aggregate M1 and balances in national currency in the accounts of time deposits and other funds attracted for a period of time from the population, non-financial and financial (except credit) organizations that are residents of the Russian Federation.

In Russian financial statistics, monetary aggregates M0, M1, M2, M3 are used to analyze ongoing changes.

Unit M0 - cash in circulation.

Aggregate M1 -- aggregate M0 + funds of enterprises in various bank accounts, demand deposits of the population, funds of insurance companies.

Aggregate M2 -- aggregate M1 + time deposits of the population in savings banks, including compensation.

Unit M3 -- unit M2 + certificates and government bonds.

The Central Bank of the Russian Federation calculates monetary aggregates M0 and M2. Aggregate M2 represents the volume of cash in circulation (outside banks) and balances in national currency in the accounts of non-financial organizations, financial (except credit) organizations and individuals who are residents of the Russian Federation.

Law of money circulation

The law of money circulation was formulated by K. Marx. In his work “Capital,” K. Marx gave a scientific explanation of the relationship between such economic indicators as the money supply, the sum of prices for goods and services, credit, mutual and non-cash payments, and the velocity of money. The law can be represented by the formula:

KD = SCT-K-P-VP/ S

where CD is the amount of money needed for circulation;

MCP - the sum of prices of goods and services sold;

K - the sum of prices of goods sold on credit;

P - amount of payments on obligations;

VP - the amount of mutually extinguishable obligations;

C is the turnover rate of the currency unit of the same name.

The basic principle of monetary circulation follows from the law of monetary circulation - limiting the money supply to the needs of trade turnover. The amount of money an economy needs depends on the following three factors:

The number of goods and services sold on the market;

Price level of goods and tariffs;

Velocity of money circulation.

The amount of money in circulation primarily depends on the number of goods in circulation. The greater the number of goods circulating in a country, the more money, other things being equal, is required to service trade turnover. Money supply growth targets are determined for a target period, for example, a year in advance, but can be adjusted during the specified period. When setting targets, the Bank of Russia is guided by the following main indicators: projected growth of GNP in real terms; estimated velocity of money circulation in the forecast period; the maximum permissible level of price growth.

Section 2. Finance

The term “finance” comes from the Latin word “finansia”, which means “money payment”. The long process of development of commodity-money relations has changed the content of the phenomenon of finance.

Finance is economic social relations, the subject of which is the processes of accumulation, distribution and use of funds in the process of using the social product and income.

Monetary relations turn into financial ones when, as a result of the production of goods and the provision of services during their sale, funds of funds are created. Funds of funds created at the level of the state and local governments are called centralized funds, and funds created at the level of business entities and households are called decentralized.

Finance as a subjective cost instrument for the functioning of economic entities forms a specific mechanism for making decisions regarding the processes of formation and use of monetary funds. The object of finance is financial resources, which are a set of funds of funds at the disposal of business entities, the state, and households, i.e., it is money that serves financial relations. They are formed in the process of material production, where new value is created and gross domestic product and national income arise.

Finance is a set of social relations formed in real money circulation during the formation, distribution and use of funds of funds.

Finance expresses economic relations related to the provision of sources of financing to the state, municipal and private sectors of the economy, spheres of production, circulation and households. The functioning of finance is aimed at the effective development of a socially oriented economy. Finance contributes to the achievement of general goals of economic development, which requires its optimal organization.

The main participants in financial relations are:

1) state;

2) economic entities;

3) population.

Main features of public finance:

1) monetary relations between two entities (where there is no money, there can be no finance);

2) subjects have different rights, one of them (the state) has special powers.

3) in the process of these relations, the state budget is formed;

4) regular receipt of funds into the budget is ensured by law.

The market economic mechanism forms and implements a system of economic relations:

Directly between business entities - producers and consumers (sellers and buyers) of goods and services;

In the sphere of production and circulation;

Between business entities (taxpayers and the state);

In the financial and budgetary sphere - between economic entities (employers and employees);

In the field of labor relations.

