1.1. The evolution of the global monetary system as a factor development of the international monetary and financial relations

International monetary system-enshrined in international agreements, a form of organization of monetary and financial relations, which operate independently or serving the international movement of goods and factors of production[7].

Monetary and financial system is a necessary step to promote international trade in goods, financial instruments and the movement of factors of production. It consists of two elements. Currency components of the system is the national currency, the terms of their mutual convertibility and circulation, exchange rate parity, exchange rates and national and international mechanisms of its regulation.

Financial elements of the system are the international financial markets and trading mechanisms to specific financial instruments – currency, securities, and loans.

Independent element of the international financial system is the international settlements, serving as the movement of goods and factors of production and financial instruments.

International financing mechanisms are key elements of macroeconomic adjustment, which is carried out in the country's open economy.

Currency is divided according to its membership to:

– the national currency – legal tender in the issuing of countries;

– foreign currency – legal tender in other countries, used in that country.

Classifications can be varied for different characters, in order to achieve the objectives of the study relevant is the following: reserve currency – the currency in which the state held its liquid international reserves used to cover the negative balance of payments.

Generally accepted in the world currency, which is accumulated by central banks in foreign exchange reserves. It serves as an investment asset, is a method of determining the exchange parity used as a tool of foreign exchange intervention, if necessary, as well as for the central bank for international settlements.

The most important characteristic is the degree of currency convertibility them – the ability of residents and non-free and unrestricted exchange and use in transactions with real financial assets.

From the standpoint of balance of payments is convertible for current transactions, capital transactions and complete, and in terms of residents – domestic and foreign.

The classification of exchange rate systems based on what is recognized as a reserve asset, that is, with the help of an asset can be settled by the imbalances in international payments. By this criterion standard monetary systems are divided into gold, gold exchange, devising. During different periods of history such assets were gold, the dollar convertible into gold at a fixed rate, any currency accepted for international payments, but above all, freely usable currencies.

The gold standard was based on the formalization of the countries of the gold content per unit of domestic currency liabilities of central banks buy and sell domestic currency in exchange for gold. Gold exchange standard based on the officially established fixed parities of currencies against the U.S. dollar, which in turn was convertible into gold at a fixed rate. The main features of the standard devising lies in the fact that countries can use any system of exchange rates of their choice – a fixed or floating, established unilaterally or through multilateral agreements. The IMF has the authority to oversee the development of exchange rates and arrangements for their establishment. Abolished the official price of gold, and eliminated its role as the official means of payment between the IMF and its members. As an additional reserve asset, special drawing rights (SDRs).

With the development of foreign economic relations and formed the world monetary system as a form of currency relations governed by the national currency laws and interstate relations. The main element of the monetary system of each country is its national currency[8]. Features of the world monetary system and principles of its construction are closely related to the structure of world economy. It is obvious that a change in its structure has evolved and the world monetary system and, consequently, are modified and improved its basic elements:

– the functional form of world money;

– terms of convertibility;

– modes of exchange rate parities and exchange rates;

– the level of foreign exchange regulation and the extent of foreign exchange restrictions;

– unification of the forms of international payments.

The development of the world monetary system is a spiral with a gap of several decades. In the domestic economy, the monetary systems have evolved from the gold coin standard to a gold bullion and gold exchange, and from him – a paper-credit treatment. Evolving global monetary system has moved to the next stage, called the Jamaican system. It was arranged by agreement of member countries by the International Monetary Fund (IMF) in 1976 in Kingston, Jamaica[9], in which formed the basic principles of a new monetary system, embodied in April 1978 in the second amendment to the Articles of Agreement of the IMF. These principles, which are today, are as follows:

– the abolition of the official price of gold was legalized demonetization of gold, but, nevertheless, thanks to the real values of gold, followed by continued extraordinary role of world money and reserve assets;

– gold exchange standard was replaced by a standard SDR, which formally declared the foundation of currency parities, but in practice did not become a standard of value, the main payment and reserve funds;

– instead of a fixed exchange rate of the country officially since 1973, switched to a regime of floating exchange rates, but were able to choose a fixed or floating exchange rate;

– the IMF has the authority to supervise the development of hard currency and the establishment of agreements.

Problems of Jamaican currency system very quickly appeared in the imperfection of floating exchange rates. Moreover, the problems encountered have exacerbated the financial and currency crises. The need to coordinate national action for overcoming the crisis led global economic community to re-evaluate the role of international financial regulators to harmonize the policies of different countries in the field of monetary relations. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[10], was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has considerably decreased, forcing the governments of several countries in the band to do disruption reconstruction of the whole system of currency regulation.

The IMF has not coped with the task of predicting the crisis of early shocks. Although this program was developed jointly with the World Bank, IMF, passively watching the change in the macroeconomic cycle – the transition from boom to slower growth of bank lending in the financial market and detachment from the real economy, especially in developed countries, particularly the U.S., which led to the global financial and economic crisis[11].

In economic theory, international monetary relations issues remain unchanged. Over the years, changing only the answers[12]. Like the philosophical notion of substance, dualistic in nature. The inner essence of a stable core and the outer reflection of it in our time, so all knowing “dig” to the bottom of the rod, and starts searching with the external reflection, effortlessly accessible to every listener.

To effectively solve problems of macroeconomic management, on the one hand, the actions of the Central Bank of the Russian Federation should be characterized by independence and consistency. On the other hand, measures in the monetary are a must be accompanied by adequate fiscal policies[13].

