Open AccessMonetary surrogate as a legal category: general theoretical characteristics
Author(s) -
Olena Dashkovska,
Vladyslav Vasiutin
Publication year - 2021
Publication title -
ekonomìka, fìnansi, pravo/ekonomìka. fìnansi. pravo
Language(s) - English
Resource type - Journals
eISSN - 2786-5517
pISSN - 2409-1944
DOI - 10.37634/efp.2021.6.4
Subject(s) - monetary policy , economics , payment , limiting , order (exchange) , issuer , circulation (fluid dynamics) , law and economics , actuarial science , monetary economics , business , finance , engineering , mechanical engineering , aerospace engineering
The emergence of monetary surrogates is a consequence of the inability to comprehensively meet the public needs for servicing the turnover of various objects (property, rights, etc.) solely with the help of money. Bringing a short-term positive economic effect, monetary surrogates compete with state money, disrupting money circulation. An important role in limiting monetary surrogates is played by legal remedies, the effective use of which is possible only if the content of the legal category «monetary surrogate» is determined. At the same time, the norms of law do not disclose its content, and in the scientific community there is a discussion on this issue, while its vector is shifted towards understanding the monetary surrogate only as a means of payment, unnecessarily narrowing it. The reliability and validity of the results are achieved through the integrated application of the comparative legal method (when comparing the concepts of money and monetary surrogate, as well as other single-order legal categories), logical-theoretical methods, and other research methods. As a result of the study, the authors tried to determine the content of the legal category «monetary surrogate» from the standpoint of his main economic functions of money, which allows not only to distinguish this category from related concepts, but effectively apply various legal restrictions, which the use of monetary surrogates. Theoretical bases of research of private monetary systems are developed, in particular, their classification on the following signs is carried out: appointment, the status of the issuer, sphere of distribution. It is determined that the main reasons for the emergence of private money are the insufficiency or unsuitability of public currencies to service economic relations. The place of electronic money in the modern globalized economy is highlighted. It was found that the emergence of cryptocurrencies initiated a new stage in the development of the monetary system, which is characterized by the lack of a single issuer and the inability of the state to regulate them.