MONEY CIRCULATION OF OLBIA PONTIUS AT THE FINAL STAGE OF CITY’S HISTORY

The aim of the study is to explain the unusually high for provincial city percentage of Roman denarii among the coins of ancient Olbia. Research methodology – principles of science, historicism, objectivity, generalization, historical-genetic and historical-typological. Scientific novelty. Some researchers of Olbia connected the final stage of its history with presence of barbarians, carriers of the Chernyakhiv culture (the second third of 3rd – the beginning of 5th c., the dominant population – the Goths). Other researchers believed that the material culture of the city retains its ancient character to the end. Modern analysis of finds from the late Roman layers of Olbia and its surroundings demonstrates undeniable Chernyakhiv analogies and shows the inclusion of the city in political and economic system of barbarians. The truth of this statement can be verified by comparing the numismatic materials of Chernyakhiv culture and Olbia of Roman times. In the area of this culture within the borders of former USSR, finds of more than 26 thousand Roman coins have been recorded. Coins modern to this culture (3rd – 4th c.) are a minority, and 78,7% are represented by earlier silver denarii of the 1st – 2nd c. The barbarians received these denarii from Rome as military contributions and subsidies or wage to military units. Some coins were put into circulation for internal payments. P. Karyshkovsky made statistical calculations of coins of the 1st – 4th c. from Olbia and found some local peculiarity. Unlike other ancient cities of Northern and Western Black Sea coast, among the Roman and provincial coins found in Olbia, the majority are denarii of the 1st – 2nd c.: 53,5% of finds. However, in Histria city (Western Black Sea Coast) denarii make only 17,3%. The peculiarity of Olbia collection can be explained by the history of this city. After the Gothic conquest (between the late 250s and early 270s), Olbia was reborn as small fortified town, a trade and craft center inhabited by Goth barbarians. The distribution of coin finds from the second half of 3rd to the beginning of 5th c. corresponds to the situation in Chernyakhiv culture. Issues of coins of that time came to its population in small quantities. However, the barbarians owned a large mass of old denarii of 1st – 2nd c. Some of them fall into the cultural layer of Olbia, which creates a false picture of money circulation of the city in early Roman times. The percentage of such denarii in Olbia without the participation of the later “Chernyakhiv” addition should be close to the percentage of denarii in Histria (17,3%). Conclusions. A feature of the money circulation of Olbia in Roman times is relatively large number of finds of denarii of the 1st – 2nd c. This can be explained by the fact that in the third quarter of 3rd c. the city was included into political and economic system of Chernyakhiv culture, where the main currency was the silver denarii of the 1st – 2nd c., which by that time were out of circulation in the Empire. The Olbia collection of Roman coins should be divided into the “Ancient” and “Chernyakhiv” (or “Late Antique”) periods, and the latter, in addition to coins of the second half of 3rd – 4th c., contains most of the denarii of the 1st – 2nd c.

Methodological principles of systematics of recreational goods

The article presents an overview of modern directions and approaches to systematics of recreational resources (goods). The purpose of our study is to develop methodological principles of systematics of recreational goods, taking into account their subject specificity and modern research approaches to the systematics of natural, historical, cultural and socio-economic conditions and resources. The article has been used development by domestic and foreign scientists, as well as preliminary author’s studies. Working-out of a scheme of recreational goods systematics took place on the basis of a dialectical approach, which requires all phenomena and processes in their development, interconnection, and interdependence. The article presents an overview of modern directions and approaches to the systematics of recreational goods and provides a general methodological scheme of systematics of recreational goods. The proposed scheme includes the division of recreational goods to natural, cultural and historical and socio-economic, as well as directions of use by recreational goods – public, collective and personality. The intersections of these categories are marked by the main methodological approaches to the evaluation of recreational conditions and recreational resources. For each direction of the classification and systematics of recreational goods, it is necessary to develop methodological principles and methodological means of inventory and assessing the corresponding combination of recreational conditions and resourceswith forms of use by recreation goods. Such justification also requires enclosed blocks of recreational conditions and resources and social varieties of use. Recreational conditions and resources of public usage are available for all users without restrictions of property rights; they are considered as global civilization goods as the “property” of the world community; they do not have the content of the goods and do not form appropriate market relations, as a rule, a global or regional spatial scale. Recreational conditions and resources of collective usage form natural and geographical objects and phenomena with different forms of ownership (state, corporate) and collective (group) use. They can be shared by common goods, do not have a form of commodity and not take part in market commodity- money circulation. Recreational conditions and resources of individual usage are private or group property of vacationers. They remain outside the economic assessment, but can also form their market environments with competitive relations and be objects of commodity-money circulation.

