1. The amount of money in circulation increases if:
a) the monetary base increases
b) the required reserve ratio increases;
c) excess reserves of commercial banks increase;
2. If nominal GDP is 5,000 den. units, one monetary unit makes an average of 2.5 turnovers per year,and the speculative demand for money is 400 den. units, then the total demand for money will reach the value:
a) 5400 den.un.;
b) 2400 monetary units;
c) 2000 monetary units;
d) 400 cash units
3. The real production volume is 28 million units, and the velocity of circulation monetary unit is equal to 7. The mass of real money in the economy will reach the value:
d) 4 million
4. If the required reserve ratio is 100%, then the value of the money multiplier is:
in 1.
5. The concept of "demand for money" means:
a) the demand for money as a medium of exchange and the demand for money as a store of value;
b) desire to keep securities, which, if necessary, can be used to convert them into
money at a fixed price;
c) the amount of money that entrepreneurs would like to use to provide a loan at a given interest rate;
d) the desire to save part of the income "for a rainy day."
6. Check the item that does not characterize the function of the Central Bank:
a) issue of money;
b) bank of banks;
c) monetary regulation;
d) conducting foreign economic policy;
7. M1 includes:
a) all money and "almost money";
b) metal and paper cash and checking deposits;
c) metal and paper cash and all bank deposits;
d) metal and paper cash and term deposits.
8. The money supply on the chart is depicted as:
a) a horizontal line
b) dotted line;
c) a curve with a negative slope;
d) a vertical line.
9. The term "discount rate" means:
a) the level of price reduction for the Central Bank when it buys government securities;
b) the percentage at which the Central Bank provides loans to commercial banks;
c) the degree of pressure exerted by the Central Bank on commercial banks in order to reduce the volume of loans issued by them
loans;
d) the degree of influence of the Central Bank on the growth of the money supply and the volume of GNP.
10. How do paper money differ from credit:
a) paper money is cash, and credit money exists in the form of writing on bank accounts;
b) paper money is not subject to export outside the country;
c) paper money had a forced purchasing power, and credit money is a bill of exchange
issuing bank;
d) paper money is used to pay for inexpensive goods, and credit money is used to pay for expensive goods and services.
11. Bank profit is:
a) the difference between interest rates on loans and deposits;
b) the difference between all expenses and income of the bank;
c) interest on bank loans;
d) interest on bank deposits.
12. Value of money:
a) is always the same
b) rises with rising prices;
c) always decreases;
d) can rise and fall.
13. Monetary policy is carried out:
a) the government of the country;
b) all financial and credit institutions of the country;
in) central bank countries;
d) the ministry of finance.
14. Expansionary monetary policy is:
a) "dear money" policy;
b) the policy of "cheap money";
c) a policy aimed at balancing income and expenses state budget.
15. Restrictive monetary policy is in place
a) in a stable economic environment;
b) in order to reduce inflation;
c) to stimulate business activity.
16. Seigniorage is:
a) profit from the sale of land;
b) profit received from the minting of coins;
c) profit received from trade in unique goods;
d) profit received from trading in securities.
17. Which of the operations of the Central Bank increases the amount of money in circulation?
a) The central bank raises the required reserve ratio;
b) The Central Bank hands over government bonds to the public and banks;
c) The Central Bank raises the discount rate at which it lends to banks;
d) The central bank buys government bonds on the open market.
18. Rule monetary policy, according to which the growth rate of the money supply should not exceed the growth rate of output in the long run:
a) will not have a stabilizing effect on the economy if the velocity of money is subject to strong fluctuations;
b) does not reduce the stabilizing effect on the economy, if the change in the money supply is the main disadvantage of economic fluctuations;
c) is rejected by modern monetarists;
d) is recognized as the best economic policy by all modern economists.
19. The central bank is not involved
a) a change in the bank reserve ratio;
b) issuance of loans for scientific research;
c) setting the discount rate (refinancing rate);
d) regulation of the amount of money in circulation.
20. In most countries, the institution that performs the functions of the Central Bank does not ...
a) engages in the provision of loans;
b) regulates the amount of money supply in the country;
c) pays taxes;
d) establishes tax rates for the activities of commercial banks.
Money in economic circulation in market conditions has always existed and has always existed. New money comes into circulation from banks that create it as a result of credit operations. Therefore, the credit nature of the issue of money is one of the fundamental principles of the organization of the state's monetary system. The concepts of "issue of money" and "issue of money" are unequal. The release of money into circulation occurs constantly. Non-cash money is issued into circulation when commercial banks provide loans to their customers. Cash is released into circulation when banks are in the process of cash transactions issue them to customers from their operating cash desks. However, at the same time, customers repay bank loans and hand over cash to the operating cash desks of banks. At the same time, the amount of money in circulation may not increase. Emission is understood as the release of money into circulation, which leads to a general increase in the money supply in circulation. There is an issue of non-cash and cash money. The issue of cash is also called the issue of money into circulation. In the conditions of an administrative-distributive economy, both types of emission were carried out by the State Bank. The issue of non-cash money was carried out on the basis of credit plans by expanding the loans provided in accordance with them. In countries with market model economy, when there is no monopoly on emissions, the operation of such a mechanism becomes impossible. The emission function in a market economy is divided into:
1) non-cash money is issued by a system of commercial banks;
2) issue of cash - by the state central bank.
At the same time, the issue of non-cash money is primary. Before cash appears in circulation, it must be reflected in the form of entries in the deposit accounts of commercial banks. The main purpose of issuing non-cash money into circulation is to meet the additional needs of enterprises for working capital. Commercial banks satisfy this need by providing loans to enterprises. Banks can issue loans only within the limits of their available resources. With the help of these resources, it is possible to satisfy only the ordinary, and not the additional, need of the economy for working capital. Meanwhile, in connection with the growth of production or the rise in prices for goods, an additional need for money for the economy and the population constantly arises. Therefore, there must be a mechanism for issuing non-cash money that satisfies this additional need. The issue of cash is carried out by the Central Bank and its cash settlement centers. They open in different regions of the country. For the issue of cash in cash settlement centers, reserve funds and revolving cash desks are opened. The reserve funds store a stock of banknotes intended for their release into circulation in the event of an increase in the needs of the economy. this region in cash. The cash desk of the settlement and cash center constantly receives cash from commercial banks, but cash is constantly issued from it. Money turnover is a circulation cash flows in cash and non-cash form. Such circulation is possible due to the fact that someone has an excess of money (supply), and someone feels the need (demands). Money circulation serves the flow of goods, works and services, and it is through it that the functioning of financial system(accumulation and redistribution of resources). Money circulation is the blood vessels for the financial system. Money circulation has two main forms: cash and non-cash.
Cash circulation– it is a cash flow, i.e. banknotes from one owner to another. Cash turnover - a set of cash payments in the functions of the medium of circulation and means of payment in the country for a certain period of time. Cash circulation is the most time-consuming and least protected process of redistribution of goods. In cash circulation there are restrictions (in terms of convenience and practicality) for business entities. It is less controlled by the state, therefore, in certain cases, it is more desirable for enterprises. Realizing this, the state establishes certain restrictions on cash turnover, which mainly concerns the maximum amounts of cash settlements and the timing of cash storage at the cash desk of the enterprise. The sphere of use of cash payments is connected mainly with the realization of the income of the population.
Cash payments are made:
Enterprises, institutions and organizations with the population;
Settlements between individual citizens in commodity and food markets;
Partially settlements of the population with the financial and credit system;
Limited payments between businesses within limits set by the government. Cash turnover is organized on the basis of the following principles:
1) all enterprises must keep cash, except for the established limit, in commercial banks;
2) banks set cash balance limits for enterprises;
3) the circulation of cash serves as an object of predictive planning;
4) the management of money circulation is carried out in a centralized manner;
5) the organization of cash circulation aims to ensure the stability, elasticity and economy of monetary circulation;
6) enterprises can receive cash only in banking institutions servicing them.