As rightly pointed out Frederic Bastiat «you cannot give money to some members of the community but by taking it from others»[14] cash equivalent because this is the existing opportunities, money is their “mirror image”, and, therefore, imperative redistribution of opportunity or the cost of moving simply changing the terms without affecting the sum.

Friedrich Hayek in his work «Denationalization of Money»[15], brought the idea of the possible effect of providing entrepreneurs the possibility of emission of money, the value of which would be stable, which gave confidence to the calculations by contractors, in the absence of inflation, but this innovation cannot be realized, because of the contradictions of nation-building basics. Through its implementation of public budgets will suffer financial losses, there will be inefficient reallocation of public goods. And if all the international community is committed to a single, centralized currency, this concept is its centerline, while the idea of a stable value is very attractive.

Tabl. 1

The main stages of the global monetary system

Compiled from: Батманова Е.С. Томилов П.С. Мировая экономика и международные экономические отношения. Екатеринбург. Издательство ГОУ-ВПО УГТУ-УПИ. 2005. С. 85.

1.2. The essence and form of international payments. Government regulation of international payments

Current international monetary and financial relations include the operations of different nature – from payments for goods and services before payment for the provision and maintenance of international loans, transfers of pensions and salaries to sales and purchases of foreign securities and property[16].

Psychological basis of any human activity is the mechanics of the human psyche, which pushes him to recognize the needs, demands satisfaction, and the person on the basis of their theoretical knowledge and life experience of exploring ways to achieve the goal. This happens through his own motivation, or on the basis of external stimulation, which occurs as a result of burdening the public property needs.

Given that the efficiency of the closed system inferior to the open, meeting the needs of the entire complex is more expedient to implement jointly, that is to give your needs the element of publicity. At least for a few subjects and on the basis of separate contributions to achieve the result by mutually beneficial structural interdependence[17]. The mechanics of achieving this result is based on the exchange in particular and multifaceted cooperation through the division of labor in general.

The ability of individual actors – the most stable element of their economic activity, in view of the commodity offered to exchange them, showing them a professional, industry specialization. Thus, already being a prerequisite to commodity exchange or barter. However, a more efficient exchange on the basis of a universal equivalent of a multiple product of each subject in the form of “money that goes with the merchant”[18], whom in modern economic relations serves the monetary unit, money. However, this issue remains unresolved even today in the field of international cooperation and solved in a specific situation or more constant in some sectors of economic cooperation.

The world and its phenomena are dynamic, if at first glance, it seems otherwise, it is necessary either to change the lens, or just look at a different angle. To maintain the momentum of the dynamics in economic relations, but mostly for her influence on a public entity governed by the calculated ratio of participants. Every sovereign in its territory shall have the power to establish its own unit of account, the currency in which there shall be canceled and liabilities. Part 1[19], Art. 75 of the Constitution of the Russian Federation shall establish circulation in the Russian monetary unit of the Russian Federation granted the exclusive right to issue ruble Russian central bank to ban the introduction of other money. External essence of money is being used for correspondence of mutual obligations, to implement the “exchange opportunities”[20], as wrote Carl Menger. The inner essence of the concentration of labor, the expression of what they are in the form of purchasing power, the “price of money”[21] as refined J.A. Schumpeter.

Performing a logical ascent from mental image to a man to institutional education, to the sovereign state, and being fixed at an intermediate stage – the world community, promote mutual problem needs economically active subjects remains valid. For “movement is life” and human activities on behalf of the individual, society and the purpose and means of subsistence, as Ludwig von Mises wrote in his book “Human Action. A Treatise on Economics”[22]. Thus, the calculations, as a catalyst for the movement are the object of attention of all participants in community activities and are worthy of a comprehensive study of the scientific community, in particular in the spectrum of the mechanics of their conduct.

In the legal field, the obligation arising from attempts to satisfy the immediate need, the subject of law contradistinguish contractor generates a chain of activities on the “domino effect” from the counterparty to the counterparty. Continuity, stability, completeness of each act of this activity is important for the international community, in view of universal interconnection and interdependence, in order to avoid a negative result from the “butterfly effect” is able to break out. Assessing the prospects for the future, it would be foolish to give much weight to things, uncertain[23].

In the material world match the actual set of circumstances under the influence of events and actions previously agreed plan indicates the proper performance of mutual obligation that generates confidence in this subject, and strengthens its intangible asset called reputation. Similarly, in physics, developed a theory that the hypothesis, the assumption by the actual evidence, a single point of coincidence of the hypothesis with the actual reality of nature, becomes a theory, and exists as long as there is no other confirmation of the hypothesis refuted.

To explain the same set of experimental data can be offered different theories. Check them with the output of these effects, which are available testing experience. The content of these consequences should be different from the content of the data used in constructing the theory. If such effects do not withdraw, then the theory is fundamentally unverifiable[24]. “Nothing comes from nowhere and does not disappear”. Describing the practice entrepreneur J.A. Schumpeter coined the term “neue Kombinationen”[25]. A person is in principle an employer only if it “carries neue Kombinationen” – it ceases to be such when they established the “case” will continue to operate within the circuit. That is, the entrepreneur provides practical innovation. If his idea is successful, the economic actors who have less marked the beginning of a creative appreciate it. According to George A. Akerlof are naturally the first entrepreneurs to become merchants who have skill to determine the quality of inputs and to certify the quality of the finished product[26]. There is a natural introduction of the idea of the inner world of business with the potential employer, and they interpret the innovation, organizing commercial “case”. Globalization of economic space allows creative individuals to gain access to information resources around the world and generate any actual ideas. Business entities to choose innovative projects and implement them in any area, from their point of view, the most commercially friendly.

