Essence Of Money Research Articles

Legal regulation of the monetary system of the Russian Federation in the digital economy: financial and legal problems

The article discusses current problems of digitalization of the monetary system of the Russian Federation. A conclusion is made about the place and content of the sub-growth of the rights of the monetary system in the structure of financial law. It is argued that digitalization does not change the essence of financial relations, the essence of money as a financial and legal category, it only gives them an electronic form. The author’s assessments of the legal nature and qualifying features of new financial payment instruments that are a response to the challenges of the digital economy are given: electronic money, digital currencies, digital ruble. It is argued that they are subtypes of non-cash money circulation along with classic bank money. Proposals for improving the current legislation on the national payment system are substantiated in terms of systemic legal regulation of all types of digital forms of monetary circulation.

Recensión Regulación financiera de los criptoactivos

Money, as it is traditionally known, is undergoing its own digital revolution. Time will show whether we are facing a true paradigm shift in the essence of money or just mere modifications in the supports of representation. If the latter is linked to trust, the essence of money is related to trust in the issuer and the social consensus for its use and extension. The arrival of cryptoassets in the financial system has been a recurring topic of discussion in recent years.

Money in modern economics: An institutional analysis of the scientific category evolution

Subject. The article addresses money in modern economics. Objectives. The aim is to examine the evolution of forms and functions of money, make a comparative analysis of views of various economic schools on the essence and content of the phenomenon of money, define the most relevant scientific approach enabling to adequately interpret the “money” category in the context of modern realities. Methods. We performed a comparative analysis of economic and theoretical approaches to the interpretation, functions, and evolution of money. Results. The paper demonstrates boundaries of the difference between electronic and digital money, presents our own vision of the "cryptocurrency" category, defines the affiliation of certain functions of money to the corresponding types. When analyzing money from the angle of institutional economic theory, we note that the search for tools to minimize transaction costs in transactions leads to the evolution of forms of money and the emergence of new forms and sub-types, in particular, cryptocurrencies. As a result, we show the transformation of a number of functions of money, and formulate our own definition of the institution of money. Conclusions. The formalization of the bearer of the institution of money comes from the transformation of certain monetary functions. The main results and conclusions of the article can be used in scientific and pedagogical activities, when considering issues about the essence of money.

A Digital Ruble as a Central Bank Obligation

The paper is devoted to the issues of monetary emission in general and the emission of digital money in particular. The author examines various approaches to the currency issuance and their security. The author enters into a discussion with supporters of the return of the gold-backing of the monetary issue and supports the position concerning the natural loss for gold of such a designation. The exclusive right of the state represented by the Central Bank to issue money, including the digital ruble, is defended as a manifestation of monetary (currency) sovereignty. It is proved that the appearance of the Central Bank’s digital currency (the digital ruble) does not change the nature and essence of money. The author disagrees with the proposal to transfer the emission function to another public authority and claims it to be as completely groundless. The nature of the Central Bank’s emission obligation is defined as public law nature, since the Central Bank’s obligation does not lie in the plane of private law relations, but in the public law sphere and its content is to ensure the stability of the ruble, which means ensuring the overall financial stability of the state.

Training program «Psychology of women's attitudes to money»

Introduction. An important psychological problem is the formation of a harmonious attitude of women to money, both in personal life and in the organizational environment. Aim. To develop the content and structure of the training program for the formation of a conscious harmonious attitude of women to money. Methods. The technological approach proposed by L. Karamushka (2018) and interactive techniques (study of trainees' expectations, joint development of group-work rules, incomplete sentences technique, brainstorming, small-group work, group discussions, role-playing games, workshops, creative homework, etc.) aimed to organize trainees' individual and joint activities. Results. The proposed training program «Psychology of women's attitudes to money» includes the following five training sessions: 1) «The essence of money and the role of money mindsets in the life of individuals and organizations»; 2) «The role of life position in shaping the financial scenario of women»; 3) «The effects of personal and professional behavior styles of women on their attitudes to money»; 4) «The role of gender of the individual in the formation of their attitudes to money»; 5) «Money as a component of the organizational scenario». Conclusions. The developed training program can be used for training women who work in state and commercial organizations and/or are members of public organizations.

The Inflationary Potential of the Historic 2021 SDR Allocation

Abstract The paper assesses whether Special Drawing Rights (SDR), namely international reserve assets and claims on freely useable currencies of its members created and allocated by the International Monetary Fund (IMF), are inflationary. This question has been already raised in the economic literature, but the paper does so by specifically analyzing its most recent and highest allocation in August 2021 on the one hand and its use by member countries to combat the COVID-19 crisis on the other. Moreover, the article revamps the logical-conceptual debate on the essence of money as issued by banks and what the IMF (which is not a bank) is monetarily speaking capable of.

