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Lecture notes, cheat sheets
Money. Credit. Banks. The concept of credit and the need for its appearance (lecture notes)
Directory / Lecture notes, cheat sheets Table of contents (expand) The concept of credit and the need for its appearance. It is one of the most important categories of economic science and is actively studied in almost all its sections. As an economic phenomenon, it plays a unique role both in economic turnover, the national and international economy, and in the life of the entire society. "Credit" - from the Latin creditum - loan, debt. Many economists associate it with the credo - I believe. In a loan, they see a debt obligation associated with the trust of one person to another. However, trust is not the economic essence of credit, although it plays a significant role. Serious economic reasons and grounds are required for a loan. Credit arises in that sphere of economic life where economic entities meet and social wealth moves from hand to hand on a free and voluntary basis. The simplest form of credit is in the conditions of the decomposition of the natural economy and the emergence of a commodity economy: one person does not exchange his goods for the goods of another, but simply transfers them to him on the condition that after some time he will also transfer his goods to him. (That is, the exchange does not take place here and now, but according to the principle: you give me a sheep now, and I will give you an ax in a week). This form of exchange can only exist with the desire, consent and agreement of both parties. After the appearance of money, instead of the counter goods, payment in the form of money is transferred - the cash equivalent. => New function of money as a means of payment. You can do the opposite - first the money, then the goods => this is either an advance payment or an advance payment. The same economic entity is the borrower in some transactions, and the lender in others. Such lending is reciprocal in nature. Production for different economic entities varies in time => the emergence of time-separated exchange and commodity circulation is necessary => on their basis, credit relations arise. Within their framework - counter obligations => close interdependence of commodity producers => if someone lets someone down, the fulfillment of debt obligations along the entire chain of credit relations will suffer. With the appearance of trade and merchant's capital, credit is further strengthened, because. merchants mainly purchased and sold their goods with a deferred payment (for more details, see Shevchuk D.A., Shevchuk V.A. Money. Credit. Banks. A course of lectures in a concise presentation: Textbook-method. allowance. - M: Finance and statistics, 2006). Initial form of loan - commercial - the provision of commodity forms of social wealth on the terms of the reciprocal transfer of equivalents at a specified time in the future (reciprocal movement of equivalents within the framework of the exchange of goods at different times). Since, with a given loan, the transfer of goods or money and the counter movement of their equivalents, i.e. substitution of equivalents separated in time, then this lending can be defined as mutual replacement lending (borrowing). Bill - IOUs given by the buyer to the seller upon receipt of a loan, arising on the basis of a commercial loan. Commodity loans have also become widespread. Some goods were taken on credit with the condition of returning after some time the same amount of this goods (not the same, but the same, with the same generic characteristics). Repayment of a loan is the repayment of a loan and an associated debt obligation by transferring its equivalent in the future. The repayable form of credit is cash and commodity credits. The most important condition and motive for a credit transaction is the opportunity to both return the money and receive material benefits (interest). Cash (commodity) credit - provision of special forms of social wealth (defined by generic characteristics) on the terms of the return of their equivalent after a period determined by the parties, usually with the payment of interest (for more details, see the book Shevchuk D.A. Corporate Finance. - M.: GrossMedia: ROSBUKH, 2008 ). This is mutual repayable lending. General features of a commercial and monetary loan: ▪ non-simultaneous (multi-temporal) nature of counter movements of material goods as an economic basis for the emergence of credit relations. ▪ they appear on the basis of a unilateral transfer of a benefit from the other party to a special loan obligation, formalized by an agreement or a bill of exchange. ▪ the debt is repaid by returning the goods or cash equivalent upon expiration of the established period. Commercial credit in the course of the industrial revolution gives way to monetary credit. This is due to the development of industry and the connection of monetary credit with it, and commercial - with the purchase and sale of goods. The unity of production and circulation is the circulation (turnover) of industrial capital (for more details, see the book by D.A. Shevchuk. Sources of business financing. - M .: Financial newspaper, 2008). In the process of circulation and circulation of industrial and commercial capital, funds are released. Reasons for the formation of temporarily free cash: 1.character of the turnover of fixed capital. The funds of the depreciation fund, which exist for the renewal of fixed capital, are temporarily free, "fall out" of circulation. 2.character of the turnover of working capital. There is almost always a time mismatch between the sale of finished goods and the purchase of new elements of working capital to continue the production process (raw materials, fuels, etc.). 3. the need for capitalization of part of the profit. Funds are accumulated over a long period of time for the purchase of new equipment, etc. Circulation of industrial and commercial capital leads to the formation of temporarily idle cash. They are needed for: 1) meeting the needs of economic entities in additional working capital. 2) meeting the needs of business entities in additional fixed capital. The objective need for a loan arises from the need to reconcile the interests of the lender and the borrower related to the release (extraction) of funds from the lender’s capital circuit, their involvement in the borrower’s capital circuit and subsequent return to the creditor with interest payment. Due to the difference in the circulation of capital, the needs and opportunities of each individual pair of lender-borrower do not always coincide (for more details, see the book Shevchuk D.A., Shevchuk V.A. Macroeconomics: Lecture Notes. - M .: Higher Education, 2006). A more developed form of lending - bond. This is a security that gives its owner the right to receive from the borrower who issued the bond, within the period stipulated by the terms of its issue, the nominal value of the bond. The conditions of its release may stipulate the receipt of a certain percentage. Or it may be sold at a discount and redeemed at its full face value. The banking form of lending is bilateral repayable lending (borrowing). Banks operate with other people's money, lend funds previously received as loans. Sources of temporarily free funds that appeared as a result of the development of the economy: 1.part of cash receipts to the state and local budgets. 2. personal income of the population intended for savings. 3.Money income of entrepreneurs and highly paid segments of the population. 4. With the development of banks and the growth of their activity, their profits increase, most of which is directed to increase lending. Banks are called upon to eliminate the discrepancy between the time of formation, the size, and the duration of the existence of temporarily free money and the needs of the population, economic entities and the state. With the help of banking, commercial and monetary loans, an important economic task is solved: coordinating the interests of entrepreneurs, the state and the population associated with the most efficient use of constantly released funds and commodity resources for the needs of the development of the economy and society as a whole. Credit - transfer of material goods on the terms of receiving after a certain period of time their equivalents in the form established by agreement of the parties. loans - procedure, stages of execution of the loan. Lending principles - requirements for the organization of the credit process: 1. loan repayment (return of the equivalent to the creditor). 2. loan urgency (return of the equivalent within a certain period). 3. payable loan (Most credit transactions are for compensation - payment of interest). This principle reflects the dual stimulus function of credit: ▪% is a motive for the lender to provide a loan and leads to the fullest use of all temporarily available funds. ▪% is an important incentive for the borrower to invest the loan received in the most profitable way. Interest rate (norm) acts as the price of the loan = the ratio of the amount of annual income received on the loan to the amount of the loan granted. The price of a loan depends on factors: 1) the dynamics of production and circulation, which determines the need for credit resources of industrial and commercial capital; 2) the dynamics of monetary savings of individuals and legal entities, which determines the supply of temporarily free funds; 3) the cyclical nature of the development of a market economy, which determines at the macroeconomic level the aggregate demand and supply of monetary resources, as well as the possibilities and extent of commercial lending; 4) the monetary policy of the Central Bank, which regulates the demand and supply of loans through the accounting policy, as well as the conditions for refinancing commercial banks; 5) the situation in the international credit market, which determines the possibility of attracting loans by national states and their commercial banks. 4. credit security (protection of the interests of the creditor from violation of the terms of the loan by the borrower - penalties, pledges, retention, guarantee, deposit, etc.). 5. target nature of the loan (the intended use of funds received from the lender - in the practice of the bank, this is the establishment of specific goals for the loan issued, the establishment of bank control over the borrower's operations on the accounts). Author: Shevchuk D.A. << Back: country's balance of payments. >> Forward: The main stages in the development of credit relations
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