A law that determines the amount of money needed for circulation, equal to the sum of the prices of goods divided by the number of turnover of monetary units of the same name. In English: Law of circulation of money See also: Money circulation Financial Dictionary Finam ... Financial Dictionary

English law of circulation of money; German Gesetz von Geldumlauf. A law that determines the amount of money needed for circulation, equal to the sum of the prices of goods divided by the number of turnover of monetary units of the same name. see DEFLATION, INFLATION. Antinazi.… … Encyclopedia of Sociology

An economic law that determines the amount of money needed for circulation. Raizberg B.A., Lozovsky L.Sh., Starodubtseva E.B.. Modern economic dictionary. 2nd ed., rev. M.: INFRA M. 479 p.. 1999 ... Economic dictionary

Law of money circulation- a law according to which the amount of money needed for circulation changes in direct proportion to the quantity of goods in circulation and the level of their prices and inversely proportional to the speed of circulation of money... Librarian's terminological dictionary on socio-economic topics

LAW OF MONEY CIRCULATION- – an economic law formulated by K. Marx, which determines the amount of money needed for circulation. The amount of money must be equal to the sum of the prices of goods sold on credit, minus the amount of mutually extinguishing payments, plus the amount... ... Economics from A to Z: Thematic Guide

LAW OF MONEY CIRCULATION- economic law that determines the amount of money needed for circulation, Z.d.o. expresses the relationship between the following indicators: money supply, sum of prices of goods and services, credit, mutually repaid payments, velocity of money circulation... Large economic dictionary

Law of money circulation- monetary circulation is the movement of money in the sphere of circulation when it performs the functions of a medium of circulation and a means of payment. In each period, a certain amount of money circulates in the country. It is determined by the following factors: quantity... ... Dictionary of Economic Theory

An economic law that determines the amount of money needed to circulate... Encyclopedic Dictionary of Economics and Law

LAW OF MONEY CIRCULATION- English law of circulation of money; German Gesetz von Geldumlauf. A law that determines the amount of money needed for circulation, equal to the sum of the prices of goods divided by the number of turnover of monetary units of the same name. See DEFLATION, INFLATION... Explanatory dictionary of sociology

LAW OF MONEY CIRCULATION- - an economic law that estimates the amount of money needed for a particular economy and ensuring commodity circulation, i.e. D = (Tsreal – Tskr Tsps – VP)/O, where D is the amount of funds necessary for circulation; Tsreal -... ... Concise Dictionary of Economist

Books

• Money, credit, banks. Textbook and workshop for academic bachelor's degree, Kropin Yu.A.. The textbook offered to the reader's attention is distinguished by a fundamentally new look at the essence and properties of money, the law of monetary circulation, the source of the increase of money, loan interest, ...

The circulation of money does not occur spontaneously - it is subject to certain laws. Their knowledge allows you to quickly respond to other changes, make appropriate decisions and influence economic development. These rules of circulation are called the laws of money circulation.

The basic law of monetary circulation, the formula of which was presented by K. Marx, connects prices, velocity of circulation and quantity of money:

This formula is more valid for gold circulation. When gold is circulated as money, due to limited gold reserves, the relationship between the amount of gold (coins) and goods is established spontaneously, but relatively accurately: excess money is withdrawn from circulation and goes into the sphere of accumulation (treasures), and if there is a shortage of coins, the withdrawn part is returned their treasures into circulation.

When credit money appears, unsecured emission occurs. In this case, inflation is inevitable, i.e. depreciation of money due to its increased quantity. It is necessary to monitor that part of monetary obligations that can be mutually repaid without additional issue. The above equation becomes:

The quantity theory of money uses the Fisher equation: M*V = P*Q.

M – circulating money supply;

V is the velocity of circulation of the monetary unit;

P – average price level;

Q – quantity of goods and services.

This law is called the law of paper money circulation. Since the amount of money can now increase without limit, the role of the state in monetary regulation is colossal. One type of regulation is to maintain the structure and volume of the money supply - the total purchasing power of funds.

If the question “how much money is needed?” There is no clear answer, then to the question “what kind of money should there be more and what kind of money should be less?” You can try to give an answer by analyzing monetary aggregates. They represent the constituent elements of the money supply and are based on a liquid approach.