„Kötelékek köteléke” Azonosságok Moses Hess és Karl Marx korai filozófiai munkásságában, különös tekintettel a pénz gazdaságfilozófiai értelmezésére

Szűcs, Balázs: “The bond of bonds” – Identities in the early philosophical eork of Moses Hess and Karl Marx, with special reference to the economic philosophical interpretation of money In my essay, I attempted to demonstrate the similarities between the two philosophers, Hess and Marx, especially regarding the essence of money. I present the effect of Hess on the young Marx. In the first section of the essay, a short biography of the French Jewish philosopher, Moses Hess is presented and a brief analysis of the most important works of Hess, like European Triarchy (1841), The Philosophy of Action (1843) and Rome and Jerusalem (1862) is given. In these works, there are a number of philosophical categories and definitions that appear in Marx’s works in similar formulation, for instance the determinism of activity, raw possession and the concept of an authority based (Autoritaten) and repressive state, which is the greatest barrier to free self-accomplishment (Selbstbestimmung). But another striking similarity is that Prometheus is regarded, by both philosophers, as the personification of freedom. The second part of the essay provides a detailed analysis of On the Essence of Money (1845). In this work, Hess gives a unique perspective on human history from its beginning to his own age, with many sharp and prophetic philosophical conclusions. Money has entered this system of philosophy, of history as a necessary evil and by staying for too long in the system, it causes alienation. At the end of the study, there is a comparison of the categories and their explanations that can be found in both philosophers’ works. Comparison of On the Essence of Money and Marx’s Economic and Philosophic Manuscripts of 1844, where Hess’s influence on Marx is most evident.

Money Is a Sign

The work is devoted to the problem of defining the category of «money». To correctly define the concept of «money», one should: 1) conduct a logical analysis of the main forms and types of money for what unites them all, while 2) take into account that money does not exist outside time and space, but in the economic system. A sign is an object that replaces another object in someone's mind (which is the meaning of a sign). Еconomic relations in many cases are fixed in symbolic form. What is included in the symbolic subsystem of the economy? – ​signs of property rights; debt signs; and finally, money. Is money a sigh? Money is a legitimate sign of value. Money, in accordance with our definition (and with the real state of affairs), is an object that denotes a particular measure of value. At the same time, what kind of object is the bearer of the sign is a question that has nothing to do with the essence of money. Money can be classified according to what is the substrate of the sign: metal, paper (banknotes), credit (records on bank accounts), electronic. The differences in the substrates of money are the basis for the advancement of various genetic theories of the origin of money. all of them, in essence, can be reduced to the commodity-metal concept and the concept of state-legal (nominalist, contractual, debt). The presence of these two genetic concepts is associated with two fundamentally different types of legitimization of banknotes: 1) direct, when the substrate of the sign has a value that it symbolizes (coins made of gold or silver); 2) mediated (fiat money). The solution to this problem of the external duality of money is in the understanding that money is essentially a sign. This is what unites everyone. The difference between the forms of money is in the form of legitimization (directly commodity, or legal).

THE ROLE AND ESSENCE OF MONEY IN DIFFERENT WAYS OF ORGANIZING THE ECONOMY

The subject of the study is the role and essence of money in organization of the modern economy. The aim of this article is to consider the role and essence of money from the standpoint of accumulated scientific knowledge within the framework of various directions of the money theory. The methodological basis of the study is a systematic approach that considers society as a whole, and the economy as part of social life. It is substantiated that the sphere of demand (consumption) has no restrictions, and the sphere of production is limited in its capabilities. For the organization of a limited sphere of production, as the coordination of the actions of specialized workers, a certain method of management is required. A scientific and practical approach to understanding the role and essence of money in modern conditions is proposed. As a result of the study, it is shown that there are three ways to organize the economy: subsistence economy, planned-monopoly economy and market economy. The modern economy is determined as a mixed one, where three ways of organizing it are mixed in different proportions (in an individual proportion for each country in the world). It has been proven that money fully fulfills its role (functions as an integral element of systemic structure of the economy) only within the framework of a market economy, since they have two characteristics of a commodity and are themselves specialized commodity. In this context, the definition of money is proposed as a special commodity that reflects the total social demand – effective demand. The consequence of proposed approach was selection of a number of money attributes, such as: informational and symbolic nature of money; trust in the information symbol as a basis for existence of money; the ability of money as information to arise and be destroyed, etc. The practical value of proposed approach lies in the possibility of forming a monetary policy adequate to the real economy.

