Chapter 5 How can any of us participate in changing the monetary system? First, try to check how well you know the issues among your family and friends. After this, you can move on to conversations with people you know less, do not hesitate to talk about it with

Chapter 21 Operations Management: Operating System Operations Introduction Chapter 20 discussed developing an operations strategy and creating an organization's operating system structure. In this chapter we will look at problems and solutions related to scheduling

1. Concept, functions and elements of the monetary system.

2. Evolution of monetary systems.

3. Money emission as an element of the monetary system. Types of money issue. Animation mechanism.

4. Russian monetary system.

5. Currency reform: prerequisites, essence, goals and methods of implementation.

1. Concept, functions and elements of the monetary system

The monetary system is a historically established and legally established way of organizing the country’s monetary circulation. To organize monetary relations, certain objective and subjective prerequisites are needed. Objective prerequisites include achieving a sufficiently high level of development of TAR, and subjective prerequisites include the need to define legal means of payment in legislation and regulate their circulation.

From a functional aspect The monetary system is understood as an ordered set of monetary relations, forms, methods and principles of organizing monetary circulation in a country or a single economic space. In an institutional aspect– monetary system – a set of institutions that create and regulate the economic and legal basis for the issue of money, methods of their circulation, accumulation, distribution and redistribution.

The modern monetary system cannot be reduced to the cash system; it includes two subsystems: a non-cash payments subsystem and a cash payments subsystem.

Functions of the monetary system are:

- emission - determination of forms and types of legal tender, methods of securing them, order of issue;

- regulatory - regulation of the money supply in circulation, its structure, compliance with the needs of the economy;

— control – monitoring compliance with the regulatory framework for organizing money circulation and monetary discipline.

Like any system, the monetary system consists of a number of elements that are in a certain structured unity.

The following are distinguished: blocks such elements:

— basic (fundamental);

— managerial (functional);

— infrastructural.

Base unit combines elements such as:

- the essence and functions of money,

- forms and types of money,

- currency unit,

- money supply and its structure,

- cash flow, its organization and structure,

— principles of organization of the monetary system.

The essence and functions of money are realized through the monetary system. The forms and types of circulating money determine the type of monetary system.

Currency unit is a legally established monetary sign that serves to measure and express the value of prices of goods and, as a rule, is divided into multiple parts.

This element of the monetary system, as a rule, develops historically, but in some cases the state may establish a new name for the monetary unit. Thus, in Russia in the period from 1922 to 1947. There were two names of the monetary unit: “ruble” and “chervonets”. After the monetary reform of 1947 and up to the present day, Russia has retained a single name for the monetary unit - “ruble”, which is enshrined in the Law “On the Central Bank of the Russian Federation”.

Principles of organizing the monetary system include:

The principle of stability and elasticity of money turnover. This principle is that the monetary system should be organized in such a way as, on the one hand, to prevent inflation: on the other hand, to expand money circulation if the economy’s needs for funds increase, and to narrow them if these needs decrease.

The principle of security of banknotes issued for circulation. In the conditions of a market model of the economy, banknotes are backed by inventories, gold and other precious metals, freely convertible currency, securities and other debt obligations located in the assets of banks.

Management (functional) block monetary system includes:

— principles of monetary system management;

— emission mechanism;

— mechanism of monetary regulation;

— the procedure for establishing the exchange rate;

— cash discipline;

— procedure for non-cash payments.

Principles of monetary system management include:

The principle of centralized management of the monetary system. This principle presupposes the existence of a single state center (represented by the Central Bank), which determines the basis for the organization of monetary circulation and regulates it. In the conditions of a market model of the economy, it is not administrative methods of management that come to the fore (although they also have their place), but economic ones, when the state, through the apparatus of central banks, sets conditions in the markets that force banks, financial institutions and other legal entities to make decisions necessary for the state .

The principle of cash turnover planning. It means that ensuring the stability and elasticity of the monetary system requires preliminary planning of the volume and structure of the money supply and money turnover.

The principle of the credit nature of money emission. The emergence of new banknotes (non-cash and cash) in economic circulation is possible only as a result of credit operations carried out by banks. Covering the budget deficit by issuing money by the Central Bank leads to a violation of this principle and is prohibited by law.

The principle of independence of the central bank from the state. It is due to the fact that maintaining the stability of money circulation and fighting inflation are the priority tasks of the central bank. If this principle did not exist, there would always be a threat that the government would begin to attract funds from the central bank to solve the problems facing it, and thereby the stability of money circulation would be disrupted. At the same time, the central bank can pursue policies that contradict the current objectives of the state, therefore the central bank is accountable, as a rule, to the country’s parliament.

The principle of supervision and control over cash flow. The state, through the banking, financial system, and tax authorities, must ensure constant control over both the entire cash flow as a whole and individual cash flows in the economy. In addition, the object of control is the observance by subjects of monetary relations of the basic principles of organizing both cash and non-cash turnover.

Emission mechanism is an element of the monetary system that determines the procedure for issuing cash and non-cash money into circulation and withdrawing it. In the Russian Federation, the issuance and withdrawal of cash is carried out by divisions of the Central Bank of the Russian Federation - the RCC. Non-cash money is released into economic circulation in the process of lending to the economy.

Monetary regulation mechanism is a set of methods and instruments of monetary regulation, rights and responsibilities of monetary regulatory authorities.

The procedure for establishing the exchange rate determines the currency quotation mechanism. Quotation – determination and establishment of the exchange rate of a foreign currency in relation to the national currency. Quotations are carried out by central and largest commercial banks. There are official and free (market) quotes. In modern conditions, they mainly use a quotation method based on a basket of currencies, in which the national currency is compared with a number of foreign currencies included in the “basket”.

Cash discipline – a set of general rules, forms of primary cash documents, reporting forms that should guide business entities during cash transactions.

Procedure for non-cash payments involves the regulation of accounts for which non-cash payments are made, forms of payment and obligations arising from non-cash payments.

Infrastructure block monetary system includes:

— regulatory framework (laws on the Central Bank, the monetary system, banks and banking activities, regulations of the Central Bank regulating the organization of money circulation);

— information and analytical base (analysis of the state of the money market, the volume and structure of the money supply, the level of monetization of the economy, the speed of money turnover, changes in the purchasing power of money, etc.);

— technological base (technology of money emission, methods of protecting cash from counterfeiting, from counterfeiting, collection methods, non-cash payment technologies, etc.);

— institutional bodies (institutions regulating monetary circulation.

The basic, managerial and infrastructural blocks of the monetary system function in inextricable unity.

2. Evolution of monetary systems

The evolution of monetary systems is determined by the development of relations of social reproduction.

Depending on the forms and types of money in circulation, there are:

- metallic monetary systems, where the monetary commodity is directly circulated and performs all the functions of money, and paper credit money is exchanged for metal;

— systems for the circulation of paper credit money that is not exchangeable for metal.

Within the framework of metallic monetary circulation, two types of monetary systems are distinguished: bimetallism and monometallism.

