Debatable Issues of the Central Bank’s Emission Function in the Conditions of the Modern Monetary System

The relevance of the topic of this article is due to the existing contradiction between the essence of the modern (nationalmarket) monetary system and the practical structure of the banking system, within which the central bank performs the issuing function.

The novelty of the question posed in the article consists in the argument that the central bank within the framework of the national market monetary system should be positioned only as a producer of various legal platforms for the number of monetary units, and not as an issuing authority.

The subject of the study is the issue function of the central bank, which it performs in the same way as in the previous (gold-standard) monetary system, without paying attention to the fundamental difference in its status within these systems.

The purpose of the article is to argue for the unjustified nature of the central bank’s emission function in modern conditions. As a result of the conducted research, through the use of methods of analysis from general to particular, deduction and induction, unity of historical and logical, organic consistency in the disclosure of material and a number of other scientific methods, the article concludes that since the increase in the volume of money on the market is due to the creation of national gross income, and not due to the increase in confidence in the authority of the central bank or an increase in the volume of its assets, the cash produced by the central bank, they should be positioned as a national (common) belonging of the market (country), and not as its private property. Based on their positioning, these funds should be put into market circulation on a compensatory, and not on a commercial basis.

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