Production, as is known, is the interaction of various factors[27] for the implementation of any neue Kombinationen connection is required, the combination, the coordination of individual factors, not always, or rather even not always located in the possession of a businessman, acting in their subject, whether public, public interest , which also stimulated by the global economic cooperation.

As part of the global economy lasting processes, but rather “the direction and degree of change in national economic life of the set of elements compared to the previous point”[28], called the market conditions are “business processes” global and global crises points and starting end of the previous economic cycle.

To fully participate in this “game” called the international economic cooperation, however, as to begin a local business from the subject required his personal attachment to its nature depends on its role and the remuneration for their participation. The ultimate party “game”, the consumer receives the rent as the excess of demand over the prevailing scale of the classical market, basically this is a false social value lost during the formation of the market and the market value of the accumulated savings in the form of money, an extra element to achieve the equivalent exchange[29].

A simple model implementation neue Kombinationen, at a minimum requires:

– material resources;

– administrative resources;

– financial resources;

– innovative resources.

Accordingly, the actors and their remuneration are as follows:

The owner – rent;

The worker – wage;

The capitalist – the percentage;

The entrepreneur – a profit.

“It is easier to obtain than to keep”, to maintain “stability zones” and the established order of the mechanism established by the provision of Art. 57[30] of the Constitution of the Russian Federation. Entrepreneur as a reward for his activity and the idea of business expects to receive income, the worker for his labor a guaranteed wage, the capitalist expects a capital gain, and the government imposes taxes and fees on its territory owners and users, whether natural, or man-made objects[31].

The nature of international economic cooperation is multifaceted. To describe its essence, the inner essence is to maintain world stability, permanence, the protection of existing values, the external entity is a reflection of the actual needs of stake holders to evaluate and order fulfillment.

Commitment generated by the commission of any act of the participants of this relationship remains “a feeling of incompleteness”, in the science of psychology there is a “Zeigarnik effect” whereby indeed interrupted, “unerledigter Handlunge”[32] is a strong position in the subject's memory rather than acts of completed actions. With regard to institutional and public entities believe it is undeniable accounting and provide periodic reporting on performance results.

In terms of institutional organization relationships in terms of turnover of public goods, the basis of civil rights are the property relations carried out in three areas: innovation, production, commercial, and financial[33].

So, how do at this stage of development is organized pursuant to mutual financial obligations within the framework of international economic cooperation.

Fundamental principles of this system are the subjects, which represent the private, institutional and public education sovereigns.

Individuals – are physical persons, residents in the attitude of one or more of the state, and foreign nationals (non-residents) in relation to other.

Institutional Education – an association created to carry out joint activities and to achieve certain goals in the composition, which is composed of different reasons individuals, institutional, educational, public sovereigns.

A public entity – the state, public association with all the attributes to separate sovereign territory, the presence of which, in effect, and distinguishes it from modern institutional structures already so similar to the state, but it is located in one of the jurisdictions.

Operators, agents are specialized institutional education, acting in accordance with the laws of the jurisdiction and the presence of registration. The activities carried out under a special permit, license of the Central Bank of the sovereign public, which gives them the right to perform certain banking transactions in accordance with standard operating procedures, which registered the order of their conduct.

Under Part 2[34] of Art. 75 of the Constitution of the Russian Federation, as a significant public entity accounting relations, established by the Central Bank of Russia, so it is not “a natural product of banking development”[35]. Created by the will of the state and burdened with the primary function of protecting and sustaining the national currency. Detail its legal status is defined by the Federal Law “On Central Bank of Russian Federation (Bank of Russia)” № 86-FL[36].

In this world everything has its price, the price is set in the currency of a State, between actors in international economic cooperation is most often recorded in the contract price in the currency EURO or USD, in view of current practice. And she has developed through standard SDR, which is practically obsolete and is used by inertia, a multi-system formation is projected to include it as the Yen and possibly the Chinese Yuan, ruble considered as a candidate for this role, it is premature[37].

However, examining the individual operations, as a conclusion that it depends on the interests and understandings of the parties.

The legal basis for using the Russian ruble in international transactions is the Federal Law “On Currency Regulation and Currency Control” № 173-FL[38].

Even in the first edition of the law (October 1992) was declared that the foreign exchange operations with the Russian ruble current account balance of payments are made without any restrictions. This is possible already at the first stage of market reforms in Russia to ensure the growth of liquidity in the currency market of the Russian Federation and prevent the use of ruble in payments for foreign trade, primarily with the CIS countries. On June 1, 1996 pursuant to Decree of the President of Russia Russian Federation acceded to Article VIII of the Statute of the International Monetary Fund, which meant that the assumption of international obligations in support of the Russian currency convertibility on current account[39].

Based on these norms Russian commercial banks have the right to open correspondent accounts “Loro” in rubles for foreign banks with the ability to enroll in them proceeds from the sale of goods and services in Russia in favor of foreign companies – participants of foreign trade operations.

The currency, the money there and turned into cash and cashless. With regard to the activities of institutional actors have set limits, particularly in the Russian Federation has the following positions. “Payments in cash in the Russian Federation between entities and between legal person and a citizen engaged in entrepreneurial activities without forming a legal entity (hereinafter – the individual entrepreneur), between individual entrepreneurs associated with their business activities under one contract signed between these parties may be in an amount not exceeding 100 thousand rubles”[40]. Regarding the relations prevailing in the area of movement of goods across the customs border of the State of a reservation. “Customs fees paid in cash in accordance with Art. 331 of the Customs Code of the Russian Federation shall be exercised in accordance with Russian law, and not in accordance with the agreement concluded between certain parties. In this regard, when making these payments in cash rules Instructions № 1843-I does not apply[41] ”. This clause was the basis for creating a specialized banking product “custom maps”, “maps of foreign economic activity” referred to in different ways by individual lending institutions and[42], indeed, is a standardized (template) means of payment of customs payments on treasury bills of the Russian Federation.

