1. The amount of money in circulation increases if:
a) the monetary base increases
b) the required reserve ratio increases;
c) excess reserves of commercial banks increase;
2. If nominal GDP is 5,000 den. units, one monetary unit makes an average of 2.5 turnovers per year,and the speculative demand for money is 400 den. units, then the total demand for money will reach the value:
a) 5400 den.un.;
b) 2400 monetary units;
c) 2000 monetary units;
d) 400 cash units
3. The real volume of production is 28 million units, and the velocity of circulation monetary unit equals 7. Mass real money in the economy will reach the value:
d) 4 million
4. If the required reserve ratio is 100%, then the value money multiplier is equal to:
in 1.
5. The concept of "demand for money" means:
a) the demand for money as a medium of exchange and the demand for money as a store of value;
b) desire to keep securities, which, if necessary, can be used to convert them into
money at a fixed price;
c) the amount of money that entrepreneurs would like to use to provide a loan at a given interest rate;
d) the desire to save part of the income "for a rainy day."
6. Check the item that does not characterize the function of the Central Bank:
a) issue of money;
b) bank of banks;
c) monetary regulation;
d) conducting foreign economic policy;
7. M1 includes:
a) all money and "almost money";
b) metal and paper cash and checking deposits;
c) metal and paper cash and all bank deposits;
d) metal and paper cash and term deposits.
8. The money supply on the chart is depicted as:
a) a horizontal line
b) dotted line;
c) a curve with a negative slope;
d) a vertical line.
9. The term "discount rate" means:
a) the level of price reduction for the Central Bank when it buys government securities;
b) the percentage at which the Central Bank provides loans to commercial banks;
c) the degree of pressure exerted by the Central Bank on commercial banks in order to reduce the volume for the purpose of issued by them
loans;
d) the degree of influence of the Central Bank on growth money supply and the volume of GDP.
10. How do paper money differ from credit:
a) paper money is cash, and credit money exists in the form of entries in bank accounts;
b) paper money is not subject to export outside the country;
c) paper money had a forced purchasing power, and credit money is bills of exchange
issuing bank;
d) paper money is used to pay for inexpensive goods, and credit money is used to pay for expensive goods and services.
11. Bank profit is:
a) the difference between interest rates on loans and deposits;
b) the difference between all expenses and income of the bank;
c) interest on bank loans;
d) interest on bank deposits.
12. Value of money:
a) is always the same
b) rises with rising prices;
c) always decreases;
d) can rise and fall.
13. Monetary policy is carried out:
a) the government of the country;
b) all financially credit institutions countries;
c) the central bank of the country;
d) the ministry of finance.
14. Expansionary monetary policy is:
a) "dear money" policy;
b) the policy of "cheap money";
c) a policy aimed at balancing income and expenses state budget.
15. Restrictive monetary policy is in place
a) in a stable economic environment;
b) in order to reduce inflation;
c) to stimulate business activity.
16. Seigniorage is:
a) profit from the sale of land;
b) profit received from the minting of coins;
c) profit received from trade in unique goods;
d) profit received from trading in securities.
17. Which of the operations of the Central Bank increases the amount of money in circulation?
a) The central bank raises the required reserve ratio;
b) The Central Bank hands over government bonds to the public and banks;
c) The Central Bank raises the discount rate at which it lends to banks;
d) The central bank buys government bonds on the open market.
18. The rule of monetary policy, according to which the growth rate of the money supply should not exceed the growth rate of output in the long run:
a) will not have a stabilizing effect on the economy if the velocity of money is subject to strong fluctuations;
b) does not reduce the stabilizing effect on the economy, if the change in the money supply is the main disadvantage of economic fluctuations;
c) is rejected by modern monetarists;
d) is recognized as the best economic policy by all modern economists.
19. The central bank is not involved
a) a change in the bank reserve ratio;
b) issuance of loans for scientific research;
c) setting the discount rate (refinancing rate);
d) regulation of the amount of money in circulation.
20. In most countries, the institution that performs the functions of the Central Bank does not ...
a) engages in the provision of loans;
b) regulates the amount of money supply in the country;
c) pays taxes;
d) establishes tax rates for the activities of commercial banks.
Money in the economic circulation in the market conditions has always existed and has always existed. New money comes into circulation from banks that create it as a result of credit operations. Therefore, the credit nature of the issue of money is one of the fundamental principles of the organization of the monetary system of the state. The concepts of "issue of money" and "issue of money" are unequal. The release of money into circulation occurs constantly. Non-cash money is issued into circulation when commercial banks provide loans to their customers. Cash is put into circulation when banks are in the process of cash transactions issue them to customers from their operating cash desks. However, at the same time, customers repay bank loans and hand over cash to the operating cash desks of banks. At the same time, the amount of money in circulation may not increase. Emission is understood as such release of money into circulation, which leads to a general increase in the money supply in circulation. There is an issue of non-cash and cash money. The issue of cash is also called the issue of money into circulation. In the conditions of an administrative-distributive economy, both types of emission were carried out by the State Bank. Emission non-cash money was carried out on the basis of credit plans by expanding the loans provided in accordance with them. In countries with market model economy, when there is no monopoly on emissions, the operation of such a mechanism becomes impossible. The emission function in a market economy is divided into:
1) non-cash money is issued by a system of commercial banks;
2) issue of cash - state central bank.
At the same time, the issue of non-cash money is primary. Before cash appears in circulation, it must be reflected in the form of entries in the deposit accounts of commercial banks. The main purpose of issuing non-cash money into circulation is to meet the additional needs of enterprises for working capital. Commercial banks meet this need by providing loans to enterprises. Banks can issue loans only within the limits of their available resources. With the help of these resources, it is possible to satisfy only the ordinary, and not the additional, need of the economy for working capital. Meanwhile, in connection with the growth of production or the rise in prices for goods, an additional need for money for the economy and the population constantly arises. Therefore, there must be a mechanism for issuing non-cash money that satisfies this additional need. The issue of cash is carried out by the Central Bank and its cash settlement centers. They open in different regions of the country. For the issue of cash in cash settlement centers, reserve funds and revolving cash desks are opened. The reserve funds store a stock of banknotes intended for their release into circulation in the event of an increase in the need of the economy of a given region for cash. The cash desk of the settlement and cash center constantly receives cash from commercial banks, but also cash is constantly issued from it. Money circulation is the circulation cash flows in cash and non-cash form. Such circulation is possible due to the fact that someone has an excess of money (supply), and someone feels the need (demands). Money circulation serves the flow of goods, works and services, and it is through it that the functioning of financial system(accumulation and redistribution of resources). Money circulation is the blood vessels for the financial system. Money circulation has two main forms: cash and non-cash.
Cash circulation– it is a cash flow, i.e. banknotes from one owner to another. Cash turnover - a set of cash payments in the functions of the medium of circulation and means of payment in the country for certain period time. Cash circulation is the most time-consuming and least protected process of redistribution of goods. In cash circulation there are restrictions (in terms of convenience and practicality) for business entities. It is less controlled by the state, therefore, in certain cases, it is more desirable for enterprises. Realizing this, the state establishes certain restrictions on cash turnover, which mainly concerns the maximum amounts of cash settlements and the timing of cash storage at the cash desk of the enterprise. The sphere of use of cash payments is connected mainly with the realization of the income of the population.
Cash payments are made:
Enterprises, institutions and organizations with the population;
Settlements between individual citizens in commodity and food markets;
Partly settlements of the population with the financial and credit system;
Limited payments between businesses within limits set by the government. Cash turnover is organized on the basis of the following principles:
1) all enterprises must keep cash, except for the established limit, in commercial banks;
2) banks set cash balance limits for enterprises;
3) the circulation of cash serves as an object of predictive planning;
4) the management of money circulation is carried out in a centralized manner;
5) the organization of cash circulation aims to ensure stability, elasticity and economy monetary circulation;
6) enterprises can receive cash only in banking institutions servicing them.
The exclusive right to issue (issue) money into circulation belongs to the Central Bank of Russia, in connection with its main function - the emission center of the country. The main task of the Central Bank of Russia is the management of money circulation in order to ensure the stability of the monetary unit (ruble). Enterprises, associations, organizations and institutions, regardless of the legal form and field of activity, are required to keep free cash in banks. To carry out cash settlements, each enterprise must have a cash desk and keep a cash book according to prescribed form. Acceptance of cash by enterprises in settlements with the population should be carried out using cash registers. Commercial Bank for the cash desk of the enterprise sets a limit on the balance of cash, which by the end of the working day should not be exceeded. Excess cash proceeds must be deposited with the bank and credited to the company's current account. Exceeding the limit of cash balances at the cash desks of enterprises is allowed within, as a rule, 3 working days upon issuing wages. The money received from the bank is credited to the cash desk according to the incoming cash order, and a corresponding entry is made in cash book. The issuance of cash from the cash desk of the enterprise is carried out at expense cash orders or payment, payroll, application for the issuance of money, accounts, etc., with the imposition of a stamp on these documents with the details of an account cash warrant. Documents for the issuance of money are signed by the head and chief accountant of the enterprise.
Non-cash circulation– this movement electronic money, i.e. account entries. Developed non-cash circulation is possible only with a developed banking system, when the speed, the guarantee of the passage of payments, the quality of related services - provides greater convenience compared to cash circulation, that there is a rejection of cash circulation. The main instruments of non-cash circulation are securities (bills, checks) and also credit cards. Especially important is such an indicator as the speed of turnover of funds. The quantity of money can be regulated not by issuing new money, but by accelerating the circulation of existing ones. The form of organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation, is called monetary system. Monetary systems were formed in the XVI-XVII centuries. with the emergence and establishment of the capitalist mode of production.
The main forms of monetary systems:
1. Metal circulation system.
2. The system of paper money circulation, plastic cards are gradually replacing them.
There were two types of metallic money circulation:
1. Bimetallism.
2. Monometallism.
Bimetallism- when two noble metals are equivalent in circulation: silver and gold. In 1865, 4 states: France, Belgium, Switzerland, Italy entered into an agreement "Latin Monetary Union", securing bimetallism, the proportion of the exchange was 1 evil: 15.5 ser. But since prices for gold and silver had different dynamics, the rise in prices for silver lagged behind the rise in prices for gold, money ceased to be a universal equivalent, i.e. a gold coin was worth more than its face value.
