Tom Luxsox Coins

Bank Note

Money and central banks

Money is one of the most great inventions of man, an essential tool of civilization, because every company has a cash economy based on coins and paper notes. In primitive society, it was a barter system is the direct exchange of goods and services for goods and services. As the magnitude of specialization increases, the barter system is proving very effective. The great disadvantage of barter is that it depends on a coincidence "Double needs." This means that the seller and the buyer should each want something the other has to offer. Each person is both a seller and a buyer. A hunter who wants to exchange his furs for corn must find not just someone who wants to hide, but someone who wants the skin and this a maize surplus for disposal. Trading is very expensive in a barter economy. Time and energy that could be devoted production is devoted to the exchange system laborious.

Very early in its history, man has discovered an arrangement much more convenient. The use of certain commodities as a medium of exchange makes the triangular trade and removes the major difficulty of the system barter. If the merchandise is generally acceptable in exchange for goods and services, is money. Now a producer exchanges his goods for money and money can be exchanged for any goods and services they need.

There are four general functions of money:

- Money as a medium of exchange.

- Money as a standard of value.

- Money as a store of value.

- Money as a standard of deferred payment.

The money, the average exchange, is used in almost half of all exchange. Workers in labor services in exchange for money. People buy and sell goods in exchange for money.

Money can also serve as a standard of value. Company estimates it is convenient to use a monetary unit to determine the relative costs of different goods and services.

1. Money is a store of value because it can be used to make purchases in the future. But money can become worthless because its purchasing power Real is eroded by inflation that is why houses, collections of stamps, and all interest-bearing bank accounts as stores of value and can be exchanged against money.

Finally, the money can be used as a standard target = "_blank"> deferred payment.

We can define the commodity money, money money and symbolic IOU. They are 3 types of money. commodity money is a commodity with ordinary industrial uses (gold) and uses consumption (cigarettes), which also serve as a medium of exchange. A token money is coins and banknotes usual. Society requires the use of token money by making legal tender, Generally, they must be accepted as payment by law. Private production is illegal. In modern economies, money is token supplemented with I Owe You (IOU) money. money is an IOU medium of exchange based on the debt of a private company or an individual. A bank deposit ticket checks are money IOU.

In most companies use different from objects than money. Some of them were valuable because they were rare and beautiful, others - because they can be eaten or used. But it was difficult to accurately measure the value of goods, divide some of them in a wide range of amounts, and use to make financial plans for the future. For all these reasons, some companies have started to use another type of money, that is, metals precious. People of gold as money. For safekeeping of gold they deposited with goldsmiths, people who have worked with of gold for jewelry and so on and also had a guarded vault. Two inventions turned goldsmiths to the bankers. The first is that people had much easier to give the seller a letter than it was to get gold and then physically deliver it. This letter has transferred part of the gold they had at the goldsmith to the seller. This letter we now a days call a cherub. The second was that the goldsmiths realized they had used a lot of gold lying in their vaults doing nothing, and they can field a payment on the loan.

The goldsmiths were an early example of a financial intermediary. The financial intermediary is an institution specialized in brining together lenders and borrowers. All types of banks, insurance companies, pension funds and building societies can be called financial intermediaries.

All banks operate with each other, conduct transactions. A compensation system is a set of agreements in which the debts are settled between banks by the addition of all transactions in a given period and pay only the net amount required for balance inter - bank accounts.

Technical innovations and increased competition in the context of liberalization are changing the face of the world bank. Banks and other financial institutions are using computer technology today. With traditional services of banks offer modern services based on innovations.

Current and deposit account services are traditional. current account may be withdrawn without restrictions but it pays little interest. Deposit account pays interest higher, but may be withdrawn only on the duration of the contract referred to. Ordinary monthly bills can be read through a standing order, the bank pays them in accordance with client instructions. The checks used to pay irregular invoices. Credit card - a card that guarantees payments for goods and services purchased by the cardholder, which reimburses the bank or finance a date letter. building society or bank can offer you a mortgage, a loan to buy a property. Arrangement Witch, a customer can withdraw more from a bank account which was filed called overdraft. investment advice are the usual banking services.

Not all banks offer the same services. According to this there are several different types of banks.

The Commercial banks are businesses that trade in money. They receive deposits into ant, paying money according to client instructions, lend money, offer investment advice, foreign exchange, and so on. They take advantage of the margin between interest rates they pay to lenders or depositors and those they charge borrowers.

Investment banks in Britain to collect funds for industry on various financial markets, international trade financing, issue and subscribe for securities mergers and acquisitions front of the ant, and issue government bonds. They also generally offer management services, brokerage and portfolio to wealthy corporate and individual clients. Investment banks in the United States are similar, but they act only as intermediaries offering advisory and does not offer itselves loans. Investment banks make their profit from fees and commissions they receive for their services.

Deregulation in the United States and Great Britain leading to the creation of "financial supermarkets" conglomerates combining services previously offered by banks, brokers, insurance companies, and so on. These "supermarket" or universal banks combining deposit banking and lending, processing stocks and bonds and investment services.

the central bank to supervise the banking system; set the minimum interest rate, issue banknotes; controlling the money supply, exchange rate influence, and act as a lender of last resort.

About the Author

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