Некоторые методологические вопросы современной теории денег

Objective: to present the current trends in the development of the monetary system in the context of key methodological issues of the theory of money.Methods: a system-functional approach to the cognition of the modern monetary system and monetary policy. The specific research methods were content analysis, a combination of historical and logical methods, comparative analysis, and statistical methods.Results: the article considers methodological issues of the theory of money: the origin and essence of money; the functions of money; the nature of their value; the causes of fluctuations in value and the foundations of monetary policy, on the basis of which the possible prospects for the development of monetary systems are shown. The development of the cryptocurrency market is a standard way of searching an effective means of exchange, while the possibility of cryptocurrencies functioning as money depends on the willingness of states to give up the monopoly right to issue money. Attributing full-fledged monetary functions to the central banks digital currencies will allow them to compete more effectively with other digital assets. Focusing on reducing the sense of uncertainty by economic entities will create conditions for the growth of investment activity. Scientific novelty: for the first time, the article presents the trends in the development of the monetary system in the light of the theory of institutions as the basis of the methodology of the theory of money.Practical significance: the ideas and conclusions presented in the article can be used in the scientific and pedagogical spheres when analyzing the genesis and essence of money, as well as trends in the development of modern monetary systems.

ЭВОЛЮЦИЯ ЦИФРОВЫХ ВАЛЮТ ЦЕНТРАЛЬНЫХ БАНКОВ БУДУЩЕГО, ИЛИ НОВЫЙ БРЕТТОН-ВУДС 2.0

The relevance and importance of the article is due to the increasing practical importance of the evolution of the digital currencies of the central banks of the future due to the fact that globalization requires new payment instruments. We analyzed the understanding of the essence of money and its future, the reasons for the appearance, features and risks of the digital currency of the central bank. Recommendations are proposed to change the functions of national banks, in the field of the need to make digital money of central banks anonymous and facilitate payment by them. It was concluded that at present the digital currency of the central bank is a fashionable answer to the transition to the new digital world, but at the moment it is losing competition to cryptocurrencies.

Теорія цінності грошей Карла Менгера

The aim of the article is a complex presentation of C. Menger’s theory of the value of money. The main method was the content analysis of his little-known articles devoted both to monetary theory and to practical issues of monetary reform in Austria-Hungary. In accordance with existing classifications, Menger’s theory of money may be defined as evolutionary according to the criteria of origin, functional according to the criteria of the nature of value, and psychological according to the criteria of factors of value change. It has been demonstrated that Menger’s initial view of the source of the value of money in line with the substantial approach can be explained by combining it with an evolutionary approach to the origin of money and opposition to nominalism based on a rationalistic approach. Later, in the works of the 1890s, there is a shift towards functional approach, due, among other things, to the emergence of new economic phenomena. Menger’s denial of the mechanistic version of the quantitative theory of money as inconsistent with the basic assumptions of the analysis is shown. Determining the essence of money by its position in the national economy, formed by the subjective actions of people, creates the basis for a psychological explanation of the change in the value of money. The article analyzes the concepts of the inner and outer value of money introduced by Menger into science and the reasons for refusing to consider the idea of a constant outer value. Maintaining a stable inner value of money by regulating its quantity in circulation requires careful analytical and statistical efforts, and Menger warns against arbitrary active government intervention in the sphere of money circulation. Research prospects are seen in the planes of analyzing the influence of the approaches to the theory of money laid down by Menger on the subsequent theories of various schools and the phenomenon of the seeming duality of Menger’s approach as a factor of the bifurcation of the Austrian economic school.

MONEY IN ISLAM: A SOCIAL CONTRACT PERSPECTIVE

Money being the blood of economy and main determinant of many human transactions is an important topic to be discussed. Throughout the history there have been many who tried to explain nature and desired form of money in their writings. This topic has not skipped writings of Islamic religious scholars and economists as well. Current work attempts to review some of recent literature about essence of money from Islamic prospective. The review works which express different views from both Religious and Economic perspectives by six selective authors with diverse backgrounds. In the review, we mainly focus at the role of money as a social contract (between State and its citizens) and at some Shari’ah compliance issues faced by commodity (gold and silver) and paper (fiat) currencies. Some of our important findings show that the commodity currency had problem of breach from State’s side in some occasions, while paper currency is considered as an invalid contract by majority of the authors. The work concludes with summary of the authors’ opinions and points out their relative strengths and weaknesses from Shari’ah and Economic prospective, which is extended with some recommendations for further research.

The fourfold relation between the essence of money, inflation, bubbles and debt—A theoretical macrofounded analysis

AbstractThe paper makes an unprecedented claim by identifying a significant relationship between money's (immaterial and intrinsic‐worth‐detached) essence and the measurement of inflation rates, on the one hand, and bubbles and private/public indebtedness, on the other hand. The inflationary potential of cryptocurrencies—among others: xenocurrencies and special drawing rights—is also analysed. Another added value is the consistently macroeconomic approach, which starts from the structural and interconnected mechanisms and then explains economic‐financial crises and their increasingly common features.

