§2. Modern monetary system of industrialized countries

8.1. Monetary system of the USA

US monetary system in XX and XXI centuries largely determined and determines the vector of development of the world monetary and financial systems.

In the USA until 1900 there was a system of bimetallism. In 1990, the gold standard act was issued - the gold dollar became the monetary unit. In 1934, in the interests of the silver industrialists, the United States began to replenish stocks of precious metals and silver (according to the law, no more than 25%).

For a long time, banknotes were issued commercial banks states. Under the law of 1863, this right was granted to national banks subordinate to federal legislation... But the situation remained, as most of the banks complied with the requirements. Under this law, banks could issue banknotes for the amount of government bonds they bought.

In 1913, the Federal Reserve System (FRS) was created from 12 banks of issue located in different states. This decentralized system served as a central bank.

During the world crisis of 1929-33. in the USA there was a gold coin standard. In 1934, the United States switched to a mixed gold coin and gold bullion standard.

In 1944, at the UN conference in Bretton Woods (USA), the gold and foreign exchange standard (Bretton Woods monetary system) was fixed. The dollar was recognized as the world currency, along with gold. The gold price in dollars was set unchanged - $ 35 per troy ounce. The dollar has become the recognized world currency. In 1970, its share in the gold and foreign exchange reserves of all countries of the world was about 75%.

However, the amount of dollars by 1970 exceeded the US gold reserves by several times. In addition, there was high inflation in the United States and a recession in the economy. The countries of the world began to intensively exchange dollars for gold. Then the USA on August 15, 1971 refused to exchange dollars for gold. In response, Western countries abandoned their support for the dollar, and the world switched to floating rate currencies.

Currently, money circulation in the United States is determined by the Fed, the Treasury Department (Treasury) and commercial banks.

The Fed, represented by the Federal Reserve Banks, issues banknotes - the main means of cash money circulation... According to the law, the FRS mainly determines the monetary policy of the United States.

The US Treasury issues small-bill (Treasury notes) from 1 to 10 dollars, silver and nickel and copper coins. The issue of Treasury money accounted for up to 11% of the cash supply (mainly coins).

Commercial banks issue bills of exchange, checks, credit cards- non-cash money. They account for more than 80% of the money supply and are represented by bank accounts.

Demand deposit accounts play an important role in non-cash payments.

The regulation of monetary circulation is carried out mainly by the FRS with the help of the following main instruments:

regulation of the money supply;
changes in the discount rate;
state valuable papers.

8.2. Monetary system of Germany

Before the formation of a unified state in Germany, there were different kinds monetary systems with a predominance of silver monometallism. In 1871-73. after the unification of the lands, Germany switched to unified system gold monometallism - gold coin standard - Reichsmark (gold content - 0.3584 g).

During the First World War, the gold standard was abolished, and after the defeat of Germany, a gold and exchange standard (gold exchange) was introduced in it. During the global crisis of the 1930s, this standard was also canceled.

During World War II, Germany switched to issuing unsecured Treasury notes. After the war, Germany was divided by the former allies into two parts: the FRG and the GDR. In May 1949, a gold-dollar standard was established in the FRG. In 1976, after the official cancellation of the gold parity by the IMF, the deutsche mark also lost its formal gold backing.

Before the introduction of the euro, credit regulation monetary policy and the issue of money was carried out in accordance with the legislation of the German Federal Bank. He planned monetary policy, money supply and inflationary policy independently of the executive branch.

8.3. Monetary system of Japan

In Japan (currency - yen) in 1897-1933. there was a gold standard (gold coin). With the preparations for the war and during the Second World War, it was canceled.

Modern cash in Japan is 1000, 5000 and 10,000 yen banknotes, as well as coins of 1, 5, 10, 50, and 100 yen. The Bank of Japan issues cash. Cash is secured by the assets of the Bank of Japan, including the country's gold and foreign exchange reserves (the largest in the world - over $ 400 billion in 2002).

Cashless circulation prevails in Japan. The Bank of Japan regulates the aggregate money circulation using:

regulation of the money supply;
discount rate;
government securities;
concessional lending to commercial banks;
regulation exchange rate yen;
gold and foreign exchange reserves;
direct government assistance to commercial banks.

In the 1990s, Japan's economy experienced a prolonged recession (negative or near-zero GDP growth rates). In order to revive business activity, the Bank of Japan pursued a policy of cheap loans (zero rate for commercial banks) and a policy of depreciating the yen to support exports. As a result, at the beginning of the XXI century. there has been a slight increase in Japan's GDP.

Questions and tasks:

1. What is the main difference between the modern US monetary system?

2. What type of monetary system was in the United States in the century before last?

3. Who issued banknotes in the United States in the nineteenth century?

4. When did the USA switch to the monometallic system?

5. When the US dollar and why did it become a world currency on a par with gold?

6. With what instruments does the US Federal Reserve regulate the monetary market?

7. When and why did the USA abandon the gold standard?

8. Who issues what money in the USA?

9. What type of monetary system was in Germany in the century before last?

10. What is the name of the FRG currency at the present time?

11. Is German Dependent National Bank from the executive branch?

12. Who and what money is currently issuing in the FRG?

13. What is the name of the Japanese currency?

14. What instruments does the Bank of Japan use to regulate the monetary market?

15. Who issues what money in Japan and what?

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

Different countries use different monetary systems, and each system has its own characteristics. One of the features of the US monetary system is the long existence of bimetallism, which was supported not only by the powerful owners of silver mines in the USA, but also by a wide range of borrowers - small and medium-sized industrialists and farmers interested in raising commodity prices in order to reduce real sizes your debt. Currently, the United States has a structure of money circulation, which is determined by the three main issuers of money. These are the Ministry of Finance (Treasury), the Central Bank (FRS), commercial banks.

The US Treasury Department issues small-bill (Treasury money) tickets from 1 to 10 dollars, silver coins and bargaining chips, the so-called defective coins, made from common metals (nickel, copper). Until recently, the issue of Treasury money was 11% of the cash supply. Moreover, most of it falls on coins.

The Federal Reserve System, represented by the Federal Reserve Banks, issues banknotes, which are the main means of the country's cash flow. Commercial banks mainly issue bills of exchange, checks, credit cards, electronic money, which together form the so-called non-cash money.

Demand deposits as a secondary element of the money supply are an important basis for non-cash settlements in the United States. The funds that are concentrated in these accounts belong mainly to large corporations and the wealthy. The main instrument of non-cash circulation of money is a check.

Other forms of non-cash payments are automated payment methods and the use of computers through credit cards, as well as a system of pre-notified payments (the bank automatically credits the client's current account or, conversely, debits the amount from his account according to a previously concluded agreement, without requiring the approval of the clientele in each specific case). Such write-offs are made for utilities, rent, insurance premiums, mortgage payments. Among the receipts - wage, pensions, rental payments.

