Emission Money regulated by law and carried out by the state, which distributes this function between the central bank and the treasury. central bank issues credit money - bank notes (banknotes). The Treasury issues treasury notes and change coins.
Emission- emission is the issue of money and securities in circulation.
The concepts of "issue of money" and "issue of money" are ambiguous.
As a result credit operations banks put new money into circulation. That is why the credit nature of the issue of money is one of the basic principles of the organization monetary system states.
The release of money into circulation occurs constantly. Non-cash money is put into circulation when commercial banks provide loans to their customers. Cash is put into circulation when, in the process of implementation cash transactions banks issue them to customers from their cash desks. At the same time, customers repay bank loans and hand over cash to the operating cash desks of banks. However, 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 latter is called the issue of money into circulation).
In conditions market economy the emission function is divided: the emission of non-cash money is carried out by the system of commercial banks, the emission of cash - by the state central bank. Primary issue of non-cash money. Before cash appears in circulation, it must be reflected in the form of entries in the Deposit accounts of banks.
Factors that determine the issue of money:
· the increase and expansion of the mass of commodities, the growth of production under the influence of an increase in the number of small producers, the market orientation of large industries; activity and organization of trade, increasing the product offer and reducing damage and loss of goods; structure extension commodity market by bringing to the market goods, the sale and purchase of which was previously prohibited, etc.;
· rising prices (not associated with changes in the properties and quality of goods and services), speculative transactions; inadequate tax policy in the absence of competitive conditions for pricing; the emergence of intermediaries, often not carrying out the completion and movement of goods; the strengthening of monopolies and the influence of the criminal environment, artificially inflating prices and preventing attempts to reduce them, etc.;
· decrease in the rate of money turnover: increase in the share of cash in the structure of the money supply and savings of the population; poor organization of trade, shortage and inadequacy of the assortment of the product offer, slowing down the commodity and, accordingly, money circulation; political and administrative restrictions that limit the use of savings; general risks, etc.
The conditions that are formed under the influence of these, as well as a number of other factors, almost invariably cause the issue of money.
The issue of banknotes in circulation in all forms leads to an increase in the money supply in circulation. Main forms of issue:
emission credit money- banknotes;
deposit-check issue;
issue of securities.
According to the Constitution of the Russian Federation money issue, i.e. the release of money into circulation in the Russian Federation is carried out exclusively by the Central Bank of the Russian Federation (clause 1, article 75). The monetary unit in the Russian Federation is the ruble. The introduction and issue of other money in the Russian Federation is not allowed. The Constitution of the Russian Federation, while entrusting the Bank of Russia with the function of issuing money into circulation, does not limit the powers of the Bank of Russia to any one form of issue.
The introduction of other monetary units on the territory of the Russian Federation and the issuance of monetary surrogates are prohibited.
The Central Bank has a monopoly right to issue banknotes into circulation (issue) - the main component of the cash supply. It holds official gold and foreign exchange reserves, spends public policy regulating the monetary sphere and currency relations. The Central Bank participates in the management of public debt and carries out cash and settlement services state budget.
Basic passive operation the central bank and one of the forms of emission is the issue of banknotes, the acceptance of deposits from commercial banks and the treasury, operations for the formation of own capital.
1. Fiduciary issue - the issue of banknotes, banknotes, unsecured by the stock of precious metals (primarily gold) of the issuing bank. Historically, the issue of banknotes was allowed only if there was a gold reserve, however, this rule was gradually abandoned. Now fiduciary emission is dominant.
The main source of central bank resources in most countries is the issuance of banknotes. On the present stage the issue of banknotes is not backed by gold. The gold backing of banknotes has been abolished, although in some countries it formally continues to operate.
Central bank loans can be credited to commercial bank and treasury accounts opened with the central bank. In this case, there is not a banknote, but a deposit issue of the central bank.
