For the normal functioning of a market economy, maintaining a stable rate of its growth, the level and dynamics of prices, employment requires a certain amount of money. It is a set of means of payment circulating in the country at the moment. The money supply in circulation is the supply of money.
The relevance of the topic under consideration lies in the fact that in order to correctly measure the volume of the money supply, it is necessary to determine its structure. The structure can be characterized by arranging monetary aggregates as they grow larger and determining their composition and features from the point of view of performing certain functions by money.
In the structure of the money supply, such aggregate components, or, as they are also called, monetary aggregates, such as M1, M2, M3, L, are distinguished, grouping various payment and settlement funds according to their degree of liquidity, and each of their subsequent aggregate includes the previous one.
The purpose of the work is to consider the dynamics of the money supply in Russian Federation for the last few year s.
A number of tasks follow from this goal:
1. Briefly reveal the theoretical provisions of the money supply;
2. Analyze the dynamics of the money supply;
3. Describe the current state of the money supply;
4. Determine the trends in the money supply in the Russian Federation.
To achieve the set goals and objectives, textbooks and study guides on economic theory, money circulation, macroeconomics, as well as analytical and statistical data posted on the Internet.
Money is an integral component of commodity production and develops along with it. The evolution of money, their history are integral part evolution and history of commodity production, or market economy.
Money exists and acts where economic life is carried out through the movement of goods.
economic concept"commodity" means any product whose participation in economic life is accomplished through the purchase and sale. Under the dominance subsistence farming when products were produced mainly for own consumption, they were not yet commodities. The development of the division of labor, which was accompanied by the emergence of a regular exchange of products of labor, led to the formation of a commodity economy, in which products began to be produced specifically for sale and thus became commodities.
From an economic point of view, money can be defined as a means of expressing the value of goods, a measure of value, the universal equivalent of a set of values of goods. Using money as a universal equivalent, we can measure the value of all goods on the market and compare them with each other.
Money has come a long way of evolution. The history of the development of money is an integral part of the history of the market economy. Expressing the value of the world of commodities, money throughout economic history took the forms dictated by the achieved level of commodity relations. Each historical period corresponds to its predominant form of money.
Based on the nature of the material, two main types of money can be distinguished: natural and symbolic money.
Money manifests itself through its functions. Usually, the following four main functions of money are distinguished: a measure of value, a means of accumulation (hoarding), a means of circulation, a means of payment. The fifth function of money is often singled out - the function of world money, which is manifested in the service of international commodity exchange.
Under money circulation refers to the process of continuous movement of money in cash and non-cash forms, serving the processes of circulation of goods and services, the movement of capital. The circulation of banknotes involves their constant transition from one legal or individuals to others.
Money circulation reflects the directed flows of money between the central bank and commercial banks(credit organizations); between commercial banks; commercial banks and enterprises, organizations, institutions of various organizational and legal forms; between commercial banks and individuals; enterprises and individuals; between commercial banks and financial institutions for various purposes; between financial institutions and individuals. In countries with market economy cash flow is made up of cash and non-cash money.
Cash turnover (circulation) is a continuous process of movement of cash, which is represented by banknotes, or bank notes, treasury notes, metal coins.
Coins serve as a bargaining chip, allowing you to make any small purchases. They are put into circulation by the central bank.
Initially, banknotes were issued by all banks as bills of exchange instead of ordinary money. Subsequently, they acquired the force of a legal and sole means of payment with a course forcibly set by the state, that is, they became national money. Their release (emission) is carried out only by the central bank.
Treasury notes - the same paper money, but issued directly by the state treasury - the ministry of finance or a special state financial body in charge of cash execution state budget. In Russia, treasury notes are not issued.
Regardless of the type (model) of the economy - market or administrative-command - cash turnover is a smaller percentage of non-cash turnover. But, despite this, its role is extremely great. The circulation of cash serves the receipt and expenditure cash income population, part of the payments of enterprises and organizations.
Non-cash money turnover is the movement of value without the participation of cash through the transfer Money on the accounts of credit institutions, as well as against mutual claims.
Under non-cash money refers to funds in bank accounts, various deposits (deposits) in banks, certificates of deposit and government securities. These deposits are also called bank money.
money supply - this is the amount of means of payment in the country's economy, the total volume of cash and cashless money. The money supply characterizes the purchasing, payment and savings funds that serve economic ties countries and owned by individuals and legal entities, as well as the entire state as a whole.
Regulation of the money supply in the country is the task of central banks. It is carried out by issuing money, carrying out operations on open market(purchase and sale of state valuable papers), regulation of the required reserves of commercial banks and determining the size of the refinancing rate.
To assess the dynamics of the money supply in the country, various economic indicators. The change in the volume of the money supply can be associated both with its absolute increase due to the issue, and with the acceleration of money circulation.
Velocity of money circulation an indicator of the effectiveness of the movement of money as a means of circulation and payment. Due to the fact that it is difficult to quantify the speed of circulation, indirect data are used for estimates.
The following indicators of the velocity of circulation of money are commonly used:
The rate of circulation of money in the circulation of income. This indicator is calculated as the ratio of GNP or national income to the aggregates M 1 or M 2. The dynamics of the calculated value shows the relationship between money circulation and processes economic development;
The indicator of money turnover in the payment turnover is defined as the ratio of the amount of money to bank accounts to the average annual money supply in circulation. This indicator determines the speed of cashless payments.
With the functioning of money backed by goods and services provided, a change in their quantity in circulation cannot have a noticeable effect on a change in the price level.
This is explained by the fact that when there is excess money for circulation, the latter go into treasure (this is typical, first of all, for the period of domination of money from precious metals), and if necessary, when the mass of commodities grows, they return to circulation. In this case state regulation money supply is not required, the amount of money in circulation is adjusted automatically.