The main function of regulating the monetary system is performed by the US central bank in conjunction with the Treasury Department.

The Federal Reserve Act made the following changes to the country's monetary system: it centralized the issue of banknotes; significantly changed the system for securing banknotes, making them the main security commercial bills instead of government securities.

The monetary unit of Great Britain is the pound sterling. The name "pound sterling" reflected its original weight content: 240 pence was minted from one pound of silver, which also had a second name - "sterling". 20 pence was a shilling, there were 12 shillings in one pound.

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

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

The predominant development of cashless payments and the effort of the relationship between money circulation and movement loan capital caused in all countries a significant expansion of the boundaries of the money supply due to new types of credit obligations. In the post-war period, in the payment turnover of Great Britain, the balances of funds are used not only on demand accounts, but also on time and savings accounts. This is due, in particular, to the fact that funds from time accounts can be obtained almost as easily as from demand accounts without prior notice.

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

On the present stage all issue of banknotes is fiduciary. As collateral for the issuance of banknotes, the Issuing Department purchases government bonds and treasury bills, and also buys bills of exchange and other obligations from banks.

At this stage, the issued banknotes are held by the Bank of England as a reserve of its Banking Department. The government then uses the funds from its account at the Bank of England.

Thus, the account balances of banks with the Bank of England and the deposits of clients of these banks increase. The number of banknotes in circulation has not yet changed: the issued banknotes remain at the Bank of England. But the money supply in circulation is still increasing as a result of the growth of deposits in commercial banks.

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

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

Checks rank second in value at 47.8% and first in quantity. In recent years in the UK there has been: 1) a decrease in the share of checks, both in quantity and in value; 2) an increase in the share of automated transfer payments, cards and electronic payments; 3) an increase in the average amount of a check, the use of checks mainly for paying large amounts.

The anti-inflationary monetary policy of the German Federal Bank, the main goal of which is to ensure currency stability, plays an important role in regulating monetary circulation in Germany.

The non-cash circulation of the Federal Republic of Germany also includes electronic money, which is becoming increasingly important in the national and international circulation.

The FRG balance of payments, which determines the country's monetary policy, is reduced almost constantly with a surplus.

Relatively low inflation rates, an almost stable balance of payments and a stable foreign exchange position in the context of a long ban on the production and purchase of weapons stimulated the foreign trade expansion of the FRG concerns and the repeated revaluation of the mark.

Since Japan has become the second largest in the world after the United States in terms of economic development, the yen has become one of the reserve currencies. Currently, it is used as an international reserve and means of payment mainly in the Asian region.

The crisis of the early 90s. for Italy became an ordeal. At the end of 1992, Italy had to withdraw from the EMU. On November 29, 1996, Italy re-joined the EMU in the EPM - 1 mechanism. On January 1, 1999, a new single currency, the euro, was introduced, initially in non-cash form, and since 2002 in cash.

For the introduction of the euro into circulation, a country must meet certain criteria. In 1996, Italy met only one of five criteria.

Italy adheres to the concept of approximate fulfillment of requirements. For 1997, an emergency budget was formed, focused on the criteria for joining the "euro".

For the correctness of non-cash payments in “euro”, Italy, along with other countries, creates a unified system of payments TARGET using a special connection. For the introduction of cash settlements in "euros" in Italy, information campaigns were held to familiarize citizens with the new monetary unit, information was exchanged between the countries.

In general, despite the colossal costs associated with the introduction of a new monetary unit, nor on deviations from the necessary criteria, Italy introduces the "euro" from 1 January 1999 among the first 15 countries.

Thus, we can conclude that it is customary to classify the monetary systems of individual states according to various key criteria: by the type of money as a form of means of payment, by the role of the state in regulating monetary circulation, etc. Different countries use different monetary systems, and each system has its own characteristics.

The functioning of modern monetary systems of economically developed countries is based on a system of non-exchangeable credit money. Despite the fact that each of them has developed independently for a long time and has its own national characteristics, in many ways they are similar and have a lot in common. The monetary systems of all countries consist of the following elements:

Elements of the monetary system	→	Currency unit(dollar, mark) is a statutory currency used to measure and express the prices of goods and services. In most countries, the decimal division system is used (1 US dollar is equal to 100 cents, 1 lira in Italy is equal to 100 cents, etc.)

→	The official price scale (lost economic sense with the termination of the exchange of credit money for gold (see § 1.2)

→	Types of money are legal tender (credit and paper money, small change). For example, in the UK there are 50, 20, 10, 5 and 1 lb notes in circulation. Art., coins in 1 lb. art., 50, 10, 5, 2 pence, 1 and 1/2 penny, etc. At the same time in selected countries along with banknotes, treasury bills are also in circulation, for example, in the USA, Italy


→	The emission system is a legally established procedure for the issuance of banknotes by issuing banks, and treasury notes and coins - by the ministries of finance (treasuries)

→	State (credit) apparatus regulating money circulation. For example, in recent decades, central banks, together with other government bodies in many countries, have been developing benchmarks for the growth of money supply in circulation and credit, which makes it possible to control inflationary processes.

In addition, the monetary systems of economically developed foreign countries are characterized by the following features inherent in all of them.

Lack of official gold content and security of monetary units and the exchange of credit money for gold		Non-exchangeable credit money is in circulation, which, under certain circumstances, can turn into paper tokens of value

An increase in the share of non-cash turnover in the total volume of money circulation, with a simultaneous decrease in cash		Strengthening state regulation of money circulation

Issuance of money into circulation in the manner of bank lending to the economy, to cover the needs of the state and to increase gold and foreign exchange reserves

At the same time, each of the developed countries has those features that are unique to it and the consideration of which can most fully reveal the essence of modern monetary systems.

Monetary system of the United States. The monetary unit of the United States is the US dollar, introduced into circulation in 1786.The name of the dollar comes from the silver thaler, which circulated in a number of European countries... Abbreviation $. 1 dollar is equal to 100 cents. Currently, there are banknotes in circulation with a date of issue no earlier than 1928 in denominations of 1, 2, 5, 10, 20, 50, 100, 500, 1000, 5000 and 10,000 dollars, coins in 1, 5, 10, 25, 50 cents and 1 dollar. At the same time, the issue of 500-dollar bills and above has been discontinued, and those in circulation until they are completely worn out are prohibited from export from the country under US law. The issuers of cash are the Treasury Department (Treasury) and the Federal Reserve System (FRS). The Treasury issues small banknotes in denominations from 1 to 10 dollars, as well as 100 dollars; coins are made from silver, nickel and copper. The distinctive sign of the banknotes issued by the Treasury is the inscription "United States ticket" UNITED STATES NOTES. " the reserve bank that issued it. The issue of non-cash money in the United States is carried out by commercial banks. They issue checks, bills of exchange, plastic cards, electronic money, and the share of non-cash money in economic circulation tends to grow. Regulation of the monetary system is carried out by the US Federal Reserve and the Treasury Department through monetary and tax policies.