The sources of resources of central banks are the deposits of the Treasury and commercial banks. Commercial banks can place part of their cash reserves, including mandatory ones, on interest-free accounts with central banks. In a number of countries, required reserves are credited to special accounts, usually without interest. This procedure applies, in particular, in Russia. Central banks can also open fixed-term fixed-term accounts for commercial banks interest rate. Usually, the bank's equity capital accounts for no more than 4% of liabilities.
2. Deposit and check issue. It is produced by commercial banks and serves as the basis for non-cash payments. In terms of volume, the issue of deposits and checks significantly exceeds the issue of cash.
3. Issue of securities. The procedure for issuing equity securities, unless otherwise provided by the legislation of the Russian Federation, includes the following stages:
Adoption by the issuer of a decision on the issue of emissive securities;
Registration of the issue of emissive securities;
For documentary form issue - production of certificates of securities;
Placement of issuance securities;
Registration of a report on the results of the issue of equity securities.
The Bank of Russia issues money in cash and non-cash forms.
Issue of cash
The issue of cash is their release into circulation, to increase the amount of cash in circulation.
Previously, under the administrative-distributive system, the emission volume served as an object of directive planning by the state and could not be exceeded. In a market economy, there is no directive planning, but central banks predict the size of the proposed issue, using forecasts of cash turnover of commercial banks and our own analytical materials. At the same time, it is important not only to establish the optimal predicted emission value, but also its distribution over individual regions of the country.
The issue of cash is carried out decentralized . This is due to the fact that the need of commercial banks (it determines the size of the issue) in cash depends on the need for them of legal entities and individuals served by these banks, and it is constantly changing. Therefore, each time to import money from the Center to satisfy this need would not only be inappropriate (because of the multiply increasing distribution costs), but also impossible.
The issue of cash is carried out by the Central Bank of the Russian Federation and its regional RCC, which contain reserve funds and working cash desks.
In the reserve funds of the RCC, a stock of banknotes is stored, intended for their release into circulation in case of an increase in the needs of the economy this region in cash. These banknotes are not considered money in circulation, they do not move, do not accumulate in the form of a treasure, do not serve as a means of payment, therefore they are reserve. To the cashier cash is constantly coming in and out of it from commercial banks. The money in the circulating cash desk is in constant motion; they are considered money in circulation.
If the amount of cash receipts on the account of commercial banks exceeds the established limit for this RCC, then the money is withdrawn from circulation and transferred to the reserve fund. When a commercial bank needs cash, the reverse process occurs. From the account of a commercial bank, within the limit of its free reserve, the RCC issues the required amount of cash. RCC discusses com. bank for free.
The issue of cash proceeds as follows. Suppose that the majority of commercial banks serviced by the RCC have an increasing need for cash, and the flow of money into their operating cash desks is equivalently not increasing. In this case, the RCC will be forced to increase the issuance of cash into circulation. To do this, the RCC requests permission from the Central Bank of the Russian Federation, and upon receipt of it, transfers cash from reserve fund to the cash desk of the RCC.
For this RCC, this will be an issuing operation. However, when issuing money by one RCC, another RCC can withdraw cash from its circulation cash desk within the established limit. Therefore, the actions of one RCC cannot be used to judge emissions throughout the country, which in this case covers most regions. The Board of the Central Bank of the Russian Federation draws up a daily balance based on information from the RCC network: where the issue of cash took place, where it was withdrawn, and only there you can get this information.
The money issued by the RCC in circulation will go to the operating cash desks of commercial banks. Where will they be issued to the clients of these banks, i.e. will go to the cash desks of enterprises or directly to the population. At the same time, money is debited from customer accounts on demand.
Issue of non-cash money
The control over the volume of money supply in the country is carried out by the Central Bank. The amount of money in circulation is defined as the sum of cash and bank deposits. By providing loans, commercial banks increase the money supply. The task of the Central Bank is to limit or expand, with the help of the ongoing monetary policy, the ability of commercial banks to issue credit money, depending on how much money supply is considered necessary at the moment.
