Introduction

1. The concept of the monetary system and its legal regulation

1.1 Legal regulation of the monetary device in the Russian Federation

1.2 Monetary system and types of money

1.3 Elements of the monetary system and issuance law in the Russian Federation

1.4 Essence and functions of money

2. Analysis of the monetary systems of foreign countries

2.1 US monetary system and circulation

2.2 Monetary unit and monetary system of Japan

2.3 Monetary unit and monetary system of Great Britain

2.4 Comparative analysis of the monetary system of the Russian Federation and foreign countries

Conclusion

List of sources used

Introduction

The monetary system is the device of monetary circulation in the country, which has developed historically and is enshrined in national legislation. It was formed in the XVI-XVII centuries. with the emergence and establishment of capitalist production, as well as the centralized state and the national market. With the development of commodity-money relations and capitalist production, the monetary system has undergone significant changes.

Depending on the type of money (money as a commodity that acts as a universal equivalent, or money as a sign of value), two types of systems are distinguished: monetary system Russia foreign

The system of metallic circulation, which is based on real money (silver, gold), performing all five functions, and circulating banknotes are freely exchanged for real money;

The system of paper-credit circulation, in which real money is replaced by signs of value, and paper or credit money is in circulation.

This paper talks about the most important and significant topic for the whole world, which is related to the monetary system.

All over the world, the credit and financial sector is intensively developing, using new methods, modern achievements in the field of information technology, forming new areas of activity. The world monetary system and the international market for loan capital are constantly evolving. The international financial organizations created at the same time, currency unions and other formations turn out to be successful and stable to varying degrees, and the monetary system itself does not develop without crisis and money circulation forms the basis of the entire state.

The purpose of this work is to review and analyze the legislation on the monetary system of the Russian Federation and foreign countries. The course work describes three monetary systems: the monetary system of the USA, Great Britain and Russia, how the monetary units of these countries developed and what result they have come to at the moment.

The concept of the monetary system and its legal regulation

Legal regulation of the monetary device in the Russian Federation

The effective development of the country's economy is largely determined by the state of monetary circulation, the stable functioning of the monetary system. Money plays a special role in a market economy, being its most important attribute. As an economic category, money is a means of expressing the value of goods, a measure of value, the universal equivalent of a set of values ​​of goods.

The essence of money is manifested through its functions, which include:

1) determination of the measure of value;

2) a means of accumulation (thesauration);

3) means of circulation;

4) means of payment;

5) the function of world money, manifested in the service of international commodity exchange.

The peculiarity of money is that it is in constant motion. The process of continuous movement of money in cash and non-cash forms is called money circulation. Monetary circulation reflects the directed flows of money between the Central Bank and other credit institutions; between credit institutions themselves; credit organizations and enterprises, organizations, institutions of various organizational and legal forms; between banks and individuals; enterprises and individuals; between banks and other institutions of the financial system; between financial institutions and individuals.

The main task of the financial and legal regulation of money circulation is to maintain the correct ratio between the income of the population and organizations in monetary form and the cost of goods and paid services offered on the domestic market, since it is in this case that there is a sufficient, necessary amount of money in circulation, in which and the state is interested. The amount of means of payment in the country's economy, the total volume of cash and non-cash turnover form the money supply, which characterizes the purchasing, payment and savings funds necessary for the development of the country's economy as a whole, as well as to meet the needs of individuals and legal entities. Regulation of the money supply is the task of the Central Bank. Thus, in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" in Art. 42 provides that "the Bank of Russia may set growth targets for one or more indicators of the money supply ...". The tools for regulating the money supply are the issuance of funds, conducting operations on the open market (purchase and sale of government securities), regulation of the required reserves of banks and determining the size of the refinancing rate. one

Money circulation is divided into two types: cash
and cashless. In percentage terms, cash turnover is less than non-cash turnover, and serves mainly the receipt and expenditure of monetary incomes of the population, as well as part of the payments of enterprises and organizations.

Cash turnover is a continuous process
movement of cash in the form of banknotes (bank notes), treasury notes, metal coins.

Cash turnover in the country is organized by the state represented by central (national) banks. In the Russian Federation, the entities organizing this type of money circulation are the Bank of Russia, its territorial offices, as well as the system of cash settlement centers (RCC). Cash turnover begins with an instruction from the Bank of Russia to the RCC to transfer cash from reserve funds to working cash desks, from which cash is sent to the operating cash desks of credit institutions (banks). Partially, the money is sent to service interbank settlements, but basically they are issued to legal entities and individuals.

In accordance with the legislation, the activities for the organization and management of cash circulation are carried out in a centralized manner by the Central Bank of the Russian Federation.

Any state, including the Russian Federation, is interested in reducing the volume of cash circulation and expanding non-cash forms of payment.

Non-cash money circulation consists in writing off a certain amount of money from the account of one entity in a credit institution and crediting it to the account of another entity in the same or another credit institution, or in another form in which cash banknotes are no means of payment . In accordance with the Federal Law on the Central Bank of the Russian Federation, the Bank of Russia sets the maximum amount of cash settlements in the Russian Federation between legal entities;

Modern non-cash turnover in the Russian Federation is organized in accordance with the following principles:

1) enterprises of all forms of ownership are required to keep their funds in bank accounts;

2) the main part of non-cash payments should be carried out through the bank;

3) the demand for payment must be submitted either before the shipment of goods (performance of work, provision of services), or after that;

4) payment by the client of the bank for the goods and services received is carried out by the bank only with the consent of the serviced legal or natural person;

5) forms of non-cash settlements of payments are chosen by the organization at its own discretion in accordance with the requirements of the law. 2

The legal basis for monetary circulation is the norms of the Constitution of the Russian Federation, the Federal Laws “On the Central Bank of the Russian Federation (Bank of Russia)”, “On Banks and Banking Activity” as amended on February 3, 1996, with subsequent amendments and additions, the Law of the Russian Federation “On Currency regulation and currency control” of October 9, 1992, other laws, regulations of the President and the Government of the Russian Federation, as well as by-laws of the Central Bank of the Russian Federation. In accordance with paragraph. "f" Article. 71 of the Constitution of the Russian Federation, the competence of the Russian Federation includes “the establishment of the legal foundations of the single market; issue of money", and in Art. 106 of the Constitution stipulates that “the federal laws adopted by the State Duma on financial, currency, credit, customs regulation, and money emission are subject to mandatory consideration in the Federation Council.”

In the process of implementation and regulation of monetary circulation, various social relations arise, regulated by the norms of several branches of law, including constitutional, administrative, civil, criminal and financial. The norms of financial law regulate the relations that develop in the process of organizing cash and non-cash money circulation, including when carrying out monetary reforms, denominations, emissions, when organizing settlements, in particular, establishing a mandatory procedure for keeping funds of legal entities in bank accounts, limiting cash forms of payment between organizations, determining the procedure for conducting cash transactions. These relations may develop between the Central Bank and credit institutions; between credit institutions; between credit institutions and their clients; between legal entities and individuals; between credit institutions and other institutions of the financial system; between institutions of the financial system and organizations and individuals. 3

The regulation of monetary circulation in the country is carried out using such methods as monetary reform, denomination and emission.

Monetary reform is a complete or partial transformation of the monetary system in order to stabilize and strengthen monetary circulation. World practice shows that the monetary reform achieves these goals only if it is carried out in conditions of stabilization of the economic and political situation in the country.

The denomination, in contrast to the monetary reform, is a technical operation, expressed in the replacement of old money with new ones, equating one monetary unit in new signs to a larger number of rubles in old signs. In the process of realizing the denomination, the economic foundations of the state are not affected, but there is a reduction in the money supply in circulation, and only the scale of prices changes. The denomination can be carried out both separately and simultaneously with the monetary reform.

The purpose of the regulation of money circulation in the country is to create a stable functioning monetary system, which, in turn, creates the necessary prerequisites for the effective development of the economy.

1.2 Monetary system and types of money

The monetary system is a device of monetary circulation in the country, which has developed historically and is enshrined in national legislation. It was formed in the XVI-XVII centuries with the emergence and establishment of capitalist production, centralized states and national markets. In accordance with the development of commodity-money relations and capitalist production, the monetary system has undergone significant changes.

The monetary system of the Russian Federation is a form of organization of monetary circulation, enshrined in national legislation. It consists of the following elements: the monetary unit, the scale of prices, the type of money, the emission system, the mechanism of monetary regulation. The national monetary system, having relative independence, is also included in the country's monetary system.

The official monetary unit of the Russian Federation, according to the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", is the ruble. The introduction of other monetary units on the territory of Russia and the issuance of monetary surrogates are prohibited. The official ratio between the ruble and gold or other precious metals is not established. Types of money - banknotes (bank notes) and coins of the Bank of Russia. They are the only legal tender on the territory of Russia, their counterfeiting and illegal manufacture is punishable by law. Banknotes and coins are required to be accepted at face value for all types of payments, for crediting to accounts, for deposits and for transfers throughout the Russian Federation. They are unconditional obligations of the Bank of Russia and are secured by all its assets.

Monetary systems have come a long way of development, changing along with the evolutionary processes that took place in the economies of countries and regions.

It is customary to classify the monetary systems of individual states according to various key features: by the type of money as a form of payment, by the role of the state in regulating money circulation, etc.

Depending on the type of money, two types of monetary systems are distinguished (Fig. 1):

metal circulation systems;

systems of paper and credit circulation.

Monetary systems of metallic circulation are based on metallic money (gold, silver), which perform all the functions inherent in money as a universal equivalent (measure of value, means of circulation and payment, means of accumulation), and banknotes circulating simultaneously with metallic money can be at any time exchanged for metallic money. 4

Monetary systems of paper-credit circulation are based on the dominance of paper or credit money.

Consider first monetary systems based on metallic money.

Rice. 1. Types of monetary systems

Under the system of metallic money circulation, two types of monetary systems are distinguished:

1. bimetallism;

2.monometallism.

Bimetallism is a monetary system in which the state legislates the role of a universal equivalent for two metals, usually gold and silver. Coins made of gold and silver function on an equal basis, their free coinage is provided. Two prices were set in the market (in gold and in silver) for the same commodity. Bimetallism existed from the XIV - XVII centuries, and in some countries of Western Europe and in the XIX century. The presence of two metals in the role of a universal equivalent, however, came into conflict with the economic essence of money as a single commodity, designed to measure the value of all other goods. The development of economic relations required the stability of the monetary system, not subject to fluctuations in the value of one of the monetary metals.

