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Чтение книги "The implementation of the economic cycle: freedom, trust, duty" (страница 11)

   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[106]. 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[107]. 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[108].
   Form of subjective interaction can be classified by date. Aspect of time is in all respects, but in some of its specification is very serious. In view of the frequent inability to spot the execution of mutual rights and obligations of the parties shall enter into a contractual relationship, stretching the execution for a specified period of time, with varying degrees of detail to clarify its future actions. In the framework of international correspondence independent parties agree, stipulate in their agreements calculation unit, along with the price of goods supplied or services rendered, their volume, deadlines, and other significant terms of the transaction. At the conclusion of contracts for the export or import of goods exporters and importers to ensure the reliability of the calculations to avoid losses, or at least minimize them, since it is often impossible to provide absolutely everything, but striving for it. For exporters, there is always the risk of nonpayment or late payment by a foreign contractor, and for the importers – the risk of «non-delivery» or late delivery. Of these risks, they can insure themselves by choosing the optimal method of payment, form of payment[109] and correctly formulate them in the contract, conditioned aspect of mutual benefit.
   Under the form of payments in foreign trade to understand prevailing in the international commercial and banking practice methods of registration, transfer of title and payment of payments, since the bulk of the operations connected with the supply of goods, accompanied by shipping documents, execution of work and services, accompanied by the reception and transmission and technical control. The major forms of payment are the documentary letter of credit, collections and bank transfer. International payments are made through with credit institutions with each correspondent relation. When selecting payment methods take into account the type of goods being the object of foreign trade transactions, the availability of credit agreement, the solvency and reputation of the counterparty for foreign economic transactions, determine the nature of a compromise between them. The choice of a particular form of payment is determined by agreement of the parties and recorded in the external contact.
   Applicable forms of international payments differ in the share of participation in a credit institution holding them:
   – the share of banks with a bank transfer is the fulfillment of the customer's order is a minimum;
   – a higher proportion present in the performance of the collection order, is to oversee the transfer, transmission and delivery of documents covering goods them to the payer in accordance with the instructions of the principal;
   – the maximum share of banks in holding the letter of credit is to provide the beneficiary of the payment obligation, which is implemented when the last major terms and conditions contained in the letter of credit.
   Differentiation of interest of banks in the implementation of forms of international payments leads to differentiation secure payment for the exporter, which is minimal for a bank transfer for goods shipped and the highest at the LC, which appears physically monetary guarantee of payment for goods shipped to the bank, opening a letter of credit.
   Since the interests of the exporter and importer do not match, and sometimes diametrically opposed, it should be a different approach to the choice of payment terms with foreign partners – according to the position of the exporter or importer, as with the participation of bank relationships are divided into:
   – the real relationship between contractors;
   – the relationship with the lending institution.
   Unlike forms of payments in terms of performance guarantees. Documentary Collections – easier and less costly form of payment than credit, but it does not provide a guarantee of payment from the bank[110]. Bank transfers can be made in order as a preliminary (advance), and subsequent payment. In terms of performance guarantees for payment of the foreign partner for exporting the most reliable form of payment is a payment in advance. But this form of payment is disadvantageous to the buyer, so it is not always possible to agree on using it without a bank guarantee.
   Next on the reliability of the calculations is a form of documentary credit. This form of settlement is almost always guarantees the payment amount from the importer, as the letter of credit is opened to the importer of shipment and the condition of disbursement of funds from the open letter of credit in favor of the exporter is to provide them listed in the letter of credit documents.
   However, it should be borne in mind that according to the Uniform Customs and Practice for Documentary Credits, Letters of Credit can be opened in different conditions, which determine the degree of reliability. Thus, the credit can be revocable or irrevocable. In the first case, it may be revoked at any time (withdrawn) or change to put it the bank without prior notice, in whose favor open. In the second case cannot be done without the consent of the exporter. Prior to the expiration of his term at the issuing bank has no legal grounds to close it[111]. Therefore, to guarantee payment to the exporter beneficial irrevocable letter of credit.
   Another indication of the reliability of payment – the assignment of persons responsible for the execution of the credit. Always responsible for the execution of the letter of credit bank, put his issuing bank. But in addition to his responsibilities can take over and the other bank involved in the operation, which confirms the fact of opening the exporter's bank in favor of his client's letter of credit, assuming, therefore, the responsibility for enforcing the payment, it is a confirming bank. In this case, the credit is verified. The net bank involved in the transaction, a bank provider to whom letters of credit. It informs the client about the opening and the letter of credit and assumes the responsibility for receiving, checking and timely dispatch of documents.
   Of course, for the exporter in terms of reliability confirmed letter of credit payment is more profitable.
   It is also important, which is the executing bank – the bank of the exporting country or the importing country. In the first case of foreign currency will be available soon.
   In terms of a guarantee of payment to exporters should be provided in the contracts covered by letters of credit opened by importers, that is, those at the opening of which the issuing bank, a bank, opening letters of credit and currency transfers at the same time the funds are the source of payment on the letter of credit. Thus, the foreign exchange cover serves as collateral for payment from the public in favor of the exporter's credit. The letter of credit opened by without issuing bank transfer of funds is uncovered.
   Reliable means of ensuring timely payment – standby letter of credit «stand-by». It is the obligation of the bank, opened standby letter of credit to ensure payment if the importer fails to fulfill its obligations according to the calculations. To receive payment the seller submits a statement indicating that the settlement obligations are not met by the payer. The application must be accompanied by documents of title.
