Transformation of the Institution of Money in the Digital Epoch

  • M. E. KonovalovaEmail author
  • O. Y. Kuzmina
  • S. Y. Salomatina
Conference paper
Part of the Advances in Intelligent Systems and Computing book series (AISC, volume 908)


The issues of raising the efficiency of functioning of the institution of money deserve close attention in the current conditions of business activity plummeting, dragging recession, and increasing turbulence. This article presents an exploratory research aimed at solving the issue of improvement of some elements of the institutional environment of the financial sector. Additional relevancy and novelty of the research are stemming from the growing processes of digitization, virtualization and technocratization of the monetary economy resulting in the transformation not only of the objective economic reality but also of its subjective perception by businesses. The originating new space-time paradigm of the monetary reality characterized with absence of any territorial or state borders of the financial flow movement, substantial escape of money from the material world to the virtual one, requires a fundamentally new approach to the understanding of the establishment and functioning of the institution of money. It is of great importance to research the mechanisms and means of coordination of economic agents in the business environment stipulating a transfer from a vertical management type to a horizontal one primarily based on the fiduciary character of cooperation. The results received within the framework of the article will enable raising the efficiency of functioning of the monetary institutions of the Russian economy to entail growth of their resilience to the global economic challenges of the modern times and facilitate an increase in their competitiveness in the global world community.


Digital money Digital paradigm Electronic money Institution of money Money 


  1. 1.
    Aglietta M (2006) Currencies: between violence and trust. State University Higher School of Economics, MoscowGoogle Scholar
  2. 2.
    Cattelino JR (2018) From locke to slots: money and the politics of indigeneity. Comp Stud Soc Hist 60(2):274–307. Scholar
  3. 3.
    Chadha JS (2018) Of gold and paper money. Manch Sch 86:1–20. Scholar
  4. 4.
    Coelho F, Pereira MC (2018) Mindfulness, money attitudes, and credit. J Consum Aff, 34–45.
  5. 5.
    Cutts TRS (2018) Modern money had and received. Oxf J Leg Stud 38(1):1–25. Scholar
  6. 6.
    Fontana G, Passarella MV (2018) The role of commercial banks and financial intermediaries in the new consensus macroeconomics (NCM): a preliminary and critical appraisal of old and new models. Alternative approaches in macroeconomics: essays in honour of John McCombie, pp 77–103. Scholar
  7. 7.
    Fukuyama F (2004) Trust: the social virtues and the creation of prosperity. AST, Ermak, MoscowGoogle Scholar
  8. 8.
    Hendrickson JR, Salte AW (2018) Going beyond monetary constitutions: the congruence of money and finance. Q Rev Econ Financ 69:22–28. Scholar
  9. 9.
    Hodgson J (2003) Economics and institutions: a manifesto for a modern institutional economics. Business, MoscowGoogle Scholar
  10. 10.
    Holt JP (2017) Modern money theory and distributive justice. J Econ Issues 51(4):1001–1018. Scholar
  11. 11.
    Keynes JM (1930) A treatise on money. The pure theory of money. MacMillan, LondonGoogle Scholar
  12. 12.
    Kudryashova (2018) IV World currencies: comparative analysis in context of monetary functions. World Econ Int Relat 62(8):26–34. Scholar
  13. 13.
    Lawlor-Forsyth E, Gallant MM (2018) Financial institutions and money laundering: a threatening relationship? J Bank Regul 19(2):131–148. Scholar
  14. 14.
    Liu Q, Li K (2018) Decentration transaction method based on blockchain technolog. In: Proceedings of 3rd international conference on intelligent transportation, big data and smart city, ICITBS 2018, pp 416–419.
  15. 15.
    Mario S, Eugenia C (2018) Rethinking money as an institution of capitalism and the theory of monetary circulation: what can modern heterodox economists/institutionalists learn from Karl Polanyi? J Econ 52(2):422–429. Scholar
  16. 16.
    Miller RR (2000) Modern money and banking. Infra-M, MoscowGoogle Scholar
  17. 17.
    Mitchell WC (1896) The quantity theory of the value of money. J Polit Econ 4(2):139–153CrossRefGoogle Scholar
  18. 18.
    Mises L (2005) Human action: a treatise on economics. Society, ChelyabinskGoogle Scholar
  19. 19.
    Moss M (1996) Ocherk o dare. Vostochnaya literature Publisher, MoscowGoogle Scholar
  20. 20.
    Paech P (2017) The governance of blockchain financial networks. Mod Law Rev 80(6):1073–1110. Scholar
  21. 21.
    Penkova IV, Korolev VA, Butenko ED, Glazkova IY, Eldarov SK (2018) Crypto currencies as a modern financial tool of digital economy: global experience of state regulation. Adv Intell Syst Comput 726:326–334. Scholar
  22. 22.
    Polanyi K (2006) The great transformation. State University Higher School of Economics, MoscowGoogle Scholar
  23. 23.
    Simmel G (1978) Philosophy of money, BostonGoogle Scholar
  24. 24.
    Vujičić D, Jagodić D, Randić S (2018) Blockchain technology, bitcoin, and ethereum: a brief overview. In: 17th International symposium on INFOTEH-JAHORINA, Infoteh. Proceedings 2018, pp 1–6.
  25. 25.
    Vymyatnina YV, Grishchenko VO, Ostapenko VM, Ryazanov VT (2018) Financial instability and economic crises: lessons from Minsky. Ekonomicheskaya Politika 13(4):20–41. Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • M. E. Konovalova
    • 1
    Email author
  • O. Y. Kuzmina
    • 1
  • S. Y. Salomatina
    • 1
  1. 1.Samara State University of EconomicsSamaraRussia

Personalised recommendations