Monetary system under the background of virtualization

1.

Monetary system editor

overview monetary system, also known as monetary system, is a form of currency circulation structure and organization determined by a government in the form of law. The typical monetary system includes monetary material and monetary unit; The casting, issuing and circulation of currency; The preparation system of currency issue. The concept of monetary system also refers to the international monetary system, that is, the organizational form of international currency circulation. In order to solve the needs of international monetary problems such as monetary system in international trade, international means of payment in international settlement, international reserve assets and so on, all countries are concerned with all aspects of international monetary circulation, including currency exchange and exchange rate setting, balance of payments adjustment, international settlement system, international reserve system, international monetary relations, international financial market, etc, A set of systematic principles, regulations, methods and institutions spontaneously or through negotiation and adjustment within the international scope will form the international monetary system. The original international monetary system the international gold standard monetary system was formed spontaneously from 1870s to the beginning of the 20th century to meet the needs of international economic relations at that time and the reality of domestic monetary systems in various countries. After the first World War, especially ring the global economic crisis in 1930s, it graally disintegrated and split into several currency groups. After the Second World War, the international monetary system centered on the US dollar was formed in western countries, and graally disintegrated e to the weakening status of the US dollar after the 1970s. The reform of the international monetary system and the establishment of a new and reasonable international monetary system have become the focus of world attention. One of the basic conditions of monetary system is to have definite monetary materials. Many countries in the world have used metal as monetary material for a long time, so it is the first step to establish monetary system to determine which metal should be used as monetary material. The specific choice of metal as monetary material is restricted by objective economic development conditions and resource endowment. Monetary unit 2. Monetary unit is also one of the constituent elements of monetary system. Under the specific political background, monetary unit is the name of money stipulated by the state. Under the condition of monetary metal, it is necessary to determine the name of monetary unit and the amount of monetary metal contained in each monetary unit. If the monetary unit and its equal division are stipulated, there will be a unified price standard, so that money can play a more accurate role in pricing and circulation. Nowadays, credit currency is in circulation all over the world. The determination of the value of monetary unit is directly related to how to maintain the price ratio between domestic currency and foreign currency. The casting, issuing and circulation of currency 1. The currency (currency) that will enter the circulation field can distinguish the standard currency and the subsidiary currency. The standard currency is a coin made according to the national monetary unit, also known as the main currency. Secondary currency is a small amount of currency below the main currency, which is used for daily sporadic transactions and change. Countries that allow the free casting and melting of standard currency are not allowed to put into circulation the standard currency whose wear and tear exceeds the weight tolerance in circulation, but they can exchange new currency with the institutions designated by the government, that is, over tolerance exchange. 3. The subsidiary currency is usually made of base metal, the actual value of which is lower than the nominal value, but it is stipulated within a certain limit by law. The secondary currency has limited legal compensation, but it can be freely exchanged with the main currency. The coinage income is an important source of national financial revenue. Under the condition of contemporary paper money, the secondary currency and the primary currency made of base metal are often marked with the name of the country or can reflect the authority of the country. However, compared with the metal currency system in which the issuing right of the primary currency and the secondary currency was granted to different departments, it is more symbolic. 4. Banknotes and banknotes are the procts of precious metal reserves and the corresponding gold and silver currency can not meet the needs of the development and expansion of commodity economy. Banknotes are credit currency issued by banks and based on commercial credit. The premise and background of early banknotes circulation was that the holder could exchange metal currency with the issuing bank at any time. After the worldwide economic crisis from 1929 to 1933, the bank notes issued by the central banks of western countries stopped cashing, and their circulation no longer depended on bank credit, but on the force of the state power, so that the bank notes were converted into paper money. There are two kinds of money issuing preparation system: one is that under the condition of simultaneous circulation of metal currency and bank notes, in order to avoid excessive issuance of bank notes, and to ensure the reputation of bank notes, The issuing institution shall maintain a certain amount of gold and foreign exchange assets according to the actual scale of banknotes; Another situation is that under the condition of paper currency circulation, the financial institutions (central bank or commercial bank) issuing paper currency maintain a certain scale of gold and foreign exchange assets. Issuing monetary institutions holding gold according to certain requirements and rules is the gold reserve system, which is an important part of the monetary system and the basis of a country's monetary stability. Most countries' gold reserves are managed by the central bank or the Ministry of finance. Under the condition of metal currency circulation, gold reserves are mainly used for three purposes: first, as a reserve for international means