The Concept of Monetary Circulation as an Object of Financial and Legal Regulation

Abstract

The article examines the concept of monetary circulation as an object of financial and legal regulation and reveals its significance for ensuring the stable functioning of the national economy. It is substantiated that money is the fundamental element of the economic system, performing the functions of a measure of value, means of circulation, payment and accumulation, and therefore requires clear legal regulation. It is proved that effective financial and legal regulation of monetary circulation is a necessary condition for maintaining the stability of the national currency, ensuring an adequate level of the population's purchasing power, and implementing the state's economic policy. The article analyses scholarly approaches to understanding the category of "monetary circulation" as well as the etymology of the concepts of "money" and "circulation". It is established that modern financial and legal doctrine lacks a unified approach to defining the essence of monetary circulation, although most scholarly concepts associate it with the movement of funds in the course of economic activity. Based on the generalisation of scholarly positions, the author proposes a definition of monetary circulation. The main features of monetary circulation as an object of financial and legal regulation are identified.