Monometallism- two types:
1. Silver- was in Russia before monetary reform Witte, i.e. before 1897
2. Gold- was legalized in 1816 in Great Britain. It came in three forms:
Gold coin standard;
Gold bullion standard;
Gold exchange or gold exchange standard.
gold coin standard– there are gold coins and defective money in the country, 100% exchangeable for gold coins, i.e. no less gold in the treasury than paper money. It ceased to exist after World War I, when gold became scarce.
Gold bullion standard- there are no gold coins in circulation, but the state exchanged defective money for gold bars (1,700 pounds sterling for 12.5 kg (bar) of gold).
Gold exchange or gold exchange standard- an even more truncated form, there are no gold coins, there is no exchange of defective money for gold bars. The state is exchanging national currency to the currencies of countries with a gold bullion standard. In 1944, the Bretton Woods Conference (USA) laid the foundations for the gold-dollar standard, which existed only for central banks (the Central Bank changed the currency, and the currency for gold). The US Treasury exchanged dollars for gold, but only for the Central Bank of the countries that signed the conference. In 1976, the Jamaica Conference (gold reserves have become scarce). The US government refused to exchange dollars for gold, now paper money for gold does not change.
At present, in all countries there is a state-organized monetary system. The elements of the monetary system are those of its constituent parts on which the organization of the circulation of monetary resources is based:
1. Monetary unit - a banknote established by law. In the Russian Federation - this is the ruble.
2. Scale of prices - setting the content of the price of the monetary unit through the weight content of gold (now it is not).
3. Types of money. Banknotes and coins are unconditional obligations of the Central Bank and are backed by all its assets. They are required to be accepted for all types of payments.
4. Emission system. The issue of cash, the organization of their circulation and withdrawal from circulation on the territory of the Russian Federation are carried out exclusively by the Central Bank.
The modern monetary system has the following characteristic features:
The government does not set the gold content of the national currency;
The transition to credit money not exchangeable for gold has been completed, there has been an erasure between paper and credit money;
The predominance of non-cash circulation in money circulation;
Gain state regulation money circulation.
Non-cash payment turnover in the country is organized on the basis of certain principles. The principles of organization of calculations are the fundamental principles of their implementation.
Compliance with the principles in the aggregate makes it possible to ensure that the calculations meet the requirements: timeliness, reliability, efficiency.
The first principle is the legal regime for settlements and payments.
The second principle is the implementation of settlements mainly on bank accounts.
The third principle is to maintain liquidity at a level that ensures uninterrupted payments.
The fourth principle is the presence of an acceptance (consent) of the payer for payment.
The fifth principle is the urgency of payment.
The sixth principle is the control of all participants over the correctness of settlements, compliance with the established provisions on the procedure for their implementation.
The seventh principle is their property liability for non-compliance with contractual terms.
Sources of non-cash payments can be borrowed, own and borrowed funds.
To store funds and carry out settlement operations, each economic agency in a commercial bank, depending on the status of the enterprise, the nature of the activity and the source of financing, opens settlement, current, loan, deposit and other accounts.
To open a current account, the company must provide the bank with a certain list of documents.
With enterprises that have opened different accounts, the bank concludes an agreement on settlement and cash services, which reflects the rights and obligations of the parties, the cost of the services provided and liability for violations of the terms of the contract.
In the process of carrying out self-supporting operations, sometimes a situation arises when the balance of funds on the current account of the enterprise is not enough to satisfy existing claims from suppliers, contractors, and the budget. The problem arises of which payments to make on the first, second, and so on. queue. To ensure a unified approach, to avoid discrimination of certain enterprises and organizations, the so-called order of payments is established.
Exist the following types order of payments:
1) target sequence.
2) calendar order.
3) calendar-target order.
4) preferential order (priority at the discretion of the payer).
If the funds on the account are insufficient to satisfy all the requirements presented to it, the funds are currently debited in the following order:
First of all, the write-off executive documents providing for the transfer or withdrawal of funds from the account to satisfy claims for compensation for harm caused to life and health, as well as claims for the recovery of alimony (group 1);
In the second place, write-offs are made according to executive documents providing for the transfer or issuance of funds for settlements on the payment of severance benefits and wages with persons working on employment contract, including under a contract, on the payment of remuneration under an author's agreement (group 2);
In the third place, write-offs are made according to payment documents providing for the transfer or issuance of funds for settlements on wages with persons working under an employment contract (contract), as well as for contributions to the Pension Fund Russian Federation, Foundation social insurance of the Russian Federation and mandatory funds health insurance RF (group 3);
In the fourth place, write-offs under payment documents providing for payments to the budget and off-budget funds, deductions for which are not provided for in the third priority (group 4);
In the fifth place, write-offs are made under executive documents providing for the satisfaction of other monetary claims (group 5);
In the sixth queue, write-offs are made for other payment documents in the order of calendar priority (group 6).
In accordance with the current legislation in modern conditions it is allowed to use the following forms of non-cash payments: payment orders; letters of credit; checks; collection form. Payment order(PP)- a written order from the account holder to the bank to transfer a certain amount from his account to the account of another enterprise - the recipient of funds in the same or another bank. With the help of PP, settlements are made in the economy, both for commodity and non-commodity transactions. In this case, all non-commodity payments are made exclusively by the PP. PP settlements have a number of advantages compared to other forms of settlement: a relatively simple and fast document flow, faster cash flow, the ability of the payer to pre-check the quality of paid goods or services, the ability to use this form of settlement for non-commodity payments. Letter of credit is an instruction from the buyer's bank to the supplier's bank to pay settlement documents. Upon receipt of an application for a letter of credit, the payer's bank reserves these funds in a separate account. Thus, depositing money guarantees the supplier timely payment. The funds are credited to the supplier's account by the bank after the documents confirming the shipment or performance of works and services are provided. The letter of credit can be monetary and commodity. In the case of a money letter of credit, the payment of money to its holder is carried out against the presentation of an identity document by him. The guarantor may also indicate himself as the recipient of money in order to reserve large sums money to travel to other cities. A documentary letter of credit is used in settlements between the supplier and the buyer. The buyer opens a letter of credit with the supplier's bank and instructs the payment of invoices against the delivery by the supplier of the agreed documents. Thus, the supplier receives a guarantee that the invoice amount will go to him, and the buyer - that the goods were actually shipped to him. Collection is a banking operation through which the bank, on behalf of the client, receives funds due to it from other enterprises on the basis of settlement, commodity and monetary documents.
Check- a written order of the payer to his bank to pay a certain amount of money from his account to the holder of the check.
bill of exchange- This promissory note the drawer or other person specified in the bill to pay the indicated amount of money within a certain period in a specific place. The advantage of a bill of exchange form of payment over a check is the possibility of committing an endorsement.
Interbank settlements - a system of non-cash settlements between banks, based on direct transfers of funds and regular offsets of their mutual claims and obligations. On the basis of settlements between different banks, it is possible to finally complete settlements within national economy. For settlements, commercial banks establish correspondent relations among themselves on a contractual basis. The subject of these relations are two types of operations: customer service and actual interbank operations. The former include operations on commercial transactions of clients and the provision of trust services to them. Own operations of banks include the provision and receipt of loans, deposits, the purchase (sale) of currency, securities, etc. Correspondent relations are usually accompanied by the opening of accounts on a reciprocal basis (with each other). There are also relations between correspondents without an account, when mutual settlements are carried out on accounts opened by them in a third credit institution. A special case of such a structure of contractual relations is settlements on correspondent accounts opened with the divisions of the Bank of Russia. However, they can also be conducted on accounts opened with a commercial bank, usually major center interbank settlements, the so-called settlement bank. It is also possible to establish correspondent relations through clearing centers in which clearing accounts are opened as a kind of correspondent account for clearing. In this case, equal financial claims and liabilities are repaid, and the balance is written off or credited to the main correspondent account. A correspondent account is an account of one bank opened with another bank. It reflects payments made by the latter on behalf of and at the expense of the first bank on the basis of a correspondent agreement concluded between them. In our country, most of the interbank settlements are carried out through the settlement system of the Central Bank of the Russian Federation. Settlements between banks are carried out by divisions of the Bank of Russia specially created for this purpose - cash settlement centers (RCCs). Correspondent accounts of banks are opened at the RCC at the location of the boards of commercial banks.
Clearing- one of the ways of non-cash payments. It is based on the offset of mutual claims and obligations of legal and individuals for goods and services, securities. In clearing, equal amounts of mutual claims of creditors and obligations of debtors to each other are repaid, and payments are made only for the difference. Clearing can be carried out between two economic entities, group and interindustry without the participation of commercial banks or with the help of banks. When carrying out a one-time offset through banks, a separate offset account is opened for each participant by the bank servicing him (during the offset period) in parallel with the current account. Amounts are written off and credited on it. Then the offset accounts are closed and the balance for each participant is displayed. It is possible to use clearing in the implementation of interbank settlements. After all, each bank simultaneously or alternately acts as a recipient and payer of money. Clearing settlements can be organized between two banks, when the debt claim of the first is the debt obligation of the second and vice versa. At the same time, mutual debts are repaid. But clearing achieves the greatest efficiency with a large number of participants. Clearing can be organized both through the largest commercial banks and through clearing houses(centers). At the same time, it is necessary that the clearing center take into account all debt claims of each participant in relation to other clearing participants and obligations to them with subsequent redemption of negative and positive values. Banks open their accounts in clearing houses, to which they transfer part of their funds. In turn, clearing houses open their correspondent accounts with the Central Bank.
For the convenience of studying the material, the article is divided into topics:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Distinguish between cash circulation and non-cash circulation. Cash circulation - the movement of cash in the form of banknotes, change coins and paper money (treasury bills).
Non-cash circulation - the movement of money of non-cash circulation - bank deposits on customer accounts.
Forms of non-cash payments are quite diverse. They depend on historical and economic features individual countries, specifics credit system, degree of development electronic means communications, computerization of banking. The most common are checks, credit cards, electronic transfers, endorsements, bills of exchange, certificates, in Russia also payment orders and payment requests-orders.
Non-cash circulation dominates, causing an increasing dematerialization of money circulation.
The reasons for this are:
1. reduction of distribution costs;
2. acceleration of money turnover;
3. convenience of cashless payments.
However, in some areas of economic life, the availability of money remains important.
First, in transactions where one of the parties is the population. For example, in the Russian Federation, a very small part of the population uses cashless payments, although for developed countries market economy the situation is changing dramatically (for example, in the US, no more than 6% of the employed population receive their wages in cash).