of payment, that is, as a reserve for world currency; Second, as a reserve for domestic metal circulation that sometimes expands and sometimes shrinks; Third, as a reserve for payment of deposits and exchange of bank notes. In the contemporary world, when there is no metal currency in circulation, paper money is no longer exchanged for gold, and the latter two uses of gold reserves have disappeared. However, the role of gold as a reserve for international payments still exists, and all countries reserve a certain amount of gold as a reserve. In order to ensure sufficient means of international payment, the central banks of all countries can not only hold gold, but also reserve foreign exchange assets. The specific choice of foreign exchange assets depends on the acceptability of the foreign currency corresponding to the foreign exchange assets as the means of international payment, as well as the exchange rate changes in the international financial market and various uncertain factors. Due to the exchange rate risk, the central bank should consider holding an appropriate portfolio of foreign exchange assets instead of a single foreign exchange asset. The editor of the legal solvency of money stipulates the monetary material, which is to specify the nature of the monetary material, and to determine different monetary materials will form different monetary systems. However, which kind of goods can be used as monetary materials is not designated by the state at will, but is a legal affirmation of the objective reality that has been formed. That is to say, according to the reality, which kind of material should be used as the base currency is determined by the law. This kind of regulation is actually the objective requirement of the development of commodity economy, and is determined by the level of proction and the degree of development. Historically, it has experienced a process from silver standard system, gold and silver plicate system, to gold standard system, and then to non cash standard system< At present, all countries implement the non cash credit monetary system, and no longer make clear provisions on monetary materials. The monetary unit is defined as the unit of measurement of money itself, which includes two aspects: the name of monetary unit and the value of monetary unit. Under the condition of metal currency system, the value of monetary unit is the weight and fineness of monetary metal contained in each monetary unit; Under the condition that the credit currency is not separated from the metal currency system, the value of monetary unit is the gold content of each monetary unit; After the non monetization of gold, the value of monetary unit is determined by the exchange rate of local currency. The main currency is the basic currency and legal price standard of a country, and the secondary currency is the equal part of the main currency. It is a small denomination currency, which is mainly used for small transaction payment. Under the metal currency system, the main currency is the currency which is made of the currency materials and the currency units stipulated by the state, while the subsidiary currency is made of base metal and monopolized by the state; Under the credit currency system, the issuing rights of the main currency and the subsidiary currency are concentrated in the central bank or the government designated institutions. The ability to pay and repay stipulates the legal ability to pay and repay money. The legal ability to pay and repay money can be divided into unlimited legal compensation and limited legal compensation. Unlimited legal compensation means that no matter what kind of payment, no matter how large the amount of payment, the other party can not refuse to accept it; Limited legal compensation means that there is a legal payment limit in a payment. If it exceeds the limit, the other party can refuse to accept it. Under the metal currency system, generally speaking, the main currency has unlimited legal compensation capacity, while the subsidiary currency has limited legal compensation capacity. Under the credit currency system, the state's provisions on the payment capacity of various currency forms are not very clear and absolute. The circulation procere stipulates the circulation procere of currency casting and issuing. The circulation procere of currency casting and issuing mainly includes free casting and restricted casting of metal currency, decentralized issuing and centralized monopoly issuing of credit currency. Free casting means that citizens have the right to use the currency materials stipulated by the state to cast coins in the National Mint according to the currency units stipulated by the state. Generally speaking, the main coin can be cast freely; Restricted casting means that it can only be made by the state, and the subsidiary coin is restricted. The decentralized issuance of credit currency means that all commercial banks can issue credit currency independently. In the early stage, credit currency was distributed, and the issuance right of credit currency in all countries was concentrated in the central bank or designated institutions. The system of currency issuance preparation is formulated to restrict the scale of currency issuance and maintain currency credit, which requires that the currency issuers should use certain metals or assets as the issuance preparation when issuing currency. That is to say, the central bank or the government should reserve certain precious metals and foreign exchange in order to ensure the stability of currency. After the 1930s, countries graally abolished the gold standard. After the Second World War, capitalist countries generally adopted the gold exchange standard system with us dollar as the main reserve currency. At present, countries all over the world are practicing the non cash credit monetary system, namely the non cash standard system. Under the metal currency system, the precious metal stipulated by law is used as the preparation for currency issuance. Under the modern credit currency system, the content of the currency issue preparation system in various countries is relatively complex, which generally includes two categories: cash preparation and securities preparation. 5. According to the evolution classification, the monetary system that has appeared in history can be divided into two categories, namely, the metal standard and the paper currency standard. Gold standard