Most of the complexity of the relationship are dispositive, folding, when equal entities shall cooperate on a voluntary mutual benefit, they are in the regulatory framework established by the ability to negotiate, to dialogue and reach a balanced conclusion as a result of negotiations.

So, consider the following situation. There is a subject which has the ability to provide goods or services, and the subject in need of this product or service, they know about each other, but still were in direct interaction and, consequently, the reputation of each other can only bring “outside help”.

Risks in collaboration missing, as Homer wrote “dangerous maneuvering between rocks”[43] is present on this side and on the other hand, reached an agreement on price, product, date, it remains to solve the issue of making payments, how to organize calculations for specificity has led to what we have deal with the goods.

Options to address the issue:

– due to the fact that the subject goods has wished to implement it, and found a potential buyer one of the most simple solution is to supply the goods and pay the agreed price by bank transfer to the buyer's account to the seller. With such an arrangement at once manifested payment risk, for various reasons, the same output will only further costly legal collection formed the debt;

– if the volume of supplies divided into parties and payments, respectively, and divided into tranches, we can carry out periodic monitoring of the implementation of mutual commitments and control each other spending estimates in the form of an open account. The buyer receives the shipment after receiving the proceeds from its sale, or receipt of funds from the use of the goods in neue Kombinationen takes payment and so on until the execution of mutual agreement in full;

– the concept of professional, expert testifies to the possession of the subject of theoretical knowledge and practical skills, that is, he goes in a certain area. In economic relations, the seller arranges for its own convenience, automation of the sales process “fork intermediaries” which communicates with the outside world and it is, except for access to a significant flow of external agents to myself. Because a network of dealers is selling goods to buyers. In this scheme of cooperation buyer may cast doubt on whether the goods from the seller and its insurance, risk minimization, may insist on payments in the form of a documentary collection, that is, the seller will carry the shipment of goods from the warehouse, to delivery to the conditioned space, and receive payment for goods in based on this fact confirming documents. Significant risk of the seller under this assumption is that the buyer may refuse to purchase.

The solution to minimize this risk, the author's opinion, may be costing and losses from the performance of obligations of the seller to the buyer. The buyer would have brought as a deposit (Art. 380, 381 of the Civil Code)[44]. Thus the buyer would affirm its intention to purchase goods and to “insure” against improper performance of an obligation to deliver the goods by the seller;

– if confidence in the uniqueness of its product and doubts about the solvency of the buyer, the seller is willing to provide warranty receipt of payment for goods and insisting on payment in the form of a letter of credit, so the buyer or their own, or borrowed money used to open letters of credit, what makes sure the seller and ships the goods, due to the Credit provides a package of documents to the bank and get cash, goods and the buyer.

Credit institutions (banks) involved in the calculations as operators (agents) are professional intermediaries in monetary engaged in banking operations, the remuneration for the performance of which is one of the articles of their income as “burdening the activity of a person obliges him to compensate for time spent and strength”[45].

To increase their competitiveness and attractiveness, credit institutions form a network of branches and representative offices, is one of the options for resolving the issue. Another is the result of the expression “do not have a hundred rubles, and a hundred friends” through the establishment of correspondent relations and opening of accounts Loro and Nostro lenders time keeping remains at the required volumes, can meet the customer need to transfer funds within the framework of international economic cooperation in light of its of interest. However, one should consider the risks of interbank loans, the level of which is usually lower than on loans to customers[46].

For the calculation of commercial banks – one of the main areas of activity[47]. Development of International Settlements is the ratio of static models taken from the overall dynamics of the use of tools and execution of financial obligations in the framework of international economic cooperation.

Payment method is a method of performance, and its choice depends on several factors caused, first of all the aspirations of the parties and their level of interaction. In mathematical science is the concept of “+” infinity and “-“ infinity, which are impossible to achieve the aspiration of a point. In organizing the settlement of relations among the parties such aspirations. At the same psychology of their actions is as follows.

The motive for the entry into the relationship and the cause of their activity is originated and unmet need. One side needs to be in the product or service, and another, being able to provide a service or product having wished to implement their own capacity for adequate compensation, and preferably in the form of “silver, which goes from the merchants”[48] accounting currency. Although depending on the arrangements and the needs of the parties in practice meets the set of combinations of forms of payment. However, the essence remains the same one of the parties expects the execution of financial obligations, and agrees to comply with it is different with the appropriate correspondence.

Credit institutions which are the operator’s money attract deposits and open accounts in which funds are placed individuals and entities. In this case the client's order imperative for the credit institution. As a form of customer orders is entitled to require the issuance of money in cash, or transfer an amount to another account, the account of another person in another credit institution. Thus, there will be transfer of money orders a person to the account holder and therefore, it would oblige him either to this amount, or will meet financial commitments in a given volume.

Cashless payments are made through lending institutions (branches) or the central banks of the accounts opened under the contract of bank account or a correspondent account contract (sub account).