	Comments
	cash in circulation (coins and banknotes)	In developed countries, non-cash circulation is of predominant importance (it is closely related to credit, and credit provides significant savings in distribution costs). The role of this unit is small.
	M0 + account balances	Funds in bank accounts are used to make current payments. Therefore, the volume of this aggregate largely characterizes the liquidity of the money supply. At the same time, the more working capital of an enterprise is “frozen” in the account, the less funds can be invested in fixed capital. This unit largely serves as a means of circulation.
	M1 + time and savings deposits	“Deposit money” has less liquidity, but can be converted into cash over a period of time (for example, into the M1 aggregate). The M2 unit largely functions as a means of accumulation, although it also partially serves as a means of circulation.
	M2 + savings deposits, as well as securities	This unit serves as a storage medium. At the same time, if the securities that make up this aggregate also mean bills of exchange, then in this case this aggregate can serve as a medium of exchange.

There is a dual demand for money. The value of money lies in its universal purchasing power: we value money because it can be used to pay for any purchase.

But there is another type of demand for money when it is not spent immediately (canned, deferred demand). This stored amount of money is the money supply. The amount of money as a means of payment is the difference between monetary income and monetary expenditures of the population.

A cash reserve is created when storing money turns out to be more profitable than spending it.

The law of monetary circulation establishes the amount of money needed to perform the functions of a medium of exchange and a means of payment.

The amount of money required to perform the functions of money as a medium of exchange depends on three factors:

Quantities of goods and services sold on the market (direct connection);

Level of prices of goods and tariffs (direct connection);

Velocity of money circulation (inverse relationship).

All factors are determined by production conditions. The more developed the social division of labor, the greater the volume of goods and services sold on the market; The higher the level of labor productivity, the lower the goods and services and prices. The formula in this case is:

The speed of circulation of money is determined by the number of revolutions of a monetary unit over a certain period, since the same money constantly changes hands over a certain period, serving the sale of goods and the provision of services.

During the functioning of gold money, its quantity was maintained at the required level spontaneously, since the function of the treasure acted as a regulator. This function established a relatively correct relationship between the money supply and the goods necessary for circulation. Extra money in circulation was eliminated; it went into treasure. With the growth of the commodity mass, money was returned from treasures.

With the advent of the function of money as a means of payment, the total quantity of money should decrease. Credit has the opposite effect on the amount of money. This reduction is caused by repayment through mutual offset of a certain part of debt claims and obligations. The amount of money for circulation and payment is determined by the following conditions:

The total volume of goods and services in circulation (direct relationship);

The level of commodity prices and tariffs for services (the relationship is direct, since the higher the prices, the more money is required);

The degree of development of non-cash payments (feedback);

The speed of circulation of money, including credit money (inverse relationship).

Thus, the law determining the amount of money in circulation takes the following form:

During metal circulation, the amount of money was spontaneously regulated by the function of the treasure, i.e. The money supply increased and decreased, freely adapting to the needs of commodity production, the amount of money was always maintained at the required level. This ensured the stability of money circulation.

In the absence of a gold standard, the law of paper money circulation began to operate, according to which the number of notes was equated to the estimated amount of gold money required for circulation. In this situation, the stability of money was shaken, and its depreciation became possible.

Nowadays, in the conditions of demonetization of gold, i.e. loss of its monetary functions, the law of monetary circulation underwent modification. Now it is no longer possible to estimate the amount of money from the point of view of even an approximate calculation through gold. It has gone out of circulation and does not perform the functions of not only a medium of circulation and a means of payment, but also a measure.

The measure of goods and services has become monetary, which measures not in the market during exchange by equating goods with money, but in the production process - goods with goods. Consequently, the amount of irredeemable credit money should be determined by all values ​​in the country through money. There is no spontaneous regulator of the total amount of money under the dominance of credit money. This implies the role of the state in regulating money circulation. The issue of credit money without taking into account the actual goods produced and services provided in the country in the process of production, distribution and exchange will inevitably cause their surplus and ultimately lead to the depreciation of the monetary unit. The main condition for the stability of the country’s monetary unit is the correspondence of the economy’s need for money to its actual receipt in cash and non-cash circulation.

Commodity-money relations require a certain amount of money for circulation. The law of monetary circulation, discovered by K. Marx, establishes the amount of money needed to perform the functions of a medium of exchange and a means of payment.

The amount of money required to fulfill the function of money as a medium of exchange depends on three factors:

Quantities of goods and services sold on the market (direct connection);

Level of prices of goods and tariffs (direct connection);

Velocity of money circulation (inverse relationship).

All factors are determined by production conditions. The more developed the social division of labor, the greater the volume of goods and services sold on the market; The higher the level of labor productivity, the lower the cost of goods and services and prices.

The amount of money for circulation and payment is determined by the following conditions:

The total volume of goods and services in circulation (direct relationship);

The level of commodity prices and tariffs for services (the relationship is direct, since the higher the prices, the more money is required);

The degree of development of non-cash payments (reverse relationship);

The speed of circulation of money, including credit (reverse relationship).

