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2. Куницын М. В. Особенности экономики туризма в Турции //Экономика, Бизнес, Финансы: Актуальные Вопросы и Современные Аспекты. -2020. - С. 110-113.
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UDC 338
Romanovsky A. V.,
Economist Verzhinskaya I. V., Candidate of Philological Sciences, Associate Professor Orenburg State University Russia, Orenburg DOI: 10.24412/2520-6990-2021-794-45-48 THE VALUE OF THE NATIONAL CURRENCY IN THE STATE ECONOMY
Abstract.
The article deals with the issues on the current economic status of the Russian Federation and the USA. The analysis offactors that can speed up the development of the Russian economy in a number of areas, including the financial system, is carried out.
Keywords: exchange rate, national currency, national economy, international economy, foreign currency, commercial banks, inflation.
As most analysts predicted, the exchange rate of the Russian national currency has significantly weakened. This decline is explained by another decline in the price of oil on the international market. The direct dependence of the ruble exchange rate on the cost of "black gold" is still obvious and natural. The systematic currency interventions carried out by the Central Bank of the Russian Federation once again show that the strategy for the development of the Russian economy has a clear link to the US economy, namely, lending to the US government debt and the development of the US economy. The categorical reluctance to develop the real sector of their national economy is becoming more obvious every year. In the modern Russian economy, every "major player" plays his own so-called "game". The industrial sector is mainly represented by commodity corporations: oil companies, metal and steel companies. The largest oil vertically integrated corporations make huge profits from oil exports and are more than interested in making all payments to them in US dollars, taking into account the exchange rate ratio. The financial sector of the Russian economy, which is mostly represented by commercial banks, is also primarily interested in getting extra income and during the crisis, instead of lending to the real sector of the economy, is engaged in active speculation on the foreign exchange market.
Over the past 10 years, the US dollar has grown by more than 2 times. Despite the fact that during this
period of time, there was sharp punctuation of currencies, and the exchange rate was approaching a record high of 80 rubles per dollar in early 2016.
A similar situation was observed in March the year 2020 when the dollar broke the mark of 80 rubles. This trend, observed from year to year, significantly undermines confidence in the Russian ruble on the international market, which, of course, negatively affects the investment attractiveness of the Russian market.
However, in our opinion, despite the globalization of the international economy and the openness of the economies of all developed countries, the erosion of confidence in the national currency within the country is much more significant and significant.
From a financial point of view, a very large share of savings among Russians is in foreign currency. The Russians are not afraid of even the meager interest rates on dollar deposits and Euro. The high level of inflation, low level of economic growth ( and sometimes its reverse indicator), as in the 90s of the last century, are an unspoken call to invest in foreign currency, both from the point of view of saving their capital, and from the point of view of their capitalization.
Domestic investment in the national economy gives any country economic growth. This was clearly presented during the Soviet era. Despite the fact that the Soviet economy was "closed", being under the "iron curtain", about 80% of GDP was focused exclusively on the military-industrial complex. Nevertheless, the
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savings of all Russian citizens in the Soviet era were exclusively in the national currency.
And this was quite obvious in the "closed" administrative-command economy. However, the essence of the economic breakthrough was explained, in my opinion, not only by the type of economic system. The reason for the demonstration of economic growth, in our opinion, is the financial and economic plan. In other words, the commodity and money turnover has moved and has given income to the national economy, because the country's citizens keep all their savings in the national currency, thereby lending to the national economy and enabling it to develop and demonstrate economic growth. The issue of inflation is also resolved under this condition. It is very easy for the state to control the correspondence of the money supply to the mass of goods, since all savings are in the national currency and the financial regulator (in our time - the Central Bank) can easily and effectively regulate the balance of the national economy through the issue function. At the same time, the national currency is full-fledged, in the absence of alternative sources of savings and investment within the country's market.
However, in the modern world, with the massive globalization of the economies of all countries, such an economic model is utopian. All developed countries have open economies. Accordingly, all developed countries have well-developed financial markets and currency markets, including.