Economic entities have many faces and function simultaneously as:

Producer and consumer in the market of goods and services;

Borrower and investor in the financial market;

In a market economy, 3 specific main markets interact:

1) market for goods and services;

2) labor market;

3) financial market.

All three markets are in constant interaction, performing specific functions of the market economic system.

The functioning of finance as an economic category is necessarily associated with the operation of objective economic laws.

At the present stage, such essential characteristics of finance as the social orientation of financial relations are especially emphasized, which enhances the importance of issues of clear interaction between all participants in financial relations in a market economy.

In the world practice of developed countries, there are two main models of market economies that ensure the economic and social progress of society, differing primarily in the degree of state regulation of the economy.

The essence of a particular model is determined by the economic and social role of the state in the development of society. The tax capacity of production and income depends on which model of the market economic system is implemented in post-socialist states.

Finance is an integral link between the creation and use of national income of countries. Finance affects production, distribution and consumption and is objective in nature. They express a certain sphere of production relations and belong to the basic category.

The role of finance in the economy is constantly increasing, reflecting the increasingly complex redistribution relations in society.

Centralized funds of funds are created through the distribution and redistribution of national income created in sectors of material production. These include:

the state budget;

off-budget funds.

Decentralized funds of funds are formed from the cash income and savings of the enterprises and the population themselves. They are the basis of the financial system, since it is in this area that the predominant share of the state’s financial resources is formed. Part of these resources is redistributed in accordance with the norms of financial law into budget revenues of all levels and into extra-budgetary funds. At the same time, a significant part of these funds is subsequently used to finance budgetary organizations; commercial organizations in the form of subventions, subsidies, and is also returned to the population in the form of social transfers (pensions, benefits, scholarships, etc.).

Among decentralized finance, the key place belongs to the finance of commercial organizations. Here material wealth is created, goods are produced, services are provided, and profit is generated, which is the main source of production and social development of society.

The characteristic features of finance are:

the distributive nature of relations, which is based on legal norms or business ethics, is associated with the movement of real money, regardless of the movement of value in commodity form;

one-way (unidirectional), as a rule, the nature of cash flow;

creation of centralized and decentralized funds of funds.

The essence of finance is manifested in its functions: distributive, control and stimulating. At the same time, distribution and control functions are interconnected and are performed simultaneously.

Distribution function of finance. When distributing national income, basic, or primary, incomes are created, the amount of which is equal to national income. Formed during the distribution of national income among participants in material production, these incomes are divided into two groups:

wages of personnel employed in the field of material production;

income of enterprises in the sphere of material production.

But since the state also has other areas and industries where national income is not created, it is necessary to allocate funds for their development. These are industries such as, for example, the defense industry, education, health care, management, social security and maintenance of depressed areas. To ensure these monetary expenses, with the help of finance the state withdraws part of the income created in the sphere of material production, directing it to other spheres. This results in a redistribution of national income with the active participation of finance. In particular, in our country, the redistribution of national income occurs in the interests of structural restructuring and development of agriculture, transport, energy, conversion of military production and in favor of the least affluent segments of the population.

Control function of finance. The control function is to ensure financial control over the distribution of gross domestic product and national income among the relevant funds, as well as their expenditure for their intended purpose. Control covers both the production and non-production spheres, although income is not created in it. The purpose of financial control is to ensure the rational and economical use of material, labor and financial resources, natural resources and the reduction of unproductive expenses and losses.

The control function of finance is ensured by the multifaceted activities of financial authorities: employees of the financial system, the treasury, and the tax service who exercise financial control. Control can be national, departmental, intra-economic and public.

An independent type of control is audit.

The Ministry of Finance of Russia and its local authorities play an important role in the implementation of financial control.