Thus, the law determining the amount of money in circulation is as follows:

The amount of money needed as a medium of circulation and a means of payment = (Sum of prices of goods and services sold – Sum of prices of goods sold on credit, the payment period for which has not yet arrived + Amount of payments on debt obligations – Sum of mutually canceling payments)/ Average number of money turnover , both means of exchange and means of payment.

The law of money answers the question of how much money must be in circulation for money to perform its functions.

The law of monetary circulation establishes the amount of money needed to perform the functions of a medium of exchange and a means of payment.

The necessary amount of money required to perform the functions of money as a medium of exchange depends on three factors:

§ the number of goods and services sold on the market (direct connection);

§ level of prices of goods and tariffs (direct connection);

§ velocity of money circulation (inverse relationship).

The circulation of money does not occur spontaneously - it is subject to certain laws. Their knowledge allows you to quickly respond to other changes, make appropriate decisions and influence economic development. These rules of circulation are called the laws of money circulation.

The basic law of monetary circulation, the formula of which was presented by K. Marx, connects prices, velocity of circulation and quantity of money:

Quantity of money = sum of prices/number of unit turnover

This formula is more valid for gold circulation. When gold is circulated as money, due to limited gold reserves, the relationship between the amount of gold (coins) and goods is established spontaneously, but relatively accurately: excess money is withdrawn from circulation and goes into the sphere of accumulation (treasures), and if there is a shortage of coins, the withdrawn part is returned their treasures into circulation.

When credit money appears, unsecured emission occurs. In this case, inflation is inevitable, i.e. depreciation of money due to its increased quantity. It is necessary to monitor that part of monetary obligations that can be mutually repaid without additional issue. The above equation becomes:

Amount of money = sum of prices of goods, services – sum of prices of goods sold on credit + payments on debt obligations – sum of offsets

The quantity theory of money uses the Fisher equation: M*V = P*Q.

M – circulating money supply;

V is the velocity of circulation of the monetary unit;

P – average price level;

Q – quantity of goods and services.

This law is called the law of paper money circulation. Since the amount of money can now increase without limit, the role of the state in monetary regulation is colossal. One type of regulation is to maintain the structure and volume of the money supply - the total purchasing power of funds.

All factors are determined by production conditions. The more developed the division of labor, the greater the volume of goods and services sold on the market. The higher the level of labor productivity, the lower the cost of goods and services and prices.

The law of monetary circulation expresses the economic interdependence between the mass of goods in circulation, the level of their prices and the speed of circulation of money.

If money functions as a means of payment, then the total quantity of money should decrease. Credit has the opposite effect on quantity.

Factors influencing the amount of money in circulation:

1. Volume of commodity mass(the higher it is, the more money is needed, but the concept of a commodity includes everything that is exchanged, including labor, land, securities. It follows: for exchange to take place, there must be an assortment).

2. Price level. The lower the price, the more goods and, accordingly, money needed.

In the opposite direction (less money) if the following factors apply:

§ degree of credit development (the more goods on credit, the less money needed);

§ development of non-cash payments;

§ frequency of money payments (the more often money is paid, the less it is needed for turnover).

3. Velocity of money circulation(the number of revolutions of a monetary unit over a period of time).

30. Non-cash transactions are settlements made by recording bank accounts.
Non-cash payments in modern conditions are of great importance, because... lead to the replacement of cash and a reduction in the costs of cash circulation, i.e. reducing the cost of printing cash, transporting it, counting it, and storing it.
Legislation and banking rules contain legal norms that define the principles and procedure for settlements, the rights and obligations of subjects of settlement legal relations. They predetermine the content and forms of settlements, the nature of the relationship between commercial banks and specific enterprises in the process of making settlements. In accordance with the law, enterprises' funds are subject to mandatory storage in banks. To store funds, banks open current, settlement and other accounts for enterprises, depending on the nature of their activities and sources of financing. Each company can have only one main settlement or current account.

Current accounts are opened for all enterprises, regardless of their form of ownership, operating on the principles of commercial settlement and having the status of a legal entity. The account owner has the right to dispose of funds in the account at his own discretion.
Current accounts are opened for organizations or institutions that are not engaged in commercial activities and do not have the status of a legal entity. Current account holders can manage their funds in accordance with the budget approved by a higher organization.

Non-cash money turnover represents part of cash flow , in which the movement of funds is carried out in non-cash form in the order of transfer (transfer) of funds from the payer's bank account to the recipient's account, by offsetting mutual claims, as well as using other banking operations.