What is the problem with the lack of economic growth and the fall in the national currency? The answer probably lies in a number of factors that artificially slow down the development of the Russian economy in a number of areas, including the financial system. It is not a secret that the financial system of any state, like the circulatory system of a living organism, is designed to supply the economy with investments for its development and growth.
The ideal model of the economic balance of any country is that the issue of money should correspond to the mass of goods. This is the principle that Central Banks in all developed countries adhere to. The issue of funds is determined by the ratio to GDP, GNP, gold reserves, etc.. And if there is an increase in proportion in the direction of increasing the mass of commodities, i.e. higher GDP, it leads to a rise in a country's currency, i.e. increase the rate of a certain currency on the foreign exchange market. For the most part, these economic indicators allow us to set the exchange rate of one currency against the currencies of other countries. As mentioned earlier, the country's economic balance will be stable if there is a clear link between the money supply in circulation and the commodity mass within the country. If alternative savings funds appear within the state, expressed in the currency of other countries, the principle of matching the money supply to the commodity mass is violated. It turns out that all the total income produced by one country during the reporting period is not expressed in the national currency, but the savings of citizens, the value of the country's produced income, are sent to the currency of another country. In this situation, there is inflation in the country where a foreign
currency appears as a way to save and increase the capital of citizens, and the automatic increase in the price of foreign currency, since this foreign currency is used as a means of saving and capitalization. Theoretically, a country whose currency is used as a means of saving and turnover does not need to produce anything! Its currency becomes more expensive only on the basis that it is accepted for payment and used as a means of saving, actually lending free of charge to the economy of this country, crediting its public debt, crediting the military-industrial complex of this country (which is already strategically dangerous for the economies of all countries). But the most important thing is that by investing in foreign currency, Russian citizens stimulate economic growth of the USA, not Russia. If a foreign currency in a certain country is perceived as a means of circulation and accumulation, then the issuing country appropriates the income produced in another country, where the foreign currency is perceived as a means of saving. This immediately raises a reasonable question. And why are Russian citizens so inclined to spend their savings in a foreign currency - the US dollar and Euro? It is very difficult to answer this question unambiguously. There are many reasons for this. One of the most significant reasons, of course, is that the political and economic situation observed in Russia for several decades does not meet the criteria of stability, which is why Russian citizens - domestic investors in the economy, do not have sufficient confidence in the state and, consequently, in the national currency. After serious crises, defaults, that were observed during the 90-ies, formed a certain attitude of citizens to the foreign exchange market in Russia and the country's financial system as a whole.
For these reasons, Russian citizens have a significant part of their savings in foreign currency. And the purpose of saving in foreign currency is significant fluctuations and punctuation in the world currency market, which is why the foreign exchange rate may increase sharply relative to the ruble. The currencies of many developed countries are tied to the world price of oil, and as soon as a country, a major oil exporter, such as Saudi Arabia or Iran, "opens the tap" and begins to sell oil in huge volumes at reduced prices, that's when the price of oil on the world market decreases...and with it the depreciation of the Russian ruble! So the change in the exchange rate is not caused by short - term growth of foreign economies-the level of US GDP as it was, as a rule, and remains at a certain level. This sharply reduces the price of the Russian currency-the ruble, which is directly dependent on the world price of oil. In addition, if you delve into the very concept of a monetary unit - the currency of a particular country, then in fact it is a paper with a certain denomination and a certain issuer. But using a foreign currency as a means of saving means direct exchange only of banknotes of different countries. In fact, using the US dollar as a means of saving, for example, means that we pay for the purchase of banknotes issued by the US Federal reserve with real goods, or rather raw materials: oil, metals, wood, coal and other natural resources. With rare
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exceptions, ready-made knowledge-intensive and capital-intensive products are exported from Russia. Raw materials are mainly exported to Russia.
Indeed, we can go to a commercial bank and exchange Russian rubles for US dollars in the proportion of 80 to 1 according to the exchange rate. Given that the Russian Federation has a two-tier banking system, commercial banks are lent by the Central Bank of the Russian Federation. But the "independent" Central Bank of the Russian Federation, taking into account the current policy of the Ministry of Finance, purchases currency on the international currency market.... Here in principle everything is clear...There is only one question. What does the Central Bank of Russia buy US dollars for? The Central Bank of the Russian Federation buys US dollars for our oil, steel and other raw materials that Russia exports abroad.