Monometallism is a monetary system in which one monetary metal is the universal equivalent and the basis of monetary circulation. Silver monometallism existed in Russia (1843-1852), India (1852-1893), China until 1935. At the end of the 19th century, bimetallism and silver monometallism were replaced by gold monometallism. In Russia, the gold circulation began to operate from 1897.

Gold monometallism consists of three varieties (Fig. 2).

Fig.2 Types of gold monometallism

The gold coinage standard, corresponding to the period of free competition and the development of production, the credit system and trade, was characterized by gold circulation and free minting of coins. The law of monetary circulation acted automatically. This standard required the presence of gold reserves in issuing centers. During the First World War, large military expenditures were required, which caused an increase in the deficit of the warring countries and led to the abolition of the gold coin standard in most countries.

After the end of World War I, truncated forms of gold monometallism are introduced:

Gold bullion standard (Great Britain, France);

Gold exchange standard (Germany, Austria, Denmark, Norway, etc.)

History knows silver and gold monometallism. Gold monometallism, or the gold standard, existed in the form of gold coin, gold bullion, and gold trade standards.

Under the gold coin standard, gold coins (of a certain weight and content) and various types of banknotes (banknotes, paper money) were in circulation, which were freely exchanged for gold coins.

Under the gold bullion standard, banknotes were exchanged only for gold bullion, and with certain restrictions. The gold bullion standard was introduced during the period of partial economic stabilization (1924-1928) in some of the Western European countries (in particular, in England in 1925, in France in 1928). Under the gold bullion standard, gold could only be purchased by relatively wealthy holders of funds.

In the same years, Western countries, which had limited gold reserves, introduced a gold exchange standard, which involved the exchange of national currencies for other currencies, including the currency of countries with a gold bullion standard.

The international gold standard ensured the stability of monetary circulation both within individual countries and the stability of the world monetary system for several decades preceding the First World War. The mechanism for implementing the international gold standard required the fulfillment of two conditions; firstly, each country had to choose gold as the main standard of currency value, maintaining the correspondence of the monetary unit to a certain amount of gold; and secondly, each country was to allow the free export and import of gold. To ensure that all money, including coins, notes, and bank deposits, is of equal value, a country may:

1) to mint gold coins containing the amount of gold established by law as a standard unit of value;

2) give orders to the Treasury to buy or sell gold bullion at a fixed price;

3) maintain the parity of their currency by buying or selling the country's currency.

Under the gold coin and gold bullion standards, exchange rates formed spontaneously depending on the supply-demand ratio in the free foreign exchange market of national and foreign currencies, and the limits of exchange rate deviation from the gold parity were insignificant. This was determined by the fact that in the conditions of free import and export of gold from the country, with large deviations of the exchange rate from parity, it became more profitable not to exchange the national currency for a foreign one, but to import (or export) gold directly from abroad, if the costs of sending insignificant (0.5 - 0.8% of the value of the sent gold). These costs (the cost of transportation, packaging, insurance) determined the limits of the deviation of the exchange rate from parity, or the so-called “golden points”. 5

The extremely high foreign exchange rate, above which it is more profitable to export gold from your country and sell it abroad, is called the export gold point. If the proposed rate is below the marginal rate at which it is more profitable to import gold from abroad and sell it to your national bank, then this will be an import gold point.

As a result of the global economic crisis of 1929-1933. monetary systems based on gold monometallism have given way to systems of paper and credit money that cannot be exchanged for gold.

In the process of evolution of monetary systems, there is a constant decrease in the costs of cash circulation, and we ensure cost savings. Let us explain this position. Expensive, heavy, inconvenient in storage and long-term transportation, gold and silver money were replaced by light, portable signs of value - paper money. Printing paper money and issuing it into circulation, of course, require less cost than the extraction of precious metals and their processing for money circulation.

The emergence of the next type of money - credit, contributed to even greater cost savings. A bill of exchange, a check and other forms of credit money made it possible to save banknotes, since they could be issued for significant sums of money, the need to carry cash disappeared. The appearance of credit cards and the system of electronic non-cash payments made it possible to promptly and regardless of the territorial distance of customers to serve cash settlements, significantly reduce the cost of ensuring cash flow.

All paper-credit systems are united by the following common properties:

There is a displacement of gold from internal and external money circulation. Gold, still performing the function of a treasure, is accumulated in the cash reserves of banks.

The state takes over the regulation of money circulation.

Credit operations of banks serve as the basis for the issuance of cash and non-cash money.

The ratio of the proportions of cash and non-cash turnover is changing towards a decrease in the share of cash.

Monetary systems based on paper and credit money differ significantly in administrative-command and market economies.

The main, most characteristic features of the administrative-command monetary system are the following: the funds of enterprises are kept in the accounts of a single state bank; directive management of the monetary system is rigidly centralized; the exchange rate of the national currency is set by directive; the state bank is a monopolist in attracting savings from the population.

The main features of the monetary system characteristic of a market economy are: decentralization of money circulation between various credit institutions, which manifests itself in the division of the functions of issuing non-cash and cash money between the parts of the banking system (the issuance of cash is carried out by central banks, non-cash - by commercial banks); the absence of a legislative distinction between non-cash and cash payment transactions, they are closely related, while non-cash circulation has a priority; the mechanism of state monetary regulation is not administrative, but economic in nature; the management of the monetary system is centralized and carried out through the central bank, which is independent of the government in decision-making, in addition, active financial control over the funds is carried out by the tax authorities; banknotes are secured by the assets of the banking system: gold and precious metals, currency, securities; savings of the population are attracted by the system of commercial banks, there is no monopoly of the state bank. 6

The world monetary system was formed in 1944. At the UN monetary and financial conference in Bretton Woods (USA). In form, the monetary system was a kind of interstate gold exchange standard. The main provisions of this system are:

1. gold performed the functions of world money. It acted as a means of final settlement between countries and the universal embodiment of social wealth;

2. in addition to gold in the international payment turnover, the national monetary unit of the United States was used - the dollar and the British pound sterling;

3. the US dollar was exchanged for gold at the US Treasury at an officially established ratio;

4. national monetary units were freely exchanged through the Central Bank for dollars and among themselves according to the ratios firmly established by the International Monetary Fund (IMF). All convertible national monetary units could turn into gold through the dollar, which ensured multilateral settlements between countries.

In connection with the weakening of the US position in the international market as a result of the reduction of the country's gold reserves, the international monetary system, based on the widespread use of the dollar as a standard of value for all monetary units in 1971-73. Suffered bankruptcy. Since August 1, 1971 The dollar was exchanged for gold.

The Bretton Woods monetary system was replaced by the Jamaican monetary system, formalized by an agreement between the IMF member countries in 1976. The new monetary system is characterized by the following features:

World money declared special drawing rights in the IMF, which became an international unit of account;

The US dollar retained an important place in international settlements and in the foreign exchange reserves of other countries;

The demonetization of gold was legally completed. Gold has lost its monetary function. However, gold remained a reserve of states and is used to purchase the monetary units of other countries. 7

1.3 Elementsmonetary system and issuance law of the Russian Federation

The monetary system includes the following main elements: a monetary unit, types of money that have legal tender power, an emission system, and a credit apparatus.

A monetary unit is a legally established monetary unit that serves to measure and express the prices of all goods.

The monetary unit, as a rule, is divided into small multiples. The most widespread is the decimal division system: 1: 100 (for example, the ruble is equal to 100 kopecks; 1 US dollar is equal to 100 cents; 1 f.st. - 100 pence, etc.).

The types of cash that are legal tender include banknotes, treasury notes, change coins.

The emission system is the procedure for the issue and circulation of money established by the law of the country. In the developed capitalist countries, the issue of banknotes is carried out by central banks, and treasury notes and coins - by treasuries - in accordance with the issuance law established in the state.

As a result of the legal regulation of money circulation in the Russian Federation, a monetary system has been created that includes the following elements:

1) official monetary unit (ruble, consisting of one hundred kopecks);

2) issue of cash;

3) organization of cash circulation.

The first element of the monetary system is the currency of the Russian Federation. In accordance with the Federal Law on the Central Bank, the official monetary unit (currency) of the Russian Federation is the ruble, consisting of one hundred kopecks. In the Law of the Russian Federation "On currency regulation and currency control" this concept is somewhat clarified, and the concept of "currency of the Russian Federation" covers:

1) in circulation, as well as withdrawn or withdrawn from circulation, but subject to exchange, rubles in the form of banknotes of the Central Bank of the Russian Federation and coins;

2) funds in rubles on accounts with banks and other credit organizations in the Russian Federation;

3) funds in rubles in accounts with banks and other credit institutions outside the Russian Federation on the basis of an agreement concluded by the Government of the Russian Federation and the Central Bank of the Russian Federation with the relevant authorities of a foreign state on the use of the currency of the Russian Federation as legal tender in the territory of this state.

The introduction of other monetary units on the territory of the country and the issuance of monetary surrogates are prohibited.

Since 1990, the official ratio between the ruble and gold or other precious metals that existed before has not been established. This situation is typical for most countries of the world. The official exchange rate of the ruble against the currencies of other states is set and published by the Central Bank. The currency of the Russian Federation includes banknotes (bank notes) and coins of the Bank of Russia, which are the only legal tender in the country. Their forgery and illegal manufacture are punishable by law. eight

Banknotes and coins are unconditional obligations of the Bank of Russia, are backed by all its assets and are required to be accepted at face value for all types of payments, for crediting to accounts, deposits and for transfer throughout the country.

Banknotes and coins of the Bank of Russia cannot be declared invalid (invalid as legal tender) unless a sufficiently long period for their exchange for banknotes and coins of a new design is established. No restrictions on amounts or subjects of exchange are allowed.

When exchanging banknotes and coins for banknotes, the term for withdrawing banknotes and coins from circulation cannot be less than one year, but also does not exceed five years. The Bank of Russia has the right to exchange shabby and damaged banknotes without restrictions. The decision to issue new banknotes and coins into circulation and to withdraw old ones is made by the Board of Directors of the Central Bank of the Russian Federation. He also approves the denominations and samples of new money. The description of the new banknotes is published in the media.

It is very important that the Bank of Russia is obliged to inform the Government of the country in advance about the issue of new banknotes.

The second element of the monetary system is the issuance of cash. The emission system is the procedure for the emission and circulation of money established by law. There are a number of common features in the issue in various countries, including the issuance of banknotes is assigned to the main bank of the country (central, national banks, in the USA - the Central Reserve System), and treasury notes and coins - to the treasury.