Payment transactions to transfer money through credit institutions (branches) can be implemented using:

– correspondent accounts (subaccounts) opened at the Central Bank;

– correspondent accounts opened in other credit institutions;

– accounts of settlement participants that are open to non-bank credit organizations;

– accounts inter branch settlements open within the same credit institution.

Write-off of funds from the account shall be ordered by the owner or without an order of the account holder in cases prescribed by law or contract between the bank and the client.

Write-off of funds from the account on the basis of settlement documents, within available funds in the account. The order of registration, reception, processing of electronic payment instruments and payment transactions of their use is governed by separate regulations and concluded between the Central Bank of the State or credit institutions and their customer’s treaties governing the exchange of electronic documents with information security.

If insufficient funds in the account to meet all the requirements presented to him by debit as they arrive in the order established by law.

Restriction of the rights of the account holder to dispose of the on cash is not allowed, with certain exceptions.

As members of the calculations are considered payers and recipients of funds (the claimant), as well as serving their banks and correspondent banks. Modern bank is a competitive bank with a wide and flexible assortment not only of bank but other financial services adapted to the needs of different groups of clients[49], but banks do not intervene in contractual agreements yet, but only carry out the mandatory monitoring.

Competing claims on transactions between the payer and the recipient of funds, but through the fault of banks shall be determined in accordance with legislation without the participation of banks.

Banks carry out transactions on the accounts on the basis of settlement documents. Settlement document provides a designed as a document on paper or, in certain cases, an electronic payment instrument:

– the disposal of the payer, the client or the bank to write off the funds from your account and transfer them to the recipient of funds;

– the disposal of the payee (the creditor) to withdraw funds from the payer's account and transfer them to the account designated by the payee (recovered).

In the implementation of cashless payments, the following accounting documents:

– payment orders;

– letters of credit;

– checks;

– payment of claim;

– collection orders.

Settlement by payment orders

In the non-cash transactions are the predominant form of settlements by payment orders.

In calculating payment orders the bank undertakes on behalf of the payer at the expense of funds on his account, to transfer a sum of money to the account specified by the payer entity. Payment order is executed by the bank at the time provided by law, or in a short period of time established by the contract of bank account.

Money orders can be made:

– transfer of money for goods, works and services;

– transfer of funds in the budgets of all levels and extra-budgetary funds;

– transfer of funds in order to return / allocation of credits (loans) / deposits and interest thereon;

– transfer of funds for other purposes provided by law or contract.

In accordance with the terms of the basic contract payment instructions can be used for pre-payment for goods, works or services, or for periodic payments.

Payment orders are accepted by the bank, regardless of the availability of funds in the payer's account.

Calculations by check, a check is not only the settlement documents, but at the same time, security[50], containing an unconditional order to pay the drawer to the bank the check holder referred to in this paper amount. Check issuer is a person who has the money in the bank, which he is entitled to dispose of by check. Check holder – the person in whose favor the check is issued, the payer – the bank, which contains cash drawer.

When calculating check the account holder (issuer) gives a written order to the drawer bank that issued the settlement checks to pay a certain sum of money specified in the check, the payee (check holder). Checks are used both by individuals and legal entities, are tender and can be used in the calculations in all cases provided by law.

A check must contain the following:

– the name of “check” included in the text;

– instructed the drawer to pay a certain sum of money;

– name of the payer and an indication of the account from which payment must be made;

– indication of the currency of payment;

– an indication of the person, write a check – the drawer.

This is one of the forms of guaranteed payment as payment vouchers provided from a special deposit.

Calculations of credit and the implementation of payment transactions in the form of documentary letter of credit banks and their customers are guided by acting now edited Uniform Customs and Practice for Documentary Credits, developed and approved by the International Chamber of Commerce[51] and the Uniform Rules for bank-to-bank reimbursement under documentary letters of credit[52]. The word “credit” derives from the Latin “accredo”, meaning “trust”[53]. Letter of Credit is a double bond, taken by the bank on behalf of the payer to make payments to the recipient of the latter present’s documents that conform to the letter of credit, or give authority to another bank to make such payments. Banks can open the following types letter of credit:

– coated (deposited) and uncovered (guaranteed);

– revocable and irrevocable (can be confirmed).

Commitment in the form of a letter of credit issued by the bank by sending messages to the appropriate format system SWIFT, the system may be organized differently[54].

When you open a letter of credit covered by the issuing bank transfers at the expense of the payer or the loan amount given to him by letter of credit made available to the executing bank for the entire term of the credit, if the Credit stipulates otherwise, the letter of credit shall take effect upon its discovery[55].

When you open uncovered letters of credit issuing bank provides the executing bank the right to deduct money from his ongoing correspondent account in the amount of the credit limits. Procedure for debiting the correspondent account with the issuing bank on the guaranteed letter of credit is determined by agreement between the banks.

Revocable letter of credit is that can be modified or revoked by the issuing bank on the basis of a written order of the payer without the prior consent of the payee and without any obligation of the issuing bank to the payee after the revocation of the credit.

Irrevocable letter of credit, which can be revoked only with the consent of the payee. At the request of the issuing bank's nominated bank can confirm an irrevocable letter of credit. An irrevocable letter of credit confirmed by the executing bank, cannot be modified or revoked without the consent of the executing bank. The procedure for providing evidence of irrevocable confirmed letter of credit is determined by agreement between the banks.

The letter of credit is intended for calculations with a single recipient of funds.

The letter of credit may be provided on acceptance of the authorized payer entity.

Beneficiary may renounce the use of credit prior to its expiration, if the possibility of such refusal provided the letter of credit.