Secondly, in conditions of crisis shocks, most economic agents tend to have cash.
Thirdly, cash turnover is difficult to control. It can act as a means of tax evasion and other illegal activities.
There is a relationship between cash and non-cash circulation: money is constantly moving from one to another sphere of monetary circulation.
It is believed that it is cash that provides a person with convenience when making purchases, since the funds are in his pocket, and there is no need to go to the bank with every purchase. But they can be lost, they can be stolen, some of the cash can be counterfeit, and so on.
In addition, keeping money in the form of cash deprives a person of the opportunity to receive interest on the deposit. Therefore, you should decide how much cash you need to have on hand, and how much to put in the bank.
The cash management model was developed in the 1950s by economists W. Baumol and J. Tobinomi and was called the Baumol-Tobin model. According to this model, it is possible to determine the optimal number of visits to the bank or the optimal amount of cash based on the ratio of losses in the form of non-received for this amount bank interest and the valuation of time savings from less frequent trips to the bank.
Money circulation in its various forms is regulated economic law, which expresses the economic dependence between the mass of goods, the level of their prices and the velocity of money.
Velocity of money
The main indicators characterizing the speed of money turnover are:
The indicator of the velocity of circulation of money in the circulation of income is the ratio of the gross national product to the money supply (aggregate M1 or M2);
- an indicator of the turnover of money in the payment turnover, i.e. the ratio of the amount of funds transferred on bank current accounts to the average value of the money supply.
As follows from the law of money circulation, an increase in the velocity of money circulation is equivalent to an increase in the money supply.
M x V \u003d P x Q,
M = P x Q x V,
where M is the amount of money in circulation, the money supply;
V is the velocity of money circulation;
P x Q \u003d V is the nominal volume of GNP.
Currently, to characterize the money supply, the monetary base indicator is used, which is essentially equated to the M2 aggregate.
The amount of money in circulation
In order for the financial mechanism to function normally in the country, it is necessary that the number of banknotes available to the subjects of monetary circulation be sufficient for the implementation of barter and other operations.That is, the volume of the money supply in the state should be exactly the one that would allow, on the one hand, to have sufficient volumes of it to ensure the growth of the national product (GDP), and on the other hand, would not allow dangerous inflationary processes to intensify.
Thus, the state must regulate the amount of money in circulation.
At the same time, it is necessary to understand that the amount of money in circulation in question is not only nominal banknotes (banknotes, coins, etc.), but also other means of payment, for example, in non-cash form.
The national bank acts as the regulator of the money supply in the state.
Circulation of cash
Cash circulation is a cash flow, i.e. banknotes from one owner to another.Cash turnover - a set of cash payments in the functions of the medium of circulation and means of payment in the country for a certain period of time.
Cash circulation is the most time-consuming and least protected process of redistribution of goods. In cash circulation there are restrictions (in terms of convenience and practicality) for business entities. It is less controlled by the state, therefore, in certain cases, it is more desirable for enterprises. Realizing this, the state establishes certain restrictions on cash turnover, which mainly concerns the maximum amounts of cash settlements and the timing of cash storage at the cash desk of the enterprise.
The sphere of use of cash payments is connected mainly with the realization of the income of the population.
Cash payments are made:
Enterprises, institutions and organizations with the population;
- settlements between individual citizens in commodity and food markets;
- partially settlements of the population with the financial and credit system;
- limited payments between enterprises within the limits set by the government.
Cash turnover in Russia is served by banknotes and metal coins. Cash is credit money that is issued in order to lend to the economy.
Cash turnover is organized on the basis of the following principles:
1) all enterprises must keep cash, except for the established limit, in commercial banks;
2) banks set cash balance limits for enterprises;
3) the circulation of cash serves as an object of predictive planning;
4) the management of money circulation is carried out in a centralized manner;
5) the organization of cash circulation aims to ensure the stability, elasticity and economy of monetary circulation;
6) enterprises can receive cash only in banking institutions servicing them.
The exclusive right to issue (issue) money into circulation belongs to the Central Bank of Russia, in connection with its main function - the emission center of the country. The main task of the Central Bank of Russia is the management of money circulation in order to ensure the stability of the monetary unit (ruble).
Conducting cash transactions by enterprises of all forms of ownership, institutions and organizations is regulated by Regulation No. 40 “On the procedure for conducting cash transactions in the Russian Federation”, approved by the Central Bank of the Russian Federation.
Enterprises, associations, organizations and institutions, regardless of the legal form and field of activity, are required to keep free cash in banks. To carry out cash settlements, each enterprise must have a cash desk and keep a cash book in the prescribed form. Acceptance of cash by enterprises in settlements with the population should be carried out using cash registers.
A commercial bank for the cash desk of the enterprise sets a limit on the balance of cash, which by the end of the working day should not be exceeded. Excess cash proceeds must be deposited with the bank and credited to the company's current account.
Exceeding the limit of cash balances in the cash desks of enterprises is allowed within, as a rule, 3 working days when issuing wages. The money received from the bank is credited to the cash desk according to the incoming cash order, and a corresponding entry is made in the cash book. The issuance of cash from the cash desk of the enterprise is carried out according to cash orders or payment, settlement and pay statements, an application for the issuance of money, invoices, etc., with the imposition of a stamp on these documents with the details of the cash order. Documents for the issuance of money are signed by the head and chief accountant of the enterprise.
All cash receipts and disbursements of the enterprise are recorded in the cash book, which must be numbered, laced and sealed with a wax seal. The number of sheets in the cash book is certified by the signatures of the head and chief accountant of the enterprise. Entries in the cash book are kept in 2 carbon copy copies. The second copies are detachable and serve as a report to the cashier. Responsibility for compliance with the procedure for conducting cash transactions rests with the head, chief accountant and cashier.
credit money circulation
Credit money or credit instruments of circulation are paper signs the value arising from the loan. As you know, credit leads to a significant reduction in distribution costs. This is due to the fact that instead of metal money, banknotes, bills of exchange, checks, which are closely related to credit, come into circulation. As a result of the use of credit money, real or real money is saved, in the form of which precious metals, especially gold, are saved.In modern conditions, most of the credit money is funds in various accounts. Central banks provide a sufficient guarantee for credit money, which commercial and private banks cannot provide on the current scale of money circulation. Therefore, at present, the circulation of money is carried out mainly in the form of non-cash payments. At the same time, credit money is deprived own value. However, unlike paper money (treasury bills), from the moment of its inception (in the classical sense) they act as a sign not only of gold, but also of credit. Therefore, they also reflect the movement of loan capital between creditors and borrowers.
The main issuer of credit money is the banking system, which forms the money supply not only by issuing various debt obligations, but also by creating imaginary deposits (by issuing a loan, the bank records the client’s debt on his loan account as an asset, and at the same time the amount of the loan is transferred by the bank to the client's current account and becomes his contribution, although there was no real contribution). Despite the imaginary nature of the contribution, it can take the form (takes it) of real money. In this case, not only the resource base of the bank, which does not have collateral, increases, but also the amount of money supply increases. There are three main types of credit money or credit instruments of circulation: a bill, a banknote and a check.
A bill of exchange is a written promissory note of a strictly established form, giving its owner (the holder of a bill of exchange) an indisputable right, after a certain period of time, to demand from the debtor (drawer) or acceptor the payment of a designated amount of money.
Compared to other debt obligations, a bill of exchange has the following features:
Abstract, since it does not explain the specific reasons for the appearance of a debt obligation (for example, the sale of goods on credit);
the indisputability of the debtor's obligation to make a payment, regardless of the terms of the debt, since the legal features of the bill and its execution are strictly determined by law;
negotiability, due to the fact that many persons who are in regular trade relations can use a bill as an instrument of circulation instead of cash (in this regard, a bill is sometimes called trade money).
Bills are simple and transferable, and depending on the nature of their occurrence, they are divided into private and treasury. A variety of private bills are commercial, arising on the basis of transactions for the sale of goods on credit, and financial ones that do not have a similar commodity basis (the so-called friendly bills issued by entrepreneurs to each other with the aim of their subsequent sale and cash receipt). Often financial bills are inflated, not backed by values, as they are issued by insolvent persons (bronze bills).
Treasury bills (bonds) are issued by the state to cover its expenses. These government obligations - a kind of financial bills - are one of the liquid forms of capital investment. Usually treasury bills bring high percent, are widely used by central banks and other authorities.
According to its purpose, the bill performs various functions. The main one is to ensure payment for goods delivered on credit (money transferred, works and services performed), guaranteed by a bill of exchange obligation. The bill also acts as a means of credit, and is also used for collection (obtaining a debt). It becomes an object of accounting in the bank, and a payment is made against it before the bill of exchange is executed. Most bills of exchange are mutually repaid through the mechanism of non-cash settlements by mutual offset of bill obligations without the participation of cash. But there are limits to the replacement of cash by bill circulation, due to the fact that commercial credit covers only part of the turnover (mainly wholesale trade), the balance on the mutual accounting of promissory notes requires payment in cash, bills as private debt obligations have a limited circulation among those persons who are confident in the solvency of drawers and endorsers.
special kind credit money is a banknote. Under the conditions of gold monometallism, a banknote is nothing more than a banker's bill, under which the bearer can receive money at any time and with which the banker replaces private bills. This definition clearly identifies two characteristic feature classical banknote, as the fact that the banknote is issued by the issuing bank in exchange for commercial bills and exchange for gold on demand.
Therefore, the classical banknote had a double security, i.e. bill of exchange (commodity) and gold (gold reserve of the issuing bank). The issue of banknotes not backed by metal (gold) is called fiduciary, i.e. based on trust.
Despite the fact that a commercial bill directly serves as the basis of a banknote, there are differences between them in terms of the type of debtor, in terms of guarantee and terms, due to the fact that:
The debtor under a bill is a functioning owner - a trader or industrialist, under a banknote - an issuing bank;
banknotes have a public guarantee in the form of the resources of all owners stored in the bank. Therefore, banknotes are public credit money with a special quality - universal negotiability. The bill, having only a private guarantee, does not act as a universal means of payment;
a banknote is a perpetual obligation paid by the issuing bank by exchanging for gold (in its classical form) at any time upon presentation, while a bill of exchange is payable after a certain period, which makes it difficult to circulate as money.
The use of classical banknotes in circulation does not lead to an overflow of the sphere of circulation with excess money, since the issuance of banknotes based on bills of exchange in the order of lending to commodity circulation causes the reverse movement of banknotes to the bank and, accordingly, with the maturity of the loan, banknotes are regularly returned to the issuing bank.
