Actual Problems of
Economics and Law




DOI: 10.21202/2782-2923.2021.3.473-484

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Authors :
1. Aliaksandr V. Kavaliou, PhD (Economics), Associate Professor, Associate Professor of the Department of Management
Belarusian National Technical University

Some methodological issues of the modern theory of money

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. 

Keywords :
Theory of money; Origin of money; Value of money; Monetary policy tools; Uncertainty; Bitcoin; Digital currency

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Citation :
Kavaliou A. V. Some methodological issues of the modern theory of money, Russian Journal of Economics and Law, 2021, Vol. 15, No. 3, pp. 473–484 (in Russ.). DOI: http://dx.doi.org/10.21202/2782-2923.2021.3.473-484

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