Under the reserves of a commercial bank is understood the amount of money available to immediately meet the requirements of depositors. The ratio of the amount of reserves to the amount of deposits is called the reserve ratio (reserve rate). The ability of banks to influence the size of the money supply circulating in the economy is regulated by central banks through a system of required reserves , providing for the deposit credit institutions in the Central Bank of a certain part of the funds attracted by them. Required reserves are one of the main instruments for implementing monetary policy central banks. By obliging banks to deposit part of the funds they raise, the Central Bank thereby limits credit opportunities banks, regulates the overall liquidity of the banking system. By changing the reserve ratio, the Central Bank maintains the amount of money in circulation in the country at a certain level.
The value of the free reserve of an individual commercial bank is the sum of its capital; attracted resources; a centralized loan provided to him by the Central Bank; interbank credit minus deductions to the centralized reserve, which is at the disposal of the Central Bank, and the resources of the commercial bank itself.
The ability of the commercial banking system to “create money” depends on the size of the required reserves established by the law of the country. The smaller the amount of required reserves, the more money the banking system can create.
Commercial banks can increase the money supply, while one commercial bank cannot do this, only a system of commercial banks can increase the amount of money , using the mechanism of bank deposits.
Issue of securities
Operations on open market- this is the purchase and sale by the Bank of Russia of government securities, short-term transactions with securities, followed by a reverse transaction. The limit of operations on the open market is approved by the Board of Directors. The purchase of securities means the release of money into circulation, the sale of securities - the withdrawal of money from circulation. This is the most powerful and effective method of regulating money circulation, which is used more often than other methods in world practice.
Emission is such a release of money into circulation, which leads to a general increase in the money supply in circulation. Issue is cash and non-cash.
The following principles of issuing cash are in force in Russia:
The principle of optional security (there is no official ratio between the ruble and gold or other precious metals);
The principle of monopoly and uniqueness (the issue of cash, the organization of their circulation and withdrawals on the territory of Russia are carried out exclusively by the Bank of Russia);
The principle of unconditional obligation (the ruble is the only legal tender in Russia);
The principle of unlimited exchangeability (no restrictions on amounts or subjects of exchange are allowed; when exchanging banknotes and coins for banknotes of a new type, the period of their withdrawal from circulation cannot be less than one year and more than five years);
Principle legal regulation(the decision to issue money into circulation and withdraw it from circulation is made by the Board of Directors of the Bank of Russia).
If only the state issues cash, then non-cash money can also be created by commercial banks, issuing loans. The process of creating money is called credit expansion or credit multiplication (see article Bank Multiplier)
Issue of securities- the sequence of actions of the issuer on the placement of issue-grade securities established by law.
The standard issue of securities involves the following steps:
In some cases, the procedure for issuing securities may differ from the standard one. So, for example, when establishing a joint-stock company or reorganizing legal entities, carried out in the form of a merger, division, separation and transformation, the procedure for issuing securities is as follows:
Securities are issued by issuers for one of the following purposes:
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One of the most effective ways to stimulate the economy of any state is to increase income through emission. This procedure helps to improve the economy of the state and allows you to replace worn-out banknotes with new ones. So, the issue of money - what is it? This concept refers to the process of issuing additional new money into free circulation. The printing of banknotes and minting of coins is carried out by the state and is regulated by legislative level.
In Russia, new money is issued almost regularly to replace worn and damaged money. On average, their lifespan is about 5 years. Such a replacement does not entail an increase in the total amount of cash in circulation and is called targeted emission. In general, it is customary to talk about emission in situations where the printing of new banknotes leads to an increase in the total money supply. the main task this procedure is to develop working capital in order to increase production.
The issue of securities contributes to the expansion of own production and the modernization of companies, or the solution of other problems that required additional funds. At the same time, it should be taken into account that as a result of the issue of new shares coming to the market, and not distributed among the company's management, the number of original owners of shares is reduced.
In Russia, the procedure for printing new money is carried out according to the following principles:
Except National Bank The Treasury also has the right to print new banknotes. The difference between the powers of these two organizations is that the Central Bank issues credit material resources - bank notes, and the Treasury - treasury notes.