United Kingdom. The monetary unit is the pound sterling. It has been in circulation under this name since the 12th century. Initially, a coin of 1 pound sterling was minted from one pound of silver, which is why this name originated. In 1694, the first paper banknotes were issued. In the XIV century. appeared gold pounds sterling and until the end of the XVIII century. treated together with silver ones, i.e. a bimetallism system was installed in the country. The monetary system until February 1971 was built on a twelvefold principle. This meant that £ 1 was 240 pence and every twenty pence was one shilling. Currently, 1 pound sterling is equal to 100 new pence. In circulation there are banknotes of the Bank of England in denominations of 5, 10, 20, 50 pounds, coins - 1L penny, 1, 5, 10, 20, 50 pence, 1 pound sterling. In addition, old coins in denominations of 1, 2 and 5 shillings, corresponding to 5, 10 and 25 pence, have survived in circulation. The Bank of England has a monopoly right to issue banknotes into circulation. The amount of the issue is determined by the treasury and approved by the parliament. The Treasury issues coins in circulation, and commercial banks - cashless money.

France. The monetary unit of France is the French franc, the name of which comes from a Latin inscription on French gold coins of the XIV century. "Francorum rex", i.e. king of the francs. Introduced into circulation in 1799 instead of the monetary unit - the livre. From 1803-1876 in France there was a bimetallic monetary system, and from 1876 a gold standard was introduced. From 1914 to 1926, the exchange of banknotes for gold was discontinued. At this time, temporary exchange paper banknotes of the chambers of commerce of various cities and military field treasuries were in circulation. In 1928, France introduced the gold bullion standard, which existed until 1936. At present, in France, as in other countries, there is a monetary system based on credit money that cannot be exchanged for gold. Banknotes of the Bank of France in denominations of 20, 50, 100, 200 and 500 francs and coins of 1, 2, 5, 10, 20 centimes are in circulation; 1L, 1, 2, 5, 10, 100 francs. 1 franc is equal to 100 centimes. The Bank of France has a monopoly on the issue of banknotes. Coins are minted by the treasury. The Bank of France purchases them from the Treasury at par or face value and then puts them into circulation along with banknotes. Silver serves as a material for minting coins, which are the subject of private thesaurus (translated from Greek thesauros - treasure, accumulation of gold by private owners in the form of a treasure), as a result of which silver coins receive a sphere of circulation. Non-cash money is issued in - turnover by banks and other financial institutions, incl. safe deposit box office.

At present, France is a member of the "euro" zone, as a result of which in 2001 the franc will be replaced by the single European currency.

Federal Republic of Germany. The formation of an integral system in Germany is associated with the formation of a unified German state in 1871-1879. with a monetary unit - the Reichsmark, exchangeable for gold. For the issue of banknotes, the Reichsbank was created, but besides it, other private banks initially had such a right. Subsequently, since 1935, the monopoly right to issue banknotes was assigned only to the Reichsbank. After the end of the Second World War, namely in 1948 on the territory of Germany occupied by the USA, France and Great Britain, the German mark equal to 100 pfennigs was introduced into circulation, replacing the Reichsmarks, rental marks and stamps of the Allied Military Command, and after the unification of the FRG and GDR marks of the GDR were canceled, and the marks of the Federal Republic of Germany remained in circulation. Currently in circulation are banknotes of the German Federal Bank in denominations of 5, 10, 20, 50, 100, 500 and 1000 marks and coins of 1, 2, 5, 10, 50 pfennigs and 1, 2, 5, 10 marks. The German Federal Bank has the exclusive right to issue banknotes into circulation. He also regulates monetary circulation through a system of targets for the release of money supply into circulation, as well as various methods of anti-inflationary policy. Over the past decades, the position of the German mark in the world has significantly strengthened. Its share in the SDR "basket" is 17%, in the ECU "basket" 33%. Nevertheless, Germany is the most active participant in the creation of the single European currency, as a result of which one of the most stable currencies in the world will cease to exist with the introduction of the euro in 2001.

Italy... The monetary unit of Italy is the Italian lira (from the Latin libra - pound, i.e. weight), equal to 100 centesimo, it dates back to the 10th century. It was introduced as the official currency of the country in 1862. Currently, there are banknotes of the Bank of Italy in denominations of 1000, 2000, 5000, 10,000, 50,000, 100,000 lira, coins in 1, 2, 5, 10, 20, 50, 100, 200, 500 liras, as well as paper banknotes of 500 liras. According to the country's legislation, the treasury determines the volume of banknotes issue, and the Bank of Italy is the technical executor for the implementation of the treasury's decisions, in addition, the treasury prints paper money and mints coins. Unlike other developed countries in Italy, cash settlements take up a significant share in the total volume of settlements. Non-cash money is issued by commercial banks and savings banks. State regulation and control of monetary circulation is carried out by the Treasury. In recent years, Italy has managed to fulfill the requirements of the EU, and at present, like other European states, it is switching to the introduction of the collective currency "euro" into monetary circulation.

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Tsentrosoyuz Russian Federation

Non-state non-profit educational institution

Secondary vocational education

Cooperative College of the Tambov Regional Consumer Union

Course work

In the discipline "Finance and Credit"

Topic: "Monetary systems of foreign countries"

Student ________ Murashina V.S.

Group F-20

Specialty 080106 Finance

Specialization "Finance and Credit"

Full-time form of education

Leader ________ Lomakina M.A.

Tambov 2012

NNOU SPO Cooperative College of the Tambov Regional Consumer Union

Cycle Commission of Economic and Financial Disciplines

I approve

Head ______ M.A. Lomakina

" "__________twenty

Coursework plan

Students Murashina V.S.

Gr. F-20 full-time department

Course work topic

"Monetary systems of foreign countries"

Introduction

1.1 The monetary system of Germany

1.2 US monetary system

2.1Banking system Germany

2.2 Research of the US banking system, analysis of the current state of the system

Conclusion

List of used literature

Applications

Introduction

The topic of this course work is: "Monetary systems of foreign countries."

The monetary system is one of the most important sections economic science... It is much more than a passive component. economic system than just a tool to help the economy work.

Each state has a national monetary system that has developed historically. By its content, the monetary system is a structured set of certain elements that closely interact and ensure its integrity. The monetary system is a form of organization of monetary circulation in the country established by the state, historically established and enshrined in national legislation.

National monetary systems were formed in the 16-17 centuries. with the emergence and establishment of the capitalist mode of production, although some of their elements appeared in an earlier period. The formation of monetary systems in this period historical development is a necessary regularity that meets the conditions of commodity production. The formation of comprehensive commodity-money relations requires stable money circulation.

A properly functioning monetary system infuses vitality into the cycle of income and expenditure that embodies the economy.