Economic model of monetary circulation, which reflects modern practice, considers the presence in circulation of defective (symbolic) money, the nominal value of which is much higher than the cost of the material from which this money is made. The functioning of symbolic money creates a situation in which an increase in their number can have an impact on changes in the price level. Let us consider the impact of changes in the money supply on the price level and on the interest of entrepreneurs in the efficiency of their business.
Based on the equation of exchange, it is possible to determine how much money should be in circulation. The relationship between the amount of money, its structure, the rate of circulation of the money supply, the price level and the real volume of production determines the law of money circulation.
AT general view the law that determines the amount of money in circulation can be expressed by the following formula:
where M is the amount of money needed for circulation; P1Q1 is the sum of the prices of goods and services in circulation (number of goods multiplied by the price level); P2Q2 - the sum of the prices of goods sold on credit, for which the payment deadline has not yet come; D1 - the amount of payments on the debt obligations that have come; D2 - the amount of mutually repayable payments; V is the rate of money turnover.
Let us consider in more detail some of the factors that determine the required amount of money in circulation. First, the sum of prices of goods and services sold on the market (P1Q1). If the amount of goods and services sold in the country is doubled, for example, then, other things being equal, it will take twice as much more money than before. The quantity of circulating goods and services provided has a direct impact on the quantity of money in circulation. If the prices of all commodities are doubled, then twice as much money will be required to service the circulation of goods.
Second, the sum of the prices of goods and services sold on credit (P2Q2). The degree of credit development has an inverse effect on the amount of money in circulation: the more credit is developed, the less money is required for circulation.
Thirdly, the amount of payments due (D1) reflects the amount of money needed to pay off debts: the more deferred payments there are, the more money is needed to make them.
Fourthly, the amount of mutually repaying payments (D2) reflects the degree of development of non-cash payments.
Various indicators are used to assess and analyze changes in the money supply, or money aggregates. Aggregates are ranked as the liquidity of the types of funds included in them decreases. The degree of liquidity is determined by how quickly this money can be used to buy goods and services.
The greatest liquidity has cash held by the buyer, or demand deposits. The money lying in the bank on a term deposit already has a number of restrictions in this regard: firstly, it is necessary to wait for the agreed term for withdrawing money from the account, and secondly, commercial Bank must be reliable. Gradually adding less liquid funds to the most liquid ones, we get a set of basic monetary aggregates М 0 , М 1 ,…, М n . To determine the money supply of each particular country, a different number of units is used: in France - 2, in the USA - 4. In Russia, 4 units are used - M 0, M 1, M 2, M 3. The sum of all aggregates is called total money supply. Let us consider in more detail their economic content.
The M 0 unit includes cash in circulation (coins and paper money) plus cash balances at the cash desks of enterprises and organizations. This unit serves the cash turnover.
It should be noted that metallic money makes up an insignificant share of cash (2-3% of cash), they pay for small transactions for the purchase of goods or the receipt of services. The real value of the coin is much lower than the face value. It is made from cheap metal alloys. This is done in order to reduce the cost of money circulation, to prevent the accumulation of money in the same hands as a treasure, and also to avoid their remelting into ingots, which would be done if the metal were of technical value. Thus, banknotes predominate in the aggregate M 0 .
Unit M 1 consists of unit M 0 plus funds on settlement accounts legal entities plus funds of insurance companies plus demand deposits of the population in commercial banks.
Checking account - This is an account opened by banks and legal entities to store funds and make settlements.
Demand deposit- this is cash deposit, which must be issued by the bank to the client at his first request. Therefore, we can talk about the availability of these savings for the depositor at any time. However, as we can see, this type of non-cash money is not included in the M 0 aggregate. This is due precisely to the assessment of the ability of these funds to turn into goods and services as quickly as possible. The bank may be closed for lunch, due to the end of the working day, may go bankrupt and be unable to fulfill its obligations to the client. In this regard, as already noted, the constituent components of the M 1 unit cannot be equated to cash in terms of operational availability for the client.
Unit M 1 serves operations for the implementation of GDP, for the distribution and redistribution of national income, accumulation and consumption.
Most economists tend to consider the money supply in a narrow sense, that is, consisting of the aggregate M 1 .
Other units - M 2 and M 3 - are called "almost money." These are highly liquid financial assets, which do not function directly as a medium of exchange, but can easily, without the risk of financial loss, be transferred into cash or accounts.
Aggregate M 3 contains aggregate M 1 plus time deposits of the population in commercial banks plus short-term government securities.
Unlike demand deposits, term deposits are funds placed by the bank's customers for a certain period specified in the documents. The client can receive the invested funds with interest only after the expiration of this period. Obviously, the operational availability of these non-cash money is lower than that of the constituent components of the aggregate M 1 .
As for government short-term securities, they are objectively the most reliable and liquid of all types of securities. Their guarantor is the state. In addition, these short-term securities are securities with a fast maturity. High reliability provides quick sale them on the stock exchanges.
Many advanced economies, when calculating the M2 aggregate, take into account the money invested in government short-term securities. However, the current situation Russian market securities, associated with the inability of the state to pay off its debt obligations, can be considered force majeure also in relation to the accepted scheme of monetary aggregates.
It should be noted that the current situation in Russia illustrates the reasons why these securities cannot be classified as M 0 and M 1 aggregates in terms of their liquidity, since their holders cannot sell them at the indicated par value, not to mention profit.
Aggregate M 3 contains aggregate M 2 plus certificates of deposit plus securities traded on the money market.