Serving economic turnover, money is constantly issued into circulation and withdrawn from circulation. Such operations do not affect the increase in the money supply and this differs from the issue of money, which is understood as the release of money into circulation, leading to an increase in the money supply in circulation. There is an issue of cash and non-cash money. In a market economy, the issue of cash is carried out by central banks, and the issue of non-cash money is carried out by commercial banks, which is also regulated by the central bank of the country.

The control over the volume of money supply is carried out by the Bank of Russia. The amount of money in circulation is defined as the sum of cash and bank deposits. By providing loans, banks increase the money supply. The task of the Central Bank of the Russian Federation is to limit or expand the ability of banks to issue credit money. To do this, the Bank of Russia establishes a system of required bank reserves, which provides for the deposit by credit institutions with the Bank of Russia of a certain part of the funds attracted by them. Required reserves - one of the tools for the implementation of monetary policy by the Central Bank. By changing the reserve ratio, the Central Bank of the Russian Federation maintains the amount of money in circulation in the country at a certain level. The smaller the amount of required reserves, the more money the banking system can create.

The issue of cash is their release into circulation, in which, as already noted, the total amount of cash increases. On the basis of banks' cash turnovers and analytical reports prepared, the Bank of Russia forecasts the size of the proposed issue, as well as the regions in which it will take place. Not only the Bank of Russia takes part in the issue, but also its regional RCCs, which contain reserve funds and working cash desks. 9

In the reserve funds of the RCC, a reserve of banknotes is stored, intended for their release into circulation in the event of an increase in the needs of the economy of this region in cash. This money is not in circulation, because it does not move, does not accumulate, does not serve as a means of payment and is a reserve. The cash desk is constantly receiving and withdrawing cash from banks. This money is in constant motion, in circulation.

If the amount of cash receipts on the banks' accounts exceeds the established limit for this RCC, then the money is withdrawn from circulation and transferred to the reserve fund. When the bank needs cash, the reverse process occurs. From the bank's account, within the limit of its free reserve, the RCC issues the required amount of cash, transferring it from the reserve fund to the working cash desk of the RCC with the permission of the Central Bank. For this RCC, this will be an issuing transaction. 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, and where - their withdrawal.

In accordance with the Federal Law on the Central Bank of the Russian Federation, in order to organize cash circulation in the country, the following functions are assigned to the Bank of Russia:

Forecasting and organization of production, transportation and storage of banknotes and coins, creation of their reserve funds;

Establishment of rules for the storage, transportation and collection of cash for credit institutions;

Establishment of signs of solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction)

Determining the procedure for conducting cash transactions for credit institutions. 10

1.4 Essence and functions of money

The essence of money is expressed in the unity of three properties:

Money directly provides an unlimited exchange for any commodity;

Money expresses the exchange value of commodities. With the help of money, the price of a commodity is determined, which makes it possible to quantitatively compare goods with different consumer values;

Money is the materialization of the total labor time embodied in the commodity.

The essence of money as an economic category is manifested in their functions, which express the internal basis, the content of money. eleven

Money performs the following five functions: a measure of value, a means of circulation, a means of payment, a means of accumulation and savings, world money.

The function of money as a measure of value. Money as a universal equivalent measures the value of all goods. All commodities are products of socially necessary labor, so real money (silver and gold), which has value, can become a measure of their value.

Under the gold standard, the price depends on the value of the commodity, since the cost of exchanging money for gold remains relatively constant. Under the paper-money and banknote systems, the prices of commodities are expressed in units of value that do not have intrinsic value, so they cannot accurately reflect the value of commodities. This implies differences in the prices of the same goods, which makes it difficult for a commodity producer to make correct rational decisions about the production of goods.

Quantification of the value of goods in money, i.e. the price of a commodity provides the possibility of comparing not only the products of social labor, but also parts of the same monetary commodity - silver or gold. To compare the prices of goods of different value, it is necessary to reduce them to the same scale, i.e. express them in the same currency. The scale of prices in metallic circulation is the weighted amount of money metal, accepted in a given country as a monetary unit and serving to measure the prices of all other commodities.

Money serves not just the exchange of goods, but the exchange of productive, commodity, financial capital, acting as money capital. Modern money becomes money capital as a result of their participation in the circulation of industrial capital, in the course of which an additional value (capital gain) is created. Money capital, on the one hand, ensures the production of goods, and on the other hand, creates conditions for the realization of commodity capital, including growth.

2. The function of money as a medium of circulation. In contrast to the first function, where commodities are ideally valued in money before their circulation begins, money must be present in reality when commodities circulate. Commodity circulation includes: the sale of goods, i.e. turning it into money, and buying a commodity, i.e. turning money into goods. In this process, money plays the role of an intermediary in the process of exchange.

The emergence of money as a means of circulation intensifies the contradictions of the exchange process. In direct commodity exchange (goods for goods), purchase and sale coincided, and there was no gap between them. Commodity circulation, on the other hand, presupposes two independent acts: the purchase of a commodity and its sale, separated in time and space. This creates an objective possibility of metabolic disturbance and, ultimately, a crisis situation.

The features of money as a means of circulation should include, first of all, the real presence of money in circulation and the transience of their participation in the exchange. In this regard, the function of a means of circulation can be performed by defective money - paper and credit. Currently, credit money has dominated.

3. The function of money as a means of payment. Due to certain circumstances, goods are not always sold for cash. Reasons: the unequal duration of the periods of production and circulation of various goods, as well as the seasonal nature of the production and marketing of a number of goods, which creates a shortage of additional funds for the economic entity. As a result, there is a need to purchase and sell goods with installment payment, i.e. on credit. Money as a means of payment has a specific form of movement: T - O, and after a predetermined period: O - D (where O is a debt obligation). With such an exchange, there is no counter movement of money and goods, the repayment of a debt obligation is the final link in the process of buying and selling. The gap between the commodity and money in time creates the danger of non-payment of the debtor to the creditor.

In the conditions of a developed commodity economy, money, as a means of payment, binds together a multitude of commodity owners, each of whom buys goods on credit. As a result, a break in one of the links in the payment chain inevitably leads to the destruction of the entire chain of debt obligations and the emergence of massive bankruptcies of commodity owners. 12

The solution to accelerate payments between enterprises can be facilitated by the expansion of the use of such types of credit money as bank bills, electronic money and plastic cards that arose on their basis.

4. The function of money as a means of accumulation and savings. Money, being the universal equivalent, i.e. providing its owner with the receipt of any product, they become the universal embodiment of social wealth. Therefore, people have a desire to accumulate and save them. For the formation of treasures, money is withdrawn from circulation, i.e. the act of sale-purchase is interrupted. However, simple accumulation and saving of money does not bring additional income to the owner.

Unlike the previous two functions, money as a means of accumulation and savings must have the ability to store value at least for a certain period and must be real.

With metal circulation, this function performed the economic role of a spontaneous regulator of money circulation: the extra money went into the treasure, the lack of money was replenished at the expense of the treasure.

Gold circulation required the accumulation of gold reserves by central (issuing) banks, which were used to replenish internal circulation, exchange tokens of value for gold, and international payments. This purpose of the gold reserve has now disappeared due to the withdrawal of gold from circulation. However, gold continues to play the role of a treasure, concentrating in the reserves of central banks, the state treasury, and government monetary authorities. The value of the gold reserve testifies to the wealth of the country and ensures the confidence of residents and foreigners in the national currency. The gold reserves of some countries of the world are presented in the appendix.

The importance of this function - to spontaneously regulate money circulation under the dominance of signs of value - has been lost: now credit money cannot elastically expand or decrease the amount of money needed for circulation, as was the case with gold money.

5. Function of world money . Foreign trade relations, international loans, the provision of services to an external partner caused the emergence of world money. They function as a universal means of payment, a universal means of purchase, and a universal materialization of social wealth. World money acts as an international means in settlements on international balances: if the payments of a given country for a certain period exceed its cash receipts from other countries, then money is a means of payment.

World money serves as an international means of purchase in case of an imbalance in the exchange of goods and services between countries, then their payment is made in cash. As the universal embodiment of social wealth, world money is used in the provision of loans or subsidies from one country to another, or in the payment of reparations to the victorious country from the defeated. In this case, there is a transfer of part of the wealth of one state to another through money. thirteen

2. Analysis of monetary systems on the example of foreign countries

2.1 US currency and circulation

One of the features of the US monetary system was the long existence of bimetallism, which was supported not only by the owners of silver mines, but also by a wide range of borrowers - small and medium-sized industrialists and farmers interested in raising commodity prices in order to reduce the real size of their debt. Under the law of 1873, the gold dollar was recognized as the monetary unit of the United States and the free minting of silver was abolished; but the supporters of bimetallism soon managed to achieve first the resumption of the partial coinage of silver, and then the purchase of it by the treasury. Nevertheless, in the end, the supporters of monometallism, representing the interests of the big industrial bourgeoisie and banks, won in the end: in 1900, an act on the gold standard was issued, which approved the gold dollar with a pure gold content of 1.50463 grams as the country's monetary unit. However, silver dollars were not withdrawn from circulation.

A characteristic feature of the US monetary system was the long existence of a decentralized system of banknote issuance. Until the 60s of the 19th century, numerous banks of individual states used the right to issue banknotes. By an act of 1863, this right was granted to the so-called national banks, subject to federal law; Nevertheless, the emission remained decentralized, since it was carried out by several thousand national banks. Another unique feature of the banknote issuance system that existed in the United States from 1863 to 1914 was the mandatory provision of government bonds for issuers of banknotes. Under an 1863 law, each national bank could issue banknotes up to the amount of US government bonds it bought and deposited in the Treasury. Such an issue procedure created favorable conditions for the placement of loans from the federal government, but had the significant drawback that the size of banking circulation was made dependent on the size of the government securities portfolio of national banks, and not on the needs of trade in money. 14

In December 1913, a law was passed that created a new system of issuing banks - the Federal Reserve System (FRS). The entire territory of the United States was divided into 12 districts, in each of which a federal reserve bank was established with a capital of at least $4 million. The notes of the federal reserve banks - federal reserve notes - were exchangeable for gold coins and had to provide at least 40% with gold, and for the remaining 60% with bills for up to three months, accepted by the reserve banks for rediscounting from "member banks" . All national banks are required to join the FRS; other banks could become members with the permission of the FRS leadership. The Federal Reserve Board, chaired by the Secretary of the Treasury, was placed at the head of the Fed, and included the Comptroller of the Currency and members appointed by the President of the United States.