The exclusive right to issue (issue) money into circulation belongs to Central bank Russia, in connection with its main function - the emission center of the country. The main task of the Central Bank of Russia is the management of money circulation in order to ensure the stability of the monetary unit (ruble). Enterprises, associations, organizations and institutions, regardless of the legal form and field of activity, are required to keep free cash in banks. To carry out cash settlements, each enterprise must have a cash desk and keep a cash book in the prescribed form. Acceptance of cash by enterprises in settlements with the population should be carried out using cash registers. Commercial Bank for the cash desk of the enterprise sets a limit on the balance of cash, which by the end of the working day should not be exceeded. Excess cash proceeds must be deposited with the bank and credited to the company's current account. Exceeding the limit of cash balances at the cash desks of enterprises is allowed within, as a rule, 3 working days upon issuing wages. The money received from the bank is credited to the cash desk according to the incoming cash order, and a corresponding entry is made in the cash book. The issuance of cash from the cash desk of the enterprise is carried out according to cash orders or payment, settlement and payroll statements, an application for the issuance of money, invoices, etc., with the imposition of a stamp on these documents with the details of the account cash warrant. Documents for the issuance of money are signed by the head and chief accountant of the enterprise.
Non-cash circulation– this movement electronic money, i.e. account entries. Developed non-cash circulation is possible only with a developed banking system when the speed, the guarantee of the passage of payments, the quality of related services - provides greater convenience compared to cash circulation, that there is a refusal cash circulation. The main instruments of non-cash circulation are securities (bills, checks) and also credit cards. Especially important is such an indicator as the speed of turnover of funds. The quantity of money can be regulated not by issuing new money, but by accelerating the circulation of existing ones. The form of organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation, is called monetary system. Monetary systems were formed in the XVI-XVII centuries. with the emergence and establishment of the capitalist mode of production.
The main forms of monetary systems:
1. Metal circulation system.
2. The system of paper money circulation, plastic cards are gradually replacing them.
There were two types of metallic money circulation:
1. Bimetallism.
2. Monometallism.
Bimetallism- when two noble metals are equivalent in circulation: silver and gold. In 1865, 4 states: France, Belgium, Switzerland, Italy entered into an agreement "Latin Monetary Union", securing bimetallism, the proportion of the exchange was 1 evil: 15.5 ser. But since prices for gold and silver had different dynamics, the rise in prices for silver lagged behind the rise in prices for gold, money ceased to be a universal equivalent, i.e. a gold coin was worth more than its face value.
Monometallism- two types:
1. Silver- Witte was in Russia before the monetary reform, i.e. before 1897
2. Gold- was legalized in 1816 in Great Britain. It came in three forms:
Gold coin standard;
Gold bullion standard;
Gold exchange or gold exchange standard.
gold coin standard– there are gold coins and defective money in the country, 100% exchangeable for gold coins, i.e. no less gold in the treasury than paper money. It ceased to exist after World War I, when gold became scarce.
Gold bullion standard- there are no gold coins in circulation, but the state exchanged defective money for gold bars (1,700 pounds sterling for 12.5 kg (bar) of gold).
Gold exchange or gold exchange standard- an even more truncated form, there are no gold coins, there is no exchange of defective money for gold bars. The state is exchanging national currency to the currencies of countries with a gold bullion standard. In 1944, the Bretton Woods Conference (USA) laid the foundations for the gold-dollar standard, which existed only for central banks (the Central Bank changed the currency, and the currency for gold). The US Treasury exchanged dollars for gold, but only for the Central Bank of the countries that signed the conference. In 1976, the Jamaica Conference (gold reserves have become scarce). The US government refused to exchange dollars for gold, now paper money for gold does not change.
At present, in all countries there is a state-organized monetary system. The elements of the monetary system are those of its constituent parts on which the organization of the circulation of monetary resources is based:
1. Monetary unit - a banknote established by law. In the Russian Federation - this is the ruble.
2. Scale of prices - setting the content of the price of the monetary unit through the weight content of gold (now it is not).
3. Types of money. Banknotes and coins are unconditional obligations of the Central Bank and are backed by all its assets. They are required to be accepted for all types of payments.
4. Emission system. The issue of cash, the organization of their circulation and withdrawal from circulation on the territory of the Russian Federation are carried out exclusively by the Central Bank.
The modern monetary system has the following character traits:
The government does not set the gold content of the national currency;
The transition to credit money not exchangeable for gold has been completed, there has been an erasure between paper and credit money;
The predominance of non-cash circulation in money circulation;
Strengthening state regulation of monetary circulation.
Non-cash payment turnover in the country is organized on the basis of certain principles. The principles of organization of calculations are the fundamental principles of their implementation.
Compliance with the principles in the aggregate makes it possible to ensure that the calculations meet the requirements: timeliness, reliability, efficiency.
The first principle is legal regime settlements and payments.
The second principle is the implementation of settlements mainly on bank accounts.
The third principle is to maintain liquidity at a level that ensures uninterrupted payments.
The fourth principle is the presence of an acceptance (consent) of the payer for payment.
The fifth principle is the urgency of payment.
The sixth principle is the control of all participants over the correctness of settlements, compliance with the established provisions on the procedure for their implementation.
The seventh principle is their property liability for non-compliance with contractual terms.
Sources of non-cash payments can be borrowed, own and borrowed funds.
for storage Money and the implementation of settlement operations, each economic agency in a commercial bank, depending on the status of the enterprise, the nature of the activity and the source of financing, opens settlement, current, loan, deposit and other accounts.
To open a current account, the company must provide the bank with a certain list of documents.
With enterprises that have opened different accounts, the bank concludes an agreement on settlement and cash services, which reflects the rights and obligations of the parties, the cost of the services provided and liability for violations of the terms of the contract.
In the process of carrying out self-supporting operations, sometimes a situation arises when the balance of funds on the current account of the enterprise is not enough to satisfy existing claims from suppliers, contractors, and the budget. The problem arises of which payments to make on the first, second, and so on. turn. To ensure a unified approach, to avoid discrimination of certain enterprises and organizations, the so-called order of payments is established.
There are the following types of payments:
1) target sequence.
2) calendar order.
3) calendar-target order.
4) preferential order (priority at the discretion of the payer).
If the funds on the account are insufficient to satisfy all the requirements presented to it, the funds are currently debited in the following order:
First of all, write-offs are carried out according to executive documents providing for the transfer or issuance of funds from the account to satisfy claims for compensation for harm caused to life and health, as well as claims for the recovery of alimony (group 1);
In the second place, write-offs are made according to executive documents providing for the transfer or issuance of funds for settlements on the payment of severance benefits and wages with persons working on employment contract, including under a contract, on the payment of remuneration under an author's agreement (group 2);
In the third place, write-offs are made according to payment documents that provide for the transfer or issuance of funds for settlements on wages with persons working under an employment contract (contract), as well as for deductions to Pension Fund Russian Federation, Foundation social insurance of the Russian Federation and mandatory funds health insurance RF (group 3);
In the fourth place, write-offs under payment documents providing for payments to the budget and off-budget funds, deductions for which are not provided for in the third priority (group 4);
In the fifth place, write-offs are made under executive documents providing for the satisfaction of other monetary claims (group 5);
In the sixth queue, write-offs are made for other payment documents in the order of calendar priority (group 6).
In accordance with the current legislation, in modern conditions it is allowed to use the following forms of non-cash payments: payment orders; letters of credit; checks; collection form. Payment order(PP)- a written order from the account holder to the bank to transfer a certain amount from his account to the account of another enterprise - the recipient of funds in the same or another bank. With the help of PP, settlements are made in the economy, both for commodity and non-commodity transactions. In this case, all non-commodity payments are made exclusively by the PP. PP settlements have a number of advantages compared to other forms of settlements: a relatively simple and fast document flow, faster cash flow, the ability of the payer to check the quality of paid goods or services in advance, the ability to use this form settlements for non-commodity payments. Letter of credit is an instruction from the buyer's bank to the supplier's bank to pay settlement documents. Upon receipt of an application for a letter of credit, the payer's bank reserves these funds in a separate account. Thus, depositing money guarantees the supplier timely payment. The funds are credited to the supplier's account by the bank after the documents confirming the shipment or performance of works and services are provided. The letter of credit can be monetary and commodity. In the case of a money letter of credit, the payment of money to its holder is carried out against the presentation of an identity document by him. The guarantor may also indicate himself as the recipient of money in order to reserve large sums of money for trips to other cities. A documentary letter of credit is used in settlements between the supplier and the buyer. The buyer opens a letter of credit with the supplier's bank and instructs the payment of invoices against the delivery by the supplier of the agreed documents. Thus, the supplier receives a guarantee that the invoice amount will go to him, and the buyer - that the goods were actually shipped to him. Collection - Bank operation, through which the bank, on behalf of the client, receives funds due to it from other enterprises on the basis of settlement, commodity and monetary documents.