monetary system

gold standard refers to the monetary system with gold as the base currency. Its main forms are gold coin standard system, gold nugget standard system and gold exchange standard system. 1. Gold standard system gold standard system is a typical gold standard system with gold as monetary metal. Its main features are: gold coins can be cast and melted freely; The secondary currency and value symbols (such as bank notes) in circulation can be exchanged for gold coins freely; Gold can be freely exported and imported. In the implementation of the gold standard between countries, according to the gold content of the currencies of the two countries to calculate the exchange rate, known as the gold parity. 2. Nugget standard system nugget standard system refers to the monetary system in which paper money is issued by the central bank and prepared with nuggets. It differs from the gold standard system in that: first, the gold standard system is based on paper money or bank

2.

The impact of e-money:

1. As e-money appears on the Internet in a virtual form, users can change the conversion between cash and savings, current and fixed at any time through their own instructions. Therefore, e to the decrease of e-money, the advantages of money supply with clear connotation and extension will be lost

2. The impact of e-money on base money. Base money is a special monetary level in which the central bank implements the legal provision system to control deposit expansion and money creation. With the continuous improvement and maturity of e-money, when e-cash can become a new form of cash currency and join the ranks of base currency, it may make the base currency virtual. The development of e-money will rece the cash in circulation. At the same time, if e-money replaces bank deposits, because the laws of various countries have not yet stipulated that e-money should pay reserves, it will rece the deposit reserves of commercial banks and the base money

3. Make the main body of money supply bigger. Under the condition that electronic money does not need reserve and market access, many financial organizations and even enterprises have joined in the issuance of electronic money. From the functions and characteristics of e-money, the occurrence and subject of e-money, we can see that after entering the era of e-money, the issuing right of money will tend to be decentralized

extended data:

the impact of e-money on money demand is mainly reflected in the fact that e-money partially replaces cash in circulation, accelerates the speed of money circulation, and thus reces the demand for money. In addition, e-money has the function of credit creation, which also makes the demand for money in an unstable state, leading to the fluctuation of interest rate, which in turn leads to the instability of money demand. As the fluctuation of money demand increases, interest rate will be reced as the transmission mechanism of monetary policy

3. Relevant model article:

the dynamic mechanism and performance of financial virtualization's violation of credit system

[Abstract] the penetration and development of virtual economy in the global economy runs through the self expansion and expansion of financial virtualization. Currency virtualization and credit creation provide positive internal power for the trend of financial virtualization, while financial innovation characterized by financial derivatives provides reverse evasion power for financial virtualization to break through the credit framework. At present, the expansion of financial virtualization is constantly violating the credit system in the process of international credit system architecture, credit currency issuance and credit object regulation