Non-cash cash flow mediates change commodity cost forms for monetary, monetary - to commodity, as well as the processes of distribution and redistribution of funds by financial and credit methods.

Non-cash money circulation is the main type of money turnover. It accounts for about 80% of all payments in the economy of our country.

Non-cash cash turnover covers:

· movement of social product;

· distribution and redistribution of national income;

· payments for goods, services and work performed;

· payments related to the generation of budget revenues and the implementation of budget expenditures;

· payments related to sources of capital investments;

· calculations related to the financing of enterprises;

· budgetary, intra-industry, intra-economic redistribution of funds;

· obtaining and repaying bank loans;

· payment and use of part of the population’s cash income;

· other payments and receipts.

Participants in this relationship are organizations, including banks and non-banking financial and credit institutions, and the population.

Preferential development of non-cash money circulation compared to cash circulation is explained as objective reasons, as well as deliberately carried out by the state measures in order to create a rational system of monetary settlements and save social costs of circulation, since the speed of money movement in non-cash money circulation is much higher speed of money movement in cash circulation.

Replacement of cash payments with non-cash payments and their rational organization in a market economy are important to regulate money circulation, the formation of banking resources, the organization of credit relations, control over the work of enterprises and the reduction of circulation costs associated with monetary settlements.

In non-cash money circulation, money functions as a means of payment. This is determined by the fact that transfers to accounts are separated in time from the movement of material assets, which they mediate; the repayment of monetary obligations occurs after their occurrence. When offsetting mutual claims, only the unoffset difference is reflected in bank accounts - a credit or debit balance. However, in accounts opened for conducting offsets, the entire amount of offset funds is posted, which is included in the volume of non-cash cash turnover.

Non-cash cash flow is associated with credit relations arising in the process of replacing real money with credit transactions. If there are no funds in the payer’s account, non-cash cash flow can be carried out through a bank loan.

Commercial banks Russia perform the function settlement and cash services for clients. All settlements and cash services for bank clients are carried out by debiting or crediting funds to their bank accounts.

A current account is opened for organizations that have an independent balance sheet and operate in accordance with the rules of commercial settlement , and settlement sub-accounts and current accounts are opened for their structural divisions. The settlement subaccount carries out settlement transactions with non-cash funds (with the exception of crediting revenue in cash), the current account is intended for transactions related to the issuance of cash and non-cash transfers of funds to citizens' deposits, and deductions from wages.

The current account reflects monetary transactions related to current economic activities. The account owner has the right on one's own manage funds in compliance with payment rules. The balances in the organization's current account serve as a cash reserve for upcoming payments. Sources of funds in the current account are mainly amounts received from product sales. Funds from the organization's current account are used for payment material assets, payment of wages, etc.

To perform a limited set of operations, legal entities can open other accounts in banks. Clients independently choose banks for credit and cash settlement services and can receive the full range of banking services in one or more banks.

The bank stores funds of organizations in their accounts, credits amounts received to these accounts, carries out orders from organizations to transfer them and withdraw them from accounts and to carry out other banking operations provided for by banking rules and agreements.

Payments by organizations are mainly made by bank transfer from accounts opened with banks. If there are insufficient funds in the accounts, the order of payments is established.

31. Advantages of non-cash payments:

§ control of cash flow;

§ expanding the credit capabilities of the banking system;

§ Non-cash turnover accelerates the turnover of funds and the turnover of material resources.
Principles of non-cash payments:
settlements are carried out only with the consent of the payer (acceptance, in writing)

Calculations are performed without the use of cash;
control is exercised on the part of all participants;

Payments are made using payers' funds or bank loans;
freedom of choice by subjects of forms of non-cash payments and
securing them in contracts.

Payments are made within the terms specified in the contract.

The meaning of non-cash payments:
1) contribute to the concentration of monetary resources in banks. Temporarily stored funds of enterprises, organizations, and the population are credit resources;

2) non-cash payments contribute to the normal circulation of funds in the national economy;
3) a clear distinction between non-cash and cash
revolutions;
4) creates conditions that facilitate planning of monetary circulation;
5) the expansion of the sphere of non-cash circulation makes it possible to more accurately determine the size of the issue and withdrawal of cash from circulation.

32. Forms of non-cash payments are established by the Central Bank. Bank clients independently choose the payment forms used, which is reflected in the agreement with the bank.