Check- a written order of the payer to his bank to pay a certain amount of money from his account to the holder of the check.
bill of exchange- this is a debt obligation of the drawer or other person indicated in the bill to pay the indicated amount of money at a certain time in a specific place. The advantage of a bill of exchange form of payment over a check is the possibility of committing an endorsement.
Interbank settlements - a system of non-cash settlements between banks based on direct transfers of funds and regular offsets of their mutual claims and obligations. On the basis of settlements between different banks, it is possible to finally complete settlements within national economy. To carry out settlements, commercial banks establish correspondent relations among themselves on a contractual basis. The subject of these relations are two types of operations: customer service and actual interbank operations. The former include operations on commercial transactions of clients and the provision of trust services to them. Own operations of banks include the provision and receipt of loans, deposits, the purchase (sale) of currency, securities, etc. Correspondent relations are usually accompanied by the opening of accounts on a reciprocal basis (from each other). There are also relations between correspondents without an account, when mutual settlements are carried out on accounts opened by them in a third credit institution. A special case of such a structure of contractual relations is settlements on correspondent accounts opened with the divisions of the Bank of Russia. However, they can also be conducted on accounts opened with a commercial bank, usually major center interbank settlements, the so-called settlement bank. It is also possible to establish correspondent relations through clearing centers in which clearing accounts are opened as a kind of correspondent account for clearing. At the same time, equal financial requirements and obligations are repaid, and the balance is written off or credited to the main correspondent account. A correspondent account is an account of one bank opened with another bank. It reflects payments made by the latter on behalf of and at the expense of the first bank on the basis of a correspondent agreement concluded between them. In our country, most of the interbank settlements are carried out through the settlement system of the Central Bank of the Russian Federation. Settlements between banks are carried out by divisions of the Bank of Russia specially created for this purpose - cash settlement centers (RCCs). Correspondent accounts of banks are opened at the RCC at the location of the boards of commercial banks.
Clearing- one of the ways of non-cash payments. It is based on the offset of mutual claims and obligations of legal entities and individuals for goods and services, securities. In clearing, equal amounts of mutual claims of creditors and obligations of debtors to each other are repaid, and payments are made only for the difference. Clearing can be carried out between two economic entities, group and interindustry without the participation of commercial banks or with the help of banks. When conducting a one-time offset through banks, a separate offset account is opened for each participant by the bank servicing him (during the offset period) in parallel with the current account. Amounts are written off and credited on it. Then the offset accounts are closed and the balance for each participant is displayed. It is possible to use clearing in the implementation of interbank settlements. After all, each bank simultaneously or alternately acts as a recipient and payer of money. Clearing settlements can be organized between two banks, when the debt claim of the first is the debt obligation of the second and vice versa. At the same time, mutual debts are repaid. But clearing is most effective when in large numbers participants. Clearing can be organized both through the largest commercial banks and through clearing houses (centers). At the same time, it is necessary that the clearing center take into account all debt claims of each participant in relation to other clearing participants and obligations to them with subsequent redemption of negative and positive values. Banks open their accounts in clearing houses, to which they transfer part of their funds. In turn, clearing houses open their correspondent accounts with the Central Bank.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Distinguish between cash circulation and non-cash circulation. Cash circulation - the movement of cash in the form of banknotes, change coins and paper money (treasury bills).
Non-cash circulation - the movement of money of non-cash circulation - bank deposits on customer accounts.
Forms of non-cash payments are quite diverse. They depend on historical and economic features individual countries, specifics credit system, degree of development of electronic means of communication, computerization of banking. The most common are checks, credit cards, electronic transfers, endorsements, bills of exchange, certificates, in Russia also payment orders and payment requests-orders.
Non-cash circulation dominates, causing an increasing dematerialization of money circulation.
The reasons for this are:
1. reduction of distribution costs;
2. acceleration of money turnover;
3. convenience of cashless payments.
However, in some areas of economic life, the availability of money retains its importance.
First, in transactions where one of the parties is the population. For example, in the Russian Federation, a very small part of the population uses cashless payments, although for developed countries market economy the situation is changing dramatically (for example, in the US, no more than 6% of the employed population receive their wages in cash).
Secondly, in conditions of crisis shocks, most economic agents tend to have cash.
Thirdly, cash turnover is difficult to control. It can act as a means of tax evasion and other illegal activities.
There is a relationship between cash and non-cash circulation: money is constantly moving from one to another sphere of monetary circulation.
It is believed that it is cash that provides a person with convenience when making purchases, since the funds are in his pocket, and there is no need to go to the bank with every purchase. But they can be lost, they can be stolen, some of the cash can be counterfeit, and so on.
In addition, keeping money in the form of cash deprives a person of the opportunity to receive interest on the deposit. Therefore, you should decide how much cash you need to have on hand, and how much to put in the bank.
The cash management model was developed in the 1950s by economists W. Baumol and J. Tobinomi and was called the Baumol-Tobin model. According to this model, it is possible to determine the optimal number of visits to the bank or the optimal amount of cash based on the ratio of losses in the form of bank interest not received on this amount and valuation saving time from less frequent trips to the bank.
Money circulation in its various forms is regulated economic law which expresses economic dependence between the mass of commodities, their price level, and the velocity of money circulation.
The main indicators characterizing the rate of turnover of money are:
The indicator of the velocity of circulation of money in the circulation of income is the ratio of the gross national product to the money supply (aggregate M1 or M2);
- an indicator of the turnover of money in the payment turnover, i.e. the ratio of the amount of funds transferred on bank current accounts to the average value of the money supply.
As follows from the law of money circulation, an increase in the velocity of money circulation is equivalent to an increase in the money supply.
M x V \u003d P x Q,
M = P x Q x V,
where M is the amount of money in circulation, the money supply;
V is the velocity of money circulation;
P x Q \u003d V is the nominal volume of GNP.
Currently, to characterize the money supply, the monetary base indicator is used, which is essentially equated to the M2 aggregate.
That is, the volume of the money supply in the state should be exactly the one that would allow, on the one hand, to have sufficient volumes of it to ensure the growth of the national product (GDP), and on the other hand, would not allow dangerous inflationary processes to intensify.
Thus, the state must regulate the amount of money in circulation.
At the same time, it is necessary to understand that the amount of money in circulation in question is not only nominal banknotes(banknotes, coins, etc.), but also other means of payment, for example, in non-cash form.
The national bank acts as the regulator of the money supply in the state.
Cash turnover - a set of cash payments in the functions of the medium of circulation and means of payment in the country for a certain period of time.
Cash circulation is the most time-consuming and least protected process of redistribution of goods. In cash circulation there are restrictions (in terms of convenience and practicality) for business entities. It is less controlled by the state, therefore, in certain cases, it is more desirable for enterprises. Realizing this, the state establishes certain restrictions on cash turnover, which mainly concerns the maximum amounts of cash settlements and the timing of cash storage at the cash desk of the enterprise.
The sphere of use of cash payments is connected mainly with the realization of the income of the population.
Cash payments are made:
Enterprises, institutions and organizations with the population;
- settlements between individual citizens in commodity and food markets;
- partially settlements of the population with the financial and credit system;
- limited payments between enterprises within the limits set by the government.
Cash turnover in Russia is served by banknotes and metal coins. Cash is credit money that is issued in order to lend to the economy.
