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ID number:771952
Published: 16.11.2018.
Language: English
Level: College/University
Literature: 24 units
References: Not used
Table of contents
Nr. Chapter  Page.
  Introduction    3
1.  History of money    4
2.  Money supply    5
3.  Types of money    6
3.1.  Commodity    6
3.2.  Fiat    6
3.3.  Coinage    6
3.4.  Paper    6
3.5.  Electronic or digital    6
4.  Functions of money    7
4.1.  Measure of value    7
4.2.  Medium of exchange    7
4.3.  Means of accumulation and savings    8
4.3.1.  Gold reserve    9
5.  Money in Latvia    10
5.1.  Bank of Latvia    10
5.1.1.  The banking sector in figures    10
6.  Modern money    12
6.1.  Plastic cards    12
6.1.1.  Bilateral and multilateral system    12
6.1.2.  Credit and debit cards    12
6.2.  Plastic cards in Latvia    13
6.2.1.  Payment card statistics as of 31.03.2015    13
6.2.3.  Number of payment cards and ATM as of 31.03.2015    14
7.  The role of money in the economy    16
  Conclusions    17
  Bibliography    18

Analysing done work, it is essential to repeat again that in the modern economy money plays significant role. Appeared thousands years ago, it always stays same important until nowadays. It means that money will never lose the role that plays.
Looking into history, it may be assumed that in the future the money will somehow modify, but argue that they someday will disappear- impossible. People will always need money.
Money is money, because the government declared them legal tender. Government, issuing banknotes does not guarantee that their return it for any other commodity, such as gold, as it was before, since gold has ceased to play the role of money in the modern economy:
• Value of the goods does not depend on gold;
• Gold can not perform the function of accumulation (no exchange gold for money)
• Gold does not function as a payment;
• Gold can not perform the functions of money in the international exchange.
Despite the fact that gold has no functions of money, nearly every country has a gold reserve. Currently, the gold reserve is part of the gold and currency reserves, acting as anti-crisis reserve and stabilization of the national currency. Furthermore, since gold can be used at any time as a means of payment, big gold mean greater economic independence.

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