At the same time one bill circulation banknotes in itself cannot guarantee their return to the bank due to the fact that:
The sum of promissory notes usually exceeds the sum of the prices of goods sold;
there is always a number of bills in circulation that exceeds the real need for circulation in money, and not only commercial, but also friendly, bronze, treasury bills, which are devoid of a commodity basis;
the maturity of bills does not always coincide with the actual terms of the sale of goods, which can lead to the so-called non-payment crisis;
during periods economic crises even commercial bills are not paid on time, because the sale of the goods on the basis of which they appeared is difficult.
It must be borne in mind that earlier, when classical banknotes were in circulation, their dual security - credit and metal - guaranteed the relative stability and elasticity of banknote circulation in comparison with treasury paper money. The law of circulation of change banknotes was that their number in circulation was equal to the amount of gold required for circulation, and each banknote was a representative of the gold content of the monetary unit indicated on it.
Under the conditions of gold monometallism, banknotes differ from paper money:
By the subject of issue (banknotes are issued by the bank, paper money - by the state treasury);
on security (the classical banknote had a dual security - a bill of exchange and gold, and paper money was practically not backed by anything);
in order of issue (the classical banknote was issued in the order of crediting the turnover, and paper money - to cover the state budget deficit, regardless of the actual needs of circulation in money);
according to the laws of circulation (paper money is not elastic, since, being put into circulation, they remain there and cannot adapt to the needs of circulation in money, and classical banknotes issued under bills of exchange and gold backing returned to the central bank with the maturity of bills of exchange and as they were presented for exchange for gold).
By the nature of the issue and the impact on the economy, banknotes, on the one hand, are close to paper money, since they are endowed with a forced exchange rate, their issue and security are associated with government securities. On the other side, modern banknotes retained to a certain extent the credit basis, since they are put into circulation in the order of bank lending to the economy and the state and are an element of the loan fund.
A check is a written order from the owner of a current bank account to pay in cash or transfer a certain amount of banknotes to the current account of another person. The check is based on banknote security. The check serves as a means of obtaining cash from the bank's current account, a means of circulation and payment for purchased goods and debt repayment, as well as non-cash payments. Check circulation arose and is developing on the basis of the expansion of credit operations, the centralization of the banking system and the transformation of the central bank into the basis of the credit system.
There are different types of checks:
Nominal (for a specific person);
order (with the right to transfer);
bearer (can be transferred without endorsement).
The check has a certain form and details. The development of checks has led to its replacement by other instruments for using current accounts, in particular credit cards. Credit card - nominal money document, issued by a bank, proving the identity of the owner in the bank and giving him the right to purchase goods and services in retail without cash payment. The client signs an account in the store, which periodically makes settlements with the bank of this client by debiting a certain amount from his current account.
Money as a medium of exchange
When money is used as a medium of payment for goods and services, we say that it is used as a medium of exchange. Thus, medium of exchange is money used to buy goods and services, as well as to pay debts.The importance of money as a means of circulation is difficult to exaggerate, since it allows you to get away from the barter form of trade. Barter (barter transaction) - the exchange of one product (or service) for another without the help of money. The cumbersome process of barter leads to the fact that a person who wants to buy potatoes and sell cabbages is forced to combine the acts of buying and selling. This person will have to look for someone who wants to sell potatoes and buy cabbage.
The replacement of barter by money exchange separates the act of sale from the act of purchase.
In economically developed countries ah, the function of a medium of exchange is mainly performed by coins, paper money and checkable deposits (demand deposits). The demand for money for transactions primarily depends on such factors as the volume of purchases made, the frequency of payment of wages, the time allotted for paying bills, the regularity of presenting these bills for payment, and the availability of borrowed funds. For example, the greater the volume of purchases and the less often the work of a particular person is paid, the greater the average value money balance necessary for him to carry out his financial transactions.
The volume of purchases made depends on the level of development of trade and specialization. Families leading a "self-sufficient" (subsistence) economy hardly participate in trade and practically do not need means of exchange. At a time when most families in the US were farming, the need for circulation media was much lower than it is today. With the development of commerce and industry, specialization also increased, and the volume of transactions carried out increased significantly. In the modern economic system, people generally receive their earnings in the form of money and then use that money to buy what they need.
circulation costs. Replacing the mechanism of barter transactions with a mechanism that uses money as a medium of exchange leads to a reduction in circulation costs. Money exchange requires much less effort and time than barter.
acceptability of money as a medium of exchange. Money, which functions well as a medium of exchange, should be readily accepted by everyone. Money, which is widely distributed, provides its owner with a certain general purchasing power, which is a very important advantage. The use of money allows a flexible choice of the types and quantities of goods purchased, the choice of time and place of the purchase, as well as the partners for the transaction. If a medium is used for a sufficiently long time, then its acceptability becomes fairly stable. The acceptability of money depends on the willingness and willingness of the population to use it.
Issue of money into circulation
The issuance of money into circulation consists of several stages:1. Preparing a forecast of the need for cash for uninterrupted settlements.
2. Manufacture of banknotes and their protection against falsification.
3. Organization of cash reserve funds.
4. Transportation of cash to the regions of the Russian Federation.
5. The actual issuance of money into circulation.
The forecast for the release of money into circulation is carried out by the Department for Regulation of Money Circulation of the Bank of Russia.
This takes into account indicators such as:
– projected GNP growth in real terms;
- the estimated velocity of circulation of money in the planning period;
- the maximum allowable level of price growth in the forecast period.
The compiled forecast is made out as an order and transferred to the Goznak enterprises for the production of banknotes. Goznak has five enterprises: two printing factories (Moscow and Perm), two mints (Moscow and St. Petersburg) and a printing house.
The Central Bank organizes reserve funds - a stock of banknotes and coins for their subsequent release into circulation as necessary through circulation cash desks. The currency of reserve funds is not considered money that is in circulation, since they do not move.
Delivery of cash is carried out in three ways:
Through the branches of the Central Bank of the Central Bank;
- through regional reserve funds administered by the Central Bank of the Russian Federation;
- directly from enterprises of Goznak to institutions of the Bank of Russia (for the central regions of Russia).
Banknotes as a means of payment have their own period of circulation. An important task for the Central Bank is to ensure the quality of monetary material and its protection.
Paper quality. Bank notes are printed on high quality, hard, crisp paper. Such paper can withstand up to 2000 folds in the same place. For each denomination, paper with an individual color shade is used.
Each banknote has watermarks. A transparent thread is inserted into the paper with the text "CBR" visible to the light and small fibers of red, purple and light green colors. Red and light green fibers in ultraviolet rays have a special glow.
In the manufacture of banknotes, special printing methods are used that create certain effects, which also makes counterfeiting more difficult.
The multi-color background image on the front side of the banknotes is made by offset printing with the Oryol effect, which is characterized by a sharp change in the color of the pattern lines without gaps and shifts, and by iris printing, which has a smooth transition from one color to another without a clearly defined border.
Special protective elements against copying equipment: a macro pattern located on the wide and narrow coupon fields of the reverse side; when reproduced on copiers, dashed elements are distorted; silver ink: on a narrow coupon field, the digital designation of the denomination is made in metallized silver-like ink, which has a clearly visible sheen; when reproduced on copiers, it looks like gray paint.
Macro printing: all banknotes have macro text on the reverse side, which can be read with a magnifying glass.
Law of circulation of money
The law of money circulation expresses the economic interdependence between the mass of circulating goods, the price level and the velocity of money circulation.This relationship is a combination of two types of dependence: a direct relationship between the amount of money needed as a medium of exchange and the sum of the prices of goods and services sold; inverse relationship between the amount of money needed as a medium of exchange and the rate of circulation of money.
All this can be expressed by the following formula:
Where K is the amount of money needed as a medium of circulation;
S is the sum of the prices of goods and services sold;
C is the average number of turnovers of money as a medium of circulation.
IN economics There is another point of view, which is shared by representatives of the quantity theory of money and supporters of monetarist concept.
The American economist I. Fisher formulated the following exchange equation:
M x V = P x Q,
where M is the amount of money in circulation;
V is the velocity of money circulation;
R - average price goods and services;
Q is the number of goods sold and services rendered.
The amount of money in circulation, multiplied by the number of turnovers in sales acts per year, equals the volume of the gross national product.
From the equation of exchange, you can derive the amount of money needed for circulation:
M = P x Q x V,
where M is the amount of money in circulation, the money supply;
V is the velocity of money circulation;
P x Q \u003d V is the nominal volume of GNP.
Thus, enough money is needed for circulation to be able to sell at current prices the entire volume of goods and services produced within the national economy.
Money supply is the sum of cash and non-cash funds, as well as other means of payment.
Based on experience foreign countries The Central Bank of the Russian Federation conducts calculations of the following monetary aggregates:
M0 - cash in circulation;
М1 = М0 + funds on settlement, current and special accounts legal entities, funds of insurance companies, demand deposits of the population in banks;
M2 = M1 + time deposits of the population in Sberbank;
М3 = М2 + certificates and government bonds.
The change in the volume of the money supply is determined not only by the increase in the amount of money in circulation, but also by the acceleration of their turnover.
Currently, to characterize the money supply, the monetary base indicator is used, which is essentially equated to the M2 aggregate.
Velocity of circulation of money is the speed of their turnover when servicing transactions.
The main indicators characterizing the velocity of money turnover are: the indicator of the velocity of money circulation in the circulation of income - the ratio of the gross national product to the money supply (aggregate M1 or M2); an indicator of the turnover of money in the payment turnover, i.e. the ratio of the amount of funds transferred on bank current accounts to the average value of the money supply.
As follows from the law of money circulation, an increase in the velocity of money circulation is equivalent to an increase in the money supply.
The function of money as a medium of exchange
The function of money as a medium of exchange is used to pay for purchased goods. At the same time, a feature of this function of money is that the transfer of goods to the buyer and its payment occur simultaneously. In this function, cash banknotes are used. In the Russian Federation, this function can only be performed by the Russian currency (rubles). Application foreign exchange when selling or buying goods is not allowed.The difference between commodity circulation and the direct exchange of goods for goods differs in that it is served by money as a means of circulation, due to which the individual, temporal and spatial boundaries characteristic of direct commodity exchange are overcome.