Cash turnover is organized on the basis of the following principles:
1) all enterprises must keep cash, except for the established limit, in commercial banks;
2) banks set cash balance limits for enterprises;
3) the circulation of cash serves as an object of predictive planning;
4) the management of money circulation is carried out in a centralized manner;
5) the organization of cash circulation aims to ensure the stability, elasticity and economy of monetary circulation;
6) enterprises can receive cash only in banking institutions servicing them.
The exclusive right to issue (issue) money into circulation belongs to the Central Bank of Russia, in connection with its main function - the emission center of the country. The main task of the Central Bank of Russia is the management of money circulation in order to ensure the stability of the monetary unit (ruble).
Conducting cash transactions by enterprises of all forms of ownership, institutions and organizations is regulated by Regulation No. 40 “On the procedure for conducting cash transactions in the Russian Federation”, approved by the Central Bank of the Russian Federation.
Enterprises, associations, organizations and institutions, regardless of the legal form and field of activity, are required to keep free cash in banks. To carry out cash settlements, each enterprise must have a cash desk and keep a cash book in the prescribed form. Acceptance of cash by enterprises in settlements with the population should be carried out using cash registers.
A commercial bank for the cash desk of the enterprise sets a limit on the balance of cash, which by the end of the working day should not be exceeded. Excess cash proceeds must be deposited with the bank and credited to the company's current account.
Exceeding the limit of cash balances in the cash desks of enterprises is allowed within, as a rule, 3 working days when issuing wages. The money received from the bank is credited to the cash desk according to the incoming cash order, and a corresponding entry is made in the cash book. The issuance of cash from the cash desk of the enterprise is carried out according to cash orders or payment, settlement and pay slips, an application for the issuance of money, invoices, etc., imposing a stamp on these documents with the details of the cash order. Documents for the issuance of money are signed by the head and chief accountant of the enterprise.
All cash receipts and disbursements of the enterprise are recorded in the cash book, which must be numbered, laced and sealed with a wax seal. The number of sheets in the cash book is certified by the signatures of the head and chief accountant of the enterprise. Entries in the cash book are kept in 2 carbon copy copies. The second copies are detachable and serve as a report to the cashier. Responsibility for compliance with the procedure for conducting cash transactions rests with the head, chief accountant and cashier.
In modern conditions, most of the credit money is funds in various accounts. Central banks provide a sufficient guarantee for credit money, which commercial and private banks cannot provide on the current scale of money circulation. Therefore, at present, the circulation of money is carried out mainly in the form of non-cash payments. At the same time, credit money is deprived of its own value. However, unlike paper money (treasury bills), from the moment of its inception (in the classical sense) they act as a sign not only of gold, but also of credit. Therefore, they also reflect the movement of loan capital between creditors and borrowers.
The main issuer of credit money is the banking system, which forms the money supply not only by issuing various debt obligations, but also by creating imaginary deposits (by issuing a loan, the bank records the client’s debt on his loan account as an asset, and at the same time the amount of the loan is transferred by the bank to the client's current account and becomes his contribution, although there was no real contribution). Despite the imaginary nature of the contribution, it can take the form (takes it) of real money. In this case, not only the resource base of the bank, which does not have collateral, increases, but also the amount of money supply increases. There are three main types of credit money or credit instruments of circulation: a bill, a banknote and a check.
A promissory note is a written promissory note prescribed form, which gives its owner (holder) an indisputable right, after a certain period of time, to demand from the debtor (drawer) or acceptor the payment of the indicated amount of money.
Compared to other debt obligations, a bill of exchange has the following features:
Abstract, since it does not explain the specific reasons for the appearance of a debt obligation (for example, the sale of goods on credit);
the indisputability of the debtor's obligation to make a payment, regardless of the terms of the debt, since the legal features of the bill and its execution are strictly determined by law;
negotiability, due to the fact that many persons who are in regular trade relations can use a bill as an instrument of circulation instead of cash (in this regard, a bill is sometimes called trade money).
Bills are simple and transferable, and depending on the nature of their occurrence, they are divided into private and treasury. A variety of private bills are commercial, arising on the basis of transactions for the sale of goods on credit, and financial ones that do not have a similar commodity basis (the so-called friendly bills issued by entrepreneurs to each other with the aim of their subsequent sale and cash receipt). Often financial bills are inflated, not backed by values, as they are issued by insolvent persons (bronze bills).
Treasury bills (bonds) are issued by the state to cover its expenses. These government obligations are a kind financial bills- are one of the liquid forms of capital investment. Usually treasury bills bring high percent, are widely used by central banks and other authorities.
According to its purpose, the bill performs various functions. The main one is to ensure payment for goods delivered on credit (money transferred, works and services performed), guaranteed by a bill of exchange obligation. The bill also acts as a means of credit, and is also used for collection (obtaining a debt). It becomes an object of accounting in the bank, and a payment is made against it before the bill of exchange is executed. Most bills of exchange are mutually repaid through the mechanism of non-cash settlements by mutual offset of bill obligations without the participation of cash. But there are limits to the replacement of cash by bill circulation, due to the fact that commercial credit covers only part of the turnover (mainly wholesale trade), the balance of mutual accounting of bill obligations requires payment in cash, bills as private debentures have a limited circulation among those persons who are confident in the solvency of drawers and endorsers.
A special type of credit money is a banknote. Under the conditions of gold monometallism, a banknote is nothing more than a banker's bill, against which the bearer can receive money at any time and with which the banker replaces private bills. In this definition, two characteristic features of a classic banknote are clearly noted, such as the fact that the banknote is issued by the issuing bank in exchange for commercial bills and exchange for gold on demand.
Therefore, the classic banknote had a double security, i.e. bill of exchange (commodity) and gold (gold reserve of the issuing bank). The issue of banknotes not backed by metal (gold) is called fiduciary, i.e. based on trust.
Despite the fact that a commercial bill serves directly as the basis of a banknote, there are differences between them in terms of the type of debtor, in terms of guarantee and terms, due to the fact that:
The debtor under a bill is a functioning owner - a trader or industrialist, under a banknote - an issuing bank;
banknotes have a public guarantee in the form of the resources of all owners stored in the bank. Therefore, banknotes are public credit money with a special quality - universal negotiability. The bill, having only a private guarantee, does not act as a universal means of payment;
a banknote is a perpetual obligation paid by the issuing bank by exchanging for gold (in classical form) at any time upon presentation, while the bill is payable after a certain period, which makes it difficult to circulate as money.
The use of classical banknotes in circulation does not lead to an overflow of the sphere of circulation with excess money, since the issuance of banknotes based on bills of exchange in the order of crediting commodity circulation causes the reverse movement of banknotes to the bank and, accordingly, with the maturity of the loan, banknotes are regularly returned to the issuing bank.
At the same time, one bill of exchange circulation of banknotes in itself cannot guarantee their return to the bank due to the fact that:
The sum of promissory notes usually exceeds the sum of the prices of goods sold;
there is always a number of bills in circulation that exceeds the real need for circulation in money, and not only commercial, but also friendly, bronze, treasury bills, which are devoid of a commodity basis;
the maturity of bills does not always coincide with the actual terms of the sale of goods, which can lead to the so-called non-payment crisis;
during periods economic crises even commercial bills are not paid on time, because the sale of the goods on the basis of which they appeared is difficult.
It must be borne in mind that earlier, when classical banknotes were in circulation, their dual security - credit and metal - guaranteed the relative stability and elasticity of banknote circulation compared to treasury paper money. The law of circulation of change banknotes was that their number in circulation was equal to the amount of gold required for circulation, and each banknote was a representative of the gold content of the monetary unit indicated on it.
Under the conditions of gold monometallism, banknotes differ from paper money:
By the subject of issue (banknotes are issued by the bank, paper money - by the state treasury);
on security (the classical banknote had a dual security - a bill of exchange and gold, and paper money was practically not backed by anything);
in the order of issue (the classical banknote was issued in the order of crediting the turnover, and paper money - to cover the state budget deficit, regardless of the actual needs of the turnover in money);
according to the laws of circulation (paper money is not elastic, since, being put into circulation, they remain there and cannot adapt to the needs of circulation in money, and classical banknotes issued against bills of exchange and gold backing returned to the central bank with the onset of payments due bills and as they are presented for exchange for gold).