[Key words] financial virtualization credit system dynamic mechanism performance

Introction

with the development of monetary virtualization, virtual economy has penetrated into all dimensions of human social life. Financial virtualization based on monetary virtualization and its positive and negative functions emerge in endlessly. Although people hold different views on this issue, it is inevitable that the expansion of the proportion of virtual economy in the whole economy is closely related to the continuous expansion of financial virtualization, which is a new paradigm divorced from the traditional "real economy". As a prominent feature of contemporary finance, the development trend of "negation of negation" in the course of its evolution, under the catalysis of economic virtualization and globalization, seems to be a trend and law of "from weak to strong" and "geometric expansion"
from the perspective of the history of human economic development, any economic logic has the human brand. People not only participate in economic activities, but also intervene and even control the endogenous process of economy, which also matches the derivative process of human economic system. North believes that "institutional change determines the way of social evolution, so it is the key to understand historical change." North, 2000, P. 110) economy is a complex institutional arrangement, and any institutional defects will make the economy deviate from the normal track. The development trend of currency virtualization and the continuous creation of credit provide the internal driving force for the expansion of financial virtualization, while the financial innovation caused by financial evasion in the current international economic system provides the external institutional conditions for the expansion of financial virtualization. Next, from the perspective of the relationship between the expansion of financial virtualization and the generalized credit system, we will discuss how the current financial virtualization breaks through the credit system framework from different levels< Second, positive power: money virtualization and credit creation

financial activities rely on money movement and credit innovation to optimize the allocation of real wealth and virtual wealth. Money is not only the original form and bud of finance, but also the internal origin of finance. Credit creates the external institutional guarantee of rights and obligations for their transition. The accompanying and interaction of currency virtualization and credit creation together construct the positive motivation of financial virtualization
the expansion process of financial virtuality begins with the externalization of the internal characteristics of monetary virtuality. The trend of monetary virtuality is realized in the process of externalizing the internal contradiction of goods into the contradiction between goods and money, and making money deviate from the material object in the performance of commodity value“ It is an endless process to replace one symbolic currency with another Marx, 1976, P. 95) money originated from the connection between commodities, which makes the natural process of direct barter exchange turn to the social process of indirect exchange with money as the medium, and this process itself breeds credit. Credit has the original impulse to replace the form of money circulation and payment from the beginning
the emergence of precious metal currency is the inevitable result of the development of value form. Before it appeared, commodity transaction was a simple exchange of things, and the existence of contingency made commodity owners face many "bottlenecks" in transaction. The monetary virtuality is restricted by the original state of monetary form in both internal and external characteristics. At this time, the continuity of exchange between people depends more on a kind of social contract“ Although these Provisions may never have been officially announced, they are the same in the whole world, and they are tacit or recognized by people in the whole world. " Rousseau, 2002, P. 39) although the emergence of precious metal currency alleviates the internal contradiction of commodity and makes the latter externally manifest as the contradiction between commodity and currency, it only provides the possibility for currency virtualization spillover. The reason why it is possible is that in addition to the existence of the value of physical currency itself limits the performance of value virtualization, the immature credit relationship also restricts the occurrence of currency virtualization from the external environment. This institutional framework, which can be combined with and internalized, does not make the spillover of currency virtualization possible until the condition of credit currency
the substitution of credit currency (banknotes, legal currency, etc.) for precious metal currency gets rid of the limitation of currency virtualization by currency materials to a certain extent. Although the gold standard, silver standard or double standard system is the basis for the circulation of credit currency, there are still doubts about the public's recognition and credibility of credit currency, which have been successfully solved under the al role of national authority and bank credit. At this time, the public's recognition of credit currency has gone beyond the scope of physical goods or services, and instead promoted the former to the credit level of the state and banks. George Kaufman has the following description: "as time goes on,..., the right to issue banknotes (later called currency) is transferred to the government,... Or it can be said that currency has only nominal value, and its supply is entirely determined by the government." Kaufman, 1998, P. 15) bank credit can create money, so that the amount of money can multiply. The establishment of deposit reserve system and non cash settlement system provides the premise for the bank's money creation mechanism. Under this premise, the money growth is not the growth of national currency circulation, but through the expansion of bank credit, This makes the paper money that can be seen and touched evolve into a pure value symbol, and the currency realizes the overflow of virtualization
economic credit makes the economic process graally get rid of the dependence of economic entities on their own accumulation, and turn to rely on external sources of financing. Therefore, the function of capital payment means is innovated by some money owners as a means of value-added. Interest bearing capital, and then virtual capital began to appear on the economic stage. Objectively speaking, the emergence of virtual capital is the result of currency virtualization and credit creation, and it also becomes the beginning of financial virtualization. According to Marx, virtual capital refers to the capital that exists in the form of securities and can bring expected income. It consists of bonds (bills of exchange), state securities (which represent past capital) and stocks (certificates of withdrawal for future income)“ The monetary value of the capital they represent is also completely fictitious, which is not transferred by the value of the real capital they represent at least partially; Since they only represent the right to obtain income, not capital, the right to obtain the same income will be reflected in the constantly changing virtual currency capital. " Marx, 2004, P. 451) the contradiction between the unlimited pursuit of capital appreciation and the limitation of self owned capital limits the smooth progress of expanded reproction, thus inhibiting the development of virtual economy. At this time, the credit system came into being to protect the development of virtual capital. "There is another force to promote concentration, which is the credit system." Ziwig, 1997, P. 280) through the medium of credit, a part of idle monetary capital can be loaned to enterprises by monetary capitalists, so that the accumulation of virtual capital greatly exceeds that of real capital, thus promoting the vigorous development of financial virtualization
both precious metal currency and credit currency are involved in financial activities with precious metal as reserve in a country. In the process of international trade, gold, the internationally recognized world currency, is still used as the currency exchange basis for transactions between countries. It can be said that the currency virtualization at this time is still retained in a country's matrix, and it has not been able to occupy the global financial trade activities. The post-war Bretton Woods system maintained the international monetary status of gold in the world, which became an obstacle for virtual capital to allocate capital across national boundaries. With the worldwide inflation in the late 1960s and the loss of gold reserves in the United States, the Bretton Woods system has been seriously impacted. With the collapse of Bretton Woods system in 1973, the ability of international virtualization was finally equipped with money, and financial virtualization went beyond national boundaries to play its powerful virtualization function on a global scale< Third, reverse power: the power of financial virtualization to avoid credit system