However, if the goods go out of circulation after their sale, then the money remains in this area, continuously serving the exchange of goods. This circumstance leads not to the elimination, but to the aggravation of the contradictions of exchange, since the resulting gap between the purchase and sale of goods in one link causes a similar gap in other links, which creates the possibility of economic crises. The basis of economic crises are structural shifts in the production and sale of the social product.
The peculiarity of the function of money as a means of circulation lies in the fact that this function is performed, firstly, by real, or cash, money, and, secondly, by signs of value - paper and credit money.
Commodity circulation mediated by money differs essentially from the direct exchange of commodity for commodity:
First, it does not require the mutual coincidence of the needs of two commodity owners exchanging with each other.
Secondly, for commodity circulation it is not necessary that the acts of sale and purchase coincide in time.
Thirdly, commodity circulation does not require the coincidence of the same acts in space: the commodity owner can sell his commodity in one market, and buy goods in another market with the proceeds.
Thanks to the function of money as a means of circulation, those individual, temporal and spatial boundaries that are characteristic of the direct exchange of goods for goods are overcome. And this means that money contributes to the development of commodity exchange.
The participation of money as a means of circulation includes the possibility of influencing economic relations between sellers and buyers. Thus, the buyer of the goods must first make sure that the use value of the offered goods meets the requirements. Without compliance with this requirement, implementation is not carried out. The buyer also controls the price of the offered goods. This takes into account the price level, the ratio of supply and demand for the goods scheduled for sale, as well as the price level for goods that can replace the offered goods.
The amount of payment for the purchased goods may be regulated by the parties involved in the sale and deviate from the originally requested price.
For its part, the seller must ensure that the buyer has the funds.
All this means that in the function of a medium of exchange, money can be used as an instrument of mutual control of the participants in a transaction for the sale of goods.
When money performs the function of a medium of exchange and maintains price stability, it is important that the volume of payment demand corresponds to the supply of goods. Compliance with this requirement is due to the desire to prevent a delay in the sale of goods due to insufficient means of circulation, as well as the possibility of unreasonable price increases and the influence of an artificial excess of effective demand over the supply of goods.
That is why the supply of turnover with the necessary mass of banknotes is of great importance. In modern conditions, it is difficult to determine the actual need for money for various reasons. One of them is that the boundaries of cash circulation and non-cash payments are blurred. Thus, enterprises carry out cash settlements on a relatively large scale and it is difficult to foresee the volume of such operations. Along with this, expanding money turnover population with plastic cards. It is very difficult to foresee the volume of turnover carried out with the help of such cards, instead of the turnover of cash. It is also necessary to take into account the fact that in Russia the flow of cash into circulation is delayed, including in connection with the payment crisis.
"Substitutes" for this function can be barter and rationing.
Natural commodity exchange is inherent in the first stage, in which one thing is exchanged for another without monetary payment, i.e. trade transactions are carried out according to the scheme "goods - goods", called barter.
The money that has replaced barter helps to reduce transaction costs. However, barter has not completely outlived itself, and even revived during periods of high inflation in modern world. With inflation, the experience of Russia has shown that trading through barter has proved to be more preferable than using cash, since the costs associated with holding money for transactions can exceed the losses and inconveniences of barter.
Barter can exist even in the absence of high inflation, in normal economic conditions in the form of additional payments by the company to its employees in the form of medical insurance, pension insurance.
Rationing is a system of distribution of goods and services that sets a maximum limit on the amount of goods and services that one consuming unit can buy or receive.
As an alternative to money exchange or barter, the government may resort to the distribution of coupons. These coupons give their holders the right to purchase certain quantities of various goods, such as bread, meat or gasoline. With such a system, retail stores exchange goods for coupons, and not directly for money.
In practice, as experience shows, it is very difficult to distribute coupons for all types of products produced in modern society. In addition, rationing limits consumer choice. When consumer goods are rigidly rationed, the question of personal preference is no longer relevant. With a rationing policy, the government can control the demand for a product by controlling the amount of rationed supply.
Various forms of rationing were introduced in the US during World War II, in the Soviet Union. The aim was to limit demand in an environment of controlled prices and rapidly rising nominal incomes.
The advantage of the rationing system is underway:
1. They hope that rationing will help get rid of long lines for scarce goods.
2. Rationing is carried out as an alternative to black markets.
Disadvantages of rationing:
1. It is difficult to achieve that the number of coupons corresponds to the amount of goods available.
2. Ultimately, the system collapses, as a result of which coupons lose their specific character and become just another kind of money.
Money means of circulation of goods
The development of commodity exchange leads to the fact that an intermediary is wedged into it. As a result, the exchange process takes the form of T - D - T.Thus, the exchange breaks up into two independent, simultaneously performed and complementary acts:
- the commodity enters the sphere of circulation, there is a transformation of the commodity into money by selling it C - M;
- the reverse transformation of money into a commodity takes place, the purchase of a useful good D - C with the proceeds. As a result, the commodity goes into the sphere of consumption. The appearance of an intermediary in the exchange of goods transforms it into commodity circulation.
Commodity circulation is the exchange of goods by means of money. When making a commodity transaction, money performs a special function of a medium of exchange.
The movement of goods in the sphere of circulation is the starting and ending point, the movement of money is subordinate. In the course of commodity circulation, there is a gap between the purchase and sale of goods in time, space, and individual actions. Thus, the evolution of commodity exchange into commodity circulation gives rise to the possibility of commodity crises and delays in sales.
Money in the function of a medium of circulation has not only qualitative, but also quantitative certainty.
It depends on a number of factors:
- movement of commodity prices;
- the mass of circulating goods and the number of transactions;
- the mass of money in circulation;
- velocity of money circulation.
As a medium of exchange (or exchange), money allows society to avoid the inconvenience of barter. Money is universally and easily accepted as a means of payment. This social invention allows producers to be paid with a special commodity (money), which can later be used to purchase any commodity available on the market. Providing convenient way exchange of goods, money gives society the opportunity to take advantage of the fruits of regional specialization and the division of labor in society. In contrast to the first function, where commodities are ideally valued in terms of money prior to their circulation, money must actually be present when commodities circulate. The features of money as a means of circulation are their real presence in circulation and the transience of their participation in the exchange, in connection with this, the function of a means of circulation is also performed by inferior money - paper and credit. Currently, credit money has occupied a dominant position in monetary circulation: bills, banknotes, checks, bank credit cards.
The main features of money as a medium of circulation are as follows:
1) acts of "purchase" and "sale" can be separated from each other and be independent;
2) acts may not coincide either in time or in space;
3) acts can go beyond the framework of two individuals, i.e., intermediaries can appear.
The sphere of functioning of money as a means of circulation is commodity circulation between commodity organizations and the population, as well as groups of the population.
Conditions for the correct circulation of money:
1) the presence of a correspondence between the structure of demand and the structure of supply;
2) the correct organization of trade and advertising;
3) ease of use of money and the correct organization of money circulation;
4) stability of the national currency.
In cash and non-cash forms, it actively influences the course of reproduction processes. Therefore, a conscious impact on the parameters of the monetary sphere by regulating them is important not only as a way to influence the functioning of money and loan capital, but also as a way to regulate the economy as a whole. Since this impact occurs at the macro level, the main subject of regulation is the state represented by its central bank.
The choice of one or another method of monetary regulation (MCR) is of great importance, because the methods used do not have the same degree of efficiency. Some of them are completely autonomous, while others need to be supplemented with a number of tools. Tool selection monetary regulation determined to a large extent by the composition and structural characteristics of the credit system, which they must regulate, so the methods of monetary regulation differ from country to country.
Refinancing
Refinancing in the system of monetary regulation is considered as a policy that has a quantitative and cost effect, and the quantitative effect is expressed in the amount of refinancing and the volume of changes in the money supply, and the cost effect is influencing the amount of refinancing and bank liquidity, since changes in the cost of refinancing affect the level of demand resources from commercial banks. The ultimate goal of refinancing is to control the liquidity of banks.
In the very general view refinancing is a banking policy in the field of financing the economy. More specifically, refinancing refers to the regulation of credit assistance provided by the central bank to commercial banks. This is due to the fact that the latter are not able to fully satisfy the needs of the economy in loans on their own. Refinancing can be carried out by various methods, depending on the situation, the intended goal, the functional structure of banks, the degree of dependence of commercial banks on the central bank.
When refinancing, the most commonly used method is the discount rate of the required reserve ratio, open market operations, various types of central bank intervention in the money market, used either alternatively or simultaneously. IN different countries the ratio of refinancing methods is different, which is predetermined by many factors. However, the general condition for the use of these methods is the need for commercial banks to “feed” their own resources.
Regulation of monetary circulation
The regulation of monetary circulation is one of the most important areas in the activities of the central bank. This is due to the fact that, on the one hand, narrowly focused, specific and easily quantifiable methods of regulation that affect money circulation make it possible to obtain significant macroeconomic results. The latter form financial conditions the functioning of the economy as a whole, determine the degree of effectiveness of other methods of regulating the economy used by the state. At the same time, in the sphere of regulation of money circulation, not only should the interests of the central bank as a state regulatory body and the leading element of the banking system interested in its stability coincide with the interests of other business entities and individuals, but also a targeted and comprehensive impact of the central bank on various elements of the market mechanism. In this case important condition is the correspondence of the applied methods of monetary regulation not only to the specific goals of monetary policy or the state of the economic situation, but also to more specific tasks, i.e. peculiarities of the existing national financial system, the degree of development of the banking system and money market instruments, the degree of interaction of the money market with other segments or blocks of the market mechanism.
Money-credit policy
From monetary policy, conducted by the central bank of any state, depends on both successes or failures in the field of macroeconomic regulation of the economy, and the well-being of the people. From this it is clear that monetary regulation is the most important tool for influencing economic life state, and therefore the violation of the monetary mechanism adversely affects the state of the entire economic life. For example, an excess supply of money leads to inflation, a decrease in the purchasing power of the monetary unit, depreciation of capital, and, conversely, a lack of means of payment limits the possibilities economic growth, leads to the emergence of the so-called non-payment crisis. Therefore, it is quite natural that in the conditions of a modern market economy, the control and regulatory functions of central banks are increasing.