The Federal Reserve Act made the following changes to the country's monetary system: 1) it centralized the issuance of banknotes, and 2) it significantly changed the backing system for banknotes, making commercial bills instead of government securities the main security for them.

During the global economic crisis of 1929-1933, a feature of the US monetary system was the long-term preservation of the gold coin standard. This is primarily due to the fact that the United States entered the First World War only shortly before its end, and therefore they did not have to bear large military expenses and resort to inflationary issuance of paper money to cover them. In addition, after the war, the country's gold reserves increased significantly, which contributed to the preservation of its former system of free exchange of banknotes for gold coins.

However, in the United States, the gold standard collapsed under the blows of the crisis of 1929-1933. The elimination of the gold standard was accompanied by a 41% devaluation of the dollar. According to the “gold reserve act”, which came into force on January 31, 1934, the new gold content of the dollar should not exceed 60% of the previous one, and the president was given the right to determine it in the range from 50% to 60%. In fact, the new gold content of gold was set at 59% of the former by raising the paper price of gold from $20.67 to $35 per troy ounce; thus, the gold content of the dollar was reduced from 1.50463 to 0.888671 grams.

Under the same “gold reserve act”, centralized gold reserves were nationalized: the entire gold reserve of the federal reserve banks was transferred to the treasury in exchange for its gold certificates at the old price ($ 20.67 per ounce of pure gold), and at the expense of profits received Treasury from the revaluation of gold at a higher price (35 dollars), a stabilization fund was created in the amount of 2 billion dollars to regulate the dollar, foreign exchange and government securities. In fact, the stabilization fund was used by the US government to wage a currency war against England: by buying up pounds sterling for dollars, this fund had a downward effect on the dollar.

The Silver Act of 1934 required the Treasury to purchase silver and issue silver certificates in return, which became one of the constituent elements of the money supply. Silver purchases were to continue until the silver stock reached 25% of the total centralized metal stock (gold and silver). The act of 1934 was dictated by the interests of the silver industry. Between 1934 and 1942, the Treasury bought about 2.7 billion ounces of silver, pushing up the price.

After the Second World War, the industrial consumption of silver increased and its role in money circulation significantly decreased. During 1955-1972, the amount of silver dollars decreased from 2.4 billion to 0.7 billion dollars. 15

2.2. Monetary unit and monetary system of Japan

The currency in the country is the yen, which is issued by the Bank of Japan. The central bank seeks to control the exchange rate of the yen by buying and selling currencies in the financial markets. It also regulates interest rates and volumes of loans. Japan has a highly developed system of private finance, based on 13 banks (5 of which are among the 10 largest in the world) 1 and many specialized lending institutions. Government financial institutions provide loans mainly to industries such as shipping, energy, coal mining and chemicals.

The development of the Japanese economy in the last quarter of the 20th century is characterized by intensive restructuring. The main directions of restructuring are the automation of production and resource conservation, the development of new science-intensive industries and industries, the training of qualified personnel, and the improvement of managerial and organizational structures.

Japan has adopted a national information society program. An important role in this program is assigned to the financial system.

Before considering the country's financial system, let's define the financial system as a whole.

The financial system is understood as the totality of the country's financial institutions, rules, regulations governing financial activities and financial relations of the state (monetary system, system of financial institutions). The financial sector of the economy in a broad sense includes financial institutions, regulatory and supervisory bodies, as well as financial unions. The main tasks of the controlling and supervisory bodies within the financial system are to maintain its stable functioning, implement state regulations and directly control the activities of financial institutions.

In the universal financial system, banks are not limited by law to perform those financial service operations that are not related to banking. The German system is considered a classic example of such a system.

The above division into universal and segmented financial systems in modern conditions is still not absolute. The most typical representatives of segmented systems are the USA, Great Britain and Japan. sixteen

The first banks of the modern type appeared in Japan after 1872 as private "national banks". As commercial banks, they had branches throughout the country and had the right to issue banknotes. Then there were about 150 such banks. "National banks" intensively issued non-convertible banknotes and thereby contributed to the growth of inflation, which hampered the development of productive forces. Under these conditions, there was an urgent need to create a central bank of Japan, which was founded in 1882 for a period of 30 years (then the period was extended for another 30 years). This bank received the monopoly right to issue banknotes, and the previously existing "national banks" were to stop issuing banknotes and gradually withdraw banknotes in circulation.

Prior to April 1, 1998, the Bank of Japan acted on the basis of the Bank of Japan Law of 1942, as amended in 1947 and 1949. In 1979, the law was somewhat modernized: it was the end of term appointments for the central bank, it received an indefinite status. On April 1, 1998, the new Bank of Japan Law came into force.

The authorized capital of the bank is 100 million yen and is 55% owned by the state, and 45% by individuals, financial institutions, insurance companies and other private shareholders. Shareholders are guaranteed dividends of 4%, which, if the bank receives very high profits, can be increased to 5%. The rest of the bank's profit goes to the state budget.

The main tasks of the bank are to regulate:

monetary circulation;

the exchange rate of the national currency - the yen, which is achieved by maintaining the optimal value of the money supply in circulation and the exchange rate of the yen in international currency markets;

credit system, maintaining its stability.

Under the terms of liberalization, there were three ways for foreign banks to enter Japan: the establishment of a new bank with foreign capital or the establishment of a bank with mixed capital, participation in the management of an existing bank, and the opening of a branch. The number of branches of foreign banks began to grow rapidly.

Now Japanese law does not distinguish between foreign and Japanese banks: both are endowed with equal rights. The national specificity of this legislation, which is unusual for foreigners, lies in the fact that until 1992 it established a strict distinction between commercial banking and securities transactions and prohibited the combination of these two types of activities in one credit institution. Amendments to the banking law adopted in 1992 relaxed this requirement and opened the way for the universalization of banks.

Other financial companies that carry out banking functions include: long-term lending banks, trust banks. The segmented nature of the Japanese financial system is evident in the example of long-term lending banks, investment houses and trust banks. 17

2.3 Monetary unit and monetary system of Great Britain

The monetary unit of Great Britain is the pound sterling. It was used long before the emergence of a centralized state as early as the 9th-10th centuries. The name "pound sterling" reflected its original weight content: 240 pence was minted from one pound of silver, which also had a second name - "sterling". 20 pence was a shilling, respectively, in one pound there were 12 shillings.

In the XIV century. in England, gold pounds sterling appear in circulation until the end of the 18th century. operates a bimetallic monetary system.

At the end of the XVIII - beginning of the XIX century. England becomes the first country of gold monometallism. Under the law of 1978, the minting of silver was prohibited (the payment power of silver coins is limited to the amount of 25 cent. St. for each payment). However, since during this period England was at war with France, the exchange of banknotes for gold (characteristic of gold monometallism) was discontinued, and until 1821 banknotes that were not exchangeable for gold were in circulation. A few years before the restoration of the exchange of banknotes of the exchange of banknotes for gold in 1816, a law was issued, according to which the free (duty-free) minting of gold coins was allowed (at the rate of 3l. St. 17s. and 10 ½ pence per troy ounce), gold officially became the basis of the monetary system. From 1821 to 1914 England had a gold standard system. According to the act of R. Peel (1844), the issue of banknotes was almost 100% secured by gold (fiduciary issue should not exceed 14 million pounds St., which were secured by loans issued by the Bank of England to the state). The action of this act was temporarily suspended by parliaments; fiduciary emission exceeded the established volume during the crises of 1847, 1857 and 1866.

In 1914, banknotes were no longer redeemable for gold, and gold coins were withdrawn from circulation. To cover military spending, the government began to issue treasury notes.

In 1925, the exchange of banknotes for gold was restored, but in a truncated form: for bullion, not gold coins. Despite a significant decrease in the purchasing power of the pound sterling, England did not go for its devaluation and carried out the restoration of the currency, restoring the pre-war gold content of the monetary unit. 1925 was the beginning of the monetary reform, which ended in 1928 with the withdrawal of Treasury notes from circulation and the granting to the Bank of England of the fiduciary issue of banknotes in the amount of 260 million pounds. Art., and in excess of this amount - with the consent of the Treasury, confirmed by Parliament.

The gold bullion standard did not last long. Already in 1931, during the world economic crisis, England was forced to abandon the exchange of banknotes for gold. Since that time, a system of fiat credit money has been operating in England.

From the end of the XVIII century. and until the First World War, the pound sterling served as a reserve currency (on the eve of the war, it accounted for 80% of international payments). In 1931, the sterling bloc was created, on the basis of which the sterling zone was formed during the Second World War, which collapsed in the 70s. After the crisis of 1929-1931. there is a weakening of the position of Great Britain in foreign markets, the gradual loss of the leading positions by the British currency and its transformation into a secondary reserve currency. Its share in the world's official foreign exchange reserves has decreased from 7 to 3% over the past 20 years. . 18

The main type of money in the UK, as in other countries, is money in a non-cash form, i.e. funds in bank accounts - deposit money.

Cash - banknotes and small change account for about 32% of the total money supply in circulation.

The predominant development of non-cash payments and the strengthening of the relationship between money circulation and the movement of loan capital have led in all countries to a significant expansion of the boundaries of the money supply due to new types of credit obligations. In the post-war period, in the payment turnover of Great Britain, cash balances are used not only on demand accounts, but also on urgent and savings accounts. This is due, in part, to the fact that funds from term accounts can be obtained almost as easily as from demand accounts without prior notice (although 7 days' notice is formally required).

In English statistics, several aggregates (indicators) of the money supply in circulation are used. The money supply indicator M0 covers cash in circulation and cash reserves of banks. Aggregate M1 includes currency in circulation and demand deposits in banks in sterling that do not pay interest (since 1989, demand deposits that pay interest are not included in M1, but are included in M2). M1 is called a "narrow" indicator of the money supply. The “broad” indicator M3 includes, in addition to the components of M1, term deposits in banks and certificates of deposit in pounds sterling, as well as deposits in banks and certificates of deposit in foreign currency. The M4 unit, in addition to M3, includes deposits and shares of building companies. In addition to those considered, English statistics publish the M2 aggregate, which consists of M1 plus the so-called retail deposits, i.e. deposits in banks and building societies on demand and urgent up to 100,000 f. Art. with not more than 1 month's notice, and deposits in savings banks.

In addition to the Treasury, which issues coins, the issuers of money in the UK are the Bank of England and commercial banks. The Bank of England monopoly issues banknotes in an amount determined by the Treasury and approved by Parliament.

