Origins and features of money. Brief history of banking. The Modern banking system of the world. The Banking system of modern Russian Federation. Commercial banks: current problems and salvations. The gold and foreign exchange reserves of Russia.
That means that money is used in all exchanges - workers change labor services for money, people buy and sell gods in exchange for money. We do not consume money directly because it can be subsequently used to buy things we wish to consume. Money can also serve as a standard of value - that means that society considers it convenient to use a monetary unit to determine relative costs of different goods and services. In this function money appears as unit of account, it is the unit in which prices are quoted and accounts are kept. In Russia prices are quoted in Roubles, in Britain - in Pounds, in Europe - in Euro, in USA - in Dollars. Money is also a store of value - it can be used to make purchase in the future. No one would accept money as payment for goods supplied today if the money is going to be worthless when they try to buy other goods with it tomorrow. Finally money serves as a standard of deferred payment - when you borrow some money - the amount you will have to pay back in certain period of time is measured in the same unit. So we have come to a conclusion that money is something which people generally accept in exchange for a good or a service and thus any item which is going to serve as money and have all abovementioned features of it must follow the following criteria: · acceptable to people as payment; (to be means of payment) · scarce and in controlled supply (amount of money issued in the country should be under government regulation) · stable and able to keep its value (store of value) · divisible without any loss of value ( to make exchange easier because value of different goods and services are measured not only in round figures) · portable and not too heavy to carry.
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