It turns out that for real raw materials, Russia receives a foreign currency - a paper that shows the nominal value and the issuing country. In fact, the cost of expensive US resources costs the cost of paper and paint to print dollars, just because its currency is accepted for payment. The main lobbyists for selling raw materials abroad in US dollars in Russia are, of course, oil exporters. Moreover, these companies-vertically integrated oil producing and refining companies that sell oil abroad, are very interested in devaluing the national currency, because if the value of the Russian ruble decreases, having huge foreign exchange reserves when the national currency is devalued, they will get super profits when exchanging US dollars for rubles. And the talk that when the ruble exchange rate falls, the value of shares of major companies decreases and they suffer losses is not true. On the contrary, often at times of sharp punctuation in the international currency market and a sharp decline in the value of the ruble, holders of large reserves of foreign currency win significantly on the currency difference, since it automatically becomes more expensive in the ruble equivalent. And this is primarily the largest companies that export raw materials abroad, as well as the banking sector, which is also actively buying up currency. Moreover, the devaluation of the ruble and subsequent inflation can also be achieved by commercial banks engaged in speculation on the domestic currency market.
Commercial banks, analyzing the financial and economic situation in the world and the country, can unite in so-called cartels and begin to actively buy foreign currency from the Central Bank and economic entities within the country. As soon as the foreign exchange reserves are exhausted and a huge part of the foreign exchange reserves is concentrated in commercial banks, a sharp jump in the foreign exchange rate will automatically occur, since the value of the currency will be set by commercial banks. In this case, we must pay tribute to the fact that the policy pursued by the Central Bank of the Russian Federation is quite effective in such a development. In such situations, the Central Bank of the Russian Federation stops selling currency inside the market, releases the ruble exchange rate, thereby saving the country's foreign exchange reserves.
An interesting phenomenon is the prosperity of the American economy. Since the Bretenboud agreement, the US dollar has been recognized as the world's reserve currency because the US suffered the least from World War II and because the US had the largest gold reserve at that time. The US dollar was recognized as the world currency and the rule was adopted that the value of the currency should be secured by gold, and later the IMF accepted the condition that no state has the right to issue its currency more than the amount that it has in reserves in dollar equivalent, that is, in US dollars. Lobbyists for these bills were the wealthiest families in the US and co-owners of the fed. Thus, since the mid-50s of the last century, the US dollar has taken the role of the reserve currency of the world and the role of the world currency. Since then, many developed countries have held huge reserves of US dollars, such as Russia and China, thus providing free loans to the US economy, stimulating its active growth, and covering the US trillion-dollar national debt. Oil is the greatest discovery of all time. And in the modern world, oil is not only the number one energy raw material in the world, but also a component that is contained in the production process of almost any product. The fact is that Americans sell their "printed paper dollars" in exchange for real resources and raw materials - primarily oil. This is why, taking advantage of the fact that the US dollar is the world's reserve currency, the whole world actually credits the US economy, actually giving away such a basic energy raw material - oil! America just needs to turn on the printing press. The fed prints as many US dollars as necessary, and credits its real sector of the economy - absolutely all industries, production, processing, education, etc. and then collects financial resources through taxes. Thus, uncontrolled emission (the volume of emission is classified) the US is spinning its economy, which under such conditions demonstrates phenomenal growth rates. It would seem that with a large issue of money supply, hyperinflation should begin....but it is not in the US. What is the secret? Why is it that with a colossal money supply, which is clearly more than the mass of goods, prices do not rise in the United States and store shelves are not empty? Why doesn't the US devalue the dollar? This is because the excess money supply, which is no longer such, is transferred by the US to other countries in exchange for the income generated by the country that accepted US dollars for payment for its goods. Simply put, the United States buys raw materials and goods for its printed US dollars, which are no longer really a currency, but only printed paper. This explains economic growth and the absence of hyperinflation in the US. And as soon as over-printed paper dollars come back from abroad to the homeland, they are immediately withdrawn from circulation. This explains most of the world's crises in recent decades. Those countries that accept US dollars for exchange for their raw materials and goods, and put the US currency into circulation, immediately undermine their economy and financial system. And the US economy is thriving.