Deposit Certificate - this is a written certificate of a credit institution on the deposit of funds, certifying the right of a legal entity to receive a deposit and interest on it after the expiration of the established period. Securities also include commercial bills, issued by enterprises. Since this part of the funds invested in securities is not created by the banking system, it is under the control not only of the enterprises participating in the bill transaction, but also of the bank, since the transformation of a bill into a means of payment requires, as a rule, the acceptance of the bank. By accepting a bill, the bank acts as a guarantor of its payment in case of insolvency of the paying enterprise.
In a situation of a healthy economy, normal money circulation between the aggregates, there is an equilibrium, certain proportions, implying that the volume of non-cash money should exceed the amount of cash. In this case, money capital is transferred from cash to non-cash circulation. If this balance is disturbed in money circulation, there is a shortage of cash, price increases and other negative phenomena.
About a third of the money supply is cash. The growth in the share of cash, payment by legal entities of the transaction made not by cashless means, but by illegal "black cash" leads to the creation of a "shadow" economy, tax evasion, and the absence of a transparent financial system of the state.
The monetary system of the Russian Federation functions in accordance with the Federal Law on the Central Bank of the Russian Federation, which determined its legal basis.
The official monetary unit (currency) in our country is the ruble. The introduction of other monetary units on the territory of the Russian Federation is prohibited. The ratio between the ruble and gold or other precious metals is not established by the Law. official rate ruble to foreign monetary units is determined by the Central Bank and published in the press.
The Bank of Russia has the exclusive right to issue cash, organize their circulation and withdrawal on the territory of Russia. He is responsible for the state of money circulation in order to maintain normal economic activity in the country.
The types of money that have legal tender power are banknotes and metal coins, which are backed by all the assets of the Bank of Russia, including gold reserves, government securities, and reserves of credit institutions held on accounts. Central Bank.
Samples of banknotes and coins are approved by the Bank of Russia. The announcement of the issue of banknotes and coins of new designs, as well as their description are published in the media. mass media. They are required to be accepted at their face value throughout the country and in all types of payments, as well as for crediting accounts, deposits and transfers. The period of withdrawal of old banknotes must be at least one and not more than five years. When exchanging, no restrictions on the amounts and subjects of exchange are allowed. Banknotes and coins may be declared invalid by law (no longer valid as legal tender). Counterfeiting and illegal production of money are punishable by law.
On the territory of Russia, cash (banknotes and coins) and non-cash money (in the form of funds in accounts with credit institutions) operate. In order to organize cash circulation in the territory of the Russian Federation, the Bank of Russia is entrusted with the following responsibilities:
forecasting and organization of production, transportation and storage of banknotes and coins, as well as their creation reserve funds;
establishing rules for the storage, transportation and collection of cash for credit institutions;
determination of signs of solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction;
development and approval of the rules for maintaining cash transactions in national economy.
In contrast to the period of existence of real gold money in paper-credit circulation, when the signs of value lost contact with the metal base, central bank must create certain restrictions that restrict the issuance of this money.
For implementation cash service credit institutions, as well as other legal entities on the territory of the Russian Federation, cash settlement centers are being created at the territorial main departments of the Bank of Russia. These centers form a cash desk for receiving and issuing cash, as well as reserve funds of banknotes and coins. Reserve funds are stocks of banknotes and coins not issued into circulation in the vaults of the Central Bank and have importance for the organization and centralized regulation of cash resources. The balance of cash in the circulating cash desk is limited, and if the established limit is exceeded, the excess money is transferred from the circulating cash desk to reserve funds.
Reserve funds of banknotes and coins are created by order of the Bank of Russia, which sets their value based on the size of the turnover cash desk, the volume of cash circulation, storage conditions. The objective need for reserve funds is due to:
the need to meet the needs of the economy in cash;
renewal of the money supply in circulation in connection with the money that has become unusable;
maintaining the mandatory denomination of the money supply in the country as a whole and in the regions;
reducing the cost of transportation and storage of banknotes.
Cash is put into circulation on the basis of an issuance permit of a document that gives the CBR the right to support the working capital at the expense of reserve funds banknotes and coins. This document is issued by the Management Board of the Bank of Russia within the issuance directive, i.e. size limit issuing money into circulation established by the Government RF.
All issues related to the organization and regulation of cashless payments are established by the Bank of Russia in accordance with applicable law. It defines the rules, forms, terms and standards for non-cash payments. His responsibilities include licensing the settlement systems of credit institutions. The law provides general term non-cash payments for no more than two business days within the subject of the Federation and no more than five business days within the Russian Federation. As payment documents for non-cash payments, payment orders, settlement checks, letters of credit, payment requests-orders and other payment documents approved by the Bank of Russia are used.
Due to the fact that the Russian monetary unit - the ruble is not legally associated with the monetary metal (gold), its fixed price scale is absent. The official price scale for the ruble is set by the state.
The regulation of money circulation, assigned to the Bank of Russia, is carried out in accordance with the main directions of monetary policy, which is developed and approved in the manner prescribed by banking legislation. The Bank of Russia, endowed with the exclusive right to issue money, is especially responsible for maintaining equilibrium in the sphere of money circulation.
AT federal law on the Central Bank of the Russian Federation (Bank of Russia) provides for the procedure for the development and conditions for the implementation of a unified state monetary policy, as well as tools for regulating the amount of money in circulation by the Central Bank. Such tools and methods, in particular, are:
interest rates on operations of the Bank of Russia;
required reserve ratios deposited with the Bank of Russia (reserve requirements);
open market operations;
accounting policy;
currency regulation;
setting benchmarks for money supply growth;
direct quantitative restrictions.