Economics of values and philosophy of economics

The article is dedicated to the analysis of axiological ideas lying in the foundation of the modern economic science in general and theory of finances in particular. The concept of homo economicus and its origins are considered. Concept of the "homo economicus" is used in the modern philosophic and methodologic literature on methodologic questions of economical science is used in two meanings. The first considers homo economicus only as a technical construct or model created in the form of certain hypotheses and suppositions set taken in their limit form as an idealization. The second takes it as a certain anthropologic type characterized with according values and behavior. It was demonstrated that the concept of homo economicus has a long before-history consisting in gradual break-up between economical theory and ethics. The homo economicus is a person who build his behavior through calculation of his profit. The latter is a form of his self-discipline that forms a new system of norms free from moral and other similar things. The new system of norms suppose no stable tenets and axioms as it takes place in ethics but remains rational and is based on probabilities calculations. The evolution of economical science is regarded as well as its division into political philosophy and proper economic theory in the end of the XIX century, the role of the growth principle, the growth in spite of anything that stood to the first place in the time of the Great Depression and goes on occupying this place till now. It is demonstrated that the essence of money consists in being a symbol and sign of debt obligations, that the capital is representation of their accumulated form and moving power that makes market economics to move. It is shown also that namely the ideas of capital as well as labour compound axiological foundation of modern economical ideas. The homo economicus or economical man, that means individualistic and egotistic psychotype oriented onto profit and satisfaction of his desires, becomes conceptual ideal.

Исходный аспект сущности денег с позиции российской школы экономической мысли

Исходный аспект сущности денег с позиции российской школы экономической мысли

Überlegungen zum ontischen Status des Geldes

Ranging from Plato to Marx, one can only find a few philosophers who have talked about money without detesting it. Naturally, economists are avoiding such an attitude. But they deliver only functional definitions, nothing which could give a hint at the essence of money. The essay tries to clarify it by delineating a currency as an ‘ens ficitivum’ – created by our semiotic activities, which have been analysed by Charles Sanders Peirce. So, the thesis is: Money is basically a sign indicating at a present time one’s ability to handle future events.

A Review on the Essence of Network Money

The development of information technology improves the using scope of internet, which resulting in the conflict of the super developed of network money and the lag-behind of research. Based on financial theory and internet practice, it reviews the essence of network money from three aspects. It shows that the network money has the essence of money, commodity and property. The monetary essence of network money indicts it could play some roles of money and needed to be monitored strictly. The commodity essence of it shows that network money has not value itself, while it could be traded on net platform like physical goods. And the property essence of it means network money is fictitious property of its holders. Triple essence of network money would help people to understand it, and which is valuable both for scholars and monitor.

Деньги XXI века: модификация или трансформация денег ХХ века?

This article analyzes the changes in the money today. Modern conditions are
 understood as the proliferation of high-tech sectors of the economy, designed
 to make the transition from the fifth to the sixth technological order. In general
 terms, it relates to the concept of “information economy”. For its genesis the
 term “industrial and information economy” is allowable. Is the essence of money
 changing? Does the money undergo transformation of a certain conversion,
 accompanied by a radical breaking the old, habitual substance? Or does the
 development process of its functions continue without changing the content
 of the money — at the form level? Is the term “modification” more suitable
 as change that does not affect the essence of the subject?
 During the conducted analysis the following conclusions were formulated. Firstly,
 money gets its traditional functions over again, and in the same sequence as in
 preinformation economy. Secondly, the existing cash and non-cash money cannot
 meet the needs of settlement due to the fact that all their forms are based,
 ultimately, on the material money, that cannot be transmitted by electronic
 networks; according to key parameters closest to the ideal model of the
 information economy is approaching digital cash money because its handling
 mechanism based on the electronic representation of the value stored in a physical
 medium.

Nominalizam u funkciji pravno relevantne volje

Changes in the value of money reach almost all segments of society. In this way the issue of the protection of monetary claims in terms of depreciation shows in its full expansion. Source of the problem, as we attempt to prove is based on a different understanding of the essence of money in monetary and legal theory and judicial practice that characterize the money differentaly. Consequently there are different doctrinal conflicts in various attempts to define the money referred to two questions: what are the main characteristics of money and what is the nature of the intrinistic value of money? There is a point where legal and economic theories diverge. Those differences result in unequal legal treatment of legal subjects. To that goal we subordinate our choice of scientific methods: induction, explicative analysis and abstraction, with the intention of forming a general conclusion about causality among phenomena induced by economic factors and conditions embedded in legal matters.