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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)

Abstract

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.

Keywords

Digital money Digital paradigm Electronic money Institution of money Money 

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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

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