The choice of monetary policy instruments is quite wide. Usage various kinds instruments varies depending on the direction of the country's economic policy, the degree of openness of its economy, established traditions and specific circumstances. In foreign economic literature, monetary policy is divided into a “narrow” one, which ensures the stability of the national currency through foreign exchange interventions, changes in the discount rate, as well as other tools that affect the state of the national currency, and “broad”, which directly affects the volume of monetary masses in circulation. These measures of influence are interconnected and interdependent. Ultimately, they are aimed at realizing the main goal of any central bank related to maintaining the stability of the national currency and limiting inflation. The implementation of this goal is not carried out in isolation from the priorities of the national economic policy. The main of these priorities is the maintenance of economic growth in conjunction with the satisfaction of the needs of the economy in financial (monetary) resources.
In the post-Soviet states, there are two approaches to conducting monetary policy. Supporters of the first believe that monetary policy should be tight, since only in this case it will be possible to curb inflation and implement a monetarist approach to economic regulation. According to the second direction, credit emission should be actively used in order to stabilize and revive production. This is motivated by the fact that the transforming economy quickly enough adapts to the conditions of inflation. There is a point of view that, in accordance with the emerging economic situation in the country, at each specific stage of economic development, the central bank should develop the concept of monetary regulation inherent in this stage. Proponents of the first point of view proceed from the need to compress the money supply and lend only to highly efficient industries. Supporters of the second point of view believe that this does not eliminate the differences in the profitability of the real and financial sectors of the economy.
Characteristically, the question of the money supply is connected with the problem of maintaining a macroeconomic balance between the demand and supply of money. The monetarist and Keynesian schools give different interpretations of this, but when considering the dispute between monetarists and Keynesians on the problem of maintaining macroeconomic equilibrium, one cannot fail to note the fact that the dispute between monetarists and Keynesians boils down to a discussion of whether relative prices in the real economy are absolutely flexible. However, leaving aside the price factor and relying only on the monetary factor, M. Friedman, the main representative of the monetarist school, believes that the money supply in the economy is exogenous, i.e. determined by forces outside economic system(meaning the government) and believes that changes in the supply of money do not follow immediately after a change in the demand for them, but are carried out independently.
Neo-Keynesians oppose the assertion of monetarists about the exogenous money supply, because, in their opinion, this is not confirmed by practice (in the works of J.M. Keynes, the idea of the exogenous nature of the money supply was allowed). They believe that the supply of money is directly dependent on the demand for them and is endogenous. Meanwhile, the essence of modern disputes between monetarists and other currents cannot be understood without an analysis of the neoclassical theory of production and the quantity theory of money.
Differences in the theory of this issue are of a practical nature. If we follow the ideas of the monetarists and assume that the demand for money is stable and predictable, and the supply of money is exogenous, then the central bank is able to effectively regulate economic development states. If we proceed from the fact that the demand for money is unstable, and the supply is of an internal nature, then the monetary policy of the central bank will be ineffective, and therefore it is more reliable to regulate the economy through fiscal (fiscal) policy.
Coordination of monetary and fiscal policy should be mandatory. At the same time, monetary policy is decisive, since it is associated with the formation of GDP, its dynamics and structure, and with the turnover of inventory items. Fiscal policy is indirectly related to GDP through its redistribution, but is directly related to investment through taxation, and, consequently, to . At the same time, the presence and even the growth of barter transactions is a crisis payment system testify to the disunity of the monetary and fiscal policy. If the monetary policy functions as if by itself or, figuratively speaking, is turned "inside" the banking system, then its impact on the economy is insignificant, and sometimes even negative. In some cases, this can even happen when, due to the "fault" of other blocks of economic policy, their uncoordinated action with monetary policy occurs.
The monetary policy of the central bank should take into account the monetarist and Keynesian approaches to the regulation of the economy. This confirms the experience of developing the monetary policy of a number of states in the 90s. XX century, when, relying on a moderately inflationary monetary credit policy, measures were taken to strengthen investment in the real sector of the economy. World practice confirms that monetary policy should not develop in isolation from the general economic policy of the state. Therefore, for example, financial stabilization measures should not contradict the task of ensuring economic growth, which can be implemented through saturation of the economy with the necessary funds. In this case, financial stabilization can be achieved by administratively restraining the growth of the money supply and limiting the credit emission of commercial banks. However, as a result of this, production will suffer due to a lack of funds, which will lead to significant financial losses.
To maintain the current balance between the amount of credit emission and the growth in the production of goods and services, it is necessary to use monetary regulators that affect aggregate demand. A special role can be played by the possibility of the central bank's influence on the situation on the loan capital market, the money supply and the level of the lending process. These monetary mechanisms make it possible to regulate the size of investment demand and the level of household savings, with a special place in economic policy the state should be concerned with the problem of meeting the domestic demand of the population.
Characteristically, in developed countries, the stimulation of domestic aggregate demand takes place purposefully under the control of the state, when monetary policy closely interacts with tax and budgetary ones. Particularly in the United States during Reaganomics there was a reduction in taxes to stimulate demand, the terms of depreciation of equipment were reduced, tax credits for R&D spending and investments in knowledge-intensive industries. At the end of the 80s. XX century in Japan as a result of a decrease income tax and corporate income tax, there was a general reduction in taxes and an increase in domestic effective demand. Therefore, the implementation of such a policy requires central banks to take measures to prevent inflationary trends. In this case, the role of the central bank in the field of interest rates should be increased for the current regulation of the savings rate and interest on deposits in commercial banks.
However, the objectives of the monetary policy of the central bank are not limited to stimulating monetary savings and developing a mechanism for their transfer to investment goals. Monetary policy plays a significant role in stabilizing general economic development, although it must be borne in mind that in countries with an underdeveloped monetary system, this role is implemented differently than in developed countries. In industrialized countries, monetary policy has traditionally served as one of the most important instruments of counter-cyclical regulation. At the heart of such regulation is the ability of the central bank (far from unlimited) to accelerate or restrain the growth of the money supply and raise or lower the price of credit.
State regulation of the economy at the stage of transition to market relations can and must undergo constant changes. This is evidenced by the world experience of state regulation of the economy as a whole and its individual areas, in particular, monetary. At the same time, historically, the initial mechanism for regulating the monetary sphere is the market mechanism, which determines through the ratio of supply and demand (price level and volume of goods) the amount of money in circulation, the speed of its circulation, the price of credit, the conditions for the performance of various functions by money, etc.
The regulation of money circulation by the central bank can be directed to any of the elements of the money market: the volume of money supply in cash and non-cash forms, the amount of demand for credit and its price, operations on the open (secondary) market associated with the purchase and subsequent resale of securities. The possibility of influencing the supply of money is ensured by the combination, in the person of the central bank, of the subject of money emission in its cash and non-cash forms and the subject of regulation. At the same time, the monopoly on the issue of banknotes creates the basis for control over the cash component of money circulation, and special role central bank in the formation of credit resources of the banking system as a whole - the basis for determining the possible volume of bank loans.
In modern conditions, characterized by the predominance of the deposit part of money circulation, the importance of regulating the volume of supply of bank loans by the central bank is increasing. For this reason, the regulation of the demand for money is carried out primarily through the regulation of the conditions for issuing loans from the central bank, which determine the conditions for granting loans by the banking system as a whole, although the latter also affects the lending policy of the central bank. Moreover, the regulatory role of the central bank imposes certain restrictions on the conditions of money circulation, eventually causing a response from the market, which manifests itself in the fact that, on the one hand, there is a reorientation of not only money circulation, but the entire market system towards achieving market equilibrium, and, with on the other hand, the transformation or adaptation of the forms of market activity is carried out with the aim of certain elimination of excessive measures of regulatory influence on the part of the state represented by the central bank.
That's why modern state with a market economy, controlling, for example, money circulation, the movement of loan interest, the flow of operations in the secondary market, can influence almost all parameters of social production. In particular, using these methods, the state through the central bank contributes to money savings, reducing prices and stabilizing wages, increasing production efficiency, increasing bankruptcy and unemployment, raising the exchange rate of the national currency and reducing the competitiveness of its goods, increasing the cost of exports and reducing the cost of imports of goods, increasing the import of capital and curbing its export, etc.
The effectiveness of the methods of monetary regulation is ensured by their constant evolution, associated with a change in the mechanism of regulation of the economy as a whole, with the ratio of elements of self-regulation and conscious regulation in it. Therefore, the methods of monetary regulation of the central bank are influenced by deregulation trends associated with the fact that, while maintaining priority market relations there is not so much a decrease in the role of monetary regulation as a change in its qualitative characteristics. These changes are related to the achievement of greater regulatory flexibility through the use of purely market instruments, the inclusion of market parameters in the regulatory methods used or taking into account the state of the market, etc.
Methods of regulation of money circulation
The methods of regulation of monetary circulation, adopted in world practice, include:
- reserve requirements or policy of minimum reserve requirements
- regulation of the central bank rate
- operations on the open or secondary market
In addition, central banks influence the state of monetary circulation through investment requirements and credit ceilings.
The last two methods, in terms of their impact on money circulation, are close to the policy of minimum reserve requirements. In particular, investment requirements represent an obligation of a credit institution to keep in an account with the central bank a part of the amount of assets or a part of their growth over a certain period in the form government bonds or securities issued by special credit institutions (institutions). It is characteristic that in a number of countries (France, Belgium) the introduction of investment requirements preceded the introduction of reserve requirements or was considered as a variant of the latter. In Italy in the 60s. In the 20th century, reserve requirements could be met either in the form of deposits in central bank accounts or in the form of government securities.
Credit "ceilings" represent upper limits on the total amount of loans or their growth, set for banks (sometimes on an individual basis), or a limit on the amount or number of loans issued to one client. This is applied when, in some cases, the norms of required reserves do not lead to the stabilization of the money supply and the reduction of credit investments. Then the central banks introduce a direct limit on loans, the essence of which is to establish a credit ceiling in accordance with the envisaged growth rate of the money supply. To determine the maximum growth in the money supply, the central bank relies on forecasts of growth in the volume of gross domestic product and price change index. The growth rate of the money supply is assumed to be slightly lower than the expected GDP growth rate by value to ensure a gradual decrease in the economy's liquidity ratio and a slowdown in price growth.
Therefore, limiting credits implies curbing the growth of the money supply and at the same time provides an opportunity to finance priority sectors (industries) of the economy at interest rates artificially low relative to the equilibrium market interest rate. The main problem that the credit limit policy faces in practice is the provision of loans to those entities that are not always subject to the limit. The credit limit system has found a trend towards transformation banking as it begins to turn into a simple allocation of resources, rather than a search for the most efficient areas for the application of banking capital. The selective, or selective, nature of credit restrictions is often reinforced by a system of subsidies and incentives for certain sectors of the economy, for example, agriculture, energy and export-oriented industries.
