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Money as means payment


Allow to reset loans, to carry out accounts for the granted goods and services, to discharge the indebtedness on wages and to make payments in the budget.
When four functions of money are transferred, they as a whole correspond to foreign designs, however there is also a distortion of initial sense.
For example, describing function of a medium of circulation, affirms: with the advent of money direct exchange of commodities has taken the form of the commodity circulation; during its money, constantly move from one persons to other, make the turn-over.
However from English «medium of exchange» it is transferred as a medium of exchange, instead of circulations. The given function means, that market participants accept money in payment. That is the accent is made not that money addresses, and that they are legitimate and starting participants to an exchange.
Let's separately stay on monetary unit function as instruments of payment. She assumes simultaneous use of money as media of exchange and as tallies. The level of indebtedness is established in tallies, and only under condition of that in settlement will the standard media of exchange are presented, it can be paid. Thus, function of money as instruments of payment means performance by money of functions of a tally and a medium of exchange and is in relation to them generalising.
At allocation of five functions of money, function of the world is added
Money. The given function has been offered by K.Marx in the middle of XIX century and gold trading and silver as the goods was defined by it as «... Which mediates functions of money as world money» 4 and in our opinion has become outdated.
Throughout the existence money executed all functions in aggregate. During various historical times concrete money (metal, paper, cashless) to a greater or lesser extent executed this or that functions.
4 Marx K, Engels F.Soch. - Т.25. - Ч.1. - С.349

For example, in post-war Hungary when average rate of inflation made 19 800 % a month the Hungarian government for protection against inflationary depreciation of tax revenues has entered two monetary units: Hungarian pengo and tax pengo which cost was indexed according to a price level. Tax pengo executed function of preservation of cost and a tally, however was not an instrument of payment.
In the early eighties in Israel in the conditions of inflation the rise in prices expressed in terms of Israeli currency (shekel), became so prompt, that everywhere the prices were indicated in dollars. Thus, the shekel continued to function as a medium of circulation, but the dollar became a tally.
In days of a runaway inflation the beginning of 1990th years in Russia, flight from money »was observed«. Money remained a lawful legal tender and them it was possible to pay, however speed of depreciation as cash, and bank deposits did not allow money to execute function of preservation of cost, the price has ceased to be an objective information reference point for the seller and the consumer.
The state of the art of monetary sphere is characterised by the following: For all developed countries, along with repeated increase in speed of accounts, prevalence in a money supply of a share of cashless money (bole frequent performance by money of function of payment) is characteristic; Increase all over the world shares of payment operations of the goods not connected with movement (decrease in a role of function of the circulation, in its Russian treatment); Worldwide, in those or other forms and rates, there are inflationary processes (decrease in a role of function of accumulation); Availability of possibilities of short-term and long-term investment of money resources (decrease in a role of function of accumulation).
Set of the factors set forth above allows to come to conclusion,
That now prepotent function of modern money is function of an instrument of payment.
Allocation of dominating function allows to focus our attention to most prominent aspects of the dissertational research, allowing to track evolution of money, monetary носителей5 and to use studied for scientific understanding of essence of payment systems and possible directions of their development.
Active evolution of money as instruments of payment in economically developed countries is observed throughout the last forty years, and from the beginning of 90th years of the XX-th century, and in Russia. Now the maximum stage of development of money is transition to ecash.
We firmly stand on a conceptual item: money during evolution has not changed the essence. Properties of money also were not changed. Properties of the materials representing external display of money, that is monetary carriers vary only. In this connection we regard necessary branch of properties of money from properties of the monetary carrier.
We understand the object having those or other physical characteristics as the monetary carrier, and perceived by people as money.
Not evolution of money, and evolution of the monetary carrier occurred from cockleshells, furs and cattle to metal, paper and electronic forms, complicating thus a spectrum of monetary relations in society.
5 Narikov G. S. About payment system structure//Bulletin HGAEiP, - 2001. №2 С.88