Bimetallism is a monetary system in which two metals, usually gold and silver, play the role of universal equivalent. There were three types of bimetallism:

- a parallel currency system, when the ratio between gold and silver coins was established spontaneously based on their market price;

— a dual currency system, when this ratio was established by the state;

- a system of “limping” currency, in which gold and silver coins serve as legal tender, but not on equal terms, since the minting of silver coins was carried out in a closed manner, in contrast to the free minting of gold coins. In this case, silver coins become a sign of gold.

Bimetallism was used for a long time in Western European countries, but its existence was not durable. The use of two metals as money contradicted the essence of money as a single value equivalent.

During the years of the Latin Monetary Union (Italy, Switzerland, Belgium, France, 1792 - 1834), the ratio between gold and silver was legally established at 15.5: 1.

However, as a difference emerged between the price proportion on the world market and the official domestic price, one of the two metals became more valuable than the other. It was more profitable not to use it as a monetary commodity, but to sell it (as a valuable raw material). Ultimately, one of the metals, which became more valuable, left circulation in accordance with the Oresme-Copernicus-Gresham law “Bad (cheaper) money forces good (more expensive) money out of circulation.”

In 1972, member countries of the Latin Monetary Union stopped the free minting of silver coins. By the end of the 19th century, the role of a monetary commodity was assigned to gold. As a result of the spontaneous action of the law of value and the internal contradictions of bimetallism, the elimination of the double measure of value and the transition to monometallism occurred.

Monometallism is a monetary system in which one monetary metal is the universal equivalent, while at the same time in circulation there are other signs of value (banknotes, treasury bills, small change) exchangeable for gold. There were three types of gold monometallism: the gold coin standard, the gold bullion standard and the gold exchange standard.

Under the gold coin standard, gold performs all the functions of money, both gold coins and gold tokens are in circulation, gold coins with a fixed gold content are freely minted, gold coins are freely exchanged for gold tokens at nominal value, gold moves freely, both within the country, as well as in international circulation.

The gold bullion standard is characterized by the fact that banknotes are exchanged for gold bullion, but only upon presentation of a certain amount.

A feature of the gold exchange standard was that banknotes were exchanged for slogans, that is, for foreign currency exchanged for gold. The gold exchange standard consolidated the currency dependence of some capitalist countries on others, which was the basis for the subsequent creation of a system of international currency treaties and currency regulation systems that ensure the relative stability of freely convertible currencies.

The most stable type of metal circulation was the gold coin standard. Under its conditions, the function of money as a treasure served as a spontaneous regulator of the amount of money in circulation, which ensured the stability and elasticity of the monetary system by maintaining a dynamic correspondence between the mass of goods and the amount of money in circulation. The gold coin standard contributed to the development of international trade. Production and credit, and most closely met the requirements of capitalism in the era of free competition. However, in the course of historical development, the growth of economic turnover led to a gradual change in the relationship between gold and banknotes in favor of the latter. If in 1860 in Western countries the proportion between gold coins and tokens of value was 50:50, then in 1913 it was 10:90. At the same time, since the basic principles of the gold coin standard operated under these conditions, the monetary systems remained stable. During the First World War, when fiat money began to be issued to finance military expenses, the foundations of the gold standard were undermined - the free exchange of banknotes for gold was stopped, and the free movement of gold between countries was limited.

After the war, due to the disruption of monetary circulation, most countries were unable to return to the gold coin standard, which was preserved only in the United States. In a number of countries (Great Britain, France) a gold bullion standard was established, and in most others a gold exchange standard was established, which increased their dependence on economically stronger countries.

Since the 30s. Monetary systems built on the circulation of fiat credit money are beginning to function in the world. This is primarily due to the operation of the general economic law of saving social labor. The evolution of monetary systems leads to the creation of more and more economical monetary systems, where the costs of monetary circulation are constantly decreasing, and therefore, the costs of social labor are also decreasing.

All monetary systems based on the circulation of credit banknotes are characterized by:

The displacement of gold, both from internal and external circulation, and its deposit in gold reserves (mainly in banks); gold still performs the function of treasure;

Issue of cash and non-cash banknotes based on bank lending operations;

Development of non-cash money circulation and reduction of cash turnover;

Creation and development of mechanisms for monetary regulation of money turnover by the state.

3. Money emission as an element of the monetary system. Types of money issue and methods of its regulation

Money issue represents the creation and entry into monetary circulation of various means of payment.

The concepts of “issue of money” and “issue of money” are not equivalent. The release of money into circulation occurs constantly. Non-cash money is issued when commercial banks provide loans to their customers. Cash is released into circulation when banks, in the process of carrying out cash transactions, issue them to customers from their operating cash desks. However, at the same time, clients repay bank loans and hand over cash to banks' operating cash desks. At the same time, the amount of money in circulation may not increase.

By emission we mean the release of money into circulation, which leads to a general increase in the money supply in circulation.

Since the composition of the money supply and, accordingly, means of payment is diverse, the concept of money emission is heterogeneous

In a broad sense, money emission is the release into circulation of an additional quantity of banknotes and means of payment, leading to an increase in the money supply.

Money emission is determined by the following factors:

— growth in the mass of goods, production and circulation, activity of economic entities, leading to an increase in product supply;

— price increases associated not with changes in the properties and quality of goods and services, but with speculative operations of market participants, strengthening of monopoly, inadequate tax policy of the state, etc.;

- a decrease in the velocity of money circulation due to an increase in the share of cash in the structure of the money supply, a shortage of commodity supply, administrative restrictions, weak organization of production and trade, and general risks.

These factors determine the heterogeneity of money emission and, accordingly, its various types.

Deposit issue money - the Central Bank increases its credit investments by issuing loans that increase account balances, that is, on deposits of credit institutions.

Budget issue – issuing money to cover the state budget deficit.

Banknote issue – issue of banknotes and coins carried out by the Central Bank.

Treasury issue – issue of treasury notes and coins by treasuries having the right to issue.

Regulatory emission – emission associated with temporary adjustments to the composition and structure of the money supply is carried out within the framework of monetary regulation.

Deposit issue – release of money into economic circulation through the creation of non-cash means of payment. When making non-cash payments, funds in customer bank accounts reflect the records of turnover balance accounts. By providing loans to clients, banks open accounts for them for the amount of loans issued, thereby forming debt claims and turning them into means of payment. Deposits are mobilized by bank clients through transfer orders in the process of non-cash payments.

Emission can be:

- organized and unorganized (depending on the degree to which the predicted dynamics of the money supply are reflected in the actions of the Central Bank);

- official and unofficial (depending on the legislation);

— stabilizing or destabilizing (depending on the impact on the economy);

- cash and non-cash (depending on the form of money).

Non-cash money emission is primary; it is carried out by crediting additionally issued money to correspondent accounts in banks in the form of central bank loans or budget allocations. Before cash comes into circulation, it must be recorded as an entry in bank deposit accounts.

The issue of non-cash money can be external and internal. Sources of external non-cash emission (taking into account the domestic foreign exchange market) are:

— purchase of foreign currency by the central bank;

— revenue from the use of foreign property;

— obtaining loans from international financial and credit organizations;

— foreign investments;

— purchase and sale of cash foreign currency by the population, stimulated by unorganized imports.