In accordance with the adopted state monetary policy The Central Bank of the Russian Federation (Bank of Russia), in order to strengthen the ruble, regulates the total volume of loans issued by it, uses interest rate policy to influence market interest rates on credit transactions, stimulating the growth or reduction of credit investments.
Of course, the Bank of Russia cannot directly influence the interest rates on banks' transactions with their clients. These interest rates are determined mainly by the amount of money in circulation and the effectiveness of the intermediary activities of the banking system and financial markets. Therefore, the influence of the Bank of Russia on interest rates on transactions of the banking system with non-financial agents is limited by the regulation of the money supply and measures to improve the state of the banking system.
Mandatory reserves are performed not only social function, guaranteeing in the event of a bank failure from the complete ruin of depositors, but they are also a source of additional financial sources for the Central Bank to regulate the money supply in circulation. The amount of required reserves is set as a percentage of the liabilities of credit institutions.
The essence of open market operations is to change the supply of loan capital in the country by buying or selling securities by the Central Bank, injecting financial resources into the economy or withdrawing liquid funds.
Accounting policy The Central Bank consists in accounting and rediscounting commercial bills received from commercial banks, which, in turn, receive them from industrial, transport, trade and other enterprises. The Central Bank issues credit resources to pay bills and sets the so-called discount rate. As a rule, the discount rate of the Central Bank is aimed at limiting the rediscount of bills, setting a maximum loan amount for each commercial bank. Thus, there is an impact on the volume of loans issued.
Currency regulation is associated with the purchase and sale of foreign currency by the Bank of Russia. These operations of the Bank of Russia on foreign exchange market allow to influence the exchange rate of the ruble in foreign currency and the amount of money in circulation.
Along with economic methods regulation of monetary circulation, which were listed above. The Bank of Russia, in exceptional cases, may apply direct quantitative restrictions in the form of setting limits on bank refinancing, on banks conducting certain banking operations. The Bank of Russia may set growth targets for one or more indicators of the money supply.
The main directions of the unified state monetary policy for the coming year are determined by the Bank of Russia. The draft of the main directions of the unified state monetary policy is submitted to the President of the Russian Federation and the Government of the Russian Federation. Not later than December 1, this document must be submitted to the State Duma. In the main directions of the unified state monetary policy, an analysis of the state and forecast of the development of the Russian economy for the next year is given, the goals and objectives of the unified state monetary policy, growth guidelines for one or more indicators of the money supply are determined.
Cash money supply in circulation in Russia in 2008 increased by 6.16% and as of January 1, 2009 amounted to 4 trillion. 378.1 billion rubles This is evidenced by the published official information Central Bank of the Russian Federation.
According to the structure of the cash supply as of January 1, 2009, it was distributed as follows: 4 trillion. 354.4 billion rubles were banknotes and 23.7 billion rubles. - coins. There were 6 billion 415.6 million banknotes and 40 billion 052.7 million coins in circulation.
In total, 99.46% of the total cash supply was banknotes and only 0.54% were coins. In terms of the number of banknotes, coins accounted for 86.19%, and banknotes - 13.81%.
For banknotes with a face value of 5 thousand rubles. accounted for 34% of total amount banknotes, denomination of 1 thousand rubles. - 51%, nominal value of 500 rubles. - 12%, face value of 100 rubles. - 2%, nominal value of 50 rubles. - one %. In the total number of banknotes, banknotes with a face value of 5 thousand rubles. amounted to 5%, with a face value of 1 thousand rubles. - 34%, face value of 500 rubles. - 16%, nominal value of 100 rubles. - 17%, nominal value of 50 rubles. - 9%, face value 10 rubles. - 19 %.
The dynamics of changes in the money supply in 2008 is presented in Table 1.
Table 1
Money supply M2 (national definition) in 2008
(billion rubles)
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In 2008, Russia saw an increase in the money supply (M2 monetary aggregate), broad money supply, as well as an increase in the deposits of financial and non-financial companies. However, these figures are significantly lower than in 2007. The only exception is the volume of deposits in foreign currency, which has grown by more than 100% over the year.
In particular, the volume of money supply in Russia during 2008 (as of January 1 of the current year) amounted to 13493.2 billion rubles, having increased by 1.7% against 47.5% growth in 2007. The growth of broad money in 2008 amounted to 14.6% (in 2007 - 44.2%).
The main source of growth in the volume of broad money supply was a 35.6% increase in the claims of credit institutions to non-financial organizations, as well as to the population. The growth of net foreign assets of the banking system in 2008 amounted to 23.1% (against 44.2% a year earlier).
The deposits of non-financial organizations (in national currency) increased during the past year by 5.6%, although in 2007 their growth was 67.9%.
The growth rate of term deposits of non-financial organizations in 2008 amounted to 39.3% (in 2007, the deposits of this group more than doubled, by 108%); balances of funds on current and settlement accounts of non-financial organizations in 2008 decreased by 10.9% (a year earlier they had grown by 53.4%).
However, specific gravity term deposits in the structure of ruble deposits of non-financial organizations increased last year to 43.4%.
Also, in Russia last year there was a significant increase in deposits in foreign currency. Their total volume increased by 102.8% (in dollar terms), which is 3.8 times higher than in 2007. At the same time, deposits of the population in foreign currency increased by 99.3%, non-financial organizations - by 105.9% (in 2007, the growth was 13.3% and 42.3%, respectively).
In addition, the total volume of term deposits included in the M2 monetary aggregate increased by 9.7% last year, while the volume of demand deposits decreased by 8.9% (in 2007, the growth of these indicators reached 55.8% and 52 % respectively).