Emission is divided into 2 main types:
In addition to the listed types of emission, there are also such types of emission as credit and budget. The first is carried out when the money that appeared as a result of credit operations enters the circulation. Budget money emission in the Russian Federation is carried out when special treasury notes are issued into circulation, as well as state securities. This procedure is carried out in order to fill the deficit in the state budget.
Some Russian coins
As noted above, according to the law, the Central Bank has a monopoly right to issue new cash. The decision to issue, as well as to withdraw a certain amount of money from circulation, is made by the Board of Directors. The Central Bank is engaged in the development of new banknotes, their design, durability and methods of protection against counterfeiting.
Coins are minted in Moscow and St. Petersburg mints. To print paper cash, specially designed printing houses are used, equipped with all the necessary equipment that can provide high level protection.
The very process of printing and minting money is tightly controlled by the NB. It is his competence to include such issues as determining the required volume of emission and the even distribution of cash between the subjects of the state.
To determine the value of a possible issue, the Central Bank examines information on cash passing through bank cash desks and identifies regions that require additional injection of funds. Since the process of delivering cash from the central regions to remote regions causes certain difficulties, the regions equip the RCC to store the reserve of banknotes. From the moment they are put into circulation, such money from non-cash turns into cash.
RCCs are also equipped with cash desks designed for the delivery of all cash by credit institutions engaged in banking operations.
When the cash receipts available on bank accounts, exceed the cash limit in quantity, they are withdrawn from circulation and transferred to the reserve fund. If the need arises, such money is withdrawn from the reserve fund. Wherein this operation must be agreed with the NB.
For banks, the easiest and fastest source of resources is additional large-scale issuance of new cash. However, as a result of insufficiently accurately calculated, excessive emission, there is no increase in GDP, just as business activity is not stimulated.
On the contrary, such issuance of money into circulation causes the opposite result, when real income due to soaring inflation.
In the process of searching for additional financial resources for credit institutions, it should be taken into account that it is not enough to ensure the growth of the assets of banking institutions alone. It is necessary to create conditions that will allow directing these assets only to specific sectors, despite the presence of high credit risks and attractive speculative transactions.
To solve this problem, it is advisable at the legislative level to limit the withdrawal of money abroad through the purchase of foreign currency. It is also necessary to limit the ability of banks that use resources to conduct financial speculative transactions in the stock markets.
Thus, it can be concluded that the main factors that will optimize the issue of money, the following:
These factors make it possible to fulfill the main criterion for optimal emission, in which the needs of the economy will correspond to the money supply.
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The issue of money is one of the main elements of the functioning of the monetary system. The issue of cash, as well as non-cash money, occurs constantly, but at the same time, their number in circulation is maintained, since the process of depositing cash at the cash desks of banks is also taking place at the same time. The issue of money is not the production of new bank notes, but only such issuance of them into circulation, in which there is an increase in the money supply.
It can occur in the form of cash and In the first case, it is called the emission of money into circulation. The monopoly right to this belongs to the country's central issuing bank (in Russia - the Central Bank).
No other banks and organizations can be vested with the right to increase the money supply by law. Only in this case is it possible to accurately control and manage the formation of the M0 monetary aggregate - banknotes that are simultaneously in circulation outside the banking system.
The issue of money is connected with the work of all banks. There is a two-tier banking system in our country, which means that the emission mechanism works on the basis of a bank multiplier. That is, the multiplication (increase) of money in deposit accounts occurs when they move from one to another commercial bank. One commercial bank cannot multiply money; the entire banking system is involved in this process. The credit multiplier is the engine of the whole process, since it is carried out only when crediting the economy; deposit - reflects the increasing amount of money on bank deposits.
The mechanism is associated with a free reserve - these are all the resources of commercial banks that can be used at a certain moment to conduct active banking operations. After all, commercial banks have the right to conduct such operations only within the limits of the resources that they have in their accounts. Money on deposits can increase up to five times the volume. The mechanism of multiplication is controlled by the Central Bank, regulating the monetary turnover in the country.