The sources of internal non-cash emissions are loans provided by the banking system:

- economics,

state,

to a foreign state.

The credit nature of money emission is one of the fundamental principles of organizing the state's monetary system.

In a market economy, the emission function is concentrated and divided between participants in economic turnover as the difference between the inflow and outflow of means of payment within the framework of a two-tier banking system:

— the issue of non-cash money is carried out by the banking system (entirely by commercial banks and partly by the central bank;

- issue of cash - by the central bank.

In the conditions of an administrative-distributive economy (like the former USSR), both issues, as a rule, were carried out by the State Bank.

The main purpose of issuing non-cash money into circulation is to satisfy the enterprise’s additional need for working capital. Commercial banks meet this need by providing loans to businesses. However, banks can issue loans only within the limits of their available resources, that is, those funds that they have mobilized in the form of their own capital and funds in deposit accounts. With the help of these resources, it is possible to satisfy only the usual, and not the additional, need of the economy for working capital. Meanwhile, either due to an increase in production or due to rising prices for goods, an additional need for money by the economy and the population constantly arises. Therefore, there must be a mechanism for issuing non-cash money that satisfies this additional need - a multiplication mechanism. The Central Bank, managing the multiplication mechanism, expands or narrows the issuing capabilities of commercial banks.

There are: monetary and banking (deposit, credit) multipliers.

Monetary multiplication is understood as the process of issuing means of payment by participants in economic turnover when the monetary base (central bank money, reserve money) increases by one monetary unit. Reserve money exceeds the broad monetary base by the amount of demand deposits of economic participants serviced by the central bank. The money multiplier shows how much the money supply (the amount of money in a country) will increase when the monetary base increases by one. It is defined as the ratio of the money supply (M2) to the monetary base.

When assessing the effect of the money multiplier, factors such as:

— conditions for moving funds between banks;

— the impact of the movement of funds on the expansion of bank credit investments;

— the level of validity of the dependence of the possible volume of credit investments on the availability of deposits in banks;

— the possibility of banks reserving larger amounts of money than according to the standards of the central bank;

- withdrawal of part of bank deposits in the idea of ​​cash;

— transformation of part of bank deposits into time deposits;

— payment of a bank loan;

— the degree of interest of banks in making a profit;

— openness of the financial market.

The bank multiplier is the process of increasing (multiplying) money in the deposit accounts of commercial banks during the period of their movement from one commercial bank to another. Banking, credit and deposit multipliers characterize the multiplication mechanism from different positions.

The bank multiplier is determined using:

— banking multiplication coefficient: the ratio of M2 at the end of the year to (M2 at the end of the year – M0 at the beginning of the year);

— coefficient of change in the money supply: the ratio of M2 at the end of the year to M2 at the beginning of the year.

The deposit multiplier shows the maximum that deposits in commercial banks can increase when the monetary base increases by one.

The credit multiplier shows the maximum increase in the amount of bank loans to the population when the monetary base increases by one.

The mechanism of the banking multiplier is directly related to the free reserve - the totality of resources of commercial banks that at a given time can be used for active banking operations.

The issuing activity of the banking system can be illustrated using the following example:

In practice, the bank multiplication coefficient will not reach 10, because part of the funds is always used for other, non-credit transactions, the bank must have cash in its cash desk, etc.

The operation of such a mechanism is possible only within the framework of a two-tier banking system.

The banking multiplier mechanism works by providing centralized loans, purchasing securities or currency from commercial banks by the central bank, and reducing the rate of contributions to the centralized reserve. As a result of this, the free reserves of these banks, used for credit operations, increase, i.e., the banking multiplication mechanism is activated.

Issue of cash. Cash emission is the release of cash by a central bank into circulation, which increases the amount of cash in circulation.

Cash is released into circulation in the process of cash transactions by commercial banks, which issue cash to customers from their operating cash desks. But the monopoly on the issue of cash belongs to the central bank.

The Central Bank is obliged to ensure the stability of the national currency and banknotes, linking their issue of banknotes with the process of production of goods and services. The main items of the Central Bank's assets that ensure the issuance of banknotes into circulation are official foreign exchange reserves, government and other securities, and loans to banks provided against securities.

Cash issuance is carried out decentralized - by the Central Bank and its cash settlement centers (RCCs). The size of the issue is determined by the need of commercial banks for cash, which, in turn, depends on the need for it of legal entities and individuals served by these banks, and it is constantly changing. Therefore, meeting this need through the RCC, rather than a single center, saves circulation costs.

RCCs open in various regions of the country and provide settlement and cash services to commercial banks located in these regions. To issue cash, reserve funds and working cash desks are opened in cash settlement centers. Reserve funds store a stock of banknotes intended for their release into circulation in the event of an increase in the need for cash in the economy of a given region. These banknotes are not considered money in circulation, since they do not move and are a reserve.

The cash desk of the cash settlement center constantly receives cash from commercial banks, but cash is also constantly issued from it. Thus, the money in the working cash register is in constant motion; they are considered money in circulation. If the amount of cash received by the cash settlement center's working cash desk exceeds the amount of money issued from it, then the money is withdrawn from circulation. At the same time, they are transferred from the working capital of the RCC to its reserve fund.

The reserve funds of the RCC are managed by the territorial departments of the Central Bank of Russia. Cash settlement centers are required to issue free cash to commercial banks within the limits of their free reserves. Therefore, if the majority of commercial banks served by the RCC increase the need for cash, and the receipt of money in their operating cash desks does not increase equivalently, then the RCC will be forced to increase the release of cash into circulation. To do this, based on permission from the management of the Central Bank of the Russian Federation, he will transfer cash from the reserve fund to the working cash desk of the RCC. For this RCC this will be an issuance operation, although in the country as a whole there may not be any issue of cash.

When one RCC issues an issue, another RCC may at the same time additionally withdraw a similar amount of cash, so the total amount of money in circulation may not change. Information about whether an issue occurred or did not occur on a given day is available only to the Board of the Central Bank, where the daily emission balance is compiled.

Money issued by the RCC for circulation will go to the operating cash desks of commercial banks, from where they will be issued to clients of these banks, i.e., they will go either to the cash desks of enterprises or directly to the population. In this case, money is debited from clients' accounts upon demand. Consequently, cash is transformed from non-cash money held in deposit accounts and represents an integral part of the money supply created by commercial banks as a result of the bank multiplier mechanism.

4. Russian monetary system

The modern monetary system of Russia, as in most other countries, is based on money that is not redeemable for gold. The main parameters of the monetary system of the Russian Federation are defined in the Federal Law of July 10, 2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)” (as amended and supplemented).

According to this Law, the official monetary unit of the Russian Federation is the ruble, which is equal to 100 kopecks. The law prohibits the circulation of other monetary units or various monetary surrogates on the territory of Russia. The official ratio between the ruble and gold or other precious metals is not established.
The monopoly right to issue or withdraw cash from circulation has been granted to the Bank of Russia. He bears full responsibility for organizing their circulation in the national economy.