The procedure of payments by letter of credit is established in the main contract.

The order of payment is made by wire transfer by transferring the amount of the credit to the account of the payee. If the client refuses to order issuer promptly of acceptance and payment by letter of credit documents with discrepancies, immediately informed of the nominated bank by SWIFT about his refusal to accept the letter of credit documents with these differences and make them against payment, acceptance or negotiation. Negotiation with respect to the calculation of documentary letters of credit is treated as a purchase[56].

Notice of change of a letter of credit, or its withdrawal is sent via SWIFT using the same foreign bank, which advise the Credit, of course, to send payment message sand use other electronic means of communication, but Telex and SWIFT largely remain the key[57].

«Praemonitus praemunitus»[58], a role in the smooth functioning of the units of the bank in charge of international payments, is well-written and sung just as clearly the procedure of interaction with other parts of the bank. In particular, the implementation of documentary operations is important to know how to communicate with the unit responsible for taking over the bank credit risk[59].

Calculations based on the collection, operations with documents by banks on the basis of the instructions in the collection order[60]. Bank of vendor payee sends payment request to the payer's bank, the collecting bank.

Received by the payer's bank collection orders paid by purchasers only by way of preliminary acceptance.

If not received in a timely rejection of claims are deemed to accept and to be paid by payers.

All disagreements are resolved in the claim procedure.

If funds are available to the payer if the rejection is not entered, the employee signs a collecting bank claims on the day of maturity and transfers funds to the recipients.

In the complete absence of the remitter remitting bank sent a notice of lack of funds from the payer.

1.3. The risks of realization international payments and the ways of their minimize

The main risks that arise in international payments and money on their reductions are:

Credit risk associated with the buyer's inability or unwillingness to pay. The most potential risk in international payments, as a violation of the court against the debtor's impulse, which violated the obligation in another country requires more time and resources, and success is less possible than in the case of local debt.

The means on the reduction of this risk include:

– the use of credit;

– receipt of cash deposits;

– to provide coverage of export credit.

Currency risk is associated with a change in the exchange rate, which may adversely affect the position of the exporter and importer. The cost of national currency in the future payments in foreign currency depends on the exchange rate between two currencies, especially when the exchange rates influence market forces.

The means on the reduction of this risk include:

– the use of forward currency hedging;

– the use of futures options market;

– billing in its own currency or in foreign currency, which has enduring value, dollar, pound sterling, yen, and euro;

– contract maintenance – price adjustment is based on the resulting exchange rate changes.

Regional risk of causing political or economic events that occur in the importing country and that caused a permanent or temporary suspension of payments to the seller. Regional risk also includes the risk of lack of convertibility: the inability of the owner of the country's currency to convert it into a currency of another country due to restrictions imposed by the government.

The means on the reduction of this risk include:

– the use of confirmed letter of credit;

– to provide coverage of export credit.

Thus, to the general methods of minimizing costs and risks that arise in the implementation of international payments include:

– the use of different strategies;

– insurance;

– select the method of financing.

Consider reserving a currency in the foreign trade contract. Any foreign trade transaction involves a foreign exchange risk, the risk of currency losses due to changes in foreign currency in which payment is made, the national currency.

Fluctuations in exchange rates lead either to obtain additional profit or loss if the transaction is not in the national currency. By lowering the rate of foreign currencies relative to the national, between the contract and payment exporters suffering losses. Conversely, the increase in foreign currency exchange rate during this period brings profit to the exporter.

Give the opposite result of currency fluctuations importer: the depreciation of foreign currency brings him gain, since less of the national currency needed to purchase foreign currency to pay for the contract, and the appreciation would lead to losses as well as for payment of the contract he would need more currency to buy foreign.

“The main theme of economic life can be indirectly measured in money”[61]. Price – this is the monetary expression of value of goods. The contract of sale of foreign trade – one of its essential conditions[62]. Therefore, when a contract benefit to the exporter to price in a stronger currency, the rate is increasing or at least does not decrease with respect to the local currency. For the importer, on the contrary, as the currency price is preferable to a weaker currency, the rate of which decreases towards the national currency.

However, the dynamics of exchange rates is very difficult to predict. In addition, the global market, there are traditions according to which some prices are set in certain currencies. Thus, the precious metals, oil, cotton, sugar price in the contract is fixed at USD, on wood and wood products, wool, and some non-ferrous metals – in GBP. Therefore it is not always possible to choose the currency rates at their discretion, in addition, it is very difficult to predict the movement of any currency exchange rate.

As a precautionary measure, you can use the simultaneous conclusion of export and import contracts in the same currency and with approximately the same maturity. In this case, the profits of the export contract and damages under the import cancel. But all gains and losses could be drawn only when the balance of exports and imports. In practice, the organization usually prevails or exports or imports. Then, to reduce risks is advisable to have both export and import contracts in different currencies, with opposite trends in exchange rate fluctuations. Thus, the considered methods of protection can be used as an auxiliary, along with others. According to internalization theory, should be preferred to direct investment when the costs of negotiation of the contract, keeping track of these terms and conditions as well as bringing in a contract with another company higher than the cost, which requires a direct capital investment in its own foreign the company[63].

A more reliable way to protect against currency losses is a currency clause. Its essence lies in the fact that the currency in which payment is made under a contract linked to a more stable currency and the amount of payment shall be subject to exchange rate more stable currency. In this case the payment currency may coincide or may not coincide with the monetary cost. In the first case is called a direct exchange clause in the second – indirect

International financial transactions can be cross currency, when the transaction is made in a currency different from the currency, which is a national of one party. A variety of transactions are cross currency is eurocurrency (euro currency) transactions made in foreign to both sides of the transaction currency[64].