It is historically possible to allocate three main carriers of money. As the first carrier on time «the physical carrier» was used. The physical carrier of money is such carrier which is definitely correlated with objective, natural, naturally-material, physical properties of money. The physical carrier (precious metals) was the first mass monetary carrier. The choice in favour of gold has been made thanking its properties: gold - is rare, is not subject to corrosion, rather easily identified from fakes and falsification, iznosoustojchivo, at last, at that time in view of the softness it was practically useless material for the technical purposes. Absence of other applications extraordinary important for use of a material as the carrier of the monetary information.
Application of the gold carrier was extremely inconvenient for the state as it was very expensive, irrevocably left for state borders in force vsepriznannosti and was saved up by the population. Thus, savings, instead of realisation of required settlement functions were a functional dominant of the money based on the gold carrier. At the same time for private persons they were reliable in thesaurisation, nepodverzheny to depreciation and the control from the state.
For the objective reasons company evolution has been limited by gold mining scales (many geographical campaigns and opening have been connected with gold search) and the given monetary carrier was a brake of development of an industrial civilisation. All aforesaid was the reason of occurrence of the material carrier of money. Between physical characteristics of the material carrier and its monetary characteristics there is no communication. Cost of manufacturing of paper notes and coins from ignoble metals is torn absolutely off from the monetary nominal value established by will of the state. In view of absence of exchange, the standard of a value of money on the paper carrier, has appeared and there was the universal phenomenon an inflation of money. Periodic crises of folding money, their reasons are widely described in the literature and we do not mention these problems.
The last decades the requirement for speed of moving of the information on money has so increased, that such in the past the cheap carrier of the monetary information as the paper, becomes the expensive for modern operations of an exchange. Especially mass development falshivomonetnichestva requires creation of more and more protected denominations that attracts sharp rise in price of cost of monetary production.
All aforesaid, along with prompt development of computing means and communication facilities, has led to occurrence of the new carrier of the monetary information named the virtual. The virtual carrier (cashless or ecash) has no material basis and is information as two outwardly absolutely the identical carrier can have various information filling. Which it represents a value of money is connected only with its information filling.
After detailed studying of money and the monetary carrier we regard necessary also obligatory allocation of properties of money: Absolute liquidity; Economic divisibility; Rather constant cost;
And properties of monetary carriers: Physical keeping (nepodverzhennost to destruction in due course); Portability (convenience in accounts and transportation); Safety (a loss risk level at use); The cost price of the monetary carrier (in relation to nominal value); Term of the circulation of the monetary carrier.
Function of money as instruments of payment mediate legal tenders.
The legal tender is the monetary asset which is means of payment of the goods, services, a debt and so forth For payment realisation by economic subjects nalichno-money resources, cashless money, kvazi-money or ecash can be used. We will consider more in detail the transferred kinds of money.
Cash is executed on the material carrier (a paper or metal) money in the form of notes and the coins, manufactured by the Central bank and having the status of a lawful instrument of payment.
For realisation of cash settlements by money sharing of two subjects - the payer and the recipient is necessary. Therefore payments with their use are anonymous and are subject to the indirect control from the state bodies.
Accounts without use of cash have appeared more 400 years ago in connection with necessity of management of increasing cash flows and were made out in the form of records under an abacus of the buyer and the seller.
Cashless money is based on the virtual carrier and functioning within system of accounts the information on the property right to money.
As cashless money has no material carrier them names «money without money», and is valid at accounts by cashless money of an abacus of the payer does not move to the recipient. Moving of cashless money occurs to use of system of documents of payment which also are not money.
For the permission of the contradiction caused by absence at cashless money of the direct physical carrier of cost and realisation, nevertheless, by them of functions of money, the information carrier containing cost of cashless money we we name the virtual monetary carrier. The virtual monetary carrier is based on the electronic information and exists within information system.
Realisation of accounts by cashless money is connected with a number of features:
- In cashless monetary accounts of participants always three: the payer, the recipient and bank in which such accounts are carried out; Transfers (moving) of money are made by records under an abacus of participants; The basis for transfer of means are documents of payment. Some economists, underlining, that cashless money
Function only within system of accounts, name their "accounting moneys". We support necessity of accent on this feature.
In the economic literature also often allocate as feature of cashless monetary accounts their credit character. Thus affirms, that «participants of clearing settlements consist in credit relations with bank», and clearing settlements it «the credit operation made by means of money. Thereby the turn-over of cash is replaced with credit operation» 6.
In our opinion, the given assertion is not true as, relations between bank and the client concerning book keeping are liability, but not credit. Under the agreement of the bank account the bank undertakes to make payments on the instructions of the client and to supply safety of its means, - but not to use in any way account means at own discretion. In this connection relations concerning keeping the account are permanent and the bank does not pay interest under settlement accounts of clients, and promptness and platnost are one of the most important properties of the credit.
Kvazi-money, as a rule, is presented in the form of securities and used for fulfilment of payments without direct sharing of the state money resources.
6 Money, the credit, banks: O.I.Lavrushina's Textbook/under the editorship of. - 2 izd., the reslave. And dop. - M: the Finance and statistics, 2000. - С.31.

Necessity of branch of kvazi-money from cash and cashless money is connected with the following: Kvazi-money is manufactured not by the state structures, and the enterprises and the organisations; At payment of the indebtedness by kvazi-money bank sharing, as is unessential at cashless monetary accounts; If lawful instruments of payment starting all subjects of economic relations without an exception, payment by kvazi-money can be carried out only under condition of the consent of the recipient to such payment; Accounts by kvazi-money can have credit character, for example, at payment of the goods by the bill (credit against goods).
We will be limited to the description of concept of their features of kvazi-money, and further in work we will not carry out their analysis as securities are a theme for separate research.
Expansion of practice of monetary accounts by means of essentially new monetary carriers transmitted on communication networks, promoted occurrence of the term "ecash".
The term "ecash" it is frequently inexact it is used in the economic literature. Under this concept make all monetary and nedenezhnye, used with application of electronic systems. So, as ecash understand «cashless money», "plastic cards", «the prepaid products» (telephone, petrol filling, Internet and so forth). However the given approach is not correct. In item 3.2. Dissertations we carry out careful research of essence and types of ecash and on the basis of the carried out research their following definition is offered.
Ecash is existing out of a banking system (without reflexion of operations under an abacus) money in the form of the electronic signals, transmitted on communication channels and applied to realisation of payments not only to the emitter, but also to other participants.
Ecash can be realised on the basis of independent "electronic purses" and «network ecash».
The payment system of the country defined by us as nation-wide payment система1, functions, being based on use of all kinds of money resources set forth above.
Mutual having poured various kinds of money in a nation-wide payment system it is supplied with their liquidity and allows economic subjects to choose the most convenient method of payment. For understanding of the given mechanism it is necessary to consider essence, structure and principles of functioning of a nation-wide payment system.





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A source: Narikov Gennady Sergeevich. NATION-WIDE PAYMENT SYSTEM And DEVELOPMENT of ELECTRONIC CARRIERS of MONEY. The dissertation on competition of a scientific degree of a Cand.Econ.Sci. Khabarovsk. 2001

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