In this regard, the Bank of Russia is entrusted with the following functions:

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

Establishing rules for the storage, transportation and collection of cash, the procedure for conducting cash transactions for credit institutions;

Establishing signs of solvency of banknotes and coins, the procedure for their destruction, as well as replacing damaged ones with valid ones.

According to current legislation, there are two types of banknotes in Russia: banknotes (bank notes) and coins. They are unconditional obligations of the Bank of Russia and are secured by all its assets.

On September 18, 1997, the Government of the Russian Federation adopted a resolution to change the nominal value of Russian banknotes and coins. On January 1, 1998, the Bank of Russia introduced banknotes and coins of the 1997 model into circulation:

Banknotes in denomination 5; 10; 50; 100; 500 rub.;

Coins in denomination 1; 5; 10; 50 kopecks and 1; 2; 5 rub.

On January 1, 2001, a banknote in denomination of 1000 rubles was introduced into circulation, in the first half of 2006 - 5000 rubles.

Payments on the territory of the Russian Federation are made in the form of cash and non-cash payments. The Bank of Russia approves samples of payment documents used for non-cash payments.

5. Currency reform: prerequisites, essence, goals and methods of implementation

Currency reform is a complete or partial transformation of the monetary system, carried out with the aim of streamlining and strengthening monetary circulation.

Depending on the scale of the reforms, there are complete (radical) reforms associated with changes in the principles of organization of the monetary system, and partial ones aimed at eliminating certain negative consequences.

Depending on the goals, reforms are aimed at:

- formation of a new monetary system;

— partial transformation of the monetary system (issue order, name of the monetary unit, etc.);

— relative stabilization of monetary circulation in order to curb inflation.

In the history of monetary circulation there have been monetary reforms related to:

- with the transition from one monetary commodity to another (from silver money to gold money, from bimetallism to monometallism);

- replacement of defective and depreciated coins with full-fledged ones, irredeemable depreciated money with changeable ones;

- the formation of a new monetary system as a result of the creation of new states (USSR - Russia), the unification of the monetary systems of a number of states (eurozone);

— partial measures to stabilize the monetary system.

Monetary reforms are carried out in accordance with legislative acts aimed at strengthening the country's monetary system. During monetary reforms, depreciated paper money is withdrawn from circulation, new ones are issued, the monetary unit is changed, and a transition occurs from one monetary system to another. In all these cases, we are talking about a change in the monetary unit both in cash circulation and in non-cash payments. In this case, it is not necessary, especially in modern conditions, to change the gold content of the monetary unit, but the exchange rate of the national currency may change.

Monetary reforms are carried out using various methods depending on the forms of circulating money, the social structure of the country, the goals and scope of the reform, and state policy.

The main methods of carrying out monetary reforms are the following:

— nullification - the state declares depreciated old banknotes invalid and issues new banknotes;

- denomination - a change in the nominal value of banknotes with their exchange at a certain ratio for new larger monetary units with the simultaneous recalculation of all monetary obligations in the country;

- devaluation - under the gold standard - a decrease in the metal content of the monetary unit, with the cessation of the exchange of money for gold - a decrease in the exchange rate of national banknotes to foreign currency;

- revaluation - under the gold standard - an increase in the metallic content of the monetary unit, with the cessation of the exchange of money for gold - an increase in the exchange rate of national banknotes to foreign currency;

- restoration - restoration of the previous content of the monetary unit.

With metallic money circulation, monetary reforms coincided with the indicated methods and were accompanied by the restoration of the exchange of paper money for metal, a change in their metallic content, or a return to the gold or silver standard. In modern conditions, denomination, devaluation and revaluation are used as methods of monetary and exchange rate policy.

Growth in production, which helps increase the supply of goods and limits the possibility of price increases, which is of paramount importance for maintaining the stability of the monetary unit;

Zero budget deficit, which makes it possible to avoid the use of money emission and borrowing to cover budget expenses, thereby limiting effective demand and its possible impact on price increases;

The presence of sufficient gold and foreign exchange reserves, which allows maintaining the stability of the national currency exchange rate, and, if necessary, using such reserves for the import of goods, increasing their supply on the market.

The importance of each of these factors when carrying out various monetary reforms is not the same; only if these prerequisites are present, the reform can be successful. Thus, during the Witte reform in Russia in 1895-1897. there were the necessary prerequisites in the form of production growth and a virtually deficit-free budget. However, since this reform provided for the transition to the free exchange of banknotes for gold, the accumulation of sufficient gold reserves acquired particular importance.

Completion of the monetary reform does not guarantee the continued stability of the new currency in the future. After carrying out the monetary reform, it is necessary to systematically implement certain measures to maintain the achieved results. A sound monetary policy plays a significant role in this, with the help of which the necessary regulation of the monetary sphere can be carried out.

Currency reforms in Russia

1531-1535 Monetary reforms of Elena Glinskaya. The first centralized monetary reform in Russia was carried out by Elena Glinskaya - the Dowager Grand Duchess of Moscow, the wife of Vasily III and the mother of the young Ivan IV Vasilyevich “The Terrible”. The main reason for the reform was the variety of coins used in Rus', which caused great difficulties with money circulation and concluding trade transactions. Cut-off and mixed coins flourished. The goal of the reform was to ban all old Russian and foreign coins (circumcised and uncircumcised), and replace them with a new coin - the penny.

1654-1663 Reform of Alexei Mikhailovich Romanov. Under Tsar Alexei Mikhailovich (1645-1676), real ruble silver coins were issued for the first time - “efimki”, minted from West German thalers - full-fledged current coins of Europe. For the first time, the inscription “Ruble” was placed on the coin, on the front side there was a double-headed eagle, on the reverse side there was a king on horseback. However, at this time the ruble was an inferior coin; it contained less silver than 100 silver kopecks. Its actual cost was 64 kopecks. Also, copper kopecks were issued into circulation on the model of silver ones, in fact, according to the 400-ruble coin stack. An attempt to introduce unsecured lightweight money into monetary circulation led to inflation and increased internal tension and ultimately ended in popular unrest. In 1655, the issue of “efimki” was discontinued, and they were replaced by full-weight thalers with a stamp (a rider on a horse and the year - 1655) , which were called “efimki with features,” copper coins ceased to be issued. Regular minting of silver rubles and copper kopecks began only in 1704 during the monetary reform of 1700-1718.

1700-1718 Financial reform of Peter I. The main reason for the financial reform was the need for funds for the construction of the fleet, the improvement of the army, and the conduct of the Great Northern War of 1700-1721. Peter I decided to introduce a new monetary system that would meet the requirements of a developing economy and trade. The reform was carried out gradually over 15 years. During the reform, in 1701, gold coins were introduced into circulation - the chervonets (3 rubles), equal in weight to the Western European ducat (3.4 grams), the double chervonets (6 rubles) and the double ruble (about 4 grams). In 1704, a copper kopeck equal to 1/100 of a silver ruble appeared in circulation.