Suppose, in accordance with the terms of the contract price of the currency and payment currency is CAD. To “anchor” is selected USD. The amount of payment under the contract is 150 000 CAD.

The contract is entered as follows: “If by the time the payment rate CAD against USD changed by more than 2%, respectively, and changes the payment amount”. Suppose at the time of contract exchange rate is 1,5 CAD for 1 USD. Accordingly, the amount of the payment at that time equivalent to 100 000 USD (150 000: 1.5).

At the time of payment exchange rate amounted to 1,6 CAD for 1 USD, that is, decreased rate of CAD. To sum payment in that currency at the time of payment was the equivalent of 100 000 USD, the exporter must obtain 160 000 CAD (100 000 x 1,6).

If at the time of the payment rate will increase and CAD will be, for example 1,4 CAD for 1 USD, the amount of payment in this currency, equivalent to 100 000 USD, will be 140 000 CAD (100 000 x 1,4).

In the above formulation of a reservation direct monetary amount of payment varies with any change in the ratio of exchange. Such a clause is called a duplex. But it can be one-sided, that is, the amount of payment will be recalculated only at low or only at higher rate CAD. In this case, the formulation of monetary clauses, the word “change” should be written, respectively, “drop” or “rise”.

Naturally, the exporter is beneficial in case of one-way reservation depreciation, and the importer is interested in a one-sided clause in case of appreciation of the currency.

If the payment currency is unstable, then the amount of payment shall be subject to other, stronger currencies, which is chosen as the currency of the contract price.

Let's use the “dependence” between the same two currencies as a direct reservation – CAD and USD. But with direct reservation CAD acts as a currency and prices, and as the currency of payment, and USD – Currency as a “binding”, in dependence on changes in the course of which put the amount of payment in CAD. When indirect reservation USD is also used as currency “anchor” in dependence on the exchange rate which put the amount of payment in CAD. However, CAD is not the currency rates, exchange rates as currency used “anchor” – that is, USD.

Indirect exchange clause may also be unilateral or bilateral. However, neither direct nor indirect reservation a full guarantee against loss is not given. The degree of assurance depends on the choice of currency “anchor” and a combination of circumstances – in fact, rightly predicted a trend in changing the course of the currency.

The degree of assurance increases, if the currency “anchor” to take not one but multiple currencies, and more, the stronger the degree of assurance. This clause, when as a currency “anchor” is used multiple currencies are multicurrency.

The question of whether or not to include in the contract currency clause shall be decided by the parties to the transaction, depending on specific conditions. If the payment currency is stable and the payment will be made through a short period from the date of the contract, this is not necessary. When installment payment on a long term should include a reservation as to predict the movement in exchange rates over a long period is impossible. And we need to be included if the payment currency is unstable even with a small gap between the time of payment and the term of the contract.

As a safeguard against currency losses can be used and futures, or hedging. The meaning of derivative transactions is as follows. For example, the Japanese exporter expects payment in the amount of USD 100 thousand in June under a contract in January. Fearing the fall of the USD, the exporter in order to avoid losses when receiving payment from the bank enters into a deal to sell its 100 thousand USD exchange rate on the transaction day 82 JPY for 1 USD. In June, the bank should buy from him 100 thousand USD at the rate of 82 JPY for 1 USD, however decreased rate of USD. On the other hand, the exporter is obliged to sell the bank to 100 000 USD to 82 USD 1 = JPY for an increase in the USD JPY to any level before.

The same scheme is valid and the importer, concluding in advance with the bank deal to buy 100 thousand USD for payment of the import contract in June, to avoid possible losses during the appreciation of USD.

If the future payment to the exporter issued promissory note, bill, bill of exchange[65], the exporter can sell the bank received a bill. After receiving a bill for USD, exporter sells them to the bank and receives JPY. Bill in a delay in the payment of real money, when used in the calculations for the goods will inevitably occur or increase in value of the goods or the amount of bill accretion of interest and / or discounting[66].

Thus, the futures as a form of insurance currency risk in foreign trade are the following conditions:

– the course of the transaction is recorded at the time of its conclusion;

– the currency is passed through a certain period after the transaction;

– transfer of currency is the previously established price, which is the price at the time of the transaction.

When exporting instead of an urgent transaction currency risk can be prevented by contract of the loan. Then, with a decrease in the currency of payment, in our example – USD, in relation to the national currency, in our example, JPY, exporters suffering losses, but has a incomes by buying the currency to pay for the loan.

Importer rather than an urgent transaction may open a deposit in USD, if the dollar rises, it will suffer losses, but can cover their losses on income deposit account.

When paying for goods, works and services importer may partially hedge themselves against currency losses maneuvering within the terms of payment. If the expected sharp rise in the exchange rate of payment, it is advantageous to make early payment. Conversely, if the expected sharp depreciation of the currency of payment, you should withhold payment. Of course, this should not be violated contract terms set by the calculations. This measure gives the result, especially when a sudden change in course. However, for large amounts of payment important result can be obtained by a smooth change of course. Thus, there is no universal way to protect against currency losses, so it is best to use the discussed measures to prevent losses in the combination.

Consider a bank guarantee in foreign economic activity. Bank guarantee – this is a document under which the bank agrees to pay a limited amount of money to a nominated party under the conditions specified therein.