Investment requirements and credit "ceilings" represent administrative interference in the regulation of money circulation. Such interference provokes a strong response from the institutions of the credit system, aimed at circumventing regulatory measures. This causes a decrease in the importance of investment requirements and credit restrictions in common system methods of regulation by the central bank of money circulation.
Thus, the central bank has at its disposal a set of methods of monetary regulation that make up the content of monetary policy. These methods may differ in the form of influence (direct and indirect), in the objects of influence (the supply of money and the demand for money), in the parameters of regulation (quantitative and qualitative). A characteristic feature of these methods is that they are used and operate in a single system of monetary regulation.
However, depending on specific goals, monetary regulation of the central bank can be aimed either at stimulating credit emission (credit expansion) or at limiting it (credit restriction). Through credit expansion, central banks pursue the goal of boosting production and revitalizing the conjuncture, and with the help of credit restriction, they try to prevent the “overheating” of the conjuncture observed during periods of economic recovery.
According to the form, monetary regulation instruments are divided into administrative (direct) and market (indirect). Administrative instruments are those in the form of directives, prescriptions, instructions issued by the central bank and aimed at limiting the scope of the credit institution. They occupy a certain place in the practice of central banks in developed countries, and are also widely used in developing countries. One of the methods of direct official interference in the activities of the banking system is the use in a number of countries of the policy of rediscounting allocation, i.e. limiting the volume of rediscounting bills of credit institutions by the central bank in order to regulate the state of liquidity and the credit potential of banks. The total amount of the loan can also be regulated. Thus, in the FRG, a resolution of the Federal Bureau of Supervision of Credit Institutions under the Ministry of Economics dated January 16, 1980 established the ratio between the size of banks' own capital and the total amount of liquidity. According to this document, loans and participations of banks should not exceed their equity more than 18 times.
Market instruments are understood as ways in which the central bank influences the monetary sphere by creating certain conditions for money market and the capital market. Market (indirect) instruments are more flexible than administrative ones, but the results of their application are not always adequate to the intended purpose. Nevertheless, at present, there is a departure of the central banks of developed countries from direct methods of influence to market methods of monetary regulation.
According to the nature of the parameters established in the process of the central bank's influence on the monetary sphere, the instruments of monetary regulation are divided into quantitative and qualitative ones. Through the use of quantitative methods, there is an impact on the state of the credit capabilities of banks, and, consequently, on money circulation as a whole. Qualitative instruments are a variant of direct regulation of the qualitative parameter of the market, i.e. the cost of bank loans.
In terms of impact, the instruments of monetary regulation, in accordance with the tasks of implementing the immediate and long-term goals of monetary policy, are divided into long-term and short-term ones. The long-term (final) goals of monetary regulation are understood as those tasks of the central bank, the implementation of which can be carried out from one year to several decades. Short-term instruments include instruments of influence, with the help of which intermediate goals of monetary regulation are achieved.
However, this does not exhaust the arsenal of monetary regulation tools. In some countries, central banks resort to such methods as setting credit limits, limiting the level of interest rates on deposits and loans of commercial banks, portfolio restrictions, and others. The choice and combination of monetary regulation instruments depends primarily on the tasks that the central bank solves at a particular stage of the country's economic development.
Money in the economic circulation in the market conditions has always existed and has always existed. New money comes into circulation from banks that create it as a result of credit operations. Therefore, the credit nature of the issue of money is one of the fundamental principles of the organization of the monetary system of the state.
The concepts of "issue of money" and "issue of money" are unequal.
The release of money into circulation occurs constantly. Non-cash money is issued into circulation when commercial banks provide loans to their customers. Cash is issued 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, customers repay bank loans and hand over cash to the operating cash desks of banks. At the same time, the amount of money in circulation may not increase.
Emission is understood as such release of money into circulation, which leads to a general increase in the money supply in circulation. There is an issue of non-cash and cash money. The issue of cash is also called the issue of money into circulation.
In the conditions of an administrative-distributive economy, both types of emission were carried out by the State Bank. The issue of non-cash money was carried out on the basis of credit plans by expanding the loans provided in accordance with them.
In countries with a market economy model, when there is no monopoly on emissions, the operation of such a mechanism becomes impossible.
The emission function in a market economy is divided into:
1) non-cash money is issued by a system of commercial banks;
2) issue of cash - by the state central bank.
At the same time, the issue of non-cash money is primary. Before cash appears in circulation, it must be reflected in the form of entries in the deposit accounts of commercial banks.
The main purpose of issuing non-cash money into circulation is to meet the additional needs of enterprises for working capital. Commercial banks meet this need by providing loans to enterprises. Banks can issue loans only within the limits of their available resources. With the help of these resources, it is possible to satisfy only the ordinary, and not the additional, need of the economy for working capital. Meanwhile, in connection with the growth of production or the rise in prices for goods, an additional need for money for the economy and the population constantly arises. Therefore, there must be a mechanism for issuing non-cash money that satisfies this additional need.
The issue of cash is carried out by the Central Bank and its cash settlement centers. They open in different regions of the country. For the issue of cash in cash settlement centers, reserve funds and revolving cash desks are opened. The reserve funds store a stock of banknotes intended for their release into circulation in the event of an increase in the need of the economy of a given region for cash. The cash desk of the settlement and cash center constantly receives cash from commercial banks, but also cash is constantly issued from it.
Money circulation is the circulation of cash flows in cash and non-cash form. Such circulation is possible due to the fact that someone has an excess of money (supply), and someone feels the need (demands). Money circulation serves the flow of goods, works and services, and it is through it that the functioning of the financial system is carried out (accumulation and redistribution of resources). Money circulation is the blood vessels for the financial system.
Money circulation has two main forms: cash and non-cash.
Cash circulation – it is a cash flow, i.e. banknotes from one owner to another.
Cash turnover - a set of cash payments in the functions of the medium of circulation and means of payment in the country for a certain period of time.
Cash circulation is the most time-consuming and least protected process of redistribution of goods. In cash circulation there are restrictions (in terms of convenience and practicality) for business entities. It is less controlled by the state, therefore, in certain cases, it is more desirable for enterprises. Realizing this, the state establishes certain restrictions on cash turnover, which mainly concerns the maximum amounts of cash settlements and the timing of cash storage at the cash desk of the enterprise.
The sphere of use of cash payments is connected mainly with the realization of the income of the population.
Cash payments are made:
Enterprises, institutions and organizations with the population;
Settlements between individual citizens in commodity and food markets;
Partly settlements of the population with the financial and credit system;
Limited payments between enterprises within limits set by the government.
Cash turnover in Russia is served by banknotes and metal coins. Cash is credit money that is issued in order to lend to the economy.
Cash turnover is organized on the basis of the following principles:
1) all enterprises must keep cash, except for the established limit, in commercial banks;
2) banks set cash balance limits for enterprises;
3) the circulation of cash serves as an object of predictive planning;
4) the management of money circulation is carried out in a centralized manner;
5) the organization of cash circulation aims to ensure the stability, elasticity and economy of monetary circulation;
6) enterprises can receive cash only in banking institutions servicing them.
The exclusive right to issue (issue) money into circulation belongs to the Central Bank of Russia, in connection with its main function - the emission center of the country. The main task of the Central Bank of Russia is the management of money circulation in order to ensure the stability of the monetary unit (ruble).
Conducting cash transactions by enterprises of all forms of ownership, institutions and organizations is regulated by Regulation No. 40 “On the procedure for conducting cash transactions in the Russian Federation”, approved by the Central Bank of the Russian Federation on September 22, 1993.
Enterprises, associations, organizations and institutions, regardless of the legal form and field of activity, are required to keep free cash in banks. To carry out cash settlements, each enterprise must have a cash desk and keep a cash book in the prescribed form. Acceptance of cash by enterprises in settlements with the population should be carried out using cash registers.
A commercial bank for the cash desk of the enterprise sets a limit on the balance of cash, which by the end of the working day should not be exceeded. Excess cash proceeds must be deposited with the bank and credited to the company's current account.
Exceeding the limit of cash balances in the cash desks of enterprises is allowed within, as a rule, 3 working days when issuing wages. The money received from the bank is credited to the cash desk according to the incoming cash order, and a corresponding entry is made in the cash book. The issuance of cash from the cash desk of the enterprise is carried out according to cash orders or payment, settlement and pay statements, an application for the issuance of money, invoices, etc., with the imposition of a stamp on these documents with the details of the cash order. Documents for the issuance of money are signed by the head and chief accountant of the enterprise.
All cash receipts and disbursements of the enterprise are recorded in the cash book, which must be numbered, laced and sealed with a wax seal. The number of sheets in the cash book is certified by the signatures of the head and chief accountant of the enterprise. Entries in the cash book are kept in 2 carbon copy copies. The second copies are detachable and serve as a report to the cashier. Responsibility for compliance with the procedure for conducting cash transactions rests with the head, chief accountant and cashier.
Non-cash circulation – this is the movement of electronic money, i.e. account entries. Developed non-cash circulation is possible only with a developed banking system, when the speed, the guarantee of the passage of payments, the quality of related services - provides greater convenience compared to cash circulation, that there is a rejection of cash circulation. The main instruments of non-cash circulation are securities (bills, checks) and also credit cards. Especially important is such an indicator as the speed of turnover of funds. The quantity of money can be regulated not by issuing new money, but by accelerating the circulation of existing ones.
The form of organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation, is called monetary system. Monetary systems were formed in the XVI-XVII centuries. with the emergence and establishment of the capitalist mode of production.
The main forms of monetary systems:
- Metal circulation system.
- The system of paper money circulation, gradually replaced by plastic cards.
There were two types of metallic money circulation:
- Bimetallism.
- Monometallism.
Bimetallism- when two noble metals are equivalent in circulation: silver and gold. In 1865, 4 states: France, Belgium, Switzerland, Italy entered into an agreement "Latin Monetary Union", securing bimetallism, the proportion of the exchange was 1 evil: 15.5 ser. But since prices for gold and silver had different dynamics, the rise in prices for silver lagged behind the rise in prices for gold, money ceased to be a universal equivalent, i.e. a gold coin was worth more than its face value.