Since 1844, the Bank of England has been divided into two parliaments: the Issuing Parliament, which is associated only with the issue of banknotes, and the Banking Parliament, which carries out all other operations. Since the balance sheet of the Bank of England is accordingly divided into two parts, it especially clearly reflects the nature of the provision of banknote emission. At the present stage, the entire issue of banknotes is fiduciary. As security for the issuance of banknotes, the Issuing Department purchases government bonds and treasury bills, as well as purchases bills and other obligations from banks.

The obligations of foreign central banks can also serve as security for the issue of banknotes, i.e. foreign currency. In this case, the foreign currency purchased by the Banking Department is transferred to the Issuing Department in exchange for the corresponding number of banknotes issued by the latter. nineteen

Commercial banks are another issuer of money. They create money in a non-cash form - bank deposits that are used by bank customers through checks, orders, transfers, credit cards in the process of cashless payments. The transfer of funds to bank accounts means nothing more than the transformation of debt obligations of the banking system (deposits) into means of payment and the redistribution of the latter between customers - payers and recipients of funds.

Bank deposits are created in various ways. First, by accepting cash. At the same time, the total amount of money in circulation remains unchanged. A depositor who has placed money in a bank simply exchanges one form of credit money for another - banknotes for a deposit. However, over time, the bank uses the money placed with it to issue loans or buy bonds, which causes an increase in the volume of deposits. Therefore, although the formation of a deposit in itself when depositing cash in a bank does not lead to an increase in the amount of money in circulation, it creates conditions for its subsequent increase. The extent of this increase depends on the demand for bank loans; return on securities; the bank's cash needs, i.e. the size of its cash reserves; cash ratio (share of cash in the money supply).

Second, banks can create deposits in the process of making loans. The bank credits the issued loan to the borrower's account.

Thirdly, deposits are created by buying bonds or other securities or foreign currencies. The equivalent of the purchased security or currency is credited to us in the seller's account, the bank's asset is increased by the corresponding amount.

In the UK, as in other countries, bank deposits are used in circulation mainly through debit and credit transfers (payments).

Debit, in accordance with the classification of the Bank for International Settlements in Basel used in the OECD countries, includes payments that begin with the provision by the recipient of funds (creditor) to his bank of a payment instrument confirming the debt of the payer (debtor); based on this instrument, the payer's account is debited. Debit payments include: payments by promissory notes, checks, debit payments by transfer. The latter are divided into two types: "standing orders" or regular payments, and payments in the form of "direct debits". “Standing orders” are orders of the payer (debtor) to regularly transfer funds from his account to pay, for example, utilities, various contributions, repayment of a previously taken loan, credit card debt. With a “direct debit of accounts”, the payer (debtor) gives permission to his bank to debit any amounts from his account to pay for payment claims from certain firms, organizations or individuals (for example, claims from clubs, insurance companies).

Unlike debit payments, which are initiated by the recipient of funds, credit transfers are initiated by the payer, who instructs his bank to transfer a certain amount from his account to the account of the recipient of funds. The place of execution of the order is the beneficiary's bank, which credits the account of the latter.

The main form of credit transfer is credit transfer payments, which are used for regular transfers of funds, for example, by an enterprise, a pension fund, in favor of numerous recipients of wages, pensions.

Debit and credit transfer payments have become widespread in the UK, primarily due to their automation.

Cashless payments in the UK account for only 8% of the total number of payment transactions, reaching 90% of their value. The largest share of the cost of all non-cash payments - 51.4% - falls on credit and debit transfer payments, and mostly automated.

Checks are second in value - 47.8 and first in number. In recent years, in the UK, as in most other countries, there has been, firstly, a decrease in the share of checks both in quantity and in value; secondly, an increase in the share of payments for automated transfers, cards and electronic payments; thirdly, an increase in the average amount of a check, the use of checks mainly for paying large amounts. twenty

2.4 Comparative analysis of the monetary system of the Russian Federation and foreign countries

In Russia, as in all developed countries, cash turnover is much less than non-cash.

The organization of cash circulation is carried out by the Central Bank of the Russian Federation, this is one of its main functions. It includes:

forecasting and organization of production, transportation and storage of banknotes and coins, creation of their reserve funds;

establishing rules for the storage, transportation and collection of cash for credit institutions;

establishing signs of the solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction;

determination of the procedure for conducting cash transactions for credit institutions.

The Central Bank of the Russian Federation carries out interbank settlements through its institutions. Its system includes the central office, territorial offices, cash settlement centers, computer centers.

Cash service is one of the most important functions of banks. The bank is the starting and ending point for the movement of money, which ensures the exchange of goods. Cash enters the sphere of circulation from the bank in the form of wages or other cash payments and returns to the bank in the form of proceeds. The sphere of monetary circulation is subject to regulation and strict regulation by the state, the main aspects of which are enshrined in law.

The crediting of cash proceeds to bank accounts and the issuance of cash for various purposes are defined as cash transactions, which, according to the balance sheet result and by purpose, are divided into income and expenditure. Each enterprise is determined by the maximum amount of cash on hand - the limit of the cash balance and the rate of spending cash from the proceeds. Simultaneously with the standards, the bank approves the procedure and deadline for the delivery of proceeds to the bank of this enterprise.

A payment system is a set of tools and methods that are used in the economy to transfer money and make settlements between legal entities and individuals. It is under the general management of the Central Bank of the Russian Federation, which, in accordance with the law, ensures its efficiency, stability, reliability and security.

The reform of the payment system in Russia began in 1992 through the introduction of new forms of payment and the improvement of banking technologies: new forms of information transfer to institutions of the Bank of Russia were introduced, and experimental projects on electronic payments were carried out. As a result, the volume of funds in the Bank of Russia's settlements decreased.

By the beginning of the XXI century. electronic systems for the transfer of funds, according to the calculations of American specialists, will become predominant, although even in economically developed countries, elements of the use of electronics in banking began to take shape in electronic payment systems only from the end of the 70s.

The transfer of monetary regulation in the EU to the supranational level creates significant benefits for the member states and, above all, for their economic entities.

At the macroeconomic level, a single budget discipline and the unification of the money markets of the EU countries under the leadership and control of supranational financial institutions will make it possible to more reliably fight inflation, reduce interest rates (and eventually tax payments), which should contribute to the growth of production and employment (now this is one of the most important priorities of social market policy and economy in the EU) and the stability of public finances.

For business entities, a single monetary policy and currency will mean the existence of the same monetary and foreign exchange regulation throughout the territory (including stock regulation), a significant reduction in overhead costs for settlement services for transactions, price and currency risks, and the timing of money and payment transfers. For enterprises, a single currency means a single currency and stock regulation throughout the currency union, a reduction in the need for working capital.

In global terms, the introduction of the euro in Europe, including in Russia, will accelerate the movement of the world monetary system, based on the de facto dominant role of the US dollar, towards a more symmetrical “multipolar” monetary system. By replacing the European currency units in circulation, the euro can become one of the world's key currencies in the foreseeable future. The single currency is designed to provide the European Union with a "currency weight" corresponding to its economic power. The EU produces a third of all world goods, while being a generally recognized leader in trade in both goods and services. However, in the monetary area, the economic giant does not seem to exist. Naturally, this also affects the possibility of having a real political impact on world processes.

This, in particular, is the difference between the EU and the US. The US produces only 20 percent of the world's goods. At the same time, they own a currency that is used in 40 percent of all world foreign exchange transactions. The real influence of the US dollar is much broader and deeper: American and multinational corporations anywhere in the world can bill for their services in dollars without the risk of currency exchange problems. Much of the world market is thus essentially a “domestic market” for US companies. 21

Modern monetary systems of foreign countries, despite their peculiarities, have many common features. They include the following elements: the monetary unit, the scale of prices, the types of money that are legal tender, the emission system and the state apparatus for regulating monetary circulation. The modern monetary system of foreign countries is characterized by the following main features:

the abolition of the official gold content of monetary units, the demonetization of gold;

the transition to credit money that cannot be exchanged for gold, which differs little in nature from paper money;

the preservation in the money circulation of some countries, along with credit money, of paper money in the form of treasury bills;

the issuance of banknotes into circulation in order to lend to the economy, the state, as well as against the growth of official gold and foreign exchange reserves;

the development and predominance of non-cash turnover in money circulation, while reducing cash;

the strengthening of state regulation of money circulation due to the constant violation of the fundamental principle of the monetary system - the correspondence of the amount of money to the objective needs of economic turnover, which leads to an inflationary process.

The analysis of the processes in the monetary sphere of Russia allows us to draw the following important conclusions regarding the policy of the Central Bank of the Russian Federation in this area:

At the same time, the process of formation of the monetary system revealed certain shortcomings. They were expressed in violations at all levels: small institutions continue to form and exist (banks, insurance companies, investment funds), which, due to a weak financial base, cannot cope with the needs of customers; commercial banks and other institutions mainly carry out short-term lending operations, underinvesting their funds in industry and other sectors. This is one of the most important conclusions that should be drawn from the comparative characteristics of the monetary systems of Russia and the United States. It is in the development of the non-banking sector that the further prospect of reforming the monetary system of Russia is seen.

Another important example of the US monetary system that is relevant for Russia is the independence of the regulator from the executive branch. In Russia, attempts are constantly being made to bring the Central Bank under the control of the government. His actual position now can hardly be called completely independent.

One cannot ignore the fact that many newly created credit and financial institutions, insurance companies and investment funds are engaged in activities that are unusual for them: they attract deposits from the population, performing the functions of commercial and savings banks. In the US, a similar process can be observed, but in our country it is complicated by the lack of traditions in the financial sector, which often leads to fraud and, as a result, to a loss of public confidence in many credit institutions. Therefore, Russia needs to take a closer look at the experience of legislative regulation of the US monetary system.

Consequently, from the analysis of the monetary systems of Russia and the United States, the following recommendations can be made for further improvement of the monetary system of Russia:

Further development of the monetary system and strengthening of confidence in its financial instruments

The strengthening of the ruble, its real convertibility and the displacement of the shadow circulation of the dollar on the territory of Russia.

Fighting corruption and strengthening the openness of financial institutions.

Further growth of the independence of the Central Bank of Russia as an issuing center from the executive and legislative authorities, with a simultaneous increase in the importance of self-regulatory organizations in the financial sector.

In this work, an analysis was made of the financial systems and monetary circulation of the Russian Federation, the USA and Japan. Separately, it was said about the monetary system of Great Britain. The main indicators of comparison are shown in Table 1.

Table 1. Comparative table of the main indicators characterizing the monetary system of countries.