In modern conditions, based on the current regulation of the Central Bank of the Russian Federation dated October 3, 2002 No. 2-P “On non-cash payments in the Russian Federation” (as amended on March 2, 2008), the following forms of non-cash payments are in force in Russia:

1. payment orders (this is a form of non-cash payments, which is an order from the account depositor (payer) to his bank to transfer a certain amount to the recipient’s account opened in this or another bank.);

2. payment requirements (the supplier’s request to the buyer to pay, on the basis of the settlement and shipping documents (bill of lading) sent to him, the cost of products delivered under the contract, work performed and services to the servicing bank. Issued by the supplier.);

3. settlements under a letter of credit (A letter of credit is a form of payment with the preliminary opening of a special account. When making settlements under a letter of credit, the bank, acting on the instructions of the payer to open a letter of credit and in accordance with his instructions (issuing bank), undertakes to make payments to the recipient of the funds or pay, accept or honor a bill of exchange or authorize another bank (executing bank) to make payments to the recipient of funds or pay, accept or honor a bill of exchange.);

4. collection settlements (represent a banking operation through which the bank, on behalf and at the expense of the client, on the basis of settlement documents, carries out actions to receive payment from the payer. To carry out collection settlements, the issuing bank has the right to attract another bank (executing bank). Collection- an intermediary banking operation for the transfer of funds from the payer to the recipient through a bank with the transfer of these funds to the recipient’s account.);

5. settlements by checks (a security that contains an order from the drawer to the bank to pay the amount specified in it to the check holder.);

6. in other forms (for example, credit cards).

Forms of non-cash payments are used by clients of credit institutions (branches), institutions and divisions of the Bank of Russia settlement network, as well as by the banks themselves.

Forms of non-cash payments are chosen by bank clients independently and are provided for in agreements concluded by them with their counterparties.

Within the framework of non-cash payment forms, payers and recipients of funds (collectors), as well as banks and correspondent banks servicing them, are considered as participants in settlements.

33. Monetary system- this is the organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation. It was formed in the 16th - 17th centuries. with the emergence and establishment of capitalist production, as well as a centralized state and national market. As commodity-money relations and capitalist production developed, the monetary system underwent significant changes.

The monetary system is formed and functions on the basis of the banking system. Elements of the monetary system: monetary unit, price scale, emission system and state apparatus for regulating monetary circulation.

Currency unit is a currency established by law that serves to measure and express the prices of all goods and services. It is usually divided into small proportional parts. Most countries use a decimal distribution system (1 US dollar - 100 cents, 1 British pound - 100 pence).

Price scale- a means of expressing value in monetary units, based on the weight amount of monetary (precious) metal in a monetary unit. Now the scale of prices is influenced by supply and demand.

Emission system- legally established procedure for the issuance and circulation of banknotes. The central bank issues banknotes in three ways:

providing loans to credit institutions in the form of rediscounting commercial bills;

lending to the treasury secured by government securities;

issuing banknotes by exchanging them for foreign currency.

The types of banknotes that have legal tender force are also determined by special laws or government acts. In modern conditions, all banknotes issued by the state are required to be accepted for debt repayment in the territory of this country. The following types of banknotes are distinguished: bank notes (banknotes) and treasury notes, small change.

34. Depending on the type of money (money as a commodity that serves as a universal equivalent, or money as a sign of value), There are two types of monetary systems:

a system of metal circulation, which is based on full-fledged money (silver, gold), performing all five functions; banknotes in circulation are freely exchanged for real money (gold coin, gold bullion and gold exchange standards);

a system of paper-credit circulation in which real money is replaced by signs of value, and in circulation there is paper (treasury bills) or credit money. The world monetary system is finally formed on the basis of paper money circulation.

With the system metal money circulation There are two types of monetary systems: bimetallism and monometallism - depending on how many types of metal are accepted as the universal equivalent for the base of monetary circulation.

Bimetallism is a monetary system in which the role of universal equivalent is assigned to two metals (silver and gold). The free minting of coins from two metals and their unlimited circulation were assumed. The market set two prices for one product. This system existed in the 16th - 18th centuries, and in a number of Western European countries it operated in the 19th century.

The development of capitalism, which required stability of the monetary system and a single common equivalent, led to the transition to monometallism.
Monometallism is a monetary system in which one metal (silver or gold) serves as the universal equivalent. With this system, there are coins made of one precious metal and tokens of value exchanged for coins. There are three types of gold monometallism - gold coin, gold bullion and gold exchange standards.

The gold coin standard was characterized by gold circulation, free minting of coins, unhindered exchange of banknotes for gold, and not prohibited movement of gold between countries. The law of monetary circulation operated automatically. This standard required the availability of gold reserves in issuing centers.