Stimulating function of finance. This function of finance allows the state, with the help of various financial levers, to influence the development of enterprises and entire industries in the direction required by society. Such levers of influence on economic processes are:

A budget from which funds are allocated for the development of a specific industry or facility;

Prices and tariffs, which even in a market economy allow the state to influence the financial condition of companies through government intervention in the pricing mechanism;

Taxes, which, as the most powerful financial instrument, allow stimulating production at a low level, and slowing it down at an excessively high level;

Export-import duties, which, due to low, preferential or high levels, make export-import transactions unevenly profitable.

The simultaneous impact of several financial levers greatly enhances the effect on production development.

Financial resources are the totality of all funds that are at the disposal of the state, enterprises, organizations, institutions for the formation of the necessary assets in order to carry out all types of activities, both at the expense of income, savings and capital, and at the expense of various types of income. An important component of financial resources are banking resources.

Financial resources are intended:

to fulfill financial obligations to the budget, banks, insurance organizations, suppliers of materials and goods;

incurring costs for expansion, reconstruction and modernization of production, acquisition of new fixed assets;

remuneration and material incentives for enterprise employees;

financing other costs.

Financial resources are divided into:

Centralized funds (state budget, extra-budgetary funds);

Decentralized financial resources (enterprise funds).

There are also financial resources of the state, regions, and enterprises.

The main source of formation of centralized funds at the macro level is national income. On the basis of the distribution and redistribution of national income, centralized funds of funds are formed. Part of the national income is generated and remains at the disposal of enterprises, that is, decentralized financial resources are created at the micro level, which are used for production costs.

The main source of financial resources of an enterprise is its profit from production activities.

The use of financial resources is carried out mainly through special-purpose monetary funds, although a non-fund form of their use is also possible.

The financial resources of the state and enterprises are the direct objects of financial management, that is, the management of their formation, use and movement of cash flows.

The availability of sufficient financial resources and their effective use predetermine the good financial position of the enterprise, solvency, financial stability, and liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the enterprise as a whole. Effective formation and use of financial resources ensures the financial stability of enterprises and prevents their bankruptcy.

State financial system and its structure

The main documents regulating the financial system of the state are:

Tax Code of the Russian Federation;

Budget Code of the Russian Federation;

laws and regulations in the field of finance.

From an institutional point of view, the financial system is a collection of financial institutions.

From an economic point of view, the financial system is a set of forms, methods of formation, distribution and use of funds of funds of the state and enterprises.

The financial system is a form of organization of monetary relations between all subjects of financial relations for the distribution and redistribution of the social product. The financial system of the state consists of three parts:

1) National finances - have a three-level structure:

Federal finances,

Subjects of the federation,

Finances of municipal entities.

2. Finance of enterprises - economic entities.

3. Household finances.

Each link of the financial system performs its specific tasks and serves a specific group of financial relations.

The main task of national finance is to concentrate financial resources at the disposal of the state and direct them to finance national needs. They are formed from taxes, fees, duties, income from state property, etc.

Similar documents

Money: cash and non-cash money circulation. Finance: politics, control. State budget system and process. Inflation: forms of its manifestation, causes and socio-economic consequences. Stocks and bods market; credit; banking system of the Russian Federation.

training manual, added 03/03/2011


Money as an economic category. Theories of money, their types, origin and evolution. A measure of value, a means of circulation and payment, accumulation and savings. Law of money circulation. Cash and non-cash circulation. Monetary system of Russia.

course work, added 09/27/2014


The essence and functions of finance, the financial system of the Russian Federation. Concept and structure of the financial market. Essence, functions and types of money, monetary circulation. The essence and functions of the budget. Credit system, lending principles. Banking system. Currency market.

lecture, added 01/20/2009


The concept of "money", its essence, types and main functions. Money circulation device. Financial system and characteristics of its main areas. The securities market and its structure. Social, economic content of insurance finance. Budget system.

course of lectures, added 09/11/2011


The concept of monetary circulation and the functions of money. Financial system of the Russian Federation. The state budget as the main link of the financial system. Income and expenses of regional and local budgets. Cash funds of enterprises. The essence of credit, its functions and forms.