A well-functioning monetary system promotes both full capacity utilization and full employment. Conversely, a poorly functioning monetary system can become the main cause of sharp fluctuations in the level of production, employment and prices in the economy, distort the distribution of resources.

Already on the threshold of the XXI century. the role and place of financial and credit relations has increased. It became obvious that the achievement of the optimal level of such macroeconomic indicators as real GDP growth, unemployment rate, inflation rate, balance of payments, exchange rate, and others will depend on the balance of the country's financial, credit and monetary systems.

Transition to new relations of production, structural restructuring of the economy led to a deep economic crisis- a fall in production, an increase in prices and the deployment of inflation.

Therefore, among the problems requiring immediate solution during the transition to a market, one of the most important places is taken by the task of reducing inflation and stabilizing money circulation.

Thus, the study of this topic is relevant.

The purpose of this course work is to study the monetary systems of foreign countries, their development at the present stage.

As a result of the goal in the course work, the following tasks were identified:

Describe the US monetary system,

Describe the German monetary system

The first chapter describes the monetary systems of countries, identifies the main stages in the development of the monetary system, monetary units and money circulation.

The second chapter analyzes the banking systems of foreign countries, their current state.

The subject of this course work is the monetary system of foreign countries, and the object is monetary and financial relations, in particular, the economy of the United States and Germany. When writing my term paper, I used the method of statistical and graphical analysis, as well as the comparison method.

In this work, various literary sources were used. The monetary system is considered on the pages of both periodicals such as "Banking Bulletin" and "Economic Bulletin", the analysis of which makes it possible to assess the essence of the monetary system and its results, and on the pages teaching aids and books that deal with theoretical issues related to the monetary system.

1. Study of the monetary systems of foreign countries

1.1 The monetary system of Germany

monetary system germany financial

In the center of the monetary credit system Germany is the German Federal Bank (Deutsche Bundesbank), which plays the role of a central bank and is a single issuing center with all the functions inherent in such a body. The German Federal Bank united the central banks of the states and the Bank of the German states, respectively, the laws governing their activities became invalid. The central banks of the states began to be called the head offices of the Deutsche Bundesbank, although they retained their former name - the central bank of the state.

The executive body of the Bundesbank is the Board of Directors. It includes the president of the Bundesbank, a vice president and up to six members. Members of the Board of Directors are nominated by the federal government. After the approval of the candidates by the Central Council of the Bundesbank, the candidates are confirmed in office by the President of the Federal Republic of Germany for a period of eight years. This ensures the independence and security of the Directorate of the German Federal Bank. The status of the "Bundesbank" in society is very high, its government is legally equated to the Ministry of the Federation.

The main functions of the German Federal Bank:

¦ emission monopoly. The Bundesbank, in accordance with the Federal Bank Act, has the exclusive right to issue Deutsche Mark banknotes, which are the only unrestricted means of payment in Germany.

¦ bank of banks. The Bundesbank ensures the efficiency of the entire banking system. German banks keep minimum reserves in the Bundesbank in the amount of a certain percentage of their medium and short-term liabilities. Bundesbank provides credit institutions and government agencies Banking services and also supervises credit institutions. The main control instruments include licensing, legislation, the right of supervisory officials at any time to request from credit institutions information and carry out checks, as well as resort to various sanctions.

¦ bank of the state (fiscal agent of the federal government). The Bundesbank acts as the “home bank of the federation (and, to a limited extent, of the states). Therefore, taking into account the historical experience and in connection with the European Monetary Union's ban on issuing banks to provide loans to governments, this area of the Bundesbank's activities was limited. This contributes to the preservation of the monetary independence of the federal bank. The Bundesbank assists the government in obtaining loans by issuing debt securities in the form of bonds and treasury bills, or it consents to the issuance of government securities and helps to sell them by trading and placing interest-free Treasury bills. A federal bank is allowed to acquire such securities only to regulate the money supply on open market;

manager of foreign exchange reserves. The Bundesbank is the only one in the country that holds and manages foreign exchange reserves. However, the Bretton Woods crises monetary system and the European Exchange Rate Mechanism 1992-93. showed that long-term market trends cannot be suppressed through the interventions of issuing banks in foreign exchange market... Stable exchange rates can only be achieved in the long run by eliminating the imbalance in the global economy.

settlement center of the country. In 1996, the volume of non-cash payments carried out by the Bundesbank amounted to 195,931 billion marks.

The German theory of commodity-money relations is characterized by the recognition mainly of the theory of labor value, the value basis of the exchange rate, and the commodity nature of money.

On the basis of such a theoretical base, the German Federal Bank developed in 1975 a methodology for determining the volume of money supply as a planning target, which is determined on the basis of a general economic forecast (in particular, the growth of production potential and the expected price dynamics).

The policy of the German Federal Bank is mainly aimed at managing the actions of banks to attract loans by changing the liquidity position of banks and the mechanism of discount rates. In this case, the following are considered classic instruments:

Discount and Lombard Rate Policy;

Minimum reserves policy;

Open market policy.

In the monetary system of Germany special role play universal banks. Universal banks handle all types of banking transactions. In Germany, they accept, in addition to short-term deposits, also funds provided for a relatively long term. They are also engaged in issuing, trading and deposit operations with securities.

The capital structure confirms the special role of banks in the German monetary system. In this case, we are mostly talking about time and savings deposits.

Banks strengthened their position on liabilities even more, three-fifths of which accounted for bank loans. A high proportion of relatively long-term bank loans can be noted, which should be considered in connection with the need for long-term financing, for example, in housing construction when investing in enterprises.

In securities trading, the most important actors are again the banks operating in the equity and loan markets between non-banking institutions. They independently carry out the purchase and sale of securities, and also finance their own activities by issuing securities. Banks are particularly well represented in the fixed income securities market. Three fifths of all fixed income securities issued by issuers in circulation were debt obligations of banks. On the other hand, the banks themselves held two-fifths of the national fixed-interest securities.

The high activity of banks in the fixed-interest securities market results in its close intertwining with the rest of the capital markets, in particular with the money market, which can be used by the German Federal Bank as a springboard for its monetary policy actions.

Of all the listed aspects of general economic activity, the balance is predominantly inclined towards the German model of building the economy, and hence the monetary system. Of course, blind copying without taking into account the peculiarities of our countries is utopian, but taking a strategic course, determining the vector of society's efforts in the right direction can and should be done / 11, 12, p. 40 /.

Thus, in the world there are various systems of monetary circulation, which have developed historically and are enshrined in legislation by each state.

1.2 US monetary system

The United States is the leader of the world economy, surpassing all other countries in production and economic development.

The monetary system of the United States is a unique, the only system in the world that possesses a number of peculiarities inherent only to it. In the only country in the world, the United States, the functions of the central bank are performed by a private organization - the Federal Reserve System. It was founded by Congress in 1913 to provide the country with a more reliable, more flexible, and more stable monetary and financial system. Over time, her role in banking and in the economy as a whole has only increased.

