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Theory and practical aspects of Internationa settlements. Economic cooperationModernLib.Net / Банковское дело / Елизавета Камзина / Theory and practical aspects of Internationa settlements. Economic cooperation - Чтение (Ознакомительный отрывок) (стр. 3)
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”. Chapter 2 Current trends in the development and regulation of international settlements in the context of globalization 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]. Примечания 1 Автономов В.С. Модель человека в экономической науке. – СПб.: Экономическая школа. 1998. – 230 с. 2 Ван-Хуз Д.Д. Миллер Р.Л. 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