1730-1755 Redemption of a lightweight coin. In the first quarter of the 18th century, the Russian Empire embarked on a course of intensive modernization, pursued an active foreign policy, and numerous reforms were carried out in the country. At the same time, expenses exceeded the amount of income from taxes and other traditional types of revenue. Successful monetary reform 1700-1718 gave the government a new tool for generating income - the exploitation of coin regalia. Beginning in 1718, copper coins of 40 rubles began to be issued in the country. from a pound of copper (at a copper price of about 8 rubles). The large difference in the cost of raw and “exchanged” copper led to a surge in counterfeiting (counterfeit money was issued not only by private individuals, but also by mints in other countries). These processes began to take on a threatening character. Normalization of monetary circulation took more than 20 years. Starting from 1730, the issue of lightweight coins was stopped, and instead the issue of coins (money and half coins) of 10 rubles began. from the pud. This made it possible to remove one-kopeck coins from circulation (which were minted into new money), but the main problem was the large number of five-kopeck coins (by 1730 only officially issued for 3.2 million rubles, the number of counterfeit ones cannot be estimated), the redemption of which was not possible for the treasury affordable. Since 1744 The purchasing power of 5-kopeck coins decreased by law, reaching by 1755. two kopecks. After this, it was announced that lightweight coins would be bought back at 2 kopecks apiece in a short time, followed by a ban on their circulation. Due to the limited period of exchange, about 206 thousand rubles were presented for ransom in five-kopeck coins. The redeemed coins were minted into new kopecks of the 8-ruble coin stock.

1769 The first paper money in Russia. In 1769, during the reign of Catherine II (1729-1796), the first paper banknotes were introduced into circulation in Russia, which existed under the name of banknotes until 1843. The reason for the need to introduce banknotes was that the basis of monetary circulation was the silver ruble, which played the role of a universal equivalent and was secured by the price of the metal contained in it. But the productivity of domestic mines (6-7 thousand kg of silver per year) was insufficient to meet the increased requirements for the volume of money in the economy. The banknotes were also used to finance the war with Turkey. As the main reason for the introduction of banknotes, the Manifesto of December 29, 1768 indicated the need to exchange copper coins for banknotes that were convenient for transportation. Banknotes of the first issue 1769-1786. firmly entered into Russian monetary circulation. They were not obligatory for private individuals, but for that time their exchange rate was very high - from 98 to 101 kopecks. silver for ruble banknotes, that is, they were equivalent to a silver coin. However, the increased issue of banknotes, which exceeded the security, led to a drop in its rate. In 1797, the government decided to withdraw part of the banknotes issued to the market; A ceremonial burning of banknotes worth 6 million rubles took place in the presence of Paul I himself. Constant wars required emergency expenses, and by 1802 the total amount of banknotes rose from 151 million to 212 million rubles, which finally reduced the exchange rate of the paper ruble; the fall of the ruble especially intensified during the Patriotic War of 1812.

1839-1843 Reforms E.F. Kankrin and Nicholas I. In 1839-1843, during the reign of Nicholas I, the Minister of Finance, Count E.F. Kankrin, carried out a monetary reform during which banknotes were withdrawn from circulation and they were replaced by credit notes redeemable for silver. Silver monometallism was introduced in Russia, which existed in Russia until 1852. But by 1849, tickets and old banknotes were exchanged for banknotes of a new type, which soon became worthless. Therefore, with the beginning of the Crimean War of 1853-1857, banks stopped exchanging banknotes for gold and silver. A period of widespread paper money circulation began in Russia.

1895-1897 Monetary reform S.Yu. Witte and Nicholas II. In 1895-1897, Minister of Finance S. Yu. Witte (1849-1915) carried out a new monetary reform, the purpose of which was to establish gold monometallism in Russia. It is based on the gold backing of the state's monetary system. According to the reformers, to ensure stable convertibility of the ruble, free exchange of credit notes was established, the issue of which was limited to gold coins at the rate of one paper ruble for one ruble in gold, and the gold content of the imperial was reduced. With the outbreak of the First World War in 1914, the exchange of money for gold was stopped.

Currency reforms in the USSR. Reform 1922-1924 Sokolnikov and Yurovsky. The first monetary reform in the USSR was carried out in 1922-1924. Paper money, which had depreciated during the Civil War, was replaced by stable bank notes - chervonets and stable change banknotes. At the first denomination, one ruble of the 1922 model was equal to 10,000 rubles in banknotes of all previous issues. As a result, banknotes of different types in circulation were replaced by signs of the same type. With the second denomination in 1924, 1 ruble of the 1923 model was equated to 100 rubles issued in 1922, or to 1,000,000 rubles in pre-1922 denominations. Both denominations were the first step towards stabilizing the Soviet currency, the purchasing power of which had decreased as a result civil war and foreign military intervention. In 1923, the first Soviet gold chervonets were issued, corresponding in pure gold content to the pre-revolutionary 10 rubles. Soviet chervonets received the nickname “sower” because the image of a sower based on the sculpture of Ivan Dmitrievich Shadr (1887-1941) was chosen for the obverse of the coin. The author of the sketch was the chief medalist of the Mint A.F. Vasyutinsky.

The monetary reform of 1947 was carried out with the aim of removing excess amounts of money from circulation and replacing old ones that had been devalued during the Great Patriotic War with new, full-fledged money. Currency reform in the form of denomination with confiscation. 10 old rubles in cash were exchanged for one new ruble. The cash exchange was carried out within one week (“Whoever didn’t make it was late”). The revaluation of deposits in Sberbank was carried out as follows: amounts up to 3 thousand rubles. changed one to one, for deposits from 3 thousand to 10 thousand rubles. for three old rubles they gave two new ones. If the deposit amount exceeded 10 thousand rubles, then one new ruble was given for two old ones. This reform primarily affected rural residents, who did not trust savings banks and kept their money in cash. The cost of goods in stores remained at the same level, but food cards were abolished.

The monetary reform of 1961 was carried out in the form of a “pure” denomination. The CPSU Central Committee called this monetary reform “the most humane in history.” For all deposits in Sberbank, citizens received one new ruble for 10 old rubles. Cash was exchanged without restrictions at the same rate. By early February 1961, about 90% of the cash had been exchanged for new banknotes. In state stores, prices were reduced 10 times, although a similar reduction did not occur in collective farm markets.

1991 - Pavlovsk reform. Confiscation monetary reform, later called “Pavlovskaya”, in honor of the USSR Minister of Finance Valentin Sergeevich Pavlov. For three days in January, citizens could exchange 50- and 100-ruble bills for new ones. It was possible to exchange only cash up to 500 rubles. At Sberbank you could only get 500 rubles from a deposit. new. Less than two weeks before this event, Pavlov made a statement that there would be no monetary reform. According to the authorities, this measure was supposed to freeze unearned income, funds of speculators, corrupt officials, shadow businesses and counterfeit money, and as a result, shrink the money supply and stop inflation. At the same time, deposits in Sberbank were frozen, and on April 1, prices increased throughout the country. 40% was charged on frozen deposits, and the money could only be received in cash next year. Hyperinflation, which amounted to 2600% in 1992 alone, devalued citizens’ savings in Sberbank.