Indicator			Japan
1. National currency
2.Banking system	Central Bank of the Russian Federation Credit organizations, as well as branches and representative offices of foreign banks	Two-tier banking system: at the first level is the US central bank - the Federal Reserve System, and at the second level - a network of commercial banks and other settlement and credit institutions	Two-tier banking system: Bank of Japan Commercial banks; specialized credit institutions, including financial companies for small and medium businesses; government lending institutions; postal savings banks.
3. Functions, tasks, tools of the Central Bank	Functions The Central Bank of the Russian Federation is defined in Article 4 of the Federal Law "On the Central Bank of the Russian Federation" Tasks: Protection and stability of the ruble; Development and strengthening of the banking system of the Russian Federation; ensuring the efficient and uninterrupted functioning of the payment system. Tools: 1) interest rates on operations of the Bank of Russia; 2) norms of required reserves deposited with the Bank of Russia (reserve requirements); 3) open market operations; 4) refinancing of credit institutions; 5) foreign exchange interventions; 6) setting benchmarks for the growth of the money supply; 7) direct quantitative restrictions; 8) issue of bonds on its own behalf.	The Federal Reserve System is the central bank of the United States. The duties of the Federal Reserve Bank fall into four general areas: Implementation of the state's monetary policy by influencing the monetary situation and lending to the economy in order to ensure maximum employment, price stability and moderate long-term interest rates; - control and regulation of the activities of banking institutions to ensure the reliability and reasonable arrangement of the banking and financial system of the country and protect the credit rights of consumers; - maintaining the stability of the financial system and containment of systemic risk that may arise in financial markets; - provision of financial services to depository institutions, the US government and foreign official institutions, including the performance of basic functions as a support for the operation of the country's payment system.	Functions: issue of banknotes; implementation of monetary policy; change in the norm of required bank reserves, transactions in the financial markets, regulation of the interest rate, implementation of mutual settlements of commercial banks; monitoring and checking the financial position and the state of the management of financial institutions; conducting operations with government securities; implementation of international activities; performing economic analysis and conducting theoretical research. Tools: 1. change in the norm of required bank reserves, 2. operations in financial markets, regulation of the discount rate of interest
4.Functions, tasks and operations of financial and credit institutions	Functions commercial banks: accumulation and mobilization of temporarily free funds, granting a loan, intermediary in the implementation of payments and settlements. Operations commercial banks: 1) attraction of funds of individuals and legal entities in deposits (on demand and for a certain period); 2) placement of the attracted funds specified in clause 1 of part one of this article on its own behalf and at its own expense; 3) opening and maintaining bank accounts of individuals and legal entities; 4) making settlements on behalf of individuals and legal entities, including correspondent banks, on their bank accounts; 5) collection of funds, bills of exchange, payment and settlement documents and cash services for individuals and legal entities; 6) purchase and sale of foreign currency in cash and non-cash forms; 7) attraction to deposits and placement of precious metals; 8) issuance of bank guarantees; 9) implementation of money transfers on behalf of individuals without opening bank accounts (except for postal orders). In Russia, Sberbank of the Russian Federation dominates among savings institutions (as of February 1999, it had 1,848 branches).	An important place in the credit system is occupied by an extensive group savings institutions. They attract small savings and income, which without the help of the credit system cannot function as capital. There are different types of savings institutions: savings banks and cash desks, mutual savings banks (a kind of cooperative banking institutions in the USA), savings and trust banks, savings and loan associations (in the USA), credit cooperatives (unions, associations). The main functions of commercial banks are: 1) Mobilization of temporarily free funds and their transformation into capital; 2) lending to enterprises, the state and the population; 3) issue of credit money; 4) making settlements and payments on the farm; 5) issuing and founding function; 6) consulting, presentation of economic and financial information. 7) other.	Japanese banks do the following operations- pay various companies for utilities, pay for purchases in stores, transfer money to the account of his clients for the work they have done, and even independently contact employers if wages do not arrive on the client's account in a timely manner.
5. Regulatory framework	Constitution of the Russian Federation Federal Law “On the Central Bank of the Russian Federation (Bank of Russia) No. 86-FZ dated July 10, 2002 Federal Law "On banks and banking activity" No. 395-1 dated 02.12.1990 Other federal laws Regulations of the Central Bank (Regulations, instructions, clarifications)	In the United States, the control mechanism consists of the following links, bodies and elements: Legislative acts and resolutions of the Congress; Institutional support (a system of federal laws exercising general supervision over the activities of exchanges); Mechanism of self-regulation of the securities market (on the part of stockbrokers themselves); A proven methodology for state intervention in the activities of a fictitious sector of the economy.	Bank of Japan Law No. 89 of April 1, 1998 In Japan, there are not a large number of legal requirements for banks, and this is the peculiarity of banking in this country. The system of commercial banks is guided in its activities by the so-called guidelines, i. verbal instructions from the Ministry of Finance. Although these instructions do not have the force of law, all commercial banks strictly adhere to them.

Conclusion

The financial system is understood as the totality of the country's financial institutions, rules, regulations governing financial activities and financial relations of the state (monetary system, system of financial institutions). The financial sector of the economy in a broad sense includes financial institutions, regulatory and supervisory bodies, as well as financial unions. The main tasks of the controlling and supervisory bodies within the financial system are to maintain its stable functioning, implement state regulations and directly control the activities of financial institutions.

Financial institutions within the financial sector include entities related to the banking system as well as non-banking financial intermediaries. In turn, in the banking system, a special place is given to central banks.

In economically developed countries, two main types of financial systems are traditionally distinguished - segmented and universal.

In the universal financial system, banks are not limited by law to perform those financial service operations that are not related to banking.

In a segmented financial system, banks cannot perform non-bank functions. An additional feature, although not absolute, is a more rigid delimitation of areas of activity and individual operations.

The above division into universal and segmented financial systems in modern conditions is still not absolute. The most typical representatives of segmented systems are the USA, Great Britain and Japan.

Central issuing banks are the main regulator of monetary policy in all countries, and it is natural that the main problem of organizations implementing electronic money systems is to regulate relations with them.

In the absence of proper control, the central bank will have distorted information about the volume of means of payment in the economy, which will ultimately reduce the effectiveness of its monetary policy. In addition, there is a danger of uncontrolled emission of electronic money, which can lead to inflation.

In Japan, for example, a national program for the creation of an information society has been adopted. An important role in this program is assigned to the financial system.

The practice of banking abroad is of great interest to the emerging new economic system in Russia. The construction of a new banking mechanism is possible only by restoring the principle of functioning of credit institutions accepted in the civilized world and based on the centuries-old experience of market banking structures. Therefore, it is so important to study the foreign practice of organizing banking systems, which have demonstrated their high efficiency.

List of sources used

1. Economic reforms in Eastern Europe and Russia. Russia and the modern world. Vedenyapin Ya. S. - M., 2008. - No. 1 (18).

2. All about Russian money. / Ed. Pevicheva I.N. - M., 2008

3. Dollarization in the transitional economies of Russia and countries of Central and Eastern Europe // Problems of Forecasting. Golovnin M.Yu. - 2007. - N 4.

4. State economic policy: the experience of transition to the market Ed. ed. prof. A.V. Sidorovich. - M.: Business and service, 2009.

5. Money, credit, banks" edited by Doctor of Economics, Professor, Corresponding Member of the Russian Academy of Natural Sciences E.F. Zhukov "Unity", M.: 2006, 536 p.

6. Economic development of modern Japan. / Dinkevich A.I. Money and credit. - 2008. - No. 10. - P. 62-74.

7. Money, banks and monetary policy. Dolan E.D. - SP b., 2004.

8. Journal "World Economy and International Relations", 2009, No. 6, p.87-96

9. Journal "World Economy and International Relations", 2008, No. 8, p.115-117

10. Journal "World Economy and International Relations", 2009, No. 4, p.84-93

11. Euro against dollar. / Ivanova A., Bykov P. Expert, No. 44, 2008

12. Finance and credit. Tutorial. Kovaleva A.P. - Rostov-N/D: F59 Phoenix, 2004

13. Constitutions of European states. In 3 volumes. / Under the general editorship of L.A. Okunkov. - M. Publishing house NORMA, 2008.

14. Constitutional (state) law of foreign countries: Proc. for law students universities and faculties. - in 4 volumes / Responsible. ed. B.A. Scary. - M., 2002.

15. Reserve policy of central banks abroad. Krupnov Yu. S. / Banking - 2007 - No. 3. - With. 28; No. 4. - With. 34

16. World economy: Textbook. Kudrov V.M. - M .: Publishing house BEK, 2006, p. 2-4.

17. Course of economic theory. Textbook / Ed. Chepurina M.N.-K, 2007.

18. World economy. Economics of Foreign Countries: Textbook / Ed. Doctors of Economics Sciences, Professor M.N. Osmova. - M.: Flint: Moscow Psychological and Social Institute, 2006, p. 185-191.

19. Economic theory. Textbook. Nosova S.S. - M.: VLADOS, 2005.

20. Economy of foreign countries: Textbook. Pogorletsky A.I. St. Petersburg: Publishing House of Mikhailov V.A., 2008.

21. The Russian model of the economy: Fundamentals of the economic theory of Russia in the XXI century. Textbook - Vladimir: VSPU, 2008.

22. Finance, money circulation. Samsonova N. F. - M .: INFRP-M, 2009.

23. Money supply and factors of its formation. Senchagov V.K. - M., 2006.

24. The banking system of Great Britain, Smirnov E.P. Banking, 2008, No. 9, pp. 25-29.

25. The formation of a market economy in Eastern Europe. -M.: INFRA-M, 2007.

26. State financial control: Textbook for universities. Stepashin S.V., Stolyarov N.S., Shokhin S.O., Zhukov V.A. - St. Petersburg: Peter, 2008.

27. Tereshchenko Yu.V. The modern economy of Japan: general characteristics and features of development. (Lecture).// M.: Izd-vo Ros. economy acad. them. G.V. Plekhanov, 2009.

28. Finance, monetary circulation and credit: Textbook: A short course / Ed. Doctor of Economics, prof. N.F. Samsonov. – M.: INFRA-M, 2006. – 302 p. – (Series “Higher education”)

30. Finance. Money turnover. Credit: Textbook for universities / L.A. Drobozina, L.P. Okuneva, L.D. Androsova and others; Ed. prof. L.A. Drobozina. - M.: UNITI, 2008.