By the time the Federal Reserve System (FRS) Act was passed in 1913, there were 20,000 banks in the United States, of which 7,000 were issuing national banks, and the rest acted according to the laws of their states and had no right to issue banknotes. In the beginning, the main purpose of the Federal Reserve System was to help banks during banking crises and stock market fevers.

The Federal Reserve System consists of three levels: the Board of Governors, 12 Federal Reserve Banks, about 6,000 member banks of the Federal Reserve System. In addition, the Fed has two committees: the Federal Open Market Committee and the Federal Advisory Council.

Today, the responsibilities of the Federal Reserve Bank are divided into four general areas:

Implementation of the state's monetary policy by influencing the monetary situation and lending to the economy in order to ensure maximum employment, price stability and moderate long-term interest rates;

Control and regulation of the activities of banking institutions to ensure the reliability and reasonable arrangement of the banking and financial system of the country and protection credit rights consumers;

Maintaining the stability of the financial system and containing systemic risk that may arise in the financial markets;

Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including performing basic functions as a job security payment system country.

For American monetary policy characterized by the presence of credit unions and savings and loan institutions, as well as mutual funds of the money market, which includes commercial banks, savings and loan associations, Insurance companies, savings banks, financial companies, investment companies, credit unions, private pension funds, government pension funds, money market mutual funds.

Each financial institution performs a key macroeconomic task - the creation of deposits, i.e. money, and mainly in the form of securities. For this, the existing financial institutions are constantly being strengthened and constantly new ones are being created, as, for example, since 1970. - money market mutual funds.

Money market mutual funds sell shares in the securities markets and use the resulting earnings to purchase short-term securities. Tax-exempt funds were an important financial innovation. These funds only invest in tax-free municipal securities, which in turn exempts their shareholders from taxing their income.

Another feature of the American financial market is a greater degree of freedom of his activities, greater independence from government agencies management. We already mentioned this when we characterized the Federal Reserve System. Its great independence and private ownership characterize the construction model of the American stock market.

When discussing the state of the American financial market, one cannot discount the fact that US dollars play the role of world money (up to 50% of export-import operations are carried out in US dollars). In many countries, including the CIS countries, they play the role of a national means of payment and serve as a means of accumulating savings. In the Republic of Belarus alone, according to experts, up to $ 5 billion is in the hands of the population. USA.

The evolution of the US monetary system took place in parallel with the genesis of the world monetary system. The financial turmoil of 1929-1933, the Bretton Woods Conference of 1944, and the Jamaican System of 1976 showed that, despite numerous fluctuations in monetary and credit spheres, the US dollar was and remains the dominant currency hegemon. According to the Federal Reserve Bank of New York, a total of 560 billion dollars in cash were in world circulation in 2000, 70% of which circulated outside the United States (Russia ranks second in the world after the United States in terms of the turnover of dollars in cash). Many countries have pegged their currencies to the US dollar: the states of Latin America, Africa, countries with economies in transition. Others, such as Panama, Liberia, Marshall Islands, use the US currency instead of the national currency as legal tender.

2. Prospects for the development of banking systems in foreign countries

2.1 Banking system in Germany

The banking system in Germany is relatively young. The banking system of Germany is built on a two-stage principle and consists of 3.4 thousand commercial credit and financial institutions and the Central Bank. Credit institutions can be divided into universal and specialized banks, and, depending on their legal form, into private, public and cooperative institutions.

Private banks set themselves the goal of making a profit, while the goal of cooperative banks is to reward their members. Public and legal credit institutions acquire a wide network of branches within the country and abroad.

The group of public and legal commercial banks includes 594 savings banks and 13 land banks. Traditionally, savings banks have specialized in attracting savings from the population and lending secured by real values. Today they have acquired the character of universally operating commercial banks. Together with land banks, savings banks form a single system for cashless transactions. As a rule, savings banks are institutions of public law, which are guaranteed by individual communities, cities and regions. The field of activity of these credit institutions extends only to the territory of their guarantor. The savings bank network has 19,364 branches.

Land banks are the central savings bank organizations in the region, which manage their working capital and carry out some transactions, such as settlements with other countries.

The respective federal land is responsible for the obligations of savings banks and land banks. State control is carried out by the responsible land ministers.

The group of cooperative banks consists of 2,249 credit partnerships and 4 cooperative Central Banks. They are characterized by a gradual transformation from a kind of mutual aid funds for their members into universal banks, as well as consolidation through their merger.

Settlements between individual credit partnerships are carried out through 4 regional Central Banks, the functions of which roughly correspond to the functions of land banks of savings banks. The supreme organization of the cooperative banking group is DG Bank Deutsche Genossenschaftsbank. He is a corporation of societies. rights and as a universal bank can carry out operations of any kind.

Mortgage banks provide loans against collateral land plots and utility loans. Community loans are issued to federations, states, local communities and other institutions of public law. The importance of communal loans has been increasing in recent years due to the increased demand from public budgets for long-term financing, and they significantly exceed the volume of loans for housing construction. Financial resources required for work mortgage banks are obtained through the sale of mortgage sheets and communal loan bonds on the capital market.

Construction savings banks specialize in financing individual construction based on the principle of collective savings. The attractiveness of such an accumulation of funds lies in the right to receive a loan for housing construction at a relatively low and stable percentage. In addition, contributions from contributors are encouraged through government premiums and some tax incentives.

Guarantee banks and credit guarantee companies are mutual assistance institutions for small and medium-sized enterprises. The main task of these institutions, which emerged in the mid-50s, is to financially support small businesses.

The category of specialized banks in Germany includes 1 bank that holds securities (Wertpapiersammelbank), whose task is the rational implementation of trading in securities.

At the head of the banking system of the Federal Republic of Germany is the Central Bank (Deutsche Bundesbank), established by law of July 26, 1957. The law in its current version defines that the Central Bank of Germany is part of the European Central Bank (ESCB).

The main task of the Central Bank of Germany is to ensure price stability and the banking organization of payment turnover within the country and abroad. As part of this task, the Central Bank of Germany implements the monetary policy of the ESCB in Germany. The Central Bank of the Federal Republic of Germany, in the performance of its tasks, has a significant degree of independence. It should support the economic policy of the Federal Government of the Federal Republic of Germany only to the extent possible within the framework of fulfilling its functions as an integral part of the EU Central Bank. In accordance with Art. 107 of the Maastricht Treaty, national central banks (like the ECB) in the performance of their functions are not entitled to follow the instructions of the EU bodies or national governments.

At the third stage of the formation of the European Economic Monetary Union, monetary policy became the prerogative of the ESCB. The main tasks of the ESCB in this regard are the development and implementation of European monetary policy; conducting foreign exchange transactions; management of foreign exchange reserves of the member countries; ensuring the functioning of the payment system.