Monometallism- two types:
- Silver- Witte was in Russia before the monetary reform, i.e. before 1897
- Gold- was legalized in 1816 in Great Britain. It came in three forms:
Gold coin standard;
Gold bullion standard;
Gold exchange or gold exchange standard.
gold coin standard– there are gold coins and defective money in the country, 100% exchangeable for gold coins, i.e. there is no less gold in the treasury than paper money. It ceased to exist after World War I, when gold became scarce.
Gold bullion standard- there are no gold coins in circulation, but the state exchanged defective money for gold bars (1,700 pounds sterling for 12.5 kg (bar) of gold).
Gold exchange or gold exchange standard- an even more truncated form, there are no gold coins, there is no exchange of defective money for gold bars. The state exchanges the national currency for the currency of countries with a gold bullion standard. In 1944, the Bretton Woods Conference (USA) laid the foundations for the gold-dollar standard, which existed only for central banks (the Central Bank changed the currency, and the currency for gold). The US Treasury exchanged dollars for gold, but only for the Central Bank of the countries that signed the conference. In 1976, the Jamaica Conference (gold reserves have become scarce). The US government refused to exchange dollars for gold, now paper money for gold does not change.
At present, a state-organized monetary system has developed in all countries. The elements of the monetary system are those of its constituent parts on which the organization of the circulation of monetary resources is based:
1. Monetary unit - a banknote established by law. In the Russian Federation - this is the ruble.
2. Scale of prices - setting the content of the price of the monetary unit through the weight content of gold (now it is not).
3. Types of money. Banknotes and coins are unconditional obligations of the Central Bank and are backed by all its assets. They are required to be accepted for all types of payments.
4. Emission system. The issue of cash, the organization of their circulation and withdrawal from circulation on the territory of the Russian Federation are carried out exclusively by the Central Bank.
The modern monetary system has the following characteristic features:
The government does not set the gold content of the national currency;
The transition to credit money not exchangeable for gold has been completed, there has been an erasure between paper and credit money;
The predominance of non-cash circulation in money circulation;
Strengthening state regulation of monetary circulation.
Non-cash payment turnover in the country is organized on the basis of certain principles.
The principles of organization of calculations are the fundamental principles of their implementation.
Compliance with the principles in the aggregate makes it possible to ensure that the calculations meet the requirements: timeliness, reliability, efficiency.
The first principle is the legal regime for settlements and payments.
The second principle is the implementation of settlements mainly on bank accounts.
The third principle is to maintain liquidity at a level that ensures uninterrupted payments.
The fourth principle is the presence of an acceptance (consent) of the payer for payment.
The fifth principle is the urgency of payment.
The sixth principle is the control of all participants over the correctness of settlements, compliance with the established provisions on the procedure for their implementation.
The seventh principle is their property liability for non-compliance with contractual terms.
There are several ways of non-cash payments:
1. Through the banking system.
2. Through specialized clearing institutions.
3. By offsetting mutual claims.
4. By using specialized RZB instruments.
Sources of non-cash payments can be borrowed, own and borrowed funds.
To store funds and carry out settlement operations, each economic agency in a commercial bank, depending on the status of the enterprise, the nature of the activity and the source of financing, opens settlement, current, loan, deposit and other accounts.
To open a current account, the company must provide the bank with a certain list of documents.
With enterprises that have opened different accounts, the bank concludes an agreement on settlement and cash services, which reflects the rights and obligations of the parties, the cost of the services provided and liability for violations of the terms of the agreement.
In the process of carrying out self-supporting operations, sometimes a situation arises when the balance of funds on the current account of the enterprise is not enough to satisfy existing claims from suppliers, contractors, and the budget. The problem arises of which payments to make on the first, second, and so on. queue. To ensure a unified approach, to avoid discrimination of certain enterprises and organizations, the so-called order of payments is established.
There are the following types of payments:
1) target sequence.
2) calendar order.
3) calendar-target order.
4) preferential order (priority at the discretion of the payer).
If the funds on the account are insufficient to satisfy all the requirements presented to it, the funds are currently debited in the following order:
First of all, write-offs are carried out according to executive documents providing for the transfer or issuance of funds from the account to satisfy claims for compensation for harm caused to life and health, as well as claims for the recovery of alimony (group 1);
Secondly, write-offs are made under executive documents that provide for the transfer or issuance of funds for settlements on the payment of severance benefits and wages with persons working under an employment contract, including under a contract, for the payment of remuneration under an author's agreement (group 2);
In the third place, write-offs are made according to payment documents that provide for the transfer or issuance of funds for settlements on wages with persons working under an employment contract (contract), as well as for contributions to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and compulsory medical funds. insurance of the Russian Federation (group 3);
In the fourth place, write-offs for payment documents providing for payments to the budget and extra-budgetary funds, deductions to which are not provided for in the third priority (group 4);
In the fifth place, write-offs are made under executive documents providing for the satisfaction of other monetary claims (group 5);
In the sixth queue, write-offs are made for other payment documents in the order of calendar priority (group 6).
In accordance with the current legislation, in modern conditions it is allowed to use the following forms of non-cash payments: payment orders; letters of credit; checks; collection form.
Payment order (PP) - a written order of the account holder to the bank to transfer a certain amount from his account to the account of another enterprise - the recipient of funds in the same or another bank. With the help of PP, settlements are made in the economy, both for commodity and non-commodity transactions. In this case, all non-commodity payments are made exclusively by the PP.
PP settlements have a number of advantages compared to other forms of settlement: a relatively simple and fast document flow, faster cash flow, the ability of the payer to pre-check the quality of paid goods or services, the ability to use this form of settlement for non-commodity payments.
A letter of credit is an instruction from the buyer's bank to the supplier's bank to pay settlement documents. Upon receipt of an application for a letter of credit, the payer's bank reserves these funds in a separate account. Thus, depositing money guarantees the supplier timely payment. The funds are credited to the supplier's account by the bank after the documents confirming the shipment or performance of works and services are provided.
The letter of credit can be monetary and commodity. In the case of a money letter of credit, the payment of money to its holder is carried out against the presentation of an identity document by him. The guarantor may also indicate himself as the recipient of money in order to reserve large sums of money for trips to other cities. A documentary letter of credit is used in settlements between the supplier and the buyer. The buyer opens a letter of credit with the supplier's bank and instructs the payment of invoices against the delivery by the supplier of the agreed documents. Thus, the supplier receives a guarantee that the invoice amount will go to him, and the buyer - that the goods were actually shipped to him.
Collection is a banking operation through which the bank, on behalf of the client, receives funds due to it from other enterprises on the basis of settlement, commodity and monetary documents.
A check is a written order of the payer to his bank to pay a certain amount of money from his account to the holder of the check.
Payment requests are used in the collection form of settlements, when payments are made not immediately after the shipment of the goods or the issuance of trade documents.
A promissory note is a debt obligation of the drawer or other person specified in the promissory note to pay the indicated amount of money at a certain time in a specific place. The advantage of a bill of exchange form of payment over a check is the possibility of committing an endorsement.
Non-cash payments in the financial sector of the economy can be carried out:
Through the settlement network of the central bank;
Between credit organizations on correspondent accounts "Nostro" and "Loro";
Through non-bank credit organizations specializing in settlement transactions;
Through the intra-bank settlement system (accounts of interbranch settlements).
Interbank settlements - a system of non-cash settlements between banks, based on direct transfers of funds and regular offsets of their mutual claims and obligations. On the basis of settlements between various banks, settlements within the national economy can be finally completed. For settlements, commercial banks establish correspondent relations among themselves on a contractual basis. The subject of these relations are two types of operations: customer service and actual interbank operations. The former include operations on commercial transactions of clients and the provision of trust services to them. Own operations of banks include the provision and receipt of loans, deposits, the purchase (sale) of currency, securities, etc.
Correspondent relationships are usually accompanied by the opening of accounts on a reciprocal basis (with each other).
There are also relations between correspondents without an account, when mutual settlements are carried out on accounts opened by them in a third credit institution. A special case of such a structure of contractual relations is settlements on correspondent accounts opened with the divisions of the Bank of Russia. However, they can also be carried out on accounts opened with a commercial bank, usually a major center for interbank settlements, the so-called settlement bank.
It is also possible to establish correspondent relations through clearing centers where clearing accounts are opened as a kind of correspondent account for clearing. In this case, equal financial claims and liabilities are repaid, and the balance is written off or credited to the main correspondent account.
A correspondent account is an account of one bank opened with another bank. It reflects payments made by the latter on behalf of and at the expense of the first bank on the basis of a correspondent agreement concluded between them.
Correspondent accounts opened after the conclusion of agreements are divided into several types: Nostro accounts - current accounts in the name of a commercial bank with a correspondent bank (our account in your bank); accounts "Loro" - current accounts in the name of a correspondent bank with a commercial bank, reflected in its liability balance (your account in our bank); "Nostro" accounts - accounts of foreign banks in a resident bank in local currency or in the currency of a third country. Nostro accounts with one bank are Loro accounts with its correspondents and vice versa.
In our country, most of the interbank settlements are carried out through the settlement system of the Central Bank of the Russian Federation. Settlements between banks are carried out by divisions of the Bank of Russia specially created for this purpose - cash settlement centers (RCCs). Correspondent accounts of banks are opened at the RCC at the location of the boards of commercial banks.
Clearing is one of the ways of non-cash payments. It is based on the offset of mutual claims and obligations of legal entities and individuals for goods and services, securities. In clearing, equal amounts of mutual claims of creditors and obligations of debtors to each other are repaid, and payments are made only for the difference.
Clearing can be carried out between two economic entities, group and interindustry without the participation of commercial banks or with the help of banks. When carrying out a one-time offset through banks, a separate offset account is opened for each participant by the bank servicing him (during the offset period) in parallel with the current account. Amounts are written off and credited on it. Then the offset accounts are closed and the balance for each participant is displayed.
It is possible to use clearing in the implementation of interbank settlements. After all, each bank simultaneously or alternately acts as a recipient and payer of money. Clearing settlements can be organized between two banks, when the debt claim of the first is the debt obligation of the second, and vice versa. At the same time mutual debts are repaid. But clearing achieves the greatest efficiency with a large number of participants.
Clearing can be organized both through the largest commercial banks and through clearing houses (centers). At the same time, it is necessary that the clearing center take into account all debt claims of each participant in relation to other clearing participants and obligations to them with subsequent redemption of negative and positive values. Banks open their accounts in clearing houses, to which they transfer part of their funds. In turn, clearing houses open their correspondent accounts with the Central Bank.
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