Thus, according to the Ministry of Economic Development of the Russian Federation, the share of these components of non-cash funds in the total volume of the M2 monetary aggregate has also changed: the share of term deposits in 2008 increased to 43%, and demand deposits for the specified period decreased to 28.9%.
Indices for household deposits in national currency in 2008 are noticeably lower than those for deposits in dollars, euros and other foreign currencies: the volume of such deposits decreased by 3.4%, fixed-term ruble deposits - by 3.7%, and demand deposits - by 1.9%.
Another trend that took shape last year was the growing demand of the population for cash foreign currency, which is associated with the devaluation of the ruble.
According to the data of the Bank of Russia on the movement of foreign currency in cash through authorized banks, in December 2008, the net demand of the population for cash foreign currency amounted to $10.3 billion (including net demand for cash euros in dollar terms amounted to $5 billion, net demand for dollars - $5.2 billion).
The increase in the money supply (aggregate M2) in 2009 was predicted to be 19-28%, depending on scenario development options, according to the main directions of monetary policy for 2009-2011.
Earlier it was reported that the Bank of Russia forecasts a slowdown in the money supply growth rate in 2008 to 30-35% from 47% in 2007 and 48.8% in 2006.
In fact, the results of the money supply dynamics are presented in Table 2.
table 2
Money supply M2 (national definition) in 2009
(billion rubles)
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In 2010-2011, the growth rate of demand for money (M2.) will continue to slow down and may reach 16-25% in 2010 and 14-22% in 2011.
Money supply (aggregate M2) is the volume of cash in circulation (outside banks) and balances in the national currency on the accounts of non-financial organizations and individuals who are residents of the Russian Federation. The increase in the amount of money circulating in the country is one of the factors of inflation.
In the document, the Central Bank considers 4 options for each year, depending on the price of oil. In particular, in 2009, options are evaluated with an average annual oil price of $66 (first option), $90 per barrel (second option), (third option) $95 per barrel and $115 (fourth option).
In 2010, an option is being considered with an average annual oil price of $60 per barrel (first option), $78 per barrel (second option), $90 per barrel (third option) and $130 per barrel (fourth option). In 2011, scenarios are considered with an average annual oil price of $60 per barrel (first option), $75 per barrel (second option), $88 per barrel (third option) and $122 per barrel (fourth option).
The increase in the monetary base in a narrow definition in 2009, according to the main directions of the monetary policy, was projected at 17-26%, depending on the development scenarios.
According to the Central Bank, the growth rate of the monetary base in the narrow definition in 2010 may drop to 12-20%, and in 2011 - up to 9-17%.
The monetary base in the narrow definition includes cash issued by the Bank of Russia (taking into account balances in the cash desks of credit institutions) and balances on the accounts of required reserves for funds attracted by credit institutions in national currency deposited with the Bank of Russia.
The Government of the Russian Federation and the Central Bank have set the task of reducing inflation in 2010 - 5.5-7.0%, and by 2011 to reach an inflation rate of 5.0-6.8% (on a December-to-December basis). At the same time, the Central Bank notes, the specified goals for the general level of inflation in the consumer market correspond to core inflation of 6.7-8.0% in 2009, 4.5-6.2% in 2010 and 4.5-6.1 % in 2011.
The money supply next year will increase at the level of 13 - 15% in nominal terms, and taking into account next year's inflation - by 4 - 6% in real terms.
Bank loans will grow at the same rate. At the same time, loans to corporate borrowers will increase to a greater extent and retail loans will grow to a lesser extent.
As a result of the work done, the following main conclusions can be drawn.
In our country, until recently, monetary aggregates were not calculated and used. Theoretically, this was justified by the postulates of Marxist economic science, according to which the association of quasi-money and cash is considered unacceptable, because completely different categories are mixed - money, securities, credit.
However, it is clear that there is a close relationship between the money market (the movement of short-term loans), the investment market (circulation of medium-term and long-term loan capital) and the securities market. Potentially, term account balances and securities can be used for settlements. In addition, the holders of urgent accounts have the opportunity to re-register them into demand accounts. Income from securities can be kept in current accounts, just like cash proceeds from their sale.
Of course, in practice, monetary aggregates play a positive role as guidelines for the state's monetary policy. Taking into account the blurring of the lines between cash and non-cash circulation in our country, it would be necessary to switch to their active use.
international standards four to seven indicators of the money supply are provided. In UN statistics, preference is given to the indicator that combines cash and deposits. The IMF calculates the M1 indicator common to all countries (the totality of cash and all types of checkable deposits) and the “quasi-money” indicator (term and savings bank accounts and the most liquid financial instruments circulating in the market).
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20. www.inventech.ru/lib/money/money0017/
The most important quantitative indicator of money circulation is the money supply, which is the total volume of purchasing and payment means serving the economic turnover and owned by individuals, enterprises and the state.
The money supply is a set of cash and non-cash purchasing and payment means that ensure the circulation of goods and services in the national economy, which is owned by private individuals, institutional owners and the state. In the structure of the money supply, active part, which includes funds that actually serve the economic turnover, and the passive part, which includes cash savings, account balances that can potentially serve as settlement funds.
Thus, the structure of the money supply is quite complex and does not coincide with the stereotype that has developed in the minds of the average consumer, who considers money primarily cash - paper money and small token coins. In fact, the share paper money in the money supply is very low (less than 25%), and the bulk of transactions between entrepreneurs and organizations, even in retail trade, is carried out in a developed market economy through the use of bank accounts. As a result, the era of bank money - checks, credit cards, traveler's checks, etc. has come. These payment instruments allow you to manage cash deposits, that is, non-cash money. When paying for goods and services, the buyer, using a check or credit card, orders the bank to transfer the purchase amount from his deposit to the seller's account or give him cash.