The conditions for the provision of state, bank and commercial loans to foreign partners are regulated by the Law on Foreign Economic Relations of April 28, 1961, the order on the procedure for its execution in the updated version of November 22, 1993, the Law on the German Federal Bank in the new edition of October 22, 1992, the law on the credit system of June 30, 1993, the law on the identification of income derived from the commission of serious criminal offenses ("Law on money laundering") of October 25, 1993.

In accordance with the legislation, all payments to the Federal Republic of Germany are, in principle, free, and no permission is required to transfer capital abroad. However, the freedom of movement of capital does not mean a refusal to carefully fix the volumes and directions of its movement.

Accounting for capital exported outside the FRG is carried out mainly by banks and credit institutions, which periodically transmit the necessary information about the movement of capital to the Federal Bank (Bundesbank) or the central banks of the lands. The Bundesbank has exclusive competence to grant permits in the field of capital turnover and payments, in cases where restrictions are related to the implementation of interstate agreements, the protection of security and external interests.

2.2 Research of the US banking system, analysis of the current state of the system

The modern US banking system was formed in 1980 under the influence of the Federal Reserve Act and the passed Deregulation of Depository Institutions and Monetary Control Act. Until this moment, the United States remained the only country among the economically developed countries where a centralized organization did not exist. The banking structure consisted of a huge number of small independent banks, the scope of which was limited to a very small area; the number of banks by 1860 reached 3000, in 1913 there were more than 20,000 of them, about 7,000 of them were issuing national banks, and the rest acted according to the laws of their states, and did not have the right to issue banknotes. This banking freedom was significantly different from its European interpretation.

American banks were practically deprived of any possibility of building a branch system. A banking firm established in one state did not have the ability to expand its operations outside its borders, either through the opening of branches in another state, or in any other way. After the adoption of the national law on banking, the right to open branches was retained only for those banks that became part of the national banking system, already having their branches. Therefore, the position of the majority of banks operating outside large cities, to one degree or another, approached the position of local monopolies.

Nationwide banking legislation prescribed a very specific scheme for issuing banknotes. However, over time, the benefits of this scheme became increasingly questionable. Government bonds, which were in great demand as the basis for issuing banknotes, were usually sold at a premium; this circumstance, combined with the rule that the bank could issue only 90% of the value of the purchased bonds, significantly reduced the profitability of investments for issue purposes, and in cases where the bank had the ability to issue loans without resorting to the issue, it preferred do so, which generated significant fluctuations in the volume of circulating banknotes from year to year, depending on the region.

2.3 Comparative analysis monetary system of foreign countries

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

Index			Germany
1.National currency
2.Banking system	Central Bank of the Russian Federation Credit organizations, as well as branches and representative offices of foreign banks	Two-tier banking system: the first tier is the central bank of the United States The Federal Reserve, and at the second level, a network of commercial banks and other settlement-credit. institutions	Two-tier banking system: Bank of Germany Commercial banks; specialized credit institutions, including financial companies for small and medium-sized businesses; government lending institutions; postal savings banks.
3.Functions, tasks, instruments of the Central Bank	The functions of the Central Bank of the Russian Federation are defined in Article 4 of the Federal Law "On the Central Bank of the Russian Federation" Protection and stability of the ruble; Development and strengthening of the banking system of the Russian Federation; Ensuring the efficient and smooth functioning of the payment system. Instruments: 1) interest rates on Bank of Russia operations; 2) ratios of required reserves deposited with the Bank of Russia (reserve requirements); 3) open market operations; 4) refinancing of credit institutions; 5) foreign exchange intervention; 6) the establishment of benchmarks for the growth of the money supply; 7) direct quantitative restrictions; 8) issue of bonds on its own behalf.	The Federal Reserve System is the central bank of the United States. The responsibilities of the Federal Reserve Bank are divided into four general areas: Implementation of the state's monetary policy by influencing the monetary situation and lending to the economy in order to ensure maximum employment, price stability and moderate long-term interest rates; Control and regulation of the activities of banking institutions to ensure the reliability and reasonable arrangement of the banking and financial system of the country and to protect the credit rights of consumers; Maintaining the stability of the financial system and containing systemic risk that may arise in the financial markets; Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including performing core functions as supporting the country's payment system.	1. issue of banknotes; 2. implementation of monetary policy; 3.changing the rate of required bank reserves, 4. operations in financial markets, 5. regulation of the discount rate of interest, 6.implementation of mutual settlements of commercial banks; 7.monitoring and verification of the financial position and condition of the management of financial institutions; 8.conducting operations with government securities; 9. implementation of international activities; 10.execution economic analysis and conducting theoretical research. Instruments: 1.changing the rate of required bank reserves, 2. operations in financial markets, regulation of the discount rate
4.Functions, tasks and operations of financial and credit institutions	Functions of commercial banks: 1.accumulation and mobilization of temporarily free funds, 2. granting a loan, 3. mediation in making payments and settlements. Commercial bank operations: 1) attracting funds from individuals and legal entities in deposits (on demand and for a specified period); 2) placement of the attracted funds specified in clause 1 of part one of this article on its own behalf and at its own expense; 3) discovery and maintenance bank accounts individuals and legal entities; 4) making settlements on behalf of individuals and legal entities, including correspondent banks, on their bank accounts; 5) collection of funds, bills of exchange, payment and settlement documents and cash service individuals and legal entities; 6) purchase and sale of foreign currency in cash and non-cash forms; 7) attraction of deposits and placement of precious metals; 8) issuance of bank guarantees; 9) making transfers of funds on behalf of individuals without opening bank accounts (except for postal orders). In Russia, Sberbank of the Russian Federation dominates among the savings institutions (as of February 1999, it had 1,848 branches).	An important place in the credit system is occupied by a large group of savings institutions. They attract petty savings and income, which, without the help of the credit system, cannot function as capital. Exists different types savings institutions: savings banks and cash desks, mutual savings banks (a type of cooperative banking institutions in the United States), trust and savings banks, savings and loan associations (in the United States), credit cooperatives (unions, associations). The main functions of commercial banks are: 1) Mobilization of temporarily free funds and their transformation into capital; 2) lending to enterprises, the state and the population; 3) issue of credit money; 4) making settlements and payments on the farm; 5) issuing and founding function; 6) consulting, presentation of economic and financial information. 7) other.
5. Regulatory framework	Constitution of the Russian Federation Federal Law "On the Central Bank of the Russian Federation (Bank of Russia) No. 86-FZ of 10.07.2002 Federal Law "On Banks and Banking Activities" No. 395-1 dated 02.12.1990 Other FZ Central Bank regulations (Regulations, instructions, explanations)	In the United States, the control mechanism consists of the following links, organs and elements: Legislative acts and resolutions of the Congress; Institutional support (system federal laws exercising general supervision over the activities of exchanges); The mechanism of self-regulation of the securities market (on the part of the stock exchange traders themselves); Proven methodology of state intervention in the activities of the fictitious sector of the economy	Bank Law Germany No. 89 of 1.04.1998 Germany does not have a large number of legal requirements for banks, and this is the peculiarity of banking in this country. The system of commercial banks is guided in its activities by the so-called guidelines, i.e. oral instructions of the Ministry of Finance. Although these guidelines do not have the force of law, all commercial banks strictly adhere to them.