Paper credit systems- these are monetary systems devoid of a metallic basis, built on the representative principle. Such monetary systems currently exist in almost all countries.
The main features of the modern monetary system are:

abolition of the gold content of the monetary unit, demonetization of gold;

transition to credit money that is not redeemable for gold, not different in nature from paper money (state treasury bills). They remain in circulation;

release of banknotes into circulation in order to lend to the economy, the state, increase in official gold and foreign exchange reserves;

development and predominance of non-cash turnover over cash in money circulation;

strengthening of state regulation of monetary circulation in connection with the violation of the basic principle of the monetary system - the correspondence of the amount of money to the objective needs of economic turnover.

35. Monetary system of the Russian Federation- this is a form of organization of monetary circulation, enshrined in national legislation. It consists of the following elements: monetary unit, price scale, type of money, emission system, monetary regulation mechanism. The national currency system, having relative independence, is also part of the country's monetary system. The modern monetary system of Russia, like most other countries, is based on money that is not redeemable for gold. According to this Law, the official monetary unit (national currency) of the Russian Federation is the ruble, which is equal to 100 kopecks. The law prohibits the issuance of other monetary units and monetary surrogates, and emphasizes the responsibility of persons who violate the unity of monetary circulation. The official ratio between the ruble and gold or other valuable metals is not established. The exclusive right to issue cash, organize circulation and withdraw it from circulation on the territory of the Russian Federation belongs to the Central Bank of the Russian Federation. The types of money that have legal tender force are bank notes (banknotes) and metal coins, samples of which are approved by the Bank of Russia. Banknotes and metal coins are unconditional obligations of the Central Bank and are backed by its assets. The Central Bank of the Russian Federation is responsible only for planning the volume of their production.

In order to organize cash circulation, it is assigned the following functions:

· forecasting and organizing the production of banknotes and metal coins;

· creation of reserve funds of banknotes and coins;

· determination of rules for storage, transportation and collection of cash;

· establishing signs of payment of banknotes and the procedure for replacing and destroying banknotes;

· approval of rules for conducting cash transactions for credit institutions.

Emission mechanism represents the procedure for releasing money into circulation and withdrawing it from circulation. Non-cash money is issued by commercial banks in the process of performing credit transactions. When loans are repaid, money is withdrawn from circulation. Cash issuance is carried out by the cash settlement centers of the Central Bank of the Russian Federation. Cash withdrawal occurs when commercial banks deposit cash in cash settlement centers.

There are currently two types of banknotes in the cash circulation channels, which are an unconditional obligation of the Bank of Russia and are mandatory for acceptance in all types of settlements and payments - banknotes (bank notes) and coins.

36. Payment system is a set of rules, contractual relations, technologies, calculation methods, internal and external regulations that allow all participants to carry out financial transactions and settlements with each other. Let us consider, according to this definition, each component of the payment system. From a systemic perspective, all elements of the latter must be in interaction; only in this case can the effectiveness of its functioning be achieved.

The efficiency of the payment system is the timeliness and reliability of the transfer and accounting of payment resources allocated for making payments. With the effective functioning of the payment system, transaction costs are significantly reduced, and an opportunity arises for better liquidity management in both banks and enterprises. Various failures, unintentional or unexpected delays in payments significantly undermine confidence in the payment system, and economic agents begin to doubt whether payments will be made at all. All this leads to an increase in risk, and thereby an increase in costs for participants in the payment system and to a payment crisis. The crises of 1994 and 1998 clearly demonstrate this. in Russia, when non-payments by clients resulted in non-payments by commercial banks.

Tasks and functions of the payment system. The main tasks facing the payment system are the following:

uninterrupted operation, safety and efficiency of operation;

reliability and strength, guaranteeing the absence of disruptions or complete failure of the payment system;

efficiency, providing fast, economical and accurate workflow output;

fair approach, for example requiring participation in the payment system of persons who meet the necessary qualification criteria.

The main function of any payment system is to ensure the dynamics and sustainability of economic turnover. The presence of an effective payment system facilitates monetary control and helps banks actively manage liquidity, thereby reducing the need for large and excess reserves. As a result, the process of drawing up a monetary program is simplified and the implementation of financial policy operations is accelerated.

Elements of the payment system. These include the following:

· institutions providing services for money transfers and debt repayment;

· financial instruments and communication systems that ensure the transfer of funds between economic agents;

· contractual agreements governing the procedure for non-cash payments.