Currency reforms in Russia. 1993 Due to increased inflation in 1993, the Russian government introduces a new confiscatory monetary reform. The exchange of Soviet banknotes for Russian ones was carried out on July 26 - August 7, 1993. Citizens of Russia (according to the registration in the passport) could exchange amounts of up to 100 thousand rubles, which was stamped in the passport. There were rumors about the reform in advance, the authorities denied them, and the reform was carried out during the holiday period, when many were away from their place of registration. As a result, many did not physically have time to exchange their cash savings, and this money was lost. As a result of public dissatisfaction, the terms for exchanging banknotes were significantly extended. “We wanted the best, but it turned out as always” - a phrase uttered by Viktor Chernomyrdin, Prime Minister of the Russian Federation on August 6, 1993 at a press conference, describing how the 1993 monetary reform was being prepared.

Denomination 1998 On August 4, 1997, Russian President Boris Yeltsin signed Decree No. 822, according to which on January 1, 1998, the government and the Central Bank carried out the redenomination of the ruble. Now 1 new ruble was equal to 1000 old rubles. The international ruble code has also changed from RUR to RUB. Shortly after the redenomination, on August 17, 1998, the government defaulted on domestic obligations, and the ruble fell sharply against other currencies. Despite the fact that these two events are more than six months apart, people unreasonably connect them with each other. During 1998, old and new money circulated in parallel, and prices were indicated in both old and new money. In total, legal tender during this period were:

Old money

Bank of Russia banknotes of the 1993 model (and their modifications of 1994)

Bank of Russia banknotes from 1995

Bank of Russia coins from 1992

All coins of the USSR State Bank of the 1961 model

Coins of the State Bank of the USSR 1, 2 and 3 kopecks issued before 1961

New money

Bank of Russia banknotes from 1997

Bank of Russia coins from 1997

From January 1, 1999, the old money lost its solvency, however, in accordance with the above-mentioned decree of the President and the regulation of the Bank of Russia dated December 15, 1998 No. 63-P, it was exchanged in all branches of the Bank for new ones in quantities divisible by 1 new kopeck until 2002 (later this the period was extended until 2003), i.e. theoretically, it was possible to exchange a thousand Soviet kopecks for one Russian one.
Cash turnover and its structure
State financial system
Currency relations and the monetary system

The principles of organization of the monetary system are a fundamental element of the monetary system. They refer to the rules in accordance with which the state organizes a given monetary system.

The following principles of organization of the monetary system are distinguished:

1. The principle of centralized management of the monetary system is characteristic of the administrative-distribution model of the economy. It is implemented through government regulations, which are mandatory for all state-owned banks and their branches. The management of monetary systems under the conditions of a market model of the economy is characterized by the fact that here it is not administrative methods of management that come to the fore (although they also have their place), but economic ones, when the state, through the apparatus of central banks, sets conditions in the markets that force banks and financial institutions and other legal entities to make decisions necessary for the state. The implementation of the principle of centralized management of the national monetary system allows, based on development needs, to set common goals and make decisions that are beneficial for the economy of the country as a whole.

2. The principle of forecast planning of cash flow. It means that both centralized and decentralized plans for cash flow and its components are prepared not as directive plans, mandatory for implementation by specific bodies responsible for their implementation, but as forecasts, i.e. guidelines to which we must strive. Monetary turnover plans are prepared as a set of general estimates based on scientific ideas about the state and prospects of the national economy or its individual sectors in the future. Creating a reliable macroeconomic forecast is one of the most important and most difficult management tasks. Such forecast plans do not have a directive nature, and social administrative bodies are not created for their implementation. The exception is a financial plan such as the state budget, which, with any type of monetary system, remains a directive plan, for the implementation of which the government and, as a rule, the country’s Ministry of Finance are responsible.

3. The principle of stability and elasticity of money turnover. This principle is that the monetary system should be organized in such a way as to prevent inflation on the one hand; on the other hand, to expand cash flow if the economy’s needs for funds increase, and to narrow them if these needs decrease. Under certain conditions (decline in production, budget deficit, insufficient supply of funds for circulation, etc.), the stability of money circulation may be disrupted, and a payment crisis arises. Overcoming such a crisis is possible with the help of a set of measures, including the development of production, reducing the budget deficit, ensuring the circulation of the necessary amount of cash, etc.

4. The principle of the credit nature of money emission - the emergence of new banknotes (non-cash and cash) in economic circulation is possible only as a result of credit operations carried out by banks. Banknotes should not be put into circulation from other sources, including the treasuries of countries.

5. The principle of security of banknotes issued for circulation. In the conditions of a market model of the economy, banknotes are backed by inventories, gold and other precious metals, freely convertible currency, securities and other debt obligations located in the assets of banks. At the same time, the gold content of the monetary unit has not been fixed in the Russian Federation since 1992.

6. The principle of independence of the Central Bank from the government and its subordination to the country’s parliament. It is due to the fact that maintaining the stability of money circulation and fighting inflation are the priority tasks of the Central Bank. If this principle did not exist, there would always be a threat that the government, in order to solve the problems facing it, would begin to “draw out” funds from the Central Bank, and thereby the stability of money circulation would be disrupted. The principle of independence of the Central Bank from the government and its subordination to the country's parliament is associated with the principle of state building, which consists in the separation of powers. It is expressed in the fact that the Central Bank of the country is a structure controlled by parliament, the legislative body, and is not administratively subordinate to the executive branch, i.e. government or any other body, public council, etc. Only in this case is the Central Bank able to perform the function of maintaining a stable exchange rate of the national currency, corresponding to trends in the development of the country's economy. If independence is not ensured in practice, the government gets the opportunity to carry out uncontrolled issue of banknotes, and monetary circulation is exposed to the threat of crisis and destruction. At the same time, the Central Bank may pursue policies that are contrary to the current objectives of the state, so the central bank must systematically report to the country's parliament, which is designed to help overcome disagreements between the central bank and the government.

7. The principle of providing the government with funds only by way of lending. Typically, the legislation of countries with a market economy contains a provision that the central bank should not finance the government, but provide funds to it only by way of lending against certain collateral (real estate, state-owned inventories, government securities, other securities, belonging to the state (federation or federal subjects)). The application of this principle makes it possible to prevent the use of money to cover the deficit of federal local budgets and thereby not give an incentive to the development of the inflationary process. In addition, the use of this principle forces the government to seek other sources of budget revenue to cover federal and local expenses.

8. The principle of integrated use of monetary regulation instruments. Its essence lies in the fact that the Central Bank should not limit itself to any one instrument of monetary regulation to maintain the stability of money turnover, but must use a complex of these instruments, otherwise the monetary effect cannot be achieved.

9. The principle of supervision and control over monetary circulation is an integral function of the public administration system. The principle of supervision and control over money circulation - the state through the banking financial system and tax authorities must ensure constant control over both the entire money turnover as a whole and individual cash flows in the economy. In addition, the object of control is the observance by subjects of monetary relations of the basic principles of organizing both cash and non-cash turnover.

