voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2020-3-141-150voprecotest-2747Research ArticleРАЗМЫШЛЕНИЯ НАД КНИГОЙREFLECTIONS ON THE BOOKПанорамный взгляд на эволюцию денежно-кредитных систем (О книге С. А. Андрюшина «Денежно-кредитные системы: от истоков до криптовалюты»)A panoramic view on the evolution of monetary systems (On the book by S. A. Andryushin “Monetary systems: From origins to cryptocurrency”)https://orcid.org/0000-0002-2066-7633СтолбовМ. И.StolbovMikhail I.

Столбов Михаил Иосифович, д. э. н., завкафедрой прикладной экономики

Москва

Moscow

stolbov_mi@mail.ruМГИМО МИД РоссииРоссияMGIMO UniversityRussian Federation20201003202003141150Copyright © Voprosy Ekonomiki, NP, 20202020Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2747

Какова ключевая движущая сила развития денежно-кредитных систем в длительной исторической ретроспективе? Основываясь на обширном историко-экономическом материале и результатах современных исследований, С. А. Андрюшин показывает в своей монографии, что таковой выступает противоборство тенденций к их централизации и децентрализации. В статье рассмотрены аргументы за и против данной точки зрения. В частности, вы двигается тезис о том, что обе тенденции необходимо изучать в контексте сопутствующих политико-экономических факторов и институциональной среды. Поэтому ни централизованные, ни децентрализованные денежно-кредитные системы сами по себе не гарантируют финансовую стабильность и оптимальность монетарной политики, и движение к децентрализации посредством внедрения цифровых валют вряд ли можно считать достаточным для исправления «провалов» современной денежно-кредитной системы.

What is the driving force of the evolution of monetary systems in the longrun? Based on an in-depth analysis of economic history and the findings of contemporary studies, Prof. S. Andryushin argues that it is the perpetual rivalry between centralization and decentralization. This article juxtaposes arguments for and against such a viewpoint. In particular, I assert that centralization or decentralization per se cannot safeguard financial stability, nor secure optimality of monetary policy. Both trends need to be assessed alongside with concomitant political and economic factors as well as institutional environment. Against this backdrop, the ongoing trend towards decentralization associated with cryptocurrencies is so far unlikely to remedy all the drawbacks of the contemporary monetary system.

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The authors declare that there are no conflicts of interest present.