The bank guarantee can be given either directly in favor of the counterparty to the foreign trade transaction, either in favor of the bank's counterparty. In the first case it will be a direct guarantee, such as importer's bank gives a guarantee of exporting firms, the importer buys goods documents of the collection, and the second – through bank guarantee, exporter – is implied.

Russian banks may issue guarantees for the following types of export-import operations:

– payment of guarantee – in the enforcement of payment obligations of the Russian importers (principals) to foreign exporters (beneficiary);

– contract of guarantee (tender, refund or other payments, the proper execution of the contract) – to secure obligations of Russian exporters to foreign importers (the beneficiaries).

In international trade, the buyer of goods is difficult to assess the business and financial capabilities of the supplier. He therefore rightly demands to ensure that the seller will be able to produce a proposed design. For this purpose, the contract agreed upon nomination of a bank guarantee to secure the performance. The use of a bank guarantee as an instrument of payment is limited to international trade, mainly in case of default guarantee calculations on “open account”.

Under the bank guarantee the bank's obligation to understand separated make performance in cash when the third party fails to make specific performance. The guarantee is an independent obligation. It does not depend on the relationship of principal or contract between the creditor and principal debtor. By issuing a guarantee, the bank agrees to pay on demand, if contained in the guarantee conditions are satisfied.

There are the following major types of warranties.

Warranty Offer, its purpose is to ensure the hardness of the offer issued by the company at public auction (which is presented together with an offer), and provides for the payment of a guaranteed amount: the revocation of an offer to the expiry, if the order after receiving it at the auction will not be accepted the offer submitted, or if the guarantee after receipt of bids will not be replaced by ordering a guarantee of performance.

The amount of such guarantee, as a rule, is 1-5% of the offer. The expiration date – before signing a contract.

Performance guarantee by a guarantee, the bank undertakes to pay the beneficiary on behalf of the seller guaranteed amount if the provider cannot perform or perform in accordance with the contract terms their contractual obligations.

The guarantee amount is usually 10% of the contract.

The warranty period – the entire amount to the full implementation of the contract, which often includes the warranty period under the contract, for example, guarantees the correct functioning of the machine or installation. Validity may be two years or more.

Guarantee an advance payment terms in the large export contracts often provide for the payment the buyer advances to buy raw materials and manufacturing costs. Payment of such advance is linked with the buyer receiving the advance guarantee, providing for return of an advance in case of default by the seller obligations under the contract. The guarantee amount is the sum of the advance. In such a guarantee should be provided for its redemption from the end of the supply contract. Exposed to the receipt, it shall enter into force only after its receipt.

Guarantee payment in case of execution. This guarantee provides calculations for the case of default on “open account”.

2.1. Payment and settlement in foreign-economy activity at the present stage

International payments and foreign exchange transactions differ from domestic to that of a party committed in a foreign currency, and therefore associated with conversion rates for certain rate. Exchange rates fluctuate under the influence of numerous, sometimes subtle factors that increase the risk of loss in the calculations, and without significant than during operations in the country. Complex and the mechanisms of international credit relations and migration of capital.

The transfer of money from country to country historically associated primarily with trade. Transactions for the sale of goods and services is almost always accompanied by calculations, that is, transfer from one country to another money – currency. Nonmonetary trade – barter or barter in international relations is practiced infrequently. As the complexity of interaction between countries, there were other types of calculations. At the present stage practice exchange transactions, not dictated by the intention of participants to buy or sell goods or currency, and a desire to insure themselves against losses related to changes in prices, interest rates or exchange rates at the time of signing the contract before its execution. This so-called forward and futures contracts. The wide range and were purely speculative transactions in the foreign exchange and stock markets.

International monetary and financial relations, going beyond its fundamental principle -the production and exchange of material goods and services acquired now an independent meaning. Turnover on international stock exchanges, as well as short-term play money capital in order to profit from the difference in interest rates and exchange rates in the hundreds of times higher than world trade[67]. The international monetary sphere more should own laws of development, which often differ sharply from the laws of functioning of the real economy.

Traded in the international sphere, commonly referred to as money or currency of the foreign exchange. Not every national currency is awarded the honor of being a means of international payments. For this purpose it is required qualities such as resistance, then there is minimal danger of a sudden devaluation, the free reversibility in other currencies, confidence in the economic and political system produces its country, or if the issuer is an international bank in the institution or the States, it set up.

The role of the international currency was fixed in the modern world for the U.S. dollar, British pound sterling, the currency of a collective European Union – Euro, Japanese yen, Swiss franc, also viewed ambitions in recent years the Chinese Yuan. In these currencies transact, determine contract prices, keep reserves in bank accounts, and provide loans, issue bonds, traded on stock exchanges. But leadership, no doubt, belongs to the U.S. dollar, backed by the most powerful and influential economies in the military-political state.

Dramatically increase the flow of loan capital, which is about 50 times higher than trade in goods, market capitalization of the financial markets has become much larger than global GDP. Until the early 1950 share of the financial sector in the profits of the corporation was 10%. By the early 1980 It rose to 20-25%. Today – 50[68]. This is due to the modern credit system, which is credited not only to producers of goods and service providers, but also their customers. That before the latest crisis has contributed to economic growth and development provided arranged on this principle of economies.

Shaping the supply and demand, capital market participants are the transnational banks (TNB), international and transnational corporations (TNCs), the specialized credit financial institutions, including insurance companies, professional financial market participants, acting on its behalf, or performing brokerage, brokers , dealers, underwriters, as well as states and international organizations.

The share of international trades in many countries a large share of GDP. The growth of international trade – this is the first manifestation of globalization[69].