course of lectures, added 11/25/2010


Money, monetary circulation and monetary system. The essence and functions of money, their role in a market economy. Characteristics of money circulation and money turnover. Concept, essence and elements of the monetary system. Currency relations and currency systems, their essence.

book, added 02/27/2009


Money, currency and national monetary system. Formation in the development of the currency system in the Russian Federation. Cash and non-cash money circulation. The relationship between cash and non-cash money turnover. Problems of money circulation in the Russian Federation.

course work, added 12/20/2011


Investment institutions as professional participants in the securities market. Types of investment institutions: financial brokers, investment consultants, companies and funds. Underwriting of securities. The largest Russian investment companies.

report, added 04/07/2009


Structure of money turnover. Cash circulation and non-cash turnover in the Russian Federation. Money supply in circulation and its main characteristics, equation of exchange. Law of money circulation. Velocity of money circulation and conditions for its increase.

course work, added 02/03/2011


Evolution of development of forms of value. The emergence of money and its Price as a monetary expression of value. Basic concepts of monetary circulation. Monetary system and the law of monetary circulation. Analysis of the structure of the money supply of the Republic of Kazakhstan for 2004.

REVIEW OF THE SCIENTIFIC PUBLICATION "FINANCE, MONEY CIRCULATION AND CREDIT"

V.M. LUKASHEVSKY, Candidate of Economic Sciences, Senior Researcher at the Center for Information Support of Banking

activities and entrepreneurship INION RAS

Money circulation and banking operations have a significant impact on the destinies of individuals, the activities of groups, the development of nations and the evolution of the human community as a whole. Mastering modern knowledge in the field of money, finance and credit opens up broad prospects for an active creative and business life, achieving personal and social well-being. The acquisition, accumulation and effective use of such knowledge are of particular importance for future specialists, teachers and scientists both in the financial system and the real sector of the national economy.

The new edition of the textbook “Finance, Monetary Circulation and Credit”1, prepared by a team of authors - scientists who combine their scientific and practical activities with work in higher educational institutions of the country.

A distinctive feature of the updated textbook is that it reflects the latest trends and approaches in the development of domestic and foreign financial science and practice. At the same time, special attention is paid to the positive changes that occurred in financial and monetary policy in our country after the financial crisis on August 17, 1998. New problems that have arisen in recent years in the domestic and global financial systems have not been ignored.

Based on the concept that modern fiscal and monetary policy is the sphere of interaction between instrumental and institutional methods of managing financial and monetary circulation, the authors strive to present the basic concepts of the financial system not as abstract

"Finance, money circulation and credit: Textbook. 2nd edition, revised and supplemented / Edited by V.K. Senchagov, A.I. Arkhipov. - M.: Prospekt, 2004, 720 pp.

A characteristic feature is also that, when presenting the material in this textbook, the authors combine an interdisciplinary approach with a multi-level approach, i.e. reveal the operation of categories at the federal, subfederal and corporate levels.

The textbook includes 7 sections: Section I. Finance in a market economy Section II. Money and the country's monetary system Section III. Enterprise finance and financial management

Section IV. Public finances Section V. Securities market Section VI. Credit, banks and banking Section VII. International Finance In the first section, in addition to the chapters revealing the essence and functions of finance, the organization of management of the country’s financial system, new chapters “Financial policy of the state in the 20th century” were additionally introduced. and its prospects in the 21st century." and “The Role of Finance in Globalization.”

The second section defines the essence, functions, types and role of money in the economy, types and structure of monetary systems. Here, in the chapter devoted to types of inflation and its Russian characteristics, the main directions of anti-inflationary policy in our country are formulated.