The issue of money implies the issuance of all forms of banknotes into circulation. Not only paper banknotes are issued into circulation. The banknotes issued by the Central Bank represent it and are reflected in the Treasury, they issue treasury notes, and in addition to this type, there is also a deposit-check issue of money, in which deposits on the accounts of clients who are served in banks increase, which leads to an increase in the number of checks involved in servicing non-cash payment transactions.
When banknotes are issued into circulation, there is a natural increase in the amount of money in circulation, which is one of the causes of inflation. During the circulation of gold money, their quantity in circulation was regulated by the needs of this circulation, when gold settled in the form of a treasure in the treasury or again entered circulation. Today, with paper money and credit types circulation is not capable of self-regulation. An increase in the mass of money is necessary with the growth of production volumes and the sale of goods produced by the economy. But in a situation where the supply of money exceeds the demand for them, prices begin to rise, inevitably leading to inflation.
The issue of cash is carried out through their release into circulation, accompanied by an increase in the mass of cash in circulation. The Central Bank predicts the size of future emissions and distributes it by region.
Money is constantly moving in cash and non-cash form, moving from business entities to banks and vice versa. Monetary units do not have a value equal to face value. They can only apply, since non-cash funds are reflected only in the form of bank account entries.
The concept of emission is often found in professional literature, economics and finance. However, many people who are not connected with banking activities sometimes do not fully understand what the emission of money means and what its purpose is.
As a rule, with this phrase, people imagine printing press, releasing sheets with millions. But this is not entirely true. This article will help you understand the basic concepts of this process.
The legislation of the Russian Federation establishes the issue of cash as a set of stages for the development, manufacture and release into circulation paper banknotes and metal coins based on written orders Central Bank RF. Simply put, this is the issuance of money into circulation, which increases the amount of cash at the disposal of individuals and legal entities as well as states.
On a note. The issue of funds should not be confused with the simple issue of money. In the second case, money is simply found or alienated from circulation through bank cash transactions, loans, that is, the money supply does not increase.
New banknotes are issued for the following reasons:The Constitution of the Russian Federation determines that the exclusive jurisdiction of the Russian Federation is not only financial, currency and credit regulation but also the issue of money. Therefore, the main, but not the only entity with these functions in our country is Central Bank of the Russian Federation.
Depending on the issuing entity, distinguish two types:
1. Primary- emission carried out by the Central Bank of the Russian Federation. Within its framework, the Central Bank is engaged in the following activities:
2. Secondary- emission, which is in the competence of commercial banks that provide loans to organizations and the public. Such banks can carry out lending at their own expense, or for funds provided by the Central Bank of the Russian Federation.
Depending on the method of issue, it is divided into cash and non-cash.
Cash- this is the issue of additional banknotes in the form of banknotes or minted coins.
Cashless- the most common form, since most of the money is everywhere in non-cash. form. This type occurs through the issuance of loans and the registration of cash in bank accounts.
Credit emission lies in the fact that when the bank provides loans to market figures, the volume of national money automatically increases. funds. The size of the increase is equal to the amount of money provided to the borrower. A credit issue is nothing more than a non-cash issue. funds. Roughly speaking, it turns out that banks themselves generate new cash flows.
Issue of credit money is not new in modern world. Back in the days when silver and gold coins were in circulation, there was a circulation of cash and non-cash funds. So, if the bank received funds for storage, then this money was recorded as a debt of the bank to the owner. Then this money was given on credit to another person and cash appeared, while the same amount remained in the bank account in non-cash. form.
In countries with financial stability and developed economic market, the banking system is represented by two parallel levels. For example, in Russia, a two-tier system is the Central Bank of the Russian Federation and other commercial banks. All funds of the main bank of the country are fully owned by the state.
The main purpose of the Central Bank is as follows:
Commercial banks represent the second level of the system and also carry out a wide range of financial services for citizens of the country, corporations and enterprises.
The main powers of commercial banks include:
