Money. Credit. Banks. Main stages of development of credit relations (lecture notes)

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Money. Credit. Banks. Main stages of development of credit relations (lecture notes)

Lecture notes, cheat sheets

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The main stages in the development of credit relations

1. origin of credit relations. They began to arise during the transition from subsistence to commercial farming. With the advent of money, the sale of goods with deferred payment appears. The significant role of usury in the development of credit. The emergence of the simplest form of mortgage is the collateral of land to secure a loan obligation. After the appearance of money, there was a transition to the monetary form of usury. Usury, as a legalized form of lending, existed already in antiquity.

3. forms of ancient lending:

1.slave-owning nobility, landowners, for the purchase of luxury goods.

2. small producers who own the conditions of their labor (peasants, artisans).

3.ancient cities and states.

Features of an antique usurious loan:

1) a very high level of interest;

2) the possibility of enslavement for debts;

3) in the basis - the monetary form, which contributed to the transition to a commodity economy;

4) granting a loan from own funds.

Genesis banking industry. Initially - as an additional occupation - money changers (those who exchange the currency of some cities and states for the currency of others). They began to accept money for safekeeping and issue loans secured by houses and lands. In Greece they were called meals. Temples competed with them. In ancient Rome, the first bankers - mensaria. If they were engaged only in the exchange, they were called Numullaria. If they conducted credit operations - argentaria. The first non-cash payments appeared - through bank records.

2. establishment of credit relations.

Further development of commodity lending. The appearance of promissory notes and bills of exchange (from the German "exchange"). The initial tools of a bank loan:

▪ notarized bank letter;

▪ private letter of guarantee;

▪ guarantee that does not require notarization.

Transformation of bills into commercial credit instruments. Merchants began to pay for their purchases with them. In the 18th century - credit relations with the participation of intermediaries. Revival and development of banking. Elimination of the usury monopoly and creation of national credit systems that meet the interests of the development of industry and trade. Commercial credit has retained the ability to service the circulation of capital and serve as an important instrument of its capital. Bank credit was developed on its basis and successfully complements it.

3. transition to regulated credit relations.

The main feature is the all-encompassing nature of credit relations, which is reflected in the following:

▪ credit relations mediate all economic processes, penetrate into money circulation, the sphere of exchange, production and consumption, and international relations. => The share of borrowed funds in industry and trade is increasing; government debt is growing; the rate of centralization of capital and its intersectoral flow is increasing.

▪ all economic entities, the population and the state become simultaneously borrowers and lenders. Money becomes a source of credit. Thanks to the development of the banking system, any amount of money almost instantly turns into a loan.

▪ international trade is almost entirely mediated by credit transactions (bank and commercial loans).

▪ the appearance of credit cards => the purchase and sale of goods takes on a credit nature. Commercial lending to the population when purchasing durable goods is greatly simplified.

▪ various specialized credit and financial institutions are developing: savings banks, banks, etc. They lend to certain areas and sectors of economic activity, usually dominating relatively narrow sectors of the credit market.

Nowadays, credit is regulated by the state and the Central Bank. The modern economy is becoming credit by the nature of the relations that dominate it. On the basis of the commodity-money economy, a new type of economy has developed - credit.

Author: Shevchuk D.A.

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