31. Finance, money, credit. Textbook / Ed. Sokolova O.V. - M., 2007.

32. Finance. Textbook / edited by V.V. Kovalev. M: Prospect, 2006.

33. Monetary and credit system of Russia. Shenaev V.N. - M., 2007, 304s.

34. Economy. Textbook / Ed. Bulatova A.S.-M., 2007, 407p.

35. Economic theory. Textbook. Ed. V.D. Kamaev. - M.: VLADOS, 2006, 324p.

36. Russian economy. Origins and panorama of market reforms. Yasin E.G. M, SU-HSE. 2008, 126s.

37. World Economy: Textbook / Edited by E.D. Khalevinsky. - M.: Jurist, 2008, p. 57-62,137-140, 279-284.

38. Comparative analysis of monetary policy in transition economies. S. Drobyshevsky, A. Kozlovskaya, D. Levchenko, S. Ponomarenko, P. Trunin, S. Chetverikov. M., 2003. 244 p.

39. Topical issues of monetary policy. Sukharev O.S., Kuryanov A.M. Finance No. 9, 2007. P.55-58.

Monetary system RF... happened relatively rarely; ... modern monetary systems foreign countries, ... Monetary appeal combines both the main essential specifications ...

tax systems developed countries (1)

Coursework >> Economics

Tax law RF in terms of definition ... an economic category, since monetary relations between the state... countries- Members of the European Community. 2.3. Comparative characteristic tax systems Russia and foreign countries ...

Comparative characteristic tax systems foreign countries

Coursework >> Economics

Chapter 1. Comparative characteristic tax systems foreign countries 1.Tax system of the Russian Federation Monetary system any state is subject to legal regulation. In the modern sense monetary system RF ... comparative currency stability gave the capitalists countries ...

Finance deals with the distribution of value created in monetary terms. Depending on how we distribute will depend on the process of reproduction. Certain proportions are needed, and the main proportion depends on how we divide the national income.

The distribution of the product takes place between the owner of this product and the one who produced it.

SOP (Total Social Product) = C + V + M

C - fixed capital

V - salary

M - profit

Finance is an integral part of monetary relations, therefore their role and significance depend on the place monetary relations occupy in economic relations. However, not all monetary relations express financial relations.

Finance differs from money both in content and in the functions performed. Money is a special commodity, which is the only universal equivalent. With the advent of money, the entire commodity economy passed into a qualitatively new state.

Since money itself is a universally recognized embodiment of value, it acts as a kind of standard-measurement of the value of all goods, and therefore, a measure of the costs of universal human social labor. In other words, money becomes a direct expression of social relations between people. All this gives money such a social force that can do both good, if it is directed to the benefit of people, and evil, when money serves as a means of oppressing and humiliating a person.

Money is a universal equivalent, with the help of which, first of all, the labor costs of associated producers are measured, and finance is an economic instrument for the distribution and redistribution of the gross domestic product (GDP) of national income, an instrument for controlling the formation and use of cash funds. Their main purpose is to ensure, through the formation of cash income and funds, not only the needs of the state and enterprises in cash, but also control over the expenditure of financial resources.

Finance expresses the monetary relations that arise between:

enterprises in the process of acquiring inventory items, selling products and services;

enterprises and higher organizations in the creation of centralized funds of funds and their distribution;

the state and enterprises when they pay taxes to the budget system and finance expenses;

the state and citizens when they make taxes and voluntary payments;

enterprises, citizens and extra-budgetary funds when making payments and receiving resources;

separate links of the budget system;

bodies of property and personal insurance, enterprises, the population when paying insurance premiums and indemnifying for damage, upon the occurrence of an insured event;

monetary relations mediating the circulation of funds of enterprises.

The main material source of cash income and funds is the national income of the country - the newly created value or the value of the gross domestic product minus the tools and means of production consumed in the production process. The volume of the national income determines the possibility of satisfying national needs and expanding social production. It is precisely taking into account the size of the national income and its individual parts - the consumption fund and the accumulation fund - that the proportions of the development of the economy and its structure are determined. That is why in all countries great importance is attached to national income statistics.

Without the participation of finance, the national income cannot be distributed. Finance is an integral link between the creation and use of national income. Finances, influencing production, distribution and consumption, are objective. They express a certain sphere of production relations and belong to the basic category.

The modern economy cannot exist without public finances. At certain stages of historical development, a number of the needs of society can only be financed by the state. These are the nuclear industry, space research, a number of new priority sectors of the economy, as well as enterprises that everyone needs (post, telegraph and some others).

Finance reflects the level of development of productive forces in individual countries and the possibility of their impact on macroeconomic processes in economic life.

The state of the country's economy determines the state of finances. In the conditions of constant economic growth, increase in GDP and national income, finances are characterized by their stability and stability; they stimulate the further development of production and the improvement of the quality of life of the citizens of the country.

To study the relationship between the economic categories of finance and money, let us turn once again to the essential aspects of finance. Summarizing the views of scientists on the category of "finance", it should be noted that finance is studied in the following aspects:

as economic relations over the distribution of GDP;

as economic relations regarding the distribution of GDP and the formation of public funds;

as a result of the interaction of the state and commodity-money relations;

as a material carrier of financial relations;

as the movement of money over time.

Thus, it is finance that drives the static state of the financial system. Money is a measure of finance, the possibility of their implementation. Since money moves with a specific purpose, the purpose of their movement is financial relations, finance. The history of the origin of money also indicates their emergence as a technical intermediary for the implementation of financial relations between subjects. In particular, there are two concepts of the origin of money - rationalistic and evolutionary.

Rice. 1.4. Essential aspects of the economic category of finance

According to rationalistic concept The emergence of money is associated with the facilitation of exchange as a result of an agreement between people.

evolutionary concept suggests the emergence of money as a long evolutionary process that facilitates exchange. Although both concepts have a different view of the emergence of money, however, they are the same regarding the purpose of their occurrence - to facilitate exchange.

The need of the market to ensure efficient exchange is the primary form of financial relations and is the main reason for the origin of money.

However, money is not only a means of implementing financial relations, finance, but also a way of expressing them, which takes the form of the price of goods, resources, labor through the function of money - a measure of value.

That is why these economic categories are interconnected: money cannot function without finance, however, finance cannot be realized without money. The functioning of the financial system is provided by a combination of static and dynamic state.

Thus, the most important sign of finance is the monetary nature of these relations, since money is a prerequisite for the existence of finance. Money is the main instrument of financial relations.

Money is a commodity that acts as a universal equivalent of exchange for any other commodity. With regard to finance, money always acts as an accounting unit of cash income or funds, the formation of which is carried out thanks to finance. Finance forms and distributes the entire value of GDP, which actually reflects such derivative functions as regulatory and stimulating. It is these functions that make it possible to specify the sphere of financial relations, which constitute the essence of the invisible side of finance, and also show the prospects for their development, identify the most important areas for improving the functions of formation, distribution and control, which determine the visible side of finance.

At the same time, money has its clear purpose in economic life, which is manifested in their main five functions: payment (accounting); exchange (circulation); preservation (accumulation) of the cost (scale of prices); international money. It is known that money and monetary circulation significantly affect the financial situation of both individuals and legal entities in particular, and the state as a whole. If there is more money in circulation than goods and services (produced and provided in the country), then money depreciates. Accordingly, the income and costs of all business entities are reduced.

Thus, finance reflects only monetary relations, or such operations that can be evaluated in terms of value. Finances, which have a monetary form and express the corresponding economic relations, differ from money both in their content and in their functions. So, there is no identity between money and finance, which can be reflected using table 1.2.

Table 1.2

Comparative characteristics of economic categories finance and money

By content
1. Money is an economic category that measures the cost of labor and acts as a universal equivalent of exchange. 2. Money in a market economy is a universally recognized, absolutely liquid medium of exchange, the value of which is determined by trust in the state.	1. Finance is a public economic category that characterizes the process of creating and using funds of funds. 2. Finance in a market economy is certain economic relations between various participants in social production, which are of a monetary nature and are carried out in a fund form.
By function
Money performs the following functions: 1) payment (counting) 2) exchange (circulation) 3) preservation (accumulation) 4) value (price scale) 5) international money.	Finance performs the following functions: 1) the formation of monetary funds (creation of income); 2) redistribution of these funds (use of expenses); 3) control over the creation of income and the use of expenses (costs); 4) stimulation of financial flows; 5) regulation of the pace and level of income.

Being closely interconnected, finance and money cannot exist without each other. Therefore, such a definition as financial-monetary relations is often used. This makes some sense, since it is impossible to achieve financial stability in the economy without establishing a normal money circulation in the country. If the state does not coordinate its expenses with the available income, then this leads to an imbalance in the circulation of money.

Summarizing, it should be noted that finance as a category is broader than money and includes the latter. Since money is a means of embodying finances, it is precisely the “quality of money”, that is, the compliance of banknotes with modern social requirements, the effectiveness of the organization of money circulation, that the “movement” of this “funds” to the subjects of economic relations and the effectiveness of the functioning of these subjects, including finance in general.

The functioning of finance occurs through the implementation financial policy which is an integral part of the economic policy of the state, ensures the mobilization of financial resources, their rational distribution and use to ensure the economic and social development of the state.

In table. 1.3 shows the characteristics of the financial and monetary policy of the state.

Table 1.3

Comparative characteristics of the financial and monetary policy of the state

Since the policy determines the scope of activity in a certain area, according to Table. 1.3 we can conclude that if monetary policy is a component of financial policy, providing the movement of money for the purposes of financial policy, then this is another argument in favor of the fact that the category "finance" is wider than the category "money".

Often in everyday life the categories of money and finance are identified. From the point of view of economic science, this is wrong. These concepts are different in their essence, goals, functions. What is the difference between money and finance?

Historical digression

The category of money is more ancient. The emergence is due to the development of commodity-money relations.
Money: the history of money

The value of money is shown in what it can buy. Their history began from ancient times, when people changed one thing for another to get what they needed. That is, one person needs fabric. He finds another person who has it. Gives the owner of the fabric his thing and gets what he wants.

With the development of trade, people were forced to agree on a single system that sets the price of each thing. The solution to this problem was money. Moreover, their original forms were far from modern analogues. So, in Africa, salt and elephant wool were a measure of value. On the Solomon Islands - tobacco, in Siberia - tea briquettes.

The appearance (about 2500 BC) of paper banknotes also greatly simplified the exchange of goods. They were of different size, dignity, color. But the value of money is due to the economic strength of the country that issues it.

The history of finance

Finance is the totality of all money that is at the disposal of the state. It is also a system for the formation, distribution and use of funds.