By the nature of the issue and the impact on the economy, banknotes, on the one hand, are close to paper money, since they are endowed with a forced exchange rate, their issue and security are associated with government securities. On the other hand, modern banknotes kept to a certain extent credit basis, since they are released into circulation in the order bank lending economy and the state and are an element of the loan fund.
A check is a written order from the owner of a current bank account to pay in cash or transfer a certain amount of banknotes to the current account of another person. The check is based on banknote security. The check serves as a means of obtaining cash from the bank's current account, a means of circulation and payment for purchased goods and debt repayment, as well as non-cash payments. Check circulation arose and is developing on the basis of the expansion of credit operations, the centralization of the banking system and the transformation of the central bank into the basis of the credit system.
There are different types of checks:
Nominal (for a specific person);
order (with the right to transfer);
bearer (can be transferred without endorsement).
The check has a certain form and details. The development of checks has led to its replacement by other instruments for using current accounts, in particular credit cards. Credit card - a nominal monetary document issued by a bank, proving the identity of the owner in the bank and giving him the right to purchase goods and services in retail trade without paying in cash. The client signs an account in the store, which periodically makes settlements with the bank of this client by debiting a certain amount from his current account.
The importance of money as a means of circulation is difficult to exaggerate, since it allows you to get away from the barter form of trade. Barter (barter transaction) - the exchange of one product (or service) for another without the help of money. The cumbersome process of barter leads to the fact that a person who wants to buy potatoes and sell cabbages is forced to combine the acts of buying and selling. This person will have to look for someone who wants to sell potatoes and buy cabbage.
The replacement of barter by money exchange separates the act of sale from the act of purchase.
In economically developed countries the function of the medium of circulation is mainly performed by coins, paper money and checkable deposits (demand deposits). The demand for money for transactions primarily depends on such factors as the volume of purchases made, the frequency of payment of wages, the time allotted for paying bills, the regularity of presenting these bills for payment, and the availability of borrowed funds. For example, the greater the volume of purchases and the less often the work of a person is paid, the greater the average value of the monetary balance necessary for him to carry out his work. financial transactions.
The volume of purchases made depends on the level of development of trade and specialization. Families leading a “self-sufficient” (subsistence) economy hardly participate in trade and practically do not need means of circulation. At a time when most families in the US were farming, the need for circulation media was much lower than it is today. With the development of commerce and industry, specialization also increased, and the volume of transactions carried out increased significantly. In modern economic system people generally receive their earnings in the form of money and then use that money to buy what they need.
circulation costs. Replacing the mechanism of barter transactions with a mechanism that uses money as a medium of exchange leads to a reduction in circulation costs. Money exchange requires much less effort and time than barter.
acceptability of money as a medium of exchange. Money, which functions well as a medium of exchange, should be readily accepted by everyone. Money, which is widely distributed, provides its owner with a certain general purchasing power, which is a very important advantage. The use of money allows flexible choice of the types and quantities of goods purchased, the choice of time and place of the purchase, as well as the partners for the transaction. If a medium is used for a sufficiently long time, then its acceptability becomes fairly stable. The acceptability of money depends on the willingness and willingness of the population to use it.
1. Preparing a forecast of the need for cash for uninterrupted settlements.
2. Manufacture of banknotes and their protection against falsification.
3. Organization reserve funds cash.
4. Transportation of cash to the regions of the Russian Federation.
5. The actual issuance of money into circulation.
The forecast for the release of money into circulation is carried out by the Department for Regulation of Money Circulation of the Bank of Russia.
This takes into account indicators such as:
– projected GNP growth in real terms;
- the estimated velocity of circulation of money in the planning period;
- the maximum allowable level of price growth in the forecast period.
The compiled forecast is made out as an order and transferred to the Goznak enterprises for the production of banknotes. Goznak has five enterprises: two printing factories (Moscow and Perm), two mints (Moscow and St. Petersburg) and a printing house.
The Central Bank organizes reserve funds - a stock of banknotes and coins for their subsequent release into circulation as necessary through circulation cash desks. The currency of reserve funds is not considered money that is in circulation, since they do not move.
Delivery of cash is carried out in three ways:
Through the branches of the Central Bank of the Central Bank;
- through regional reserve funds administered by the Central Bank of the Russian Federation;
- directly from enterprises of Goznak to institutions of the Bank of Russia (for the central regions of Russia).
Banknotes as a means of payment have their own period of circulation. An important task for the Central Bank is to ensure the quality of monetary material and its protection.
Paper quality. Bank notes are printed on high quality, hard, crisp paper. Such paper can withstand up to 2000 folds in the same place. For each denomination, paper with an individual color shade is used.
Each banknote has watermarks. A transparent thread is inserted into the paper with the text "CBR" visible to the light and small fibers of red, purple and light green colors. Red and light green fibers in ultraviolet rays have a special glow.
In the manufacture of banknotes, special printing methods are used that create certain effects, which also makes counterfeiting more difficult.
The multi-color background image on the front side of the banknotes is made by offset printing with the Oryol effect, which is characterized by a sharp change in the color of the pattern lines without breaks or shifts, and by iris printing, which has a smooth transition from one color to another without a clearly defined border.
Special protective elements against copying equipment: a macro pattern located on the wide and narrow coupon fields of the reverse side; when reproduced on copiers, dashed elements are distorted; silver ink: on a narrow coupon field, the digital designation of the denomination is made in metallized silver-like ink, which has a clearly visible sheen; when reproduced on copiers, it looks like gray paint.
Macro printing: all banknotes have macro text on the reverse side, which can be read with a magnifying glass.
This relationship is a combination of two types of dependence: a direct relationship between the amount of money needed as a medium of exchange and the sum of the prices of goods and services sold; inverse relationship between the amount of money needed as a medium of exchange and the rate of circulation of money.
All this can be expressed by the following formula:
Where K is the amount of money needed as a medium of circulation;
S is the sum of the prices of goods and services sold;
C is the average number of turnovers of money as a medium of circulation.
AT economics There is another point of view, which is shared by representatives of the quantitative theory of money and supporters of the monetarist concept.
The American economist I. Fisher formulated the following exchange equation:
M x V = P x Q,
where M is the amount of money in circulation;
V is the velocity of money circulation;
P is the average price of goods and services;
Q is the number of goods sold and services rendered.
The amount of money in circulation, multiplied by the number of turnovers in sales acts per year, equals the volume of the gross national product.
From the equation of exchange, you can derive the amount of money needed for circulation:
M = P x Q x V,
where M is the amount of money in circulation, the money supply;
V is the velocity of money circulation;
P x Q \u003d V is the nominal volume of GNP.
Thus, enough money is needed for circulation to be able to sell at current prices the entire volume of goods and services produced within the national economy.
Money supply is the sum of cash and non-cash funds, as well as other means of payment.
Based on experience foreign countries The Central Bank of the Russian Federation conducts calculations of the following monetary aggregates:
M0 - cash in circulation;
M1 = M0 + funds on settlement, current and special accounts of legal entities, funds of insurance companies, demand deposits of the population in banks;
M2 = M1 + time deposits of the population in Sberbank;
М3 = М2 + certificates and government bonds.
The change in the volume of the money supply is determined not only by the increase in the amount of money in circulation, but also by the acceleration of their turnover.
Currently, to characterize the money supply, the monetary base indicator is used, which is essentially equated to the M2 aggregate.
Velocity of circulation of money is the speed of their turnover when servicing transactions.
The main indicators characterizing the velocity of money turnover are: the indicator of the velocity of money circulation in the circulation of income - the ratio of the gross national product to the money supply (aggregate M1 or M2); an indicator of the turnover of money in the payment turnover, i.e. the ratio of the amount of funds transferred on bank current accounts to the average value of the money supply.
As follows from the law of money circulation, an increase in the velocity of money circulation is equivalent to an increase in the money supply.
The difference between commodity circulation and the direct exchange of goods for goods differs in that it is served by money as a means of circulation, due to which the individual, temporal and spatial boundaries characteristic of direct commodity exchange are overcome.