The elements of the payment system are closely interconnected; their interaction is carried out according to certain rules enshrined in state regulations and international agreements. The operation of the Russian payment system as a whole is structured in accordance with the relevant legal acts, on the basis of which the rules for its functioning have been developed. They are the same for any system and determine the set of procedures that are necessary for the functioning of the payment system and the transfer of funds from one economic agent to another. Payment system procedures include established forms of non-cash payments, standards of payment documents, as well as various means of information transmission (communication lines, software and hardware).

The main participants in the payment system are the central bank, commercial banks, non-banking institutions, including clearing and settlement centers. They act as institutions providing services for money transfers and debt repayment. Ensuring the continuity of settlements rests directly with the central bank of the state. The operation of the payment system is closely related to the implementation of the main goal of the central bank - ensuring the stability of the banking system. In this case, the central bank can act as:

· user of the payment system, i.e. carry out their own transactions;

· participant of the payment system, i.e. make or receive payments on behalf of their clients;

· person providing payment services;

· protector of state interests, i.e., perform the function of a “regulator” of the payment system, supervising its participants and establishing general rules for their work.

The competence of central banks, as a rule, includes risk management of payment systems. The Central Bank controls liquidity risk, credit and systemic risks in the payment system, regulates the liquidity of its participants, including on the basis of the function of a lender of last resort, and acts as an operator of the payment system.

Settlement processes. The payment system includes three main settlement processes:

· payment initiation is the process by which a business entity instructs its servicing bank to transfer funds to another business entity. Payment initiation is carried out using payment instruments;

· the process of transfer and exchange of payment instruments between banks - participants in the payment system;

· the settlement process between participating banks that write off (credit) funds from the accounts of their clients.

When paying in cash, the payment instrument is cash itself. Settlements occur directly between the payer and the recipient. The role of banks is reduced to servicing the circulation of cash: issuing it from bank cash desks, crediting it to accounts, collection, storage, etc. The Central Bank issues cash into circulation, establishes rules for conducting transactions with it, predicts the need for turnover, and regulates the composition of banknotes cash supply, etc. The circulation of cash occurs in non-bank circulation; the rules for cash payments are essentially reduced to the rules for performing cash transactions.

With non-cash payments, all payments are made within the banking system. To carry them out, an enterprise opens a settlement or current account in a commercial bank, in which its available funds are stored. When making a non-cash payment, money must be debited from the payer's account and credited to the recipient's account - another enterprise. If the accounts of the payer and the recipient are in the same bank, then there is a simple movement of funds between the accounts. If their accounts are opened in different banks, then funds are transferred from one bank to another, i.e. interbank settlements are carried out. Correspondent accounts are used to carry out settlements between independent banks.

Correspondent account- this is an account that one bank (respondent bank) opens in another bank (correspondent bank) to carry out operations on this account as provided for in agreements between them. The account maintained by the correspondent bank is called LORO. On the balance sheet of the respondent bank it is called NOSTRO. Basic entries are made in the LORO account. They are decisive for ensuring timely settlements. Transactions on the NOSTRO account are carried out using the mirror accounting method.

Settlement transactions on these accounts are carried out subject to ensuring daily equality of their balances and are reflected in the balance sheets of the respondent bank and the correspondent bank on one calendar date (day, month, year) - the date of payment transfer (DPP). Correspondent accounts are opened by commercial banks to each other by mutual agreement. In the Central Bank of the Russian Federation, correspondent accounts of commercial banks are opened without fail. Each bank has one correspondent account in the settlement division of the Central Bank of the Russian Federation. The settlement divisions of the Bank of Russia include head settlement and cash centers and cash settlement centers.

Settlements between banks can take place both through the settlement network of the Central Bank of the Russian Federation, and on the basis of two- or multilateral correspondent relations between commercial banks. The latter can carry out these relations with each other without opening correspondent accounts, but through an account that they maintain in a third bank.

Any interactions between payment system participants are based on certain contractual relationships. Based on the agreement, a correspondent account is opened in the settlement network of the Bank of Russia and correspondent accounts in other banks and credit organizations. The agreement, as a rule, determines the procedure for opening and maintaining an account, the procedure for conducting transactions on the latter (including the timing of payments), the rights and obligations of the parties, and their responsibilities. It records the payment details of the parties. In addition, the contract stipulates the cost of provision of certain services by the parties, its validity period, the procedure for amendment, termination, and dispute resolution.

Correspondent (sub-account) and bank (for individuals and legal entities) account agreements serve as the basis for the functioning of the Russian payment system.

If a resident bank opens an account with a non-resident bank, then it signs with the correspondent bank not an agreement, but tariffs for transactions, i.e., its consent to the conditions of the correspondent bank, according to which payment services are provided. All their relationships are subsequently regulated only within the framework of this tariff policy of the counterparty, provided that this does not contradict the international and internal rules of the state of the correspondent bank.