the process of financial virtualization develops with the requirements of maturity and perfection of credit system. Before the emergence of virtual capital, financial virtualization was relatively independent of the credit system, and its operation was more a natural development process based on the endogenous virtuality of money, breaking through all kinds of constraints; After the emergence of virtual capital, on the one hand, financial virtualization has been a strong credit guarantee to achieve virtual spillover; on the other hand, its own independence has always become the internal impulse to break through the framework of institutional setting and implement virtual expansion in a wider range
the existence of system itself is a kind of constraint. North believes that "institutions provide a framework for human interaction, and they determine the relationship of cooperation and competition that constitutes a society or, more precisely, an economic order." Although financial virtualization requires credit system to play a role of institutional guarantee in its development, the existence of such institutional guarantee also means that financial innovation is restrained within the known institutional framework, which objectively sets an invisible "chain" for the expansion of financial virtualization. After all, financial virtualization originates from the role and externalization of the internal contradictions of commodity economy (or market economy) represented by monetary virtualization, which is an objective process beyond the control of subjective will. The derivation of system is the external manifestation of human seeking to ensure the realization of their own value, which is established on the basis of human subjective will following the objective laws. Dialectically speaking, the emergence and development of credit system always lags behind the virtual expansion of finance, which determines that the generation of credit promoted by the early financial virtualization becomes the shackles restricting its internal development after the virtual expansion. It can be seen that the inherent virtuality of finance only represents the tendency and ability of finance to be virtualized, and whether the degree of virtualization is significant or not is affected and restricted by the system (especially the credit system) environment in different historical stages, which also provides a power source for financial institutions to avoid credit constraints and realize virtual innovation< In 1984, American economist e.j.kane put forward the theory of evasive financial innovation. Evasive innovation refers to the target mode of avoiding the regulation of various financial rules and regulations in order to maximize the theory. Regulatory financial innovation means internal market spontaneous force and external market mechanism

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