However, if the goods go out of circulation after their sale, then the money remains in this area, continuously serving the exchange of goods. This circumstance leads not to the elimination, but to the aggravation of the contradictions of exchange, since the resulting gap between the purchase and sale of goods in one link causes a similar gap in other links, which creates the possibility of economic crises. The basis of economic crises are structural shifts in the production and sale of the social product.
The peculiarity of the function of money as a means of circulation lies in the fact that this function is performed, firstly, by real, or cash, money, and, secondly, by signs of value - paper and credit money.
Commodity circulation mediated by money differs essentially from the direct exchange of commodity for commodity:
First, it does not require the mutual coincidence of the needs of two commodity owners exchanging with each other.
Secondly, for commodity circulation it is not necessary that the acts of sale and purchase coincide in time.
Thirdly, commodity circulation does not require the coincidence of the same acts in space: the commodity owner can sell his commodity in one market, and buy goods in another market with the proceeds.
Thanks to the function of money as a means of circulation, those individual, temporal and spatial boundaries that are characteristic of the direct exchange of goods for goods are overcome. And this means that money contributes to the development of commodity exchange.
The participation of money as a medium of circulation contains the possibility of influencing economic relations between sellers and buyers. Thus, the buyer of the goods must first make sure that the use value of the offered goods meets the requirements. Without compliance with this requirement, implementation is not carried out. The buyer also controls the price of the offered goods. This takes into account the price level, the ratio of supply and demand for the goods scheduled for sale, as well as the price level for goods that can replace the offered goods.
The amount of payment for the purchased goods may be regulated by the parties involved in the sale and deviate from the originally requested price.
For its part, the seller must make sure that the buyer has the funds.
All this means that in the function of a medium of circulation, money can be used as an instrument of mutual control of the participants in a transaction for the sale of goods.
When money performs the function of a medium of exchange and maintains price stability, it is important that the volume of payment demand corresponds to the supply of goods. Compliance with this requirement is due to the desire to prevent a delay in the sale of goods due to insufficient means of circulation, as well as the possibility of unreasonable price increases and the influence of an artificial excess of effective demand over the supply of goods.
That is why the supply of turnover with the necessary mass of banknotes is of great importance. In modern conditions, it is difficult to determine the actual need for money for various reasons. One of them is that the boundaries of cash circulation and non-cash payments are blurred. Thus, enterprises carry out cash settlements on a relatively large scale and it is difficult to foresee the volume of such operations. Along with this, the money turnover of the population is expanding with the help of plastic cards. It is very difficult to foresee the volume of turnover carried out with the help of such cards, instead of the turnover of cash. It is also necessary to take into account the fact that in Russia the flow of cash into circulation is delayed, including in connection with the payment crisis.
"Substitutes" for this function can be barter and rationing.
Natural commodity exchange is inherent in the first stage, in which one thing is exchanged for another without cash payment, i.e. trade transactions are carried out according to the scheme "goods - goods", called barter.
The money that has replaced barter helps to reduce transaction costs. However, barter has not completely outlived itself, and even revived during periods of high inflation in modern world. With inflation, the experience of Russia has shown that trading through barter has proven to be more preferable than the use of cash, since the costs associated with holding money for transactions can exceed the losses and inconveniences of barter.
Barter can exist even in the absence of high inflation, in normal economic conditions as additional payments firms to their employees in the form of health insurance, pension insurance.
Rationing is a system of distribution of goods and services that sets a maximum limit on the amount of goods and services that one consuming unit can buy or receive.
As an alternative money exchange or barter, the government can resort to the distribution of coupons. These coupons give their holders the right to purchase certain quantities of various goods, such as bread, meat or gasoline. With such a system, retail stores exchange goods for coupons, and not directly for money.
In practice, as experience shows, it is very difficult to distribute coupons for all types of products produced in modern society. In addition, rationing limits consumer choice. When consumer goods rigidly rationed, then the question of personal preferences ceases to be any relevant. With a rationing policy, the government can control the demand for a product by controlling the amount of rationed supply.
Various forms of rationing were introduced in the US during World War II, in the Soviet Union. The goal was to limit demand under controlled prices and rapid growth nominal income.
The advantage of the rationing system is underway:
1. They hope that rationing will help get rid of long lines for scarce goods.
2. Rationing is carried out as an alternative to black markets.
Disadvantages of rationing:
1. It is difficult to achieve that the number of coupons corresponds to the amount of goods available.
2. Ultimately, the system collapses, as a result of which coupons lose their specific character and become just another kind of money.
Thus, the exchange breaks up into two independent, simultaneously performed and complementary acts:
- the commodity enters the sphere of circulation, there is a transformation of the commodity into money by selling it C - M;
- the reverse transformation of money into a commodity takes place, the purchase of a useful good D - C with the proceeds. As a result, the commodity goes into the sphere of consumption. The appearance of an intermediary in the exchange of goods transforms it into commodity circulation.
Commodity circulation is the exchange of goods by means of money. When making a commodity transaction, money performs a special function of a medium of circulation.
The movement of goods in the sphere of circulation is the starting and ending point, the movement of money is subordinate. In the course of commodity circulation, there is a gap between the purchase and sale of goods in time, space, and individual actions. Thus, the evolution of commodity exchange into commodity circulation gives rise to the possibility of commodity crises and delays in sales.
Money in the function of a medium of circulation has not only qualitative, but also quantitative certainty.
It depends on a number of factors:
- movement of commodity prices;
- the mass of circulating goods and the number of transactions;
- the mass of money in circulation;
- Velocity of money circulation.
As a medium of exchange (or exchange), money allows society to avoid the inconvenience of barter. Money is universally and easily accepted as a means of payment. This social invention allows producers to be paid with a special commodity (money), which can later be used to purchase any commodity available on the market. Providing convenient way exchange of goods, money gives society the opportunity to take advantage of the fruits of regional specialization and the division of labor in society. In contrast to the first function, where commodities are ideally valued in terms of money prior to their circulation, money must actually be present when commodities circulate. The features of money as a means of circulation are their real presence in circulation and the transience of their participation in the exchange, in connection with this, the function of a means of circulation is also performed by defective money - paper and credit. Currently, credit money has occupied a dominant position in monetary circulation: bills, banknotes, checks, bank credit cards.
The main features of money as a medium of circulation are as follows:
1) acts of "purchase" and "sale" can be separated from each other and be independent;
2) acts may not coincide either in time or in space;
3) acts can go beyond the framework of two individuals, i.e., intermediaries can appear.
The sphere of functioning of money as a means of circulation is commodity circulation between commodity organizations and the population, as well as groups of the population.
Conditions for the correct circulation of money:
1) the presence of a correspondence between the structure of demand and the structure of supply;
2) the correct organization of trade and advertising;
3) ease of use of money and the correct organization of money circulation;
4) stability of the national currency.
4. Organization of monetary circulation. Cash and non-cash circulation
Money circulation is the circulation of cash flows in cash and non-cash form. Such a movement is possible due to the fact that someone has an excess of money (supply), and someone feels the need (demands). Money circulation serves the flow of goods, works and services, and it is through it that the functioning of the financial system takes place (accumulation and redistribution of resources). After all, it is impossible to pay military maintenance, and a teacher's salary with a part of the production of a large tractor plant - a taxpayer. He pays taxes in cash, and in cash, these funds go to the budget, and in the same form they go to the military and teacher. Therefore, money circulation is the blood vessels for the financial system.
Money circulation has two main forms: cash and non-cash. Cash circulation - the movement of cash, that is, banknotes from one owner to another. Cash circulation is the most time-consuming and least protected process of redistribution of goods. Imagine factories that pay off multimillion-dollar loans with banks and suppliers (deferred payments) by sending them wagons of banknotes. Cash circulation has restrictions (lack of convenience and practicality) for business entities. At the same time, cash circulation is less controlled by the state, therefore, in certain cases, it may be more desirable for business entities. Realizing this, the state establishes certain restrictions on cash turnover, which mainly relate to the maximum amounts of cash settlements and the timing of keeping cash at the cash desk of the enterprise.