New «Old» Institutionalisation of Money Circulation in Post-Soviet Russia

For the study of the institutionalization of money circulation in post-Soviet Russia, an institutional-evolutionary approach was used, based on the ideas of Thorstein B. Veblen and Joseph A. Schumpeter, as well as John R. Commons. The object of the analysis was the institutional structures of money circulation, which are the most significant from the public interest point of view. The paper compares the results of the institutionalisation of money circulation in the USSR and post-Soviet Russia. Particular attention is paid to the analysis of transitional periods. In transitional periods there was a rejection, filtration, and correction of institutional forms of money circulation in terms of their compliance with public goals to develop the country's socio-economic system. The following features of the institutional design of the Soviet model are identified: first, the presence of a single-link, a hierarchical, centralized banking system with the concentration of the entire payment turnover system in the State Bank of the USSR; second, the existence of a "three-circuit system" of money turnover with cash for servicing the turnover of consumer goods, non-cash money for industrial consumption (investment) and convertible rubles for international export-import payments; third, the division of money turnover was supported by the creation of special banking institutions for servicing each of them, controlled by the State Bank of the USSR - the "State Labour Savings Banks", "Stroybank" and "Vneshtorgbank", respectively; fourth, the institutions of money circulation were an internal element of the system of the planned national economy of the USSR and were organically integrated into it. The institutionalisation of money circulation in post-Soviet Russia is characterized by the presence of new (albeit previously represented in the history of our country) institutions and has the following features: first, a two-tier banking system, the upper level of which is represented by the Central Bank of Russia, and the lower level is represented by banks and non-banking credit institutions; second, organizations of various forms of ownership operate in the sphere of money circulation, while state forms of ownership are playing an increasingly significant role; third, there is a stock exchange where stocks, bonds, currencies and other instruments of the money market are traded. The official exchange rate set by the Central Bank of Russia is based on stock quotes; fourth, the Federal Treasury operates to mediate the movement of budgetary funds. An additional element of control over their use is the introduction of "treasury accounts", to which budget funds are transferred and from where they are used for the implementation of state development programs. As a result, one can see that the process of institutional renewal of money circulation in post-Soviet Russia is associated with the return to a number of institutions characteristic of pre-revolutionary and Soviet history. Therefore we can talk about a new "old" institutionalisation of money circulation in post-Soviet Russia. The main vector of changes in recent years is associated with the increasing recognition of the social significance of this sphere, serving the public interest. A forecast has been made that state control over the processes of money circulation in modern Russia is likely to increase.

Changing the Paradigm of the Monetary System from Centralization to Decentralization

The features of the development of the centralization of the monetary system are considered and the possibility of its decentralization as a result of the development of blockchain technologies is determined. Th e necessity of transition to a new paradigm, in which the role and signifi cance of the decentralization of the monetary system will increase, is emphasized. New technologies of money circulation are refl ected and the possibilities of integration of centralized and decentralized monetary systems are established.

Ancient city type settlements of Lowland Karabakh

The archaeological research indicated a large number and significant density of settlements of different times on the territory of Azerbaijan, which is mainly due to the fact that there were all the necessary conditions for the emergence of settlements. The decisive condition for their emergence has always been the presence of certain material prerequisites for life, as well as the possibility of defending a given area. The analysis of archaeological materials draws a picture of life in the cities of Albania in the period of antiquity. These cities were administrative and trade and craft centers with developed money circulation. In the cities of Albania, such types of handicrafts as pottery, metallurgy and metalworking, jewelry, glass making, as well as weaving and leatherworking were developed. In their development, a significant role played the trade routes of that time passing through the territory of Albania, one of which was the waterway along the Kura River. Keywords: Albania, Karabakh, cities, base of column, defensive walls