At the same time, the structure of the money supply also includes such components that cannot be directly used as a purchasing or means of payment. We are talking about cash in term accounts, savings deposits in commercial banks, other financial institutions, certificates of deposit, shares investment funds, which invest only in short-term monetary obligations, etc. The listed components of monetary circulation have received the general name "quasi-money". Quasi-money is the most significant and rapidly growing part in the structure of money circulation.
Economists refer to quasi-money as liquid assets. The liquidity of any property or assets is understood as their ease of sale, the possibility of their conversion into cash without loss of value. Therefore, the most liquid type of assets is money. Highly liquid types of property include gold, other precious metals, precious stones, oil, works of art. Buildings and equipment have less liquidity.
To analyze quantitative changes in money circulation on a certain date and for a certain period, as well as to develop measures to regulate growth rates and the volume of money supply, various indicators (monetary aggregates) are used.
In financial statistics, industrial developed countries to determine the money supply, the following set of basic monetary aggregates is used:
Unit M-1 - includes cash in circulation (banknotes, coins) and funds on current bank accounts;
Unit M-2 - consists of unit M-1 plus fixed-term and savings deposits in commercial banks (up to four years);
Unit M-3 - contains the unit M-2 plus savings deposits in specialized credit institutions;
Unit M-4 - consists of unit M-3 plus deposit certificates of large commercial banks.
In the United States, four monetary aggregates are used to determine the money supply, in Japan and Germany - three. in England and France - two.
An analysis of the structure and dynamics of the money supply is important in the development of benchmarks by central banks for credit monetary policy.
To calculate the total money supply in circulation in the Russian Federation, the following monetary aggregates are provided:
Unit M-0 - cash;
Unit M-1 - equal to unit M-0 plus settlement current and other accounts (settlement accounts, special accounts, accounts capital investments, letters of credit and checking accounts, invoices local budgets, accounts of budgetary, trade union, public and other organizations, funds of the State Insurance Fund, long-term lending fund); plus deposits in commercial banks; plus demand deposits at Sberbank;
Unit M-2 - equal to unit M-1 plus term deposits in Sberbank;
Aggregate M-3 is equal to aggregate M-2 plus certificates of deposit and government bonds.
The use of various indicators of the money supply allows a differentiated approach to the analysis of the state of money circulation.
A change in the volume of money supply can be the result of both a change in the mass of money in circulation and an acceleration of their turnover. The velocity of circulation of money is an indicator of the intensification of the movement of money when they function as a means of circulation and a means of payment. It is difficult to quantify, so indirect data are used to calculate it.
In industrialized countries, two indicators of the growth rate of money turnover are mainly calculated:
The rate of circulation in the circulation of income is the ratio of the gross national product (GNP) or national income to the money supply, namely to the aggregate M-1 or M-2, this indicator reveals the relationship between money circulation and economic development processes;
The indicator of money turnover in the payment turnover is the ratio of the amount of funds transferred on bank current accounts to the average value of the money supply.
The money supply is the total mass of cash and non-cash funds that are in circulation in the country, and determine national economy. In a narrow sense, the money supply is the amount of money, consisting of cash and deposits. And in a broader sense, the money supply is everything that can be classified as "money", i.e. urgent and savings deposits, savings (deposit) certificates, etc. And although the total turnover of funds takes into account cash on current accounts in banks, but the mass of cash has always been allocated from the total turnover.
The structure of the money supply is determined by the ratio between monetary aggregates. Under the monetary aggregates understand the totality of assets that perform the functions of money with the same liquidity.
The construction of the structure of the money supply is similar in all countries with a market economy. The structure of the money supply is built on the principle of decreasing liquidity of monetary aggregates, the input of aggregates into it. A liquid asset is understood to be such an asset that can be used as a means of circulation and payment or converted into a means of circulation and payment and has a fixed nominal value.
Figure 2. Structure of monetary aggregates
Monetary aggregates - types of money and funds that differ from each other in the degree of liquidity, that is, the ability to quickly turn into cash, indicators of the structure of the money supply. AT different countries monetary aggregates of various compositions are distinguished, The most commonly used aggregates are MO (cash), Ml (cash, checks, demand deposits), M2 (cash, checks, demand deposits and small fixed-term deposits), MZ (cash, checks , any deposits), M4 (cash, checks, deposits, securities).
The structure of the money supply is constantly changing. In the modern monetary system, the growth rate of the money supply has noticeably decreased and money began to work better. In the Russian Federation from the shortcomings monetary system one can note a large share of cash (22% in 2014), while in developed countries this figure barely reaches 7-10%. The ratio between aggregates changes depending on economic growth.
The change in the volume of money supply is the result of the influence of two factors:
An important indicator of the state of the money supply is the monetization coefficient (also known as financial depth), equal to the ratio of M2 to gross domestic product. This indicator allows you to answer the question of the sufficiency of money in circulation. The optimal level of monetization for a developed country is considered to be at least 56--60%, low level the monetization of the economy can hinder foreign economic development.
The Central Bank of the Russian Federation calculates monetary aggregates М0 and М2. The M2 aggregate represents the amount of cash in circulation (outside banks) and balances in the national currency on the accounts of non-financial organizations, financial (except credit) organizations and individuals who are residents of the Russian Federation. The table below shows the M2 monetary aggregate (in billion rubles) in different years, starting from 2000.
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Cash (M0) |
Non-cash funds |
Total amount (M2) |
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In modern conditions, monetary aggregates and their dynamics are considered as summary information about the development of the determinants of the demand for money, price changes and are important macroeconomic indicators. In addition, the central banks of developed countries consider monetary aggregates no longer an operational variable, but only an information indicator.