The US economy gets a boost to the development of the economy, and it is successfully developing without any effort on the part of the state itself because the
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whole world, being the holder of huge reserves of US dollars, credits the American economy.
Russia is the world's largest exporter of oil and other raw materials. The terms of international settlements in the Russian national currency are an obvious advantage for the Russian economy. Buying Russian raw materials from foreign countries for Russian rubles would dramatically increase the exchange rate of the
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Russian national currency. And along with the increase in the ruble exchange rate, Russia's investment attractiveness increased, both in financial and real terms, and the Russian economy showed high growth rates. For the development and growth of the national economy, the state must create favorable conditions for investment of the economy by citizens of this state.
Zubar Ivan
Candidate of economic sciences Vinnytsia National Agrarian University, Ukraine
Onyshchuk Yulia Candidate of economic sciences, Vinnytsia National Agrarian University, Ukraine DOI: 10.24412/2520-6990-2021-794-48-56 FEATURES OF LAND RELATIONS REFORM IN UKRAINE
Abstract.
Agricultural production, in contrast to industry and other areas of economic activity, is characterized by specific, unique properties associated with the biological basis ofproduction processes. The obligatory need for agriculture is also the availability of land resources as the main means ofproduction. The role and place of land in the agricultural economy is now defined quite significantly. From an economic point of view, land is the object of economic activity, the material base ofproduction, the source of meeting human needs.
Involvement of land in economic relations has defined a special type of relationship - land relations. The content of this concept makes private land ownership one of the most important elements of protection of the system of civil rights, state guarantees of business and investment activities. These phenomena are a consequence of Ukraine's transition to a market economy. This, in turn, was inevitably accompanied by the transformation of the economic mechanism, changes in forms and methods of management. In agriculture, such transformations were marked by reform. It is the process of land reform in Ukraine that focuses on providing a legal basis for implementing the requirements of international law of economic freedom and independence. According to scholars, economic freedom is the basis and component of the freedoms of civil society. The guarantee of personal freedom of a citizen is private property [1], [3]. Given that man is a social being, property allows him to feel independent and be more confident within society. Private property is the product of a mature self-consciousness of the individual. It is effective when the owner and the owner are combined in one person, due to which there is a greater material interest in working better and more efficiently for their own good. Such goals are envisaged by the completion of land reform in Ukraine. The article describes the chronology of land reform and highlights key legislation that had a significant impact on its progress. The key problems ofcompleting land reform and prospects for land market development in Ukraine have also been identified.
Keywords: land, private property, regulation, land reform, agricultural land, land market, farms.
Results. In Ukraine, the category of private property has come a long way from evolution, from the monopoly of public property under socialism in the early twentieth century, when collective and state enterprises were created, to a market economy in a multifaceted environment. The country's agriculture underwent a process of forced collectivization, and the land was nationalized. This provided for the creation on the basis of private property of peasants agricultural cooperatives, and on the basis of large landed estates - state farms (state farms). The disadvantage of this model of state and collective forms of ownership in agriculture, as Azizov, S. emphasizes, should be considered that the workers were separated from the ownership of the means of production and economic results. This state did not encourage them to highly productive work, efficient use, accumulation and economic storage of means of production, manufactured products, and the private interest of the peasant was lost [1].
After the collapse of the USSR and the disband-ment of the command-and-control conditions of the planned economy, the introduction of market economy principles in the sphere of domestic agricultural policy took place in a period characterized by political uncertainty, economic instability and stagnation of agricultural production. The inconsistency of the regulatory framework for the completion of land reform had a negative impact on the process of agrarian reform. The problem was exacerbated by the conservative views of officials with conservative communist ideological views [2].
The reform of the development of the Ukrainian system of land relations began with the proclamation by the Verkhovna Rada of the Ukrainian SSR on July 16, 1990, of the Declaration on the State Sovereignty of Ukraine. This document confirmed the fact that Ukraine withdrew from the Soviet Union and gained independence. The fundamental motive of land reform
