THEORETICAL ANALYSIS OF THE EVOLUTION OF MONETARY SYSTEMS OF RUSSIA IN EXTREME MILITARY-POLITICAL CIRCUMSTANCES OF THE FIRST HALF OF THE TWENTIETH CENTURY (IN CONNECTION WITH THE 80TH ANNIVERSARY OF THE BEGINNING OF THE GREAT PATRIOTIC WAR)

The author of the article, addressed to those who teach and study in higher education economic theory, the history of economic thought and the socio-economic history of Russia, proceeds from the premise that changes in the socio-economic system of the country during the period of change in the dominant technological order actualize the development of the theory of money and the study of various stages of historical evolution of the domestic monetary economy (Russian monetary systems). In this context, an analysis of those periods of this evolution in the first half of the twentieth century, when the credit ruble becomes an extraordinary resource of the «war economy», unfolds. The article also examines the peculiarities of monetary circulation during the operation of the gold standard system and during the period of gold «leaving» to the state reserve fund. The author puts forward a hypothesis according to which the changes taking place in the monetary system in connection with the demonetization of gold are the accumulation of prerequisites for the transition to a post-industrial economic system. Inclusion in the analysis of the events of the global military-political history of 1914–1917 and 1941–1945, i.e. events of the First and Second World Wars, helps to reveal the real basis on which a special type of economic relations was formed — the phenomenon of «war economy». The article identifies the key factors of instability in the twentieth century — industrial, monetary and world crises. The study of the peculiarities of the development of the crisis in peacetime and in the conditions of a «military-inflationary economy» in the works of prominent Russian economists deepens the understanding of the structural deformation of the national economy. It is shown that the «price revolution», which characterizes the explosive growth of inflation, has become a vivid manifestation of the world economic instability during the development of extreme military-political events in Russia and in the countries of Western Europe. Attention is drawn to the fact that the «price revolution» in the conjuncture theory of M.I. Tugan-Baranovsky and the works of Z.S. Katsenelenbaum was considered as a function of qualitative changes that took place in the economic system as a result of the expansion of the sphere of money circulation during the transition from natural production to industrial production. The «price revolution» manifested itself with the greatest force in the conditions of the «war economy». The destruction of the national economy was accompanied by the development of «golden» inflation, indicating a chronic commodity deficit. The author argues that the size of the accumulation of gold in 1920–1945, the emergence of large banks — custodians of the gold and foreign exchange reserves of the countries — members of the monetary unions — largely influenced the results of the competition between the three leading currencies (franc, pound and dollar), claiming to be the world leader. The conclusion is argued that the accumulation of gold and foreign exchange reserves in the conditions of the «war economy» accelerated the formation of a new monetary and financial «map» of the world in the second half of the twentieth century.

Digitalization of the monetary-credit system: institutional and regulative aspects

Objective: to consider the institutional and regulatory aspects of digitalization, to reveal the institutional features of the digital monetary-credit system, to classify the digitalization models, to describe the phenomenon of the central bank digital currencies, to consider the main trends in the regulation development, and to propose improvements in the monetary systems regulation.Methods: methods of systematization, classification, analysis and synthesis were used in the work.Results: it was shown that the monetary systems digitalization is characterized by signifi changes not only in the organizational and technological aspects, but also in the institutional and regulatory ones. They affect both the functioning features of the monetary system subjects and the methods of conducting operations, as well as the role and tasks of the financial regulators. It is marked that the monetary system long-term institutional development is characterized by the formation of a new digital investment and finance space, which is expressed in the change in the transaction costs structure, the formation of new institutional qualities of the monetary system, the emergence of new types of risks, the transformation of the existing and emergence of new players, due to the active introduction of digital financial technologies. The influence of digital transformation models on changes in the regulatory environment is analyzed, which implies a change in both approaches to regulating the activities of financial service providers and the role of regulators. The main models of monetary systems regulation are also analyzed.Scientific novelty: consists in identifying and systematizing the main institutional aspects of digital currencies development and determining the digital image of the financial and credit sector of the economy. As a result of the study, the main measures aimed at managing the process of monetary systems digitalization are formulated.Practical significance: the main proposals based on the study results can be used by financial regulators in the development of measures for the financial market development and the monetary system digitalization; systematization of regulatory models and digitalization models can be used by higher educational institutions to design the appropriate programs for retraining and advanced training of specialists in the field of finance.

