Money. Credit. Banks. Forms of manifestation, causes and consequences of inflation (lecture notes)

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Money. Credit. Banks. Forms of manifestation, causes and consequences of inflation (lecture notes)

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Forms of manifestation, causes and consequences of inflation

The concept of "inflation" appeared in 1864 after the depreciation of paper money in the United States. Earlier this term existed in a different form and was called "high cost". The concept of inflation appeared immediately with metallic money in Dr. Greece (damage to coins by kings), in Russia Alexei Mikhailovich made of copper for 12 kopecks. did 10 rubles. => copper riot.

Inflation - literally translated from Latin means swelling, i.e. overflow of channels of monetary circulation, not accompanied by a corresponding increase in the mass of commodities;

Inflation - depreciation of money, a drop in their purchasing value, caused by price increases, commodity shortages and a decrease in the quality of goods.

Inflation - an increase in prices due to an increase in the money supply without an increase in the supply of goods [NOT is inflation - an increase in prices during an economic recovery]. Features of inflation - it is easy to lose control over it.

The consumer price index is used to measure the rate of inflation. CPI = price cons. baskets in this period/consumed price baskets in the base period*100%.

In Russia, the consumer basket contains 58 items of food and non-food products, paid services to the population, in the USA - several hundred.

Manifestations of inflation is the growth of commodity prices, the depreciation of the national currency against the leading foreign currencies. Inflation is a money-price phenomenon.

Inflation is caused by internal and external causes. According to the equation of exchange, P = M*V / Q. Inflation occurs if the money supply, taking into account the velocity of money circulation, exceeds the needs of trade. The increase in the money supply is due to a number of reasons: MONETARY: inflation of expectations - getting rid of money - is also growing; imbalance of public spending and revenues; budget deficit; issuance of means of payment that are not fully controlled by the state (financial bill); overinvestment => overproduction of some goods and shortage of others. NON-MONEY: deformed structure of the economy (unreasonably high growth in the service sector); militarization of the economy; monopoly in the e-ke; extraordinary circumstances (strikes, pickets, demands); mistakes in monetary policy; inflow of foreign currency; depreciation of the national currency.

Consequences: redistribution of money between physical, legal. persons, spheres of production, regions; depreciation of money and savings of the population; decline in business activity; decline in private long-term investment; capital goes from the real sector to trade; paying the government an inflation tax.

Author: Shevchuk D.A.

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