The characteristic of the structure of the money supply is one of the links for explaining the patterns of behavior and the influence of money and the monetary system as a whole on the functioning of the economy.
A. multiplication factors
B. indicators of the velocity of money
C. monetization ratios
D. monetary aggregates
123. The national economic velocity of circulation of money is calculated as the ratio:
A. national income to money supply
B. total social product to money supply
C. total cash turnover for a certain period of time to the average balance of money in circulation
D. turnover on the receipt of money at the bank's cash desk for a certain period of time to the average balance of money in circulation
124. The modern law of money circulation establishes the amount of money needed as:
A. Medium of exchange and means of payment
B. measures of value
C. Medium of exchange and store of value
D. Measures of value and means of payment
125. The most liquid part of the money supply are:
A. non-cash money
B. quasi-money
C. cash
D. foreign currency deposits
126. The rate of return of money to the bank's cash desk is calculated as the ratio:
A. total cash turnover for a certain period of time to the average balance of money in circulation
B. turnover on receipt of money at the bank's cash desk for a certain period of time to the average balance of money in circulation
C. national income to money supply
D. total social product to money supply
127. Velocity of money measures:
A. Volume of banknotes
B. percentage of devaluation or revaluation national currency
C. purchasing power of the ruble
D. degree of commodity coverage of the ruble
128. The relationship between the velocity of circulation of money and the amount of money needed:
B. reverse
C. missing
D. installed centrally
129. Increasing the velocity of money circulation:
A. does not affect the amount of money needed for circulation
B. reduces the amount of money needed for circulation
C. testifies to the issue of money by the central bank
D. increases the amount of money needed for circulation
130. An increase in the price level necessitates:
A. Replacing old banknotes with new ones
B. increasing the amount of money
C. withdrawal of part of the money from their turnover
D. carrying out the revaluation of the national currency
131. An increase in the number of goods sold indicates:
A. Reducing the Velocity of Money
B. about increasing the amount of money needed to purchase goods
C. withdrawing some money from circulation by the central bank
D. to reduce the amount of money needed to purchase goods
132. In the circulation of valuable money, the ratio between the mass of money and the mass of commodities was established:
A. by the state centrally
B. spontaneously through the function of money as a measure of value
C. by agreement of banks and enterprises
D. spontaneously through the function of money as a treasure
133. According to the law of paper money circulation, the number of signs of value:
A. determined by commercial banks
B. equates to the estimated amount of gold money needed to circulate
C. set spontaneously
D. determined in a planned manner
134. The monetization coefficient is calculated as the ratio:
A. national income to monetary base
B. the average annual value of the money supply to the nominal value of the gross domestic product
C. country's foreign exchange reserves to the amount of cash in circulation
D. nominal value of the gross domestic product to the average annual value of the money supply
135. Development of non-cash turnover:
A. increases the amount of cash needed for circulation
B. reduces the amount of cash needed for circulation
C. has no effect on the amount of cash needed for circulation
D. completely eliminates cash flow
136. In the circulation of gold money in the event of an excess of the money supply over the commodity surplus of money:
A. went to treasure
B. remained in circulation and contributed to inflation
C. withdrawn from circulation by the central bank
D. withdrawn from circulation by commercial banks
137. Guidelines for the growth of money supply indicators are established by:
A. Bank of Russia
B. RF Ministry of Finance
C. Budget Committee of the State Duma of the Russian Federation
D. Government of the Russian Federation
A. Multiplication coefficients.
B. Indicators of the velocity of money.
C. Monetization ratios.
D. Monetary aggregates.
123. The national economic velocity of circulation of money is calculated as the ratio:
A. National income to money supply.
B. Total social product to money supply.
C. Total cash turnover for a certain period of time to the average balance of money in circulation.
D. Turnover on the receipt of money at the bank's cash desk for a certain period of time to the average balance of money in circulation.
124. The modern law of money circulation establishes the amount of money needed as:
A. Means of circulation and means of payment.
B. Measures of value.
C. Medium of circulation and means of accumulation.
D. Measures of value and means of payment.
125. The most liquid part of the money supply are:
A. Non-cash money.
B. Quasi-money.
C. Cash.
D. Foreign Currency Deposits.
126. The rate of return of money to the bank's cash desk is calculated as the ratio:
A. Total cash turnover for a certain period of time to the average balance of money in circulation.
B. Turnover on the receipt of money at the bank's cash desk for a certain period of time to the average balance of money in circulation.
C. National income to money supply.
D. The total social product to the money supply.
127. Velocity of money measures:
A. The intensity of the movement of banknotes.
B. Percentage of devaluation or revaluation of the national currency.
C. The purchasing power of the ruble.
D. The degree of commodity coverage of the ruble.
128. The relationship between the velocity of circulation of money and the amount of money needed:
A. Straight.
b. Reverse.
C. None.
D. Installed centrally.
129. Increasing the velocity of money circulation:
A. Does not affect the amount of money needed for circulation.
B. Reduces the amount of money needed to circulate.
C Indicates the issue of money carried out by the central bank.