Non-cash money circulation - the movement of electronic money, i.e. changes in account entries. Of course, a developed non-cash circulation is possible only with a developed banking system, when the speed, the guarantee of payments, the quality of related services - all this provides such great convenience compared to cash circulation that cash circulation is abandoned.
The main instruments of non-cash circulation are: securities (bills, checks), credit cards.
To calculate the necessary money supply in the country, such an indicator as the rate of turnover of funds is important: the more goods and services, the more money is required to service their movement. The amount of money can be regulated not only by issuing new money, but also by accelerating the turnover of existing ones.
The interaction of the elements of the monetary system is carried out by the Central Bank of the Russian Federation, the main functions of which are:
1) develop and implement a unified state monetary policy aimed at protecting and ensuring the stability of the ruble;
2) monopoly issues cash and organizes its circulation;
3) is the lender of last resort for credit organizations organizes the refinancing system;
4) establishes the rules for making settlements in the Russian Federation;
5) establishes the rules for conducting banking operations, accounting and reporting for the banking system;
6) carries out state registration credit organizations; issues and revokes licenses of credit organizations and organizations involved in their audit;
7) exercise supervision over the activities of credit institutions;
8) register the issue of securities by credit institutions in accordance with federal laws;
9) carries out independently or on behalf of the Government of the Russian Federation all types of banking operations necessary to fulfill the main tasks of the Bank of Russia;
10) carry out currency regulation, including operations for the purchase and sale of foreign currency; determines the procedure for making settlements with foreign states;
11) organizes and implements currency control both directly and through authorized banks in accordance with the legislation of the Russian Federation
The Central Bank controls cash circulation, is engaged in the production, transportation and storage of banknotes and coins, creates their reserve funds; establishes the rules for the storage, transportation and collection of cash for credit institutions, establishes signs of the solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as the procedure for their destruction and conducting cash transactions for credit institutions.
This text is an introductory piece. From the book Money. Credit. Banks [Answers to exam tickets] author Varlamova Tatyana Petrovna9. The concept of money circulation. cash and non-cash circulation Money circulation is the movement of money in the performance of their functions in cash and non-cash forms, serving the sale of goods, as well as non-commodity payments and settlements in the economy.
From the book Money. Credit. Banks [Answers to exam tickets] author Varlamova Tatyana Petrovna28. System of metallic money circulation The system of metallic circulation is based on real money (silver, gold) that performs all five functions, and circulating banknotes are freely exchanged for real money. Depending on the
From the book Finance and Credit author Shevchuk Denis Alexandrovich6. Law of monetary circulation Commodity-money relations require a certain amount of money for circulation. The law of money circulation, discovered by K. Marx, establishes the amount of money necessary for them to perform the functions of a medium of circulation and a means of
From the book Banking. cheat sheets author Kanovskaya Maria Borisovna13. The competence of the Central Bank of the Russian Federation in the field of organizing cash circulation The official monetary unit (currency) of the Russian Federation is the ruble, which consists of 100 kopecks. The introduction on the territory of the Russian Federation of other monetary units and the issuance of monetary
author Shevchuk Denis Alexandrovich13. Principles of organization of cash circulation
From the book Money. Credit. Banks: lecture notes author Shevchuk Denis Alexandrovich17. Empirical laws of monetary circulation The law is the connection of phenomena. This connection may be superficial or substantial. Surface relationships express empirical laws (Gresham's law, monetary rule). Internal causal relationships express essential
From the book Money. Credit. Banks: lecture notes author Shevchuk Denis Alexandrovich51. Regulation of monetary circulation Monetary circulation is the movement of money in cash and non-cash forms, serving the circulation of goods, as well as non-commodity payments and settlements. Types of monetary circulation; the circulation of cash, that is, banknotes (banknotes and
author Kryukov Andrey VitalievichNon-cash money circulation The rules of money circulation in our country (both cash and non-cash) are established by the Central Bank of the Russian Federation (Bank of Russia). Citizens of Russia, when purchasing goods and services, pay mainly
From the book Accounting from scratch author Kryukov Andrey VitalievichCash circulation Non-cash payments are, as a rule, convenient for organizations. But there are exceptions to every rule. Sometimes it is more convenient for organizations to pay in cash, for example, for small one-time purchases. In addition, cash is used in
From the book Finance: Lecture Notes author Kotelnikova Ekaterina3. The law of money circulation The law of money circulation shows how much cash is needed for the country's economy. The 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 with installment payment,
From the book Finance author Kotelnikova Ekaterina19. Law of monetary circulation 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
From book Economic theory: lecture notes author Dushenkina Elena Alekseevna3. Money. Laws of Currency When the English colonists first settled in the New World, they brought with them quite a few pounds, shillings and pence, which were used at home. In fact, it did not matter, because the Native Americans with whom it was fought
From the book Fundamentals of Economics author Borisov Evgeny Filippovich§ 4 Inflation and the Stability of Monetary Circulation important area modern economy, which is money circulation. Money circulation means continuous
From the book Microeconomics: lecture notes author Tyurina Anna6. The Law of Money Circulation Money circulation is the movement of cash flows, which is ensured by the existence of supply and demand of the money supply in the market. This is the main condition for the effective functioning of the financial, monetary system countries.
From the book Youth of Science author Anikin Andrey VladimirovichOn the approaches: the problem of monetary circulation As Marx writes, in the parliamentary debate on the banking acts of 1844 and 1845. the future Prime Minister Gladstone once remarked that even love did not make so many people fools as sophistication about the essence of money. In England
From the book Youth of Science. The life and ideas of economic thinkers before Marx author Anikin Andrey VladimirovichOn the approaches: the problem of monetary circulation As Marx writes, in the parliamentary debate on the banking acts of 1844 and 1845. the future Prime Minister Gladstone once remarked that even love did not make so many people fools as sophistication about the essence of money. In England
Money circulation is the movement of money in cash and non-cash forms, serving the sale of goods, as well as non-commodity payments and settlements in the economy. Its objective basis is commodity production. With the help of money, the process of circulation of goods, the movement of loan and fictitious capital is carried out.
Money circulation is the movement of money in the internal economic turnover country, in the system of foreign economic relations, in cash and non-cash form, serving the sale of goods and services, as well as non-commodity payments in the economy.
Such a movement is possible due to the fact that someone has an excess of money (supply), and someone feels the need (demand). Therefore, money circulation serves the flow of goods, works and services, and it is through it that the functioning of the financial system materializes (accumulation and redistribution of resources).
The basis for money circulation is the circulation of goods. Money in the process of circulation does not leave the sphere of circulation, but circulates again and again in accordance with its functions.
Changing the form of value (commodity for money, money for goods), money is in constant motion between three subjects: individuals, business entities, public authorities. The movement of money when they perform all their functions in cash and non-cash form is money circulation.
In the conditions of market relations, money circulation contributes to:
- redistribution of funds between business entities and various sectors of the economy;
- meeting the needs of the economy in cash thanks to state regulation money supply;
- balance of supply and demand in the commodity market.
Money circulation has two main forms: cash and non-cash.
Cash performs the following functions: payment, circulation, savings and accumulation.
Cash circulation is the movement of money in the form of banknotes and tokens. In the field of cash circulation are involved:
- individuals;
- enterprises and organizations;
- commercial banks;
- institutions (at the expense of the budget) and other legal entities outside the banking system.
The population receives in cash wages, allowances, pensions, scholarships, stock dividends, insurance payments, interest on investments, etc. And also spends cash on the purchase of goods and services, the payment of taxes and fees, rent, insurance payments, etc.
Enterprises and organizations have the right to use cash (in a limited amount) for settlements among themselves. But for the most part they are used for settlements with the population. They need cash to pay salaries, travel allowances, vacation pay, lump sum payments, allowances, etc. In addition, they accept cash from the public as payment for products and services, repayment of debts, etc.
Commercial banks use most of the cash for settlements with customers (individuals and legal entities). They accept cash from enterprises and organizations and credit them to the accounts of these enterprises and organizations. They accept funds from the population for crediting them to term and termless deposits, for payment utilities, taxes. In addition, banks issue cash to enterprises and organizations from their accounts upon request, to the population - after the expiration of the deposit period, during transfer, etc.