Debit and Credit Cards: Money Velocity Risks

Payment system innovations as the efforts to meet the people’s needs have recently risen several new non-cash-based payment instruments, such as card-based payment transactions. The upheaval of card-based non-cash transactions has indirectly shifted the role of cash in the society. This research aims to see the effect of cards as payment instruments represented by both debit and credit cards on money velocity in Indonesia within the period of 2016M1 to 2020M6 using the VECM (Vector Error Correction Model) analysis method. The research findings show that long-run card-based payment instrument has a significant effect on money circulation in Indonesia. It means that money velocity in Indonesia is not constant. Money velocity is a key concept in monetary theories and an important element for monetary analysis. Therefore, it is important for central bank to monitor and understand the money velocity trends to provide long-term benefits. The research findings are also expected to provide an additional insight to policymakers, especially central bank as monetary authority doe to the possibly occurring risks caused by the money circulation instability in economy.

Formation of a New Economic Model in the Post-Stalinist Soviet Union

Introduction. The article is devoted to the change of economic model in the post-Stalinist USSR. It considers measures through which this model was implemented, its consequences, features and social results are distinguished. Materials and Methods. The results of research are based on statistic of the USSR State Bank and analytical reports of experts published in the issues of edition “On the pages of archival funds of the Central Bank of the Russian Federation”. The author examines the dynamic and problems of money circulation, the social and economic contradictions generated by them. Results. The transition to the inflationary model began with a political course to reject from limiting population monetary income. In 1953–1970, in various forms, the monetary incomes of citizens, including the rural population, low-income, socially unprotected, were significantly increased. These measures led to negative processes in money circulation, to which experts of the State Bank drew the attention of the country’s leadership for a long period. Among them there were: the monetary growth, outpacing the growth in the production of consumer goods and the possibilities of goods turnover; the growth of public deposits in savings bank reflecting unmet demand for consumer goods; the use of public deposits to maintain the solvency of the country’s budget; increasing of the emission. Discussions. The inflationary economic model, implemented in a centralized planning system, had visible features. First, inflation in this model was not accompanied with price increases; secondly, the emission of money was the base for raising the standard of living of the population; thirdly, in this model the social stratification between ordinary citizens and the elite was intensified; fourthly, with transit to the inflationary model the shadow economy got the development. Conclusion. The transition in the USSR to an inflationary economic model improved standards of living in the USSR but predetermined the inevitable economic crisis in the foreseeable future with a high probability of the destruction of socialism.

The «Plaiting» on the Lithuanian and Lithuanian-Rus Coins of the XIV Century

The article is devoted to the problem of the «plaiting» presence on the Lithuanian, Lithuanian-Rus and the Golden Horde coins of the 14th century. The coins with portrait and the beast lion (or the leopard) with a «plaiting» over its head and the coins with the beast lion (or the leopard) with a «plaiting» and Arabic (or Cyrillic legend (?)) are analyzed. The Kyivan Rus coins of Vladimir Olgerdovich (1362—1394) with princely sign and «plaiting» (around which is the inscription with the name of the prince) and the Golden Horde coins with «plaiting» are also examined. Many researches associate the «plaiting» with the Tatar «tamga», and the coins with such a symbol might have indicated the Golden Horde dependence. However, this ornament («ornamentum monetale» by Ch. M. Fraehn) may have a special meaning related to the Juchid monetary coinage. The Golden Horde coins with «plaiting» were the most important instrument of payment and taxation realization on the greater part of the Lithuanian and Lithuanian-Rus principalities. After the Syni Vody River battle of 1362 many the Golden Horde centers and trade routes in the basins of the Dnipro, Dnister and Southern Buh rivers were significant sources of the monetary silver arrival. Many qualitative (also with «ornamentum monetale» — «plaiting») silver coins of Abdallah Khan (1363—1370) and Muhammad Bulaq Khan (1370—1380), were minted in the western mints of the Mamai Horde (Azak, Ordu, Shehr al-Jedid). The silver coins of the Golden Horde were the source for the oldest Lithuanian and Lithuanian-Rus coins and bars of Olherd (1345—1377) and his sons. The oldest Lithuanian and Lithuanian-Rus coins made of approximately 900-standart silver corresponded to silver coins of the Golden Horde. The Golden Horde silver coins (also with «ornamentum monetale» — «plaiting») are one of the most constant parts of money circulation in Ukrainian territories of the Grand Duchy of Lithuania from the 1360-ies till the first quarter of the 15th century.