The third section “Enterprise Finance and Financial Management” was missing in the previous edition of the textbook. Its writing and publication in the updated edition are due to the growing attention in our country and abroad to the problem of developing and strengthening corporate principles of managing economic processes. The basic concepts of enterprise finance are formulated here: “profit”, “net profit”, “income and costs”, “cash flows” and “financial results”. The chapter “Financial Management” outlines the methodological basis for making financial decisions, methods for assessing the financial stability of an enterprise, its solvency and liquidity, management

management of working capital and inventories. The effectiveness of investment management in connection with financial planning and planning of the main activities of the enterprise is shown.

Bearing in mind that the reliability and efficiency of the functioning of the financial and banking system and the national economy depend on the honesty, stability and mandatory observance of the legal status of public finances, the authors made an attempt in Section IV of the textbook to isolate state finances from the entire set of financial relations in the country. A significant amount of space in the section is devoted to the place and role of public finance in the economy, the country's budget structure, and the objective content of budgetary federalism as a financial category, the principles of which are defined by the Constitution of the Russian Federation.

Having paid attention to the economic essence and types of taxes, the features of the modern Russian tax system, the authors included the chapter “Insurance” in the “Public Finance” section. Its role in the financial system and budgetary sphere of the Russian Federation,” which was not in the previous edition. In connection with the statement of V.V. Putin, in December 2003, adopted by the State Duma the Law on the Organization of Insurance in the Country and the problem of expanding home insurance and motor third-party liability, the inclusion of the corresponding chapter in the textbook should be recognized as an urgent step.

In Russia, due to the specifics of the development of market relations, banks are the supporting financial institutions during economic transformations. This is reflected in the textbook. While the section “Securities Market” was not subject to significant adjustments, the section “Credit, banks and banking” was enriched with a special chapter “The Central Bank of the Russian Federation: role and functions in the implementation of monetary policy.” It also provides a description of the current state of the domestic banking system, ways of reforming it and directions for further development.

The final section “International Finance” describes the principles of organization and regulation of the foreign exchange market, reveals the financial mechanisms of foreign economic relations, and provides the procedure for the formation and structure of the balance of payments, i.e. information, without the knowledge of which today the activities of an accountant, financier, and economist cannot be complete and effective. In the updated edition, the section is supplemented with a chapter devoted to the introduction of the euro currency, which discusses the mechanisms of mutual settlements among EU members (TARGET system)

and financial relations between member countries of the euro area and other participants in the global monetary system. In addition, it provides an analysis of the expected impact of this European currency on the Russian economy.

The section and textbook conclude with the chapter “Experience in financial analysis of the Russian economy,” which was not included in the first edition of the textbook. In this chapter, the authors, using rich statistical material, tried to present in the form of tables and diagrams a system of the most important indicators characterizing the dynamics of macroeconomic indicators of development in Russia, the USA, Europe and Japan, the state of the domestic budget system at different levels of its functioning, and to predict the dynamics of foreign direct investment in Russia depending on the global brand of capital flows.

The abundance of factual material, the connection between the theoretical principles presented and practical activities, and the comparison of data on the domestic financial system with similar foreign indicators raise the relevance and scientific and practical value of the textbook in question. Links to current regulatory and methodological documents, lists of recommended literature, test questions and assignments for each chapter facilitate the assimilation of the material presented.

As they say, you cannot embrace the immensity. And yet, life gives rise to new problems, and the next edition of this fundamental, comprehensive textbook will need to be supplemented with material devoted to the “budget surplus,” the feasibility of its formation and an analysis of ways to use it effectively. It seems that the textbook would have benefited if there had been some place in it to cover the activities of financial industrial groups and mutual funds.

In our opinion, at least a small amount of material in the textbook should also be devoted to issues of information support for financial and banking activities, including the operation of automated banking systems. It would be useful to dedicate at least a page of the textbook to a story about the activities of banking associations, primarily the Association of Russian Banks (ARB) and the Association of Regional Banks "Russia".

In general, the new edition of the textbook “Finance, Monetary Circulation and Credit” will serve to increase the level of qualifications and civilization of specialists managing economic processes at all levels of the national economy.