Conclusion

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

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

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

In a universal financial system, banks are not legally restricted from performing those financial service operations that do not belong to banking.

In a segmented financial system, banks cannot perform non-banking functions. An additional feature, although not absolute, is a stricter distinction between areas of activity and individual operations.

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

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

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

The financial system plays an important role in this program.

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

Bibliography

1. Economic reforms in the countries of Eastern Europe and Russia. Russia and modern world... Vedenyapin Ya.S. - M., 2008.

2. All about the money of Russia. / Ed. Pevicheva I.N. - M., 2008

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

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

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

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

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

8. The journal "World Economy and International relationships", 2009, No. 6, p.87-96

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

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

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

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

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

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

(15) Economy of foreign countries: Textbook), St. Petersburg: Publishing house of Mikhailov V.A., Pogorletskiy A.I., 2008.

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17. International payments: concepts, basic forms.

International payments - This is the regulation of payments for monetary claims and obligations arising in connection with economic, political, scientific, technical and cultural relations between states, organizations and citizens of different countries. Payments are made through banks by bank transfer. Foreign trade contracts provide for the transfer of goods or documents of title, which are sent by the exporter's bank to the importer's bank or the bank of the paying country for payment on time. Settlements are carried out using various means of payment used in international circulation: bills of exchange, checks, payment orders, wire transfers.

Forms of payments.

Payment to an open account. The seller delivers the goods without guarantees of payment, the buyer transfers the money on the day of payment. The seller does not receive any guarantees from the buyer. Therefore, such terms of payment are possible only on the territory of one country or between firms that know each other well and rarely collide in foreign trade.

Payment against documents (collection)

1) transfer of documents and instructions to the bank for collection;

2) the documents are sent to the recipient's bank;

3) the recipient's bank informs the recipient about the arrival of the documents and the fulfillment of the collection condition (advice note);

4) fulfillment of the conditions of collection by the buyer, transfer of documents to him;

5) transfer of money to the seller's bank;

6) receipt of money to the exporter's account.

The exporter, after the shipment of the goods, sends the documents to his bank, which confirms not only the shipment, but also the transfer of ownership of the goods. At the same time, he instructs his bank to transfer these documents to the buyer through his bank against payment.

Letter of credit

Consists of the following operations:

1) the buyer instructs his bank to open a letter of credit;

2) instructions are sent to the seller's bank;

3) the bank informs the seller that it has received instructions to open a letter of credit;

4) the seller uses the letter of credit - transfers the documents

5) after checking the documents, the bank pays the amount of the letter of credit to the seller;

6) the documents are sent to the buyer's bank;

7) documents are checked and sent to the buyer.

The letter of credit guarantees the buyer's payment to the seller. The exporter receives the obligation of the bank that opened the letter of credit, according to which he will receive money if all documents meet the terms of the contract.

Types of letters of credit:

open- the buyer has no right to withdraw it, since it does not give the seller any guarantee (it is used very rarely);

irrevocable- according to the generally accepted form, the buyer seeks to revoke the letter of credit. This letter of credit has subtypes:

transferable- if the seller does not manufacture all the sold parts, but buys them from subsuppliers, then it is advisable to agree with the buyer to open a transferable letter of credit. Then the seller has the opportunity to transfer part of the letter of credit (even with a change in the validity period) to his sub-suppliers. This type of letter of credit is cheaper than opening separate letters of credit to your sub-suppliers.

Bank transfer is an order from one bank to another to pay a beneficiary (foreign recipient) a certain amount. It involves:

The translator is the debtor;

The bank that accepted the order;

The bank executing the order;

Recipient.

Settlements using bills of exchange and checks. In international practice, the following are used: bills of exchange (drafts), exhibited by the exporter to the importer.

In case of settlements using a bill of exchange, the exporter transfers the draft and trade documents for collection to his bank, which receives the currency from the importer. The importer becomes the owner of these documents only against payment or acceptance of the bill.

If payment is made using a check, then the debtor (buyer) either independently issues a check (client's check), or entrusts its statement to the bank (bank check).

Traveler's (tourist) check- a payment document, a monetary obligation (order) to pay the amount indicated on it to the owner of the check. It is issued by large banks in national and foreign currencies.

Eurocheck- a check in Euro currency, issued by the bank without the client's advance deposit of cash, for large amounts on account bank loan for up to 1 month. It is paid in any currency of the country participating in the agreement. Eurocheck has been operating since 1968.

Banknote: pon, uh-i, ex-i from a bill and boom-x d-g, p-to um-i

Banknote - cash, which is, etc., the bank's liabilities. Issued by the Central Bank by rediscounting bills for lending to various credits of organizations and the state. Difference from bills: 1) the bill has limited circulation, and the banknote has general circulation. 2) a bill of exchange is an urgent obligation, a banknote is an indefinite obligation, 3) under a guarantee, a bill of exchange has an individual guarantee, since it is issued into circulation by a specific acceptor, the banknote has a state guarantee, and is issued by the Central Bank.

Differences from paper money: - by origin - paper money arose from the function of money as a medium of circulation, a banknote - from the function of money as a means of payment, - by the method of issue - paper money is put into circulation by the Treasury, banknotes - by the Central Bank, - by return - classic banknotes after the expiration of the term, the promissory notes for which they were issued are returned to the Central Bank, paper money is not returned, but gets stuck in the circulation channels, - by change - the classic banknote, upon returning to the bank, was exchanged for gold or silver, paper money has always been irredeemable.

Currently it is possible to distinguish three types of emission banknotes: 1) bank loans to the household, which provides a connection between monetary circulation and the dynamics of reproduction of social capital; 2) bank lending to the state, when banknotes are issued instead of state debt obligations; 3) an increase in foreign exchange reserves in countries with an active balance of payments.

Credit: necessity, existence, form

Credit can be in commodity and monetary forms.

In commodity form it presupposes the transfer of value for temporary use in the form of a specific thing, defined by generic characteristics.

The modern economic system is dominated by monetary form credit. This means that the loan is granted and repaid. in cash.