The emergence of finance as an economic category is explained by the following reasons:

- the emergence of the state and the development of commodity-money relations;

- introduction of taxes;

— movement of capital and assets.

Promising industries for investment

In recent years, the most important and reliable direction for investment is investing in tangible highly liquid assets. These included precious metals, stones, real estate. Of course, for all these articles, experts have different data on further development.

Real estate is currently losing ground, as in recent years this particular market has become fed up with applications, as a result of which the income of investors on such properties has fallen several positions.

However, those who understand well this type of investment is still interesting. Experts predict a slight increase in it and full preservation of invested resources. If the current situation continues, there will be no losses on it.

The forecasts for precious metals are currently the most favorable. Whereas earlier yellow and white gold fell into the field of view of entrepreneurs, in recent years silver has become no less popular.

Prices for it show stable growth, which, however, has a much faster pace than alternative financing objects.

Buying banking metals from stable medium and large companies will not only save finances and money, but also increase them by at least 15-20% in the coming years.

Such an investment has minimal risks, however, it really is not suitable for everyone. Those who prefer faster growth of funds should look for other investment options. And one currently exists.

It is possible to invest more often in financing objects that meet these requirements. Investing in others, given the current crisis situation, should be treated with caution.

In general, even in the current crisis period, there are many opportunities for successful investment of funds by both large and small novice investors.

Those who want to make money at such a time only need to carefully approach the choice of an object of financing, without fail check the history of the enterprise and the reputation of stock sellers (if you are dealing with exchanges), and also diversify risks as much as possible. And then you will definitely get the expected profit.

Functions of money and finance. What are the differences

To begin with, let's figure out whether the concepts we have chosen are identical, and if not, whether the function of money and finance is different. According to modern economic theory, these concepts are not identical.

It is customary to call finance relations that arise between various subjects: the state, workers, industrialists and other persons involved in the exchange of resources. These relationships are, of course, based on money.

Under the money itself in this case, you need to understand the universal equivalent of the value used in the course of the exchange of goods and services between people. Thus, money is an integral part, a material embodiment of the financial system (including electronic money, which can be cashed at any time and is also the equivalent of value).

Having determined that the concepts we have chosen are not identical, we can proceed to the next step - the analysis of the functions that receive money and finance in the production process.

Another difference between money and finance lies in the functioning of economic instruments.

Money: functions of money

Money is the universal equivalent by which the labor costs of commodity producers are measured. Their purpose is expressed in functions:

- the measure of value;

- instrument of payment;

- means of circulation;

— means of accumulation and savings;

- world money.

Functions of Finance

Specific features of finance, as an economic category, are manifested in their functions:

- distributive;

- control;

- cumulative;

- regulating;

- stabilization.

Thus, finance must meet the needs of the subjects of society. For this, cash incomes are created and financial transactions take place. Finance, unlike money, is an intangible thing.

In addition to these functions, which today are implemented by finance in the production process, they also had other functions that were gradually lost with the development of the economy. These include, first of all, the function of covering the state budget.

Similar processes took place in the Russian Federation. However, after 1995 they were completely stopped, and until now, economists have not returned to them.

The rest of the functions of finance in the global economy are stable, and their understanding is important for the proper management of resources at any level of the economy: from personal money to finance across states, international corporations, large regional companies.

It is a tool for the distribution and redistribution of GDP. But finance cannot exist and function without money. Here, perhaps, all the most important differences between money and finance.

6. Savings of the population: target characteristics and forms of education. Problems of organizing savings in Russia

7. Personal finance: economic content and their role in the country's financial system.

9. Corporate finance and its importance in the country's economy. The main financial flows of companies

11. Classification of costs for production and sale of products

12. Algorithm for the formation and use of the company's financial results.

13. Profitability: concept, main indicators, their relationship and use in the process of company management

14. Public finance: concept, essence, composition, role in the economy

15. Federal budget: concept, structure, role in the economy

16. Classification of budget revenues. Features of the structure of revenues of the federal budget of the Russian Federation

17. Tax system and its structure. Trends in the development of the Russian tax system.

18. Direct taxes: advantages and disadvantages.

19. Indirect taxes: advantages and disadvantages.

20. The structure of expenditures of the federal budget of the Russian Federation and the influence of individual factors on it.

21. Regional finance: concept, composition, functions and significance in the economy. Revenues and expenditures of regional budgets.

24. Functional directions of the state budget policy and the problems of its implementation in Russia.

1. Budget policy should become a more effective tool for the implementation of state. Socio-economic policy.

5. Ensuring macroeconomic stability and fiscal sustainability.

8. Implementation of a new stage in the development of interbudgetary relations is required.

10. It is necessary to ensure transparency and openness of the budget and the budget process for the society.

25. Budgetary federalism: the essence and principles of implementation. Interbudgetary relations in the Russian Federation and problems of implementation.

26. Pension Fund of the Russian Federation: creation, functions performed, formation and use of the fund's resources. Problems of reforming the pension system in the Russian Federation.

27.Basic principles and concepts of financial management

28. Main methods of refinancing receivables

29, Budgeting system in Russian companies. Types of budgets compiled in the company.

30. Management of liquidity and solvency of companies.

31. Essence, goals and methods of financial planning.

32. Features of the organization of finance in the structures of small businesses.

33. Forms and methods of state regulation of prices.

34. Price structure and characteristics of individual components.

35. Pricing methods: concept, classification, advantages and disadvantages of individual methods.

36. Pricing strategies in a market economy.

38. Commercial and consumer types of credit: common features and characteristics. Development of consumer lending in the Russian Federation.

Characteristic IR and Lux(I)/Lux(II)

40. State credit: the essence and classification of varieties. The impact of state credit on the development of the country's economy.

The impact of public credit on the country's economy (see regulatory function).

41. International credit: the essence and classification of varieties. The influence of international credit on the development of the country's economy.

43. Credit market, its segments and the formation of demand for them. Assessment of the state of modern kr in Russia. Definitions

44. The banking system of Russia, its modern structure. Features of non-bank credit institutions included in the banking system of the Russian Federation.

45. Organization of the process of regulation of the banking system of Russia and prospects for its development.

47. Types of monetary policy. Features of the monetary policy of the Bank of Russia at the present stage.

48. The Bank of Russia as a body of state supervision over the activities of commercial banks.

49. Active operations of banks: the concept, types and their significance in the activities of the bank.

50. Russian insurance market: formation and development trends.

51. Insurance: concept, participants and industries.

53. Property insurance.

54. Features of health insurance.

55. Civil liability insurance of motor vehicle owners.

56. Structure and place of the securities market in the financial market. Indicators of the state of the securities market

III. Fund intermediaries

IV. Bodies of regulation and control.

3.Exchanges

4. Society

V. Organizations serving the market.

VI. Information, rating, consulting agencies

59.Stock exchange: tasks, functions and development trends. Stock exchanges in Russia.

60 Foreign exchange market: functions, participants and classification of types of the foreign exchange market.

1. Relationships and differences between money, credit and finance

Finance - special economic relations that arise in the process of formation and distribution of funds of funds. The circle of participants is wide: from the state to the citizen of the country. Finance cannot exist without the subjects of financial relations, conducting settlements among themselves in monetary form, because finance is understood not so much as money, but as monetary settlements in the economy. Not all monetary relations express financial relations. Finance differs from money both in its content and in the functions it performs: Money – a particular commodity, a general equivalent, or a general equivalent form of value for all other commodities. Those. money is the economic content and material form of finance. No money - no finance. Finance, as a special economic relationship, is directly related to the distribution and redistribution of GDP and NI for the formation of monetary funds and financial resources generated and regulated by the state. The main purpose of finance is to meet the needs of the state and business entities in cash through the formation of monetary funds and, at the same time, to organize control over their intended use. Thus, finance is secondary, i.e. derivative value category. Financial relations are always mediated by certain legal acts regulating monetary relations.

One way to implement financial policy is a loan. Credit (from Latin credere - to trust) - economic relations between the lender and the borrower regarding the transfer of a temporarily free amount of money (value) on the principles of repayment, urgency, payment. Credit is the movement of loan capital. Loan capital is money capital provided on loan by the owner on a repayment basis for a fee in the form of interest. A loan differs from money in the following ways: 1) the composition of carrier entities: in monetary relations - the seller and the buyer, in credit relations - the lender and the borrower, which may not coincide; 2) the nature of the movement of value: in purely monetary relations - counter (equivalent movement of two different forms of value - commodity and monetary), in credit - non-equivalent movement of value in monetary or commodity form; 3) public purpose in the process of reproduction: money is intended to ensure the realization of use value and bring it to the end consumer, and is also a means of accumulating realized value; 4) credit in terms of use is a “narrower” category than money. Money serves the implementation of the entire GDP (except for barter), the distribution and redistribution of its value, and credit serves the movement of only part of the GDP in the process of reproduction. Therefore, participants in monetary relations are all legal entities and individuals of the society, and credit relations are only a certain part of them; 5) the movement of money from one eq. subject to another (in non-credit relations) is always accompanied by a change of ownership: the ownership of money passes from the payer to the recipient, with a credit transfer of value, the creditor always remains its owner. Even when selling goods on credit, the seller retains ownership of them, which is confirmed by the return of the cost when the buyer repays the debt; 6) upon the maturity of the loan, only money can provide an equivalent payment for the goods, although it acts in the form of debt repayment; 7) Loan capital is one of the forms of self-increasing value, while money itself does not give growth.

Thanks to the extensive development of credit, money acquires yet another status, that of capital, and its social purpose is divided into money and property. That. credit and money are two independent economic categories, each of which has its own specific purpose, scope of use and nature of the movement of value.

Finance and credit have a common economic nature - they are based on commodity-money relations. There are significant differences between credit and finance: 1) finances are formed in the process of distribution and redistribution of value, credit - only in the process of redistribution;

2) a loan is always provided on the terms of payment, repayment, urgency and material security, the movement of value in financial relations is associated with a change in ownership and is not reverse and paid (with the exception of budget loans), it is determined mainly by non-market, administrative-volitional factors; 3) the scope of the use of financial resources is wider than credit; 4) the loan is directly related to the cash flow, and finance does not affect the cash flow.

Finance and credit function mainly in parallel, in separate economic segments, complementing, not replacing, each other. And even when finance and credit are used in the same economic segment, they are not depersonalized, but retain their specificity. For example, when executing the state budget, both purely financial relations (taxes and budget financing) and credit (government loans) can be used. However, if financial relations at the end of the budget year are basically completed, then credit relations will continue until the state repays the entire amount of public debt associated with the formation of this budget.

"