Depending on the organization of interbank settlements, various types of payment systems are distinguished.

Types of payment systems. In order to determine the characteristic models used in funds transfer systems, it is necessary to highlight the main differences between them, for example, such as:

· system operator (central bank or private organization);

· settlement mechanism (gross or net settlements);

· credit mechanism (with or without provision of credit to the participant in its settlements during the working day).

The payment system is an integral part of the financial infrastructure of a market economy, in which the organization and functioning of the monetary, banking and payment systems are determined to a large extent by the needs of the markets, and state control ensures their stability and security. The development of financial infrastructure, including reform of the payment system, has become a priority in countries where a market economy is emerging.

The efficiency of the functioning of financial markets and the banking sector of the economy largely depends on the payment system operating in the country.

2.1 The law of monetary circulation.

The amount of money required to perform its functions is established by the economic law of money circulation, discovered by K. Marx.

Law of money circulation determines: the mass of money for circulation is directly proportional to the quantity of goods and services sold on the market (direct relationship), as well as the level of prices of goods and tariffs (direct relationship) and inversely proportional to the speed of circulation of money (inverse relationship).

All factors are determined by production conditions. The more developed the social division of labor, the greater the volume of goods and services sold on the market; The higher the level of labor productivity, the lower the cost of goods and services, as well as prices.

With the emergence and development of credit relations, the function of money as a means of payment arises; goods are sold on credit against debt obligations. Credit leads to a reduction in the total amount of money in circulation, since a certain part of debt obligations is mutually repaid.

The law that determines the amount of money in circulation, taking into account two functions - the medium of exchange and the means of payment, is slightly modified and takes on the following form:

When real money (gold) was functioning, its quantity was maintained at the required level spontaneously, since the function of the treasure acted as a regulator. The relationship between the mass of goods and the mass of money was maintained relatively accurately. This ensured the stability of money circulation

In the absence of a gold standard, the law of paper money circulation began to operate, according to which the number of tokens of value was equated to the estimated amount of gold money required for circulation. In this situation, the stability of money was shaken, and depreciation became possible.

Nowadays, in the conditions of demonetization of gold, i.e. loss of its monetary functions, the law of monetary circulation underwent modification. Now it is no longer possible to evaluate the amount of money from the point of view of even an approximate calculation through gold. It has gone out of circulation and does not serve not only as a means of circulation and a means of payment, but also as a measure of value.

Measure cost goods And services became money capital, measuring value not on the market during exchange (as was before), but in the production process - commodity to commodity. Every commodity, exchanged for irredeemable credit money, expresses its value by equating it to a variety of commodities. In this regard, a commodity transaction, valued at a certain amount of irredeemable credit money, must provide the entrepreneur with such an amount of use value that will allow him, after realizing the use value, to begin a new production cycle. Because of this, money acquires the ability to be a universal equivalent. Although there is no spontaneous regulator of the total amount of money under the dominance of signs of value, this role of regulating money circulation passes to the state.

Irreplaceable credit money, acquiring the features of paper money, is introduced by the state authorities, which endows them with a forced exchange rate. Their issue without taking into account the cost of goods produced and services provided in the country will inevitably cause their surplus and ultimately lead to depreciation.

In this regard, the question of the need to determine the required amount of money for circulation becomes of great importance. According to the classical theory of L. Marshall and I. Fischer, amount of money is determined by the dependence of the price level on the money supply:

From the formula, the amount of money required to circulate a certain mass of goods is equal to:

M=
,

and the price of the goods

P=
.

The price level changes in proportion to changes in the mass of money in circulation.

In Russia, the main reason for the increase in the money supply is the huge federal budget deficit, which for 2000 is envisaged in the amount of 57.87 billion rubles, or 1.08% of GDP. During the first half of the 90s, it was repaid by additional issue of money in circulation, at the same time, commodity turnover was actually declining due to a reduction in production volume.

The growth of the money supply is facilitated by the money multiplier (from Latin multiplicator - multiplying), arising with the development of the credit system (in conditions of two or more levels). Its essence is that the money supply in circulation increases as a result of the expansion of credit operations of banks with their clients by receiving funds from the centralized reserve of the Bank of Russia, formed from mandatory contributions from banks. Theoretically, the multiplication coefficient is equal to the value of the inverse rate of required reserves established by the Bank of Russia for the country's banks. It is calculated for a certain period of time, usually a year, and characterizes how much the money supply in circulation will increase during this period. The Bank of Russia, managing the money multiplier, carries out monetary regulation in the country.