Credit functions.

redistributive function credit . Thanks to it, there is a redistribution of value. It can occur in the sectoral, territorial context, at the levels of enterprises as subjects of credit relations, but in any case, we are talking about the redistribution of temporarily released value, so it is redistributed on terms of return

the function of creating credit instruments of circulation. The development of this function of credit was associated with the emergence of the banking system. Keeping money in bank accounts made it possible to carry out non-cash payments for goods and services, for monetary obligations, offsetting mutual debts, which significantly reduced cash circulation, and, consequently, circulation costs associated with the manufacture, counting, transportation and protection of cash.

First of all, a loan is needed:

To ensure the continuity of the reproduction process. Continuity is ensured when:

b. Certain industries act as sellers before other industries can act as buyers.

To expand production

For the organization of production

To increase consumption by the population. With the help of a loan, purchases of durable goods, housing, etc. can be increased.

To improve the standard of living. Social, medical goals.

To be used by the state to cover the budget deficit.

Loan forms.

Commercial loan. This is a loan provided by enterprises to each other in a commodity form, in the form of a sale of goods with a deferred payment.

Bank loan. A loan provided by a bank (credit institution) to its customers in cash.

State loan. This is a credit relationship in which the state acts as a borrower or lender. Types of government loans:

k. Direct bank loan to the government by the central bank.

l. Granting a loan by the government of another country or an international monetary institution.

m. State loan issue.

International credit. It is the movement of lent value between countries.

Consumer loan. A loan provided for the purchase of durable goods. It can be a type of commercial loan if it is provided by trade organizations, or it can be a type of bank loan.

Mortgage loan - loans secured by real estate, a type of bank loan, a loan secured by real estate.

Inflation: essence, forms of manifestation, characteristics of species

Inflation is any depreciation of the monetary unit, which is manifested in the rise in prices. Forms of manifestation: 1. in the growth of prices for goods and services (internal manifestation), 2. Decrease in the exchange rate of the country's monetary unit in relation to another foreign currency (external manifestation).

Types: According to expected: expected and unexpected, 2. according to balance - balanced and unbalanced, 3. according to the average annual price increase: moderate (creeping), galloping (abrupt), hyperinflation.

1, Moderate. The lower limit is 1.3.5% per year. Top - 10-12% per year. Money does not depreciate, evidence of the high tone of life and business activity. Har-na for developed countries.

2. galloping - over 12% per year - 50-100% per year. Dangerous, causes an accelerated depreciation of money, there is an accelerated materialization of money, money tends to invest in material assets (gold, construction)

3. Hyperinflation - 100% or more per year - ad infinitum. The well-being of even the most affluent strata of society is collapsing, everyone is switching to barter. Latin America countries.

International financial institutions, characteristics of their types

International Monetary Fund(IMF) provides short-term lending to member countries of the fund in the face of difficulties associated with the deficit of the balance of payments. Loans are repaid by redeeming the national currency for foreign currency. On The World Bank, which includes International Bank for Reconstruction and Development(IBRD) and International Development Association(IDA), which provides concessional loans, is entrusted with financing economic development. The International Bank for Reconstruction and Development specializes in long-term lending to stimulate the economic development of the IBRD member countries. In modern conditions, it lends primarily to developing countries. Loans are provided at a fairly high interest rate to both state and private enterprises, subject to government guarantees and on terms similar to those of private commercial banks. If the World Bank deals with long-term lending for economic development, then the IMF is rather a credit union, whose resources are intended to help member countries during periods when their economies are experiencing serious difficulties. Both organizations work closely with each other.

Objectives and methods of monetary policy of the Bank of Russia

The purpose of such a policy m / w macro-goals: long-term goals - general stabilization of the EC-ki, achievement of the established rates of EC-th growth, reforming the banking system (10-15 years); micro-goals: for the near future - strengthening the purchasing power of the country's monetary unit, fighting inflation, balancing the country's balance of payments.,

There are 2 methods of carrying out the day-cr-th regiment:

1. Administrative (direct) - are applied relatively rarely, in conditions of crisis. Imposing direct bans, setting limits, freezing salaries, revoking licenses.

2. Economic (indirect) - they affect indirectly. 3 groups of methods: tax, regulatory - the Central Bank introduces a number of obligatory standards for the country's institutions, which they must comply with, the corrective ones are the best. 4 instruments - obligatory reserve margin, accounting margin, open market operations, foreign exchange intervention.

Bank deposits: concept, characteristics of types

Bank operations are called deposit to attract funds from legal entities and individuals in deposits, either for a certain period, or on demand. Deposit transactions usually account for the bulk of liabilities.

The subjects of deposit operations can be:

State enterprises and organizations;

State institutions:

Cooperatives;

Joint Stock Companies;

Mixed enterprises with foreign capital participation;

Party and public organizations and foundations;

Financial and insurance companies;

Investment and trust companies and funds;

Individual individuals and associations of these individuals;

Banks and other credit institutions.

The objects of deposit operations are deposits - the amount of funds that the subjects of deposit operations contribute to the bank. for a certain time, deposited in bank accounts due to the current procedure for carrying out banking operations.

By timing deposits are usually divided into two groups:

Demand deposits;

Time deposits (with their varieties - deposit and savings certificates).

Demand deposits these are funds in current, settlement, budget and other accounts related to settlements or targeted use, as well as demand deposits. Due to the frequency of transactions on these accounts, the operating costs on them are usually higher than on term deposits, but since banks usually pay low interest on these accounts, these resources are relatively cheap for the bank. At the same time, this is the least stable part of resources, banks need to have a higher operating reserve for them to maintain liquidity. Therefore, the optimal share of these funds in the bank's resources is up to 30-36%. In Russia, the share of these funds is much higher. Demand deposits also include credit balances on correspondent accounts and demand deposits of other banks in this bank.

Term bank deposits this is cash deposited with the bank for a period fixed in the agreement. On them, the owners are usually paid a higher interest than on demand deposits and, as a rule, there are restrictions on early withdrawal, and in some cases on replenishment of the deposit.

Term bank deposits are divided into conditional (the deposit is kept until the onset of any event), with prior notification of the withdrawal of funds (when the client must submit an application for withdrawal within a predetermined time frame) and the actual term deposits. Actually term deposits are subdivided according to storage periods into deposits with the term:

Up to 30 days

31 to 90 days

91 to 180 days

From 181 days to 1 year

From 1 year to 3 children

Over 3 years.

Cost inflation: concept, main factors

Cost inflation characterized by the impact of the following non-monetary factors on the pricing processes.

1. Leadership in prices. It is observed in industrialized countries, when large companies in industries, when forming and changing prices, are guided by prices set by leading companies.

2. Decrease in labor productivity growth and decline in production.

3. Acceleration of the growth of costs and especially wages, per unit of production. The economic power of the working class and the activity of trade union organizations do not allow large companies to reduce wage growth to the level of slower growth in labor productivity. At the same time, as a result of monopolistic pricing practices by large companies, losses are compensated by accelerated price increases, i.e. a wage-price spiral unfolds.

4. Energy crisis

Organization principles and forms of cashless payments in the Russian Federation

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