Money leaves the sphere of circulation in the event that they are attracted by the banking system for a certain period or are involved in the state budget.
Cash circulation is organized on the basis of the following principles:
- all enterprises must keep cash, except for the established limit, in commercial banks;
- banks set cash balance limits for businesses;
- enterprises can receive cash only in banking institutions serving them;
- management of money circulation is carried out in a centralized manner;
- the circulation of cash serves as an object of predictive planning.
The exclusive right to issue (issue) money into circulation belongs to the Central Bank of Russia.
Cash circulation is an extraordinarily expensive thing, which places a huge burden on the entire economy. Expenses National economy associated with cash circulation, up to several percent of the total gross product.
The service life of a paper banknote in the Russian Federation is 7 months, and a token coin is more than 10 years. Banknotes in denominations of $ 1 are in circulation for 18 months, $ 50 - 4 years, $ 100 - 9 years, then due to wear and tear they are withdrawn from circulation and disposed of.
Currently, there is an intensive process of reducing cash circulation all over the world.
Non-cash money performs the functions of payment and accumulation (in the form of an account balance).
Non-cash money circulation is a change in the balance of funds in bank accounts, which occurs as a result of the execution by the bank of the instructions of the account holder in the form of checks, payment orders, plastic cards, electronic means of payment, and other settlement documents.
Non-cash money circulation is the movement of electronic money, i.e. account entries. A developed non-cash circulation is possible only with a developed banking system, when the speed, the guarantee of the passage of payments, the quality of related services provide greater convenience compared to cash circulation, as a result of which cash circulation is abandoned. The main instruments of non-cash circulation are securities (bills, checks) and also credit cards. The amount of money can be regulated not by issuing new ones, but by accelerating the circulation of existing ones.
Non-cash money turnover covers settlements between:
- enterprises, institutions, organizations different forms property with accounts in credit institutions;
- legal entities and credit institutions for obtaining and repaying a loan;
- individuals and legal entities with the state treasury to pay taxes, fees and other obligatory payments, as well as to receive budgetary funds;
- legal entities and the population for the payment of wages, income from securities.
The amount of non-cash turnover depends on the volume of goods in the country and the price level. Cashless circulation is important economic importance in accelerating the turnover of working capital, reducing cash, reducing distribution costs. Under the money turnover is understood the totality of all payments for a certain period of time.
There is a close and mutual dependence between cash and non-cash circulation: money is constantly moving from one sphere of circulation to another. Cash, when deposited into an account with a credit institution, becomes non-cash; when withdrawn from an account, it becomes cash again. Therefore, non-cash circulation is inseparable from the circulation of cash and together with it forms a single money circulation of the country, in which a single money of one denomination circulates.
Non-cash payments are carried out on the basis of settlement documents of the established form and in compliance with the relevant document flow.
There are the following main forms of non-cash settlements: settlements by payment orders, letter of credit form of settlements, settlements by checks, collection, settlements by payment requests-orders.
1. Settlements by payment orders are the most common form of non-cash payments in Russia at present. A payment order is an order from an enterprise to a bank serving it to transfer a certain amount from its account. They are valid for 10 days from the date of their issue and are accepted from the payer for execution only if there are funds in the account, unless otherwise agreed between the bank and the account holder.
2. The letter of credit form of settlement consists in the fact that the payer instructs the bank servicing him to pay for inventory items at the location of the recipient of funds at the expense of the funds previously deposited on the account, or under the guarantee of the bank, on the terms provided by the payer in the application for opening a letter of credit.
A letter of credit is a conditional monetary obligation of a bank issued by it on behalf of a client in favor of its counterparty under an agreement under which the bank that opened the letter of credit (issuing bank) can make a payment to the supplier or authorize another bank to make such payments, subject to the provision of documents, stipulated in the letter of credit, and when other conditions of the letter of credit are met. In Russia, a letter of credit may be intended for settlements with only one supplier and cannot be redirected. Payment from a letter of credit in cash is not allowed. The validity period and procedure for settlements under a letter of credit is established in the agreement between the payer and the supplier.
3. Payments by checks are used by both individuals and legal entities. The account holder gives a written order to the bank that issued settlement checks to pay a certain amount of money indicated in the check to the recipient of funds. Payments by checks between individuals are not allowed. A check must be presented for payment to a bank institution within ten days, not counting the day of its issuance.
4. Collection - a banking operation through which the bank undertakes to receive on behalf and at the expense of the client and (or) acceptance of payment from a third party according to the documents submitted for collection. In the basis of collection operations, according to the law of most countries, there is an agency agreement. Checks, bills of exchange, securities, etc. are accepted for collection.
5. Settlements by payment requests-orders represent a requirement of the supplier to the buyer to pay, on the basis of the settlement and shipping documents sent to the servicing bank of the payer, the cost of products delivered under the contract, work performed, services rendered and the payer's instruction to write off funds from his account. It is issued by suppliers and, together with commercial documents, is sent to the buyer's bank, which sends the demand-order to the payer for acceptance. The payer is obliged to return the accepted payment request-order to the bank or declare a refusal to accept. A payment request-order is accepted for payment if there are funds on the payer's account.
One of the main guidelines monetary policy is money supply. It is this parameter of monetary circulation that affects the economic growth, price dynamics, employment, uninterrupted functioning of the payment and settlement system. The law of money circulation establishes the amount of money needed to perform the functions of a medium of circulation and a means of payment.
Money supply is the total volume of cash and non-cash money circulation. It includes a variety of payment and purchasing means that have a high degree liquidity. The money supply is divided into active and passive parts.
The active part is cash and non-cash money involved in payments.
The passive part is the funds held by the population and not participating in circulation.
The amount of money needed to perform the functions of money as a medium of exchange depends on:
- quantity of goods and services sold on the market (direct connection);
- the level of prices for goods and tariffs (direct connection);
- velocity of money circulation (feedback).
All factors are determined by the conditions of production. The more developed the division of labor, the greater the volume of goods and services sold on the market. The higher the level of labor productivity, the lower the cost of goods and services and prices.
D \u003d T C / V, where:
D - money supply;
T - commodity weight;
C - price;
V is the rate of money turnover.
The law of money circulation expresses the economic interdependence between the mass of circulating commodities, the level of their prices, and the velocity of money circulation.
If money functions as a means of payment, then the total amount of money must decrease. Credit has the opposite effect on quantity.
The amount of money as a means of payment is determined by:
- the total volume of circulating goods and services (direct dependence);
- the level of commodity prices and tariffs for services (the relationship is direct, since the higher the prices, the more money is required);
- the degree of development of non-cash payments (reverse relationship);
- velocity of circulation of money, including credit money (reverse relationship).
Taking into account credit relations:
D \u003d A - B + C - M / E, where:
D - the money supply necessary for circulation;
A - the sum of the prices of goods sold for a given period of time;
B - the sum of the prices of goods sold on credit, the payment deadline for which has come;
C - the amount of payments for previously sold goods (for debt obligations);
M - the amount of mutually repaying payments;
E - the average number of revolutions of money as a means of circulation and payment for a given period of time (speed).
Fisher wrote this formula as an equation of exchange:
M * V = Q * P, where:
M is the mass of money;
V - circulation speed;
Q - quantity of goods;
P - price.
The formula shows that the quantity of goods is directly related to the price level. If the money supply is large, then prices are high and hence inflation.
Factors affecting the amount of money in circulation:
1. The volume of commodity mass (the higher it is, the more money is needed).
2. Price level. The lower the price, the more goods and, accordingly, money are needed.
3. Frequency of money payments (the more money is paid out, the less money is needed for turnover).
4. The degree of development of credit (the more goods on credit, the less money is needed).
5. Development of cashless payments.
6. Velocity of circulation of money (the number of revolutions of the monetary unit for a period of time). In developed countries, 2 - 3 turnovers per year. In Russia, during the period of hyperinflation, up to 20 turnovers, now it is approximately 7 - 8 turnovers per year.
