по-русски

Actual Problems of
Economics and Law

 

16+

 

DOI: 10.21202/2782-2923.2021.3.473-484

скачать PDF

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

Bibliography :
1. Menger C. Principles of Economics, Selected works, Мoscow, Territoriya budushchego, 2005, pp. 59–286 (in Russ.).
2. Menger C. Investigations into the Method of the Social Sciences with Special Reference to Economics, Selected works, Мoscow, Territoriya budushchego, 2005, pp. 287–495 (in Russ.).
3. Kavaliou A. V. To the Issue of the Carl Menger’s Theory of the Origin of Money, The Bulletin of the Institute of Economics of the Russian Academy of Sciences, 2020, No. 4, pp. 137–151 (in Russ.).
4. Gogokhiya D. Sh. Theory of money: from K. Menger to J. M. Keynes, The Bulletin of the Institute of Economics of the Russian Academy of Sciences, 2016, No. 6, pp. 76–90 (in Russ.).
5. Menger C. Geld, In: F. A. Hayek (ed.) The collected works of Carl Menger, Vol. IV, London, Percy Lund, Humphries & Co. Ltd., 1936. Pp. 1–124.
6. Dubyansky A. G. Knapp’s state theory of money: history and current Perspectives, Voprosy Ekonomiki, 2015, No. 3, pp. 109–125 (in Russ.).
7. Yefimov V. On two types of social orders. Part 1, Voprosy teoreticheskoy ekonomiki, 2018, No. 1, pp. 7–25 (in Russ.).
8. Golovnin M. Yu. Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century, Outlines of Global Transformations: Politics, Economics, Law, 2020, No. 13 (4), pp. 74–96 (in Russ.).
9. Andryushin S. A. Monetary-credit systems: from the sources to cryptocurrency, monograph, Moscow, OOO “Sam Poligrafist”, 2019, 452 p. (in Russ.).
10. Andryushin S. A. Change paradigm of money system: from centralization to decentralization, Actual Problems of Economics and Law, 2018, Vol. 12, No. 2, pp. 204–220 (in Russ.). DOI: http://dx.doi.org/10.21202/1993-047X.12.2018.2.204-220
11. Andryushin S. A. Cryptocurrencies: issue, circulation and problems of regulation, Actual Problems of Economics and Law, 2020, Vol. 14, No. 3, pp. 455–468 (in Russ.). DOI: http://dx.doi.org/10.21202/1993-047X.14.2020.3.455-468
12. Dubyansky A. Theory of money origin and cryptocurrencies, Money and Finance, 2017, No. 12, pp. 97–100 (in Russ.).
13. Kochergin D. A., Yangirova A. I. Central bank Digital Currencies: Key Characteristics and Directions of Influence on Monetary and Credit and Payment Systems, Finance: Theory and Practice, 2019, No. 23 (4), pp. 80–98 (in Russ.).
14. Andryushin S. A. Digital currency of the central bank as the third form of money of the state, Actual Problems of Economics and Law, 2021, Vol. 15, No. 1, pp. 54–76 (in Russ.). DOI: http://dx.doi.org/10.21202/1993-047X.15.2021.1.54-76
15. Kavaliou A. V. Menger’s theory of the value of money, Ekonomicheskaya teoriya, 2020, No. 3, pp. 107–119.
16. Menger C. Carl Menger’s “Money as Measure of Value”, History of Political Economy, 2005, Vol. 37, No. 2, pp. 245–261.
17. Israel K.-F., Schnabl G. Alternative Measures of Price Inflation and the Perception of Real Income in Germany, CESifo Working Paper, 2020, No. 8583, 32 p.
18. Katsenelenbaum Z. S. Doctrine of money and credit, Moscow, Ekonomicheskaya zhizn', 1928, 520 p. (in Russ.).
19. Yusim V. The root cause of the emergence and development of the institution of money money, Voprosy teoreticheskoy ekonomiki, 2021, No. 1, pp. 7–21 (in Russ.).
20. Golovnin M. Yu., Burlachkov V. K., Tikhonov A. O. Tendencies of monetary sphere development and monetary policy of the central banks of leading countries, Vestnik Instituta ekonomiki Rossiiskoi akademii nauk, 2017, No. 1, pp. 8–21 (in Russ.).
21. Kavaliou A. Negative interest rate: failed experiment or long-run trend?, Bankovskii vestnik, 2019, No. 6, pp. 14–21 (in Russ.).
22. Burenin A. N. Negative interest rates: central banks initiated an experiment, MGIMO Review of International Relations, 2016, No. 4, pp. 262–273 (in Russ.).
23. Burlachkov V. K. Modern interest rate policy of central banks and a phenomenon of negative interest rates, Finance and Credit, 2016, No. 47 (719), pp. 2–14 (in Russ.).
24. Moiseev S. Money with a negative interest rate, Den'gi i Kredit, 2017, No. 10, pp. 16–26 (in Russ.).
25. Andryushin S. A., Rubinstein A. A. Monetary policy of the Bank of Russia in the context of new financial technologies, Vestnik Instituta ekonomiki Rossiiskoi akademii nauk, 2018, No. 5, pp. 37–50 (in Russ.).
26. Kavaliou A.V. Menger and Keynes: On the demand for money and uncertainty, Voprosy Ekonomiki, 2021, No. 2, pp. 85–101 (in Russ.).
27. Rozmainsky I. V. The role of precautionary motive in Keynes's theory and conception of surrogate stores of value, Terra Economicus, 2013, Vol. 11, No. 1, pp. 30–38 (in Russ.).
28. Kirdina-Chandler S. G. Mechanism of money circulation as a subject of mesoeconomic analysis, Journal of Institutional Studies, 2019, Vol. 11 (3), pp. 007–020 (in Russ.). DOI: 10.17835/2076-6297.2019.11.3.007-020
29. Keynes J. M. The general theory of employment, interest and money, Selected works, Moscow, Ekonomika, 1993, pp. 224–518 (in Russ.).
30. Vishnevskii V. P., Kvilinski A. Monetary mechanisms of economy stimulation in developed countries: analytical review, Ekonomika promyshlennosti, 2019, No. 1, pp. 30–50 (in Ukraine).
31. National bank of the Republic of Belarus. URL: https://www.nbrb.by/statistics/monetarystat/broadmoney (дата обращения: 10.06.2021) (in Russ.).

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

Type of article : The scientific article

Date of receipt of the article :
14.06.2021

Date of adoption of the print :
12.08.2021

Date of online accommodation :
25.09.2021