Changing the Paradigm of the Monetary System from Centralization to Decentralization

The features of the development of the centralization of the monetary system are considered and the possibility of its decentralization as a result of the development of blockchain technologies is determined. Th e necessity of transition to a new paradigm, in which the role and signifi cance of the decentralization of the monetary system will increase, is emphasized. New technologies of money circulation are refl ected and the possibilities of integration of centralized and decentralized monetary systems are established.

Kryptowaluty jako element systemu pieniężnego

The purpose of the chapter is to characterize the phenomenon of cryptocurrencies in a broader macroeconomic context, namely as a potential monetary unit and an element of future rebuilt monetary systems. The chapter first presents the definitions and ways of understanding cryptocurrencies. Then, using a simple instrument, the SWOT matrix, the strengths and weaknesses of cryptocurrencies are presented, as well as the opportunities and threats that can be identified in relation to the performance individual functions of money by these units and being an element of monetary systems. The next part of the chapter overviews the most important areas of research on cryptocurrencies in their systemic, macroeconomic approach and applications. Then, general conclusions are drawn and the prospects for the development of cryptocurrencies in their monetary function are indicated.

The Monetary Crisis of Lebanon

Above its traditional currency and debt crisis features, Lebanon’s ongoing crisis sheds the light on the inherent weakness of dollarized monetary systems. This crisis can be seen as a monetary crisis, as the country’s dollarized banking system’s liquidity and solvency problems led to the loss of the “moneyness” of its dollar denominated deposits. We analyze the different dimensions of this crisis and we make policy recommendations, inspired by the experience of the Argentine 2001–2002 convertibility crisis. Finally, we look into the redistributive implications of different conversion scenarios.

Computational Analysis of the Properties of Post-Keynesian Endogenous Money Systems

The debate about whether or not a growth imperative exists in debt-based, interest-bearing monetary systems has not yet been settled. It is the goal of this paper to introduce a new perspective in this discussion. For that purpose, an SFC computational model is constructed that simulates a post-Keynesian endogenous money system without including economic parameters such as production, wages, consumption and savings. The case is made that isolating the monetary system allows for better analysis of the inherent properties of such a system. Loan demands, which are assumed to happen, are the driving force of the model. Simulations can be run in two modes, each based on a different assumption. Either the growth rate of the money stock is assumed to be constant or the loan ratio, expressed as a percentage of the money stock, is assumed to be constant. Simulations with varying parameters were run in order to determine the conditions under which the model converges to stability, which is defined as converging to a bounded debt ratio. The analysis showed that the stability of the model is dependent on net bank profit ratios, expressed relative to their debt assets, remaining below the growth rate of the money stock. Based on these findings, it is argued that the question about the existence of a growth imperative in debt-based, interest-bearing monetary systems needs to be reframed. The question becomes whether a steady-state economy can realistically support such a system without destabilising it. In order to answer this question, the real-world behaviour of economic actors must be included in the model. It was concluded that there are indications that it might not be feasible for a steady-state economy to support a stable debt-based, interest-bearing monetary system without strong interventions. However, more research is necessary for a definite answer. Real-world observable data should be analysed through the lens of the presented model to bring more clarity.

ABOUT THE ESSENCE, FEATURES AND LEGITIMITY OF CRYPTOCURRENCIES

The article discusses the main technological and economic aspects of the functioning of cryptocurrencies. Based on the analysis of monetary theories and the evolution of forms of money, it is shown that the technologies of mining and circulation of cryptocurrencies fully meet the requirements for "monetary material" and the trend in the development of monetary systems. It is concluded that the development of the form of money under the influence of scientific and technological progress has not changed their economic essence. The pros and cons of cryptocurrencies are shown. The problem of the legitimacy of cryptocurrencies is analyzed taking into account the new federal legislation.