10. The principle of functioning exclusively of the national currency on the territory of the country. The country's legislation provides for payments for goods and services within the country to be made exclusively in the national currency. This does not mean, of course, that the population cannot freely exchange the national currency for the currencies of other countries on the territory of the country, but the use of such currency received during the exchange is allowed for payments abroad, as well as deposits in banks. The principle of functioning exclusively of the national currency on the territory of the country permeates all legislative acts related to monetary circulation within the state.

The modern monetary system is based on the following operating principles:
1) central management of the monetary system is carried out by economic methods through the apparatus of the central bank;
2) forecast planning of cash flow means the development of centralized and decentralized plans, forecast plans;
3) the stability and elasticity of money turnover excludes, on the one hand, inflation, and on the other, it expands or narrows money turnover in connection with the economy’s needs for funds;
4) the credit nature of money emission - the release of new banknotes into economic circulation - is carried out only as a result of credit operations carried out by banks;
5) security - banknotes issued for circulation must be actually insured by the bank’s assets (inventory assets, gold, precious metals, foreign currency, securities and other debt obligations);
6) the government is provided with funds only by way of lending on a repayable and reimbursable basis;
7) comprehensive monetary regulation is carried out by the central bank using various methods;
8) supervision and control over money circulation is carried out by the state through the banking, financial and tax systems;
9) only the national monetary unit operates on the territory of the country.

Features of inflation processes in Russia.

In 1992, the Russian Government announced price liberalization. Administrative controls over prices and production were removed, resource rationing, export and import quotas, and multiple exchange rates were abolished, or rather they remained on a limited scale. Attempts by the state (at the beginning of 1992) to pursue strict tax and monetary policies in the absence of a strong national currency and foreign exchange controls turned out to be meaningless and failed. Measures were required to tighten controls over the flow of uncontrolled rubles from the “ruble zone” states, as well as customs and currency controls, before controls were imposed on the monetary system. Due to the weakness of legal and administrative support for contractual discipline, non-payments have become a widespread phenomenon. The rapid development of the shadow economy and crime contributed to the paralysis of a number of enterprises and entrepreneurs, and the financial system.

As a result of price liberalization, the rate of their growth turned out to be so strong that the money supply could not keep up with it; it was not enough for calculations. To increase its volume, the Central Bank of Russia expanded the denomination of banknotes, and then took measures to organize cash settlement centers for non-cash payments. These measures turned out to be insufficient. The money supply, cash and non-cash, increased in 1992 by 7.6 times, while prices increased by 26 times. In 1993, the cash and non-cash supply increased 5.1 times, and prices increased almost 10 times. In 1994, prices increased almost 4 times, while the money supply increased only 2.9 times. To a certain extent, having adopted the ideas of the monetary concept, which was that the Central Bank changes the amount of funds in the banking system, which makes it possible to change the interest rate, affecting investments and income. An increase in the supply of money reduces the interest rate, and a decrease in the supply of money increases it; a number of reforms were undertaken. In accordance with this concept, state regulation of the economy should be extremely limited, mainly due to the stable and uniform emission of money. Since inflation occurs due to an excess of money in circulation, it is necessary to reduce the volume of aggregate demand of the population. The Russian version of inflation, which arose not because of the budget deficit, which, on the contrary, was a consequence of inflationary processes, but because of inflationary costs, requires not monetarist methods of overcoming it, but a different approach. Attempts to contain inflation only by limiting the money supply, although they yielded certain positive results, also entailed a number of negative consequences: a decline in production, an increase in non-payments, and a drop in living standards.

Russian inflation is inflation of costs and partly of the budget deficit, and not of an excess money supply.

In Russia, inflation was combined simultaneously with a decline in production, i.e. stagflation occurred. For Russia, the most preferable option for regulating inflation is a stagflationary policy, where an income policy is applied - coordination and linkage of wage and price growth rates under the supervision and mediation of the state. Thus, anti-inflationary policy should use two regulators: market and state.

The emergence and growth of inflation was accompanied by processes in the field of commodity and money circulation: a rapid rise in prices (in 1992-1994 they increased almost 1000 times); a sharp drop in the volume of goods and services offered in real terms (by more than 50%); decline in GDP (1992 - by 19%, 1993 - by 12%, 1994 - by 15%); fall in investment (1992 - by 40%, 1993 - by 12%, 1994 - by 26%)

The depreciation of money in Russia occurred due to a monopoly increase in prices in the absence of competition and the presence of state regulation of the inflation process. Prices were raised by middlemen-resellers in the sphere of wholesale and retail trade. Retail prices for goods and services were several times higher than manufacturer prices.

The expansion of credit expansion only strengthened the existing level of inflation and required more and more new emission of money. The state budget deficit increased during 1992-1994. and exceeded 60 trillion rubles in 1994. The resulting deficit was covered by centralized loans from the Central Bank and was of an inflationary nature. Debt on loans to the federal budget in 1994 alone increased from 13 to 66 trillion rubles. In order to reduce inflation, the Ministry of Finance of the Russian Federation began issuing government bonds (GKOs) in May 1994. The process of dollarization played a significant role in driving inflation: dollars purchased by the population increase the amount of prices for goods and services in Russia. Additional effective demand arises from the population, enterprises and banks. A foreign currency product purchased for rubles is in reserves both within the country and abroad, and its equivalent (rubles) remains in domestic monetary circulation, which in itself serves as a stimulus for inflation.

Thus, the main cause of inflation in Russia should be considered the release of prices, carried out in conditions of an unformed market and lack of competition. A drop in labor productivity and a decline in production volumes were observed in Russia already in 1993.

Of all types of inflation, the most destructive is hyperinflation, accompanied by an astronomical increase in the money supply in circulation and, as a consequence, a catastrophic increase in prices for consumer goods. The role of money in these conditions is greatly reduced, and parallel, including foreign, currencies appear. In Russia in the first half of 1997, the inflation rate was 17-20% per month or about 700% per year, which indicates all the signs of hyperinflation.

The Russian crisis is systemic and structural-technological in nature. It arose due to the fact that the previous economic system, based on commands from above, strict centralization of material and financial resources, suppression of market mechanisms and competition, equalization and dependency of enterprises, led the country to a dead end. The previous system led to: technological and economic stagnation, structural distortions in the economy, shortages, neglect of the consumer sector, overload of basic industries with gigantic militarization. These shortcomings hindered the transition to a new technological structure that has unfolded in the global economy.

The main reason for Russian inflation is imbalances in the process of social reproduction. The consequence of inflation is a violation of the law of monetary circulation. The main form of inflation was rising prices and depreciation of money. It depends on sectoral imbalances, underdevelopment of social parameters, insufficient expansion of market structures, i.e. commodity-money, market relations in all spheres of the economy and individual sectors. Suppressing inflation requires the government to take a course towards improving the socio-economic situation and starting economic growth; it is necessary to stimulate the growth of a new production and technological base, allowing for deep and structural transformations in the economy. But this direction of economic policy turned out to be unacceptable to the specific Russian situation, in particular, due to the non-monetary nature of Russian inflation, in other words, the jump in prices observed in the primary industries was the main reason for the increase in the price level in other areas of the national economy. The introduction of value added tax in Russian conditions further aggravated inflation; it directly influenced the increase in prices, since it includes the cost at each stage of production and promotion of goods.

