Select a country and analyze the banking and financial system of that country. Locate a recent article (published within the last year) that discusses a selected country's banking and financial system.1) Analyze your chosen country's banking and financial systems?2) Describe how money is measured in your chosen country?3) Discuss the evolution of money over time as it pertains to your selected country?4) Describe the process used by the banking system to create and destroy money?

Explanation:

Ans) The financial and banking system in the US is complex in nature, with the existence of different types of banking institutions that work almost in the same manner. Dual banking system exists in the United States in which state banks and national banks are chartered and supervised at different levels. A huge variety of banks and financial institutions exist in US such as; Retail banks, Commercial banks, Credit Unions, Savings Banks, Savings and Loans associations, Online Banks, Mutual Banks, Central Banks. These banks and and any other banking institution is chartered and regulated under the federal law and state laws and federal agencies.

The nature of working of these banks is in a way similar to any other country's banks, they make the most out of the deposits, which they then roll it out in the market, lending the money, financing and so on and in return earn interests on it. It is basically a key to make more money with the deposits and reserves being rolled out.

In regards to the measurement of money, Federal Reserve actually measures the U.S. money supply in a few different ways such as M1 which is the most liquid form of currency available. It includes currency in circulation, though not the currency which is held in the U.S. Treasury, Federal Reserve banks, and bank vaults. It includes all traveler's checks and domestic checking account deposits, including those that pay interest. However, checking deposits held in U.S. government accounts and in foreign banks are not counted.

Another form of measurement is the M2 currency that includes everything in M1. In addition to that avings accounts, money market accounts, and money market mutual funds, along with time deposits under $100,000 are taken into account. It does not include any of these accounts held in IRA or Keogh retirement accounts. Previously, a concept of M3 was also available, but now M3 is not used to measure money.

The currency of America has a long history, which has its roots from the late 1700's. In 1775 currencies in the form of continental notes were printed and in 1792, coins were first minted. These were the original gold coins of 2.5, 5, 10 dollars. The delivery of first minted coins consisted of 11178 copper coins. In 1862 Bureau of Engraving and Printing came up with the concept of Demand notes which was the first paper currency. In 1863 fractional currency notes, worth 5 10 25 50 cents were issued. In 1886 Martha Washington appeared on $1 silver certificate, the only woman who appeared. In 1929 the size of the paper money was reduced. In 1934 the largest bill was issued of 100000 gold certificate. In 1991 the BEP added micro printing and translucent security threads to the currency to deter counterfeiting. In 1996 BEP rolls out the biggest redesign since 1929. And recently in 2013, $100 gets a redesign which contained 2 advanced features, 3 D security ribbon and bell in the linkwell.

The Federal Reserve being the central bank of the United States and one of the most influential economic institution in the world holds one of the key responsibilities to set out in the Fed's charter, that is the management of the total outstanding supply of U.S. dollars and dollar substitutes. Fed is responsible for creating or destroying billions of dollars every day.

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