D. Increases the amount of money needed for circulation.
130. An increase in the price level necessitates:
A. Replacing old banknotes with new ones.
B. Increasing the amount of money.
C. Withdrawal of part of the money from circulation.
D. Revaluation of the national currency.
131. An increase in the number of goods sold indicates:
A. On the reduction of the velocity of circulation of money.
B. About increasing the amount of money needed to purchase goods.
C. Withdrawal by the central bank of part of the money from circulation,
D. About reducing the amount of money needed to purchase goods.
132. In the circulation of valuable money, the ratio between the mass of money and the mass of commodities was established:
A. State in a centralized manner.
B. Spontaneously through the function of money as a measure of value.
C. By agreement of banks and enterprises.
D. Spontaneously through the function of money as a treasure.
133. According to the law of paper money circulation, the number of signs of value:
A. Determined by commercial banks.
B. Equivalent to the estimated amount of gold money needed to circulate.
C. Installed spontaneously.
D. Determined in a planned manner.
134. The monetization coefficient is calculated as the ratio:
A. National income to the monetary base.
B. The average annual value of the money supply to the nominal value of the gross domestic product.
C. Gold and foreign exchange reserves of the country to the volume of circulating cash.
D. The nominal value of the gross domestic product to the average annual value of the money supply.
135. Development of non-cash turnover:
A. Increases the amount of cash required for circulation.
B. Reduces the amount of cash needed for circulation.
C. Does not affect the amount of cash required for circulation.
D. Completely eliminates cash flow.
136. In the circulation of gold money in the event of an excess of the money supply over the commodity surplus of money:
A. Went to treasure.
B. Remained in circulation and contributed to inflation.
C. Withdrawn from circulation by the central bank.
D. Withdrawn from circulation by commercial banks.
137. Guidelines for the growth of money supply indicators are established by:
A. Bank of Russia.
B. Ministry of Finance of the Russian Federation.
C. Budget Committee of the State Duma RF.
D. Government RF.
THEME 5.Non-cash money turnover
138. In non-cash money circulation, the counter movement of goods and funds:
A. It always happens.
B. Never happens.
C. Occurs on the basis of agreements between the subjects of the transaction.
D. Occurs intermittently.
139. Non-cash payments are made by legal entities and individuals through:
A. commercial banks.
B. Settlement and cash centers.
C. Regional depositories.
D. Street ATMs.
140. Payment turnover is carried out:
A. B cash and non-cash forms.
B. Cash only.
C. Only in non-cash form.
D. In cash in the manner prescribed by the Central Bank of the Russian Federation.
141. All non-cash turnover is:
A. Non-paying.
B. Cash.
C. Seasonal.
D. Payment.
142. In non-cash circulation, money functions as:
A. Medium of exchange.
B. Stores of value.
C. Means of payment.
D. Measures of value.
143. A necessary prerequisite for the implementation of non-cash payments is that the payer and the recipient have:
A. Revolving cash limit.
B. Bank accounts.
C. Licenses for the right to make non-cash payments.
D. General license of the Central Bank of the Russian Federation.
144. Banks and others credit organizations for settlements within the country open each other... accounts.
A. Correspondent.
C. NOSTRO.
D. Budget.
145. Economic processes in the national economy are mediated primarily by ... turnover.
A. Cashless.
B. Cash.
C. Seasonal.
D. Currency.
146. The establishment of rules, terms and standards for non-cash payments, coordination, regulation and licensing of the organization of settlement systems are assigned to:
A. Registration Chamber.
B. Commercial banks.
C. Clearing houses.
D. Central Bank of the Russian Federation.
147. Correspondent accounts of banks are opened:
A. By order of the Central Bank of the Russian Federation.
B. By order of the municipalities.
C. Based on interbank agreements.
D. By order of the Ministry of Finance of the Russian Federation.
148. The main part of the money turnover is ... turnover.
A. Spot.
B. Payment.
C. Non-payment.
D. Seasonal.
149. For settlement services between the bank and the client is:
A. Credit agreement.
B. Cash Acceptance Agreement.
C. Trust Deed.
D. Bank account agreement.
150. Cashless payments are carried out:
A. On the basis of settlement documents of the established form and in compliance with the relevant document flow.
B. Based on receipts of the payer and the recipient of funds.
C. In the manner agreed by the payer and recipient of funds.
D. In the manner that commercial banks, payers and recipients of funds independently establish.
151. Cashless turnover covers... payments.
A. Commodity only.
B. Commodity and non-commodity.
C. Non-marketable only.
D. Financial only.
152. In non-cash money circulation, in comparison with cash circulation, distribution costs:
A. Extremely large.
B. None at all.
C. Much smaller.
D/ Much larger.
153. In the market model of the economy, non-cash money is issued by:
A. State banks.
B. Commercial banks.
C. Economic entities.
D. Settlement and cash centers.
154. The function of money as a means of circulation:
A. Underlies cashless transactions.
B. Cannot be used in non-cash transactions.
C. Used in non-cash transactions periodically.
D. Used in non-cash transactions along with the function of the measure of value.
THEME 6.Cashless payment system
155. Currently, the most common form of non-cash payments in Russia are:
A. Letters of credit.
B. Payment Claims.
C. Payment orders.
156 is based on the order of the enterprise to the servicing bank to transfer a certain amount from its account to the account of the recipient of funds.
Payment orders are valid for... days.
The Bank accepts for execution payment orders from payers only:
A. If there is permission for payment from the territorial department of the Bank of Russia.
B. If there are funds in the payer's account.
C. If the payer is a commercial organization.
D. In the event that the payer and the recipient of funds are served in this bank.
159. Depending on the agreement of the parties to the transaction, payment orders may be:
A. Revocable and irrevocable.
B. Covered and uncovered.
C. Nominal and order.
D. Urgent, early and deferred.
160. Urgent payment orders can be used:
A. For advance payments, shipment of goods and partial payments for large transactions.
B. Only for advance payments.
C. Only when the goods are shipped.
D. Only for partial payments for large transactions.
161. ... the form of settlement is a banking operation through which the issuing bank, on behalf of and at the expense of the client, on the basis of settlement documents, performs actions to receive payment from the payer.
A. Collection.
B. Letter of credit.
C. Check.
D. Bill of exchange.