After the August financial crisis (1998), a significant impetus for the upward trend in prices was the devaluation of the ruble, which caused a sharp increase in the price of imported products, which previously were often relatively cheap compared to domestic ones. The employment rate of the population is falling, which causes unexpected government expenses on unemployment benefits. The budget deficit is increasing due to non-payments and shortfalls in taxes from enterprises that have suspended their activities. In the last years of the first wave of inflation (1996 - the first half of 1998), while maintaining high rates of price growth, changes occurred in the causes of inflation processes in Russia. During this period, a new model for covering the budget deficit began to be introduced. Instead of direct money issue, they began to issue government short-term debt obligations. As a result, among the reasons for inflationary price growth, factors came to the fore that were not related to the growth of the money supply in circulation, which was restrained, and sometimes a policy was pursued to reduce it, but to the growth of costs caused by an increase in interest on loans, the cost of servicing state bonds, and other reasons . At the same time, the inflation rate began to decline, especially from the second half of 1996, when a policy was pursued to reduce the cost of loans and servicing GKOs. In 1996, prices grew 50% slower than in 1995, and in 1997, 10% slower than the previous year. The reduction in inflation rates was facilitated by policies aimed at stabilizing the exchange rate. Maintaining, for example, the rate of depreciation of the ruble against the US dollar at a level not exceeding 1% per month in the first half of 1998 made it possible to reduce the growth rate of Russian consumer prices to 0.2%-0.5% per month and maintain them until August 1998 In general, from August 1998, when the crisis of non-payments of the Russian government and commercial banks broke out, to March 1999, the inflation rate, calculated by Expert magazine, amounted to 72.5%. At the same time, prices increased most significantly in August 1998 - 31.7%, in other months the inflation rate was 2.2-9.7%. As a result of the Russian government’s refusal to pay external and internal debts for three months and to maintain the ruble/US dollar exchange rate within the established currency corridor, the ruble exchange rate fell sharply. As a result of a significant increase in prices for imported products, the demand for them in the domestic market sharply decreased, and there was a reduction in imports. The decrease in demand for imported products strengthened the competitive position of Russian manufacturers of similar products and allowed them to increase domestic prices for their sales, thereby strengthening inflationary trends manifested in the national market, and also, importers, in order to maintain their positions in the Russian market, were forced reduce dollar prices.

So, the following reasons contributed to the emergence of inflation in Russia:

deep deformations and imbalances in social production;

structural distortions of the economy,

monopoly of producers of commercial products;

militarized economy;

swollen state apparatus.

The action of inflationary mechanisms in Russia was stimulated by government (budget) financing and preferential lending. The low level of competition in industrial production and the persistence of monopolistic structures did not allow the “Keynesian effect” to manifest itself. The subsequent increase in prices for equipment, raw materials, fuel and an increase in wages with a reduction in production led to the fact that demand inflation developed into another form of production cost inflation (supply inflation).

The mechanism of supply inflation is based on factors such as:

Rising prices for intermediate goods, dictates of enterprises producing electricity and other energy resources;

Poorly developed market infrastructure, in particular instruments of private investment, capital flows, accumulation of savings of the population, which is especially characteristic of the transition economy;

Imperfect competition in the market, its monopolization; the presence of barriers to competition in the form of a high level of product differentiation, legislative restrictions on the entry of “outside” structures into the industry (licensing);

Underdevelopment of the labor market.

In the conditions of an underdeveloped market economy, devoid of market incentives, commodity-money relations begin to partially function according to the laws of a monopolized market, as was the case in Russia. Under such conditions, the equilibrium price mechanism ceases to operate.

The specifics of inflation in Russia are as follows:

the growth and development of inflation occurred in conditions of commodity starvation against the backdrop of constantly emerging crises of non-payments, including for banking structures, which reached large proportions;

inflation was accompanied by the presence of an unrealistic exchange rate, which was formed not by the market, but only by its consumer part;

investments in the national economy were not made due to the impossibility of forming a real exchange rate equally by the consumer market and the investment market (buildings, structures, land);
etc.................

1. The concept of the monetary system.

2. Basic elements of the monetary system.

3. Principles of functioning of the monetary system.

4. Monetary system of the Russian Federation.

1. The concept of the monetary system.

The monetary system is a form of organization of monetary circulation in the country, historically developed and enshrined in law.

The monetary system began to take shape in the 16th-17th centuries. An integral part of the monetary system is the national currency system. The following types of monetary systems are distinguished, depending on money, which plays the role of a universal equivalent:

monetary system of metal circulation - a system based on real money that performs all five functions.

monetary paper-credit system - a system that was formed when all forms of the gold standard were eliminated.

There are a number of features of the monetary system:

abolition of the official gold content of monetary units, i.e. gold is completely ousted from all circulation;

preservation of gold reserves in the Central Bank and private individuals in the form of gold coins, bars, jewelry;

transition to credit money that is not redeemable for gold;

The banknote of the Central Bank becomes the national monetary unit;

issuance of banknotes into circulation in the order of lending to the state by banks;

expanding the issue of banknotes to cover the budget deficit;

the predominance of non-cash turnover in money circulation;

creation and development of mechanisms of state monetary regulation.

2. Basic elements of the monetary system.

The modern monetary system includes the following elements:

name of the monetary unit - the establishment of a currency by law;

the procedure for securing banknotes - operates in countries in accordance with established laws;

The emission mechanism is a legally established procedure for issuing banknotes into circulation.

Issuing operations for the release and withdrawal of money from circulation in the state are carried out by:

Central Bank and bank of issue;

Treasury (state executive body that issues coins).

The Central Bank issues banknotes in three ways:

providing credit to commercial institutions;

2. lending to the state secured by government securities;

3. issue of banknotes by exchanging them for foreign currency.

The structure of the money supply in circulation is the ratio of cash and non-cash money and the ratio of banknotes of different denominations.

The mechanism of monetary credit regulation is a set of instruments of government influence on the economy.

Currency quotation is the ratio of a country's currency to foreign currency.

3.Principles of functioning of the monetary system.

The following principles of functioning of the modern monetary system are distinguished:

central management of the monetary system is carried out by economic methods through the apparatus of the Central Bank;

Forecast planning of cash flow means the development of plans and plans - forecasts;

the stability and elasticity of money circulation should exclude inflation;

the credit nature of money emission is carried out only as a result of credit operations carried out by banks;

security, i.e. banknotes issued for circulation must be actually insured by the bank’s assets;

The government is provided with funds through lending on a repayable and reimbursable basis;

comprehensive monetary regulation is carried out by the Central Bank;

supervision and control over monetary circulation from the outside is carried out through the banking, financial and tax systems;

Only the national monetary unit operates on the territory of the country.