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Digital Transformation of the Economy: Challenges, Trends and New Opportunities pp 315–328Cite as

Transformation of the Institution of Money in the Digital Epoch

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Part of the book series: Advances in Intelligent Systems and Computing ((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.

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Author information

Authors and Affiliations

  1. Samara State University of Economics, Samara, Russia

    M. E. Konovalova, O. Y. Kuzmina & S. Y. Salomatina

Authors
  1. M. E. Konovalova
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  2. O. Y. Kuzmina
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  3. S. Y. Salomatina
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Corresponding author

Correspondence to M. E. Konovalova .

Editor information

Editors and Affiliations

  1. Department of Applied Management, Samara State University of Economics, Samara, Russia

    Svetlana Ashmarina

  2. School of Accounting and Administration, Polytechnic Institute of Porto, São Mamede de Infesta, Portugal

    Anabela Mesquita

  3. Institute of Technology and Business, České Budějovice, Czech Republic

    Marek Vochozka

Annexure A

Annexure A

See Table 4.

Table 4. Transformation of money forms in the course of the evolution of the world currency system
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Konovalova, M.E., Kuzmina, O.Y., Salomatina, S.Y. (2020). Transformation of the Institution of Money in the Digital Epoch. In: Ashmarina, S., Mesquita, A., Vochozka, M. (eds) Digital Transformation of the Economy: Challenges, Trends and New Opportunities. Advances in Intelligent Systems and Computing, vol 908. Springer, Cham. https://doi.org/10.1007/978-3-030-11367-4_31

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