   Another form of payment – a documentary collection – in terms of reliability of payment letter of credit yields. Its disadvantages are the large time gap between the shipment of export goods and the receipt of payment, as well as the fact that the importer can prove to be insolvent. Therefore, the exporter must accept this form of payment only if you have not been able to negotiate the letter of credit, and thus appropriate to require a bank guarantee.
   The most unreliable form of payment – bank transfer, which is carried out by order for transfer of one bank to another. In order for transfer may stipulate credited to the account of the exporter, one of these conditions can be obtain from the exporter's documents. Since the transfer of funds by the payer under a contract is not guaranteed, «insurance» is an exporter bank guarantee.
   Importer in choosing the form of calculations necessary to ensure the effective use of foreign currency, so it should be possible to pay off suppliers of imported goods by bank transfer after the fact.
   Following form in order of effectiveness is a documentary collection. And the most unfavorable form of payment to the importer – the letter of credit, because it had turnover of the funds go long before the goods are received.
   It is not recommended, though not prohibited prepayment. If the credit freeze in money, but there is a guarantee receipt of the goods or return of currency, the prepayment of such warranty is not. Therefore, in the case of payment for refund or receipt of imported goods should be sought from a foreign supplier to provide a bank guarantee.
   When paying with foreign buyers interested exporter to export proceeds for goods and services as quickly as possible came to his account. It depends not only on the forms, but also on the types of calculations. Types of calculations used in the global foreign trade practices, are as follows:
   – payment in cash;
   – calculation of credit;
   – mixed (combined) calculations[112].
   Calculations of cash in the international practice mean payment against documents of title: funds transferred to the exporter, and documents of title passing to the hands of the importer at the same time, with the payment itself is made by bank transfer. This type of payment does not include any deferred or installment payment, the term «cash settlement» can be replaced by another – «payment against documents presented at once».
   A calculation on credit means that the payment is made before or after receipt by the importer of shipping documents. Accordingly, the creditor is in the first case, the importer, and the second – the exporter. Naturally, the preferred payment for the importer of the goods after arrival in the territory of the receiving State, and the exporter – to shipment. «Double-edged sword» advanced economic power in the present, China is a mass producer of goods, but many of its factory producing equipment put up a public offer on the following terms, than scare your potential customers:
   – full payment in advance;
   – production time 90 days;
   – the point of transfer of responsibility is aboard ship in the port of China;
   – warranty for 1 year from the border of China.
   Thus, the entrepreneur who has chosen to equipment and technical documentation, manufacturing China buys it for effective use of 0.5 years. Because of the guaranteed period is a not excluded delivery time, «clearance», installation, training of personnel. In this production relations can be seen the effect of «forced dependency», the specific features:
   – after the warranty period, components and parts will be worn again be purchased at the same factory;
   – for the time and money from the sale of the first operation, the manufacturer will carry out non-essential, but structurally significant equipment upgrades that will lead to obsolescence wound delivered and will generate a need to implement «upgrade». What stimulates a separate textiles and Chinese producers as a whole, along with China's domestic production, but this is inevitable in connection with the existing competitive advantages.
   In July 2009 the People's Bank of China announced the start of the experiment for the implementation of cross-border settlement in RMB[113].
   Geographically, the experiment is limited by five Chinese cities in which there are a lot of export-oriented enterprises, the Chinese territories of Hong Kong and Macau, with the status of special administrative regions, as well as the ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Singapore, Thailand and Vietnam). In this case the rights to conduct cross-border settlement in RMB were only 300 Chinese companies operating in cities such as Shanghai, Guangzhou, Shenzhen, Zhuhai and Danguan. And this list includes only those businesses that have received a recommendation to local authorities, and then were approved by the People's Bank of China after the implementation of appropriate test for the presence of experience in international trade and good business reputation.
   Deferral or installment payment provided by the firms to each other in mutual payments is called a commercial or corporate loan. In practice, the credit for the full amount of the contract value of the goods is not made. Usually part of the amount paid in cash. That is, at once, and the rest of one party is given credit. Such calculations are called mixed, or combined. Thus, the main task of the conclusion of the contract is to select the best possible shape and favorable payment terms to avoid potential losses.
   The relationship between credit institutions (branches) in carrying out payment transactions through correspondent accounts are governed by legislation and contract correspondent account. Effective business process should be organized in a transparent manner to the client of the bank[114]. A credit institution enters into a contract, and opens to the branch of a correspondent account with another credit institution. When the transfer is carried out in a currency foreign to the paying bank and (or) the beneficiary bank, or the paying bank has no direct relationship with the payment by the beneficiary bank in another country. In this case, the paying bank acts through the intermediary bank, located in a country where the currency translation is a national, and he correspondent paying bank[115]. An important factor in the effectiveness of correspondent relationships is a high level of technical equipment of correspondent banks, the use of software products that facilitate interbank settlements in real time[116].
   International operations represent a system of organization and regulation of payment of monetary claims and liabilities arising in the implementation of trade between states, corporations and individuals located in different jurisdictions. The main mediators in international transactions of banks, providing inter-state movement of funds. The vast majority of international payments made in the order of cashless payments. The system of international payment transactions using the so-called correspondent relationships with banks in other countries – the most common form of the transactions undertaken by commercial banks in the long-term philosophy[117]. Correspondent banking connection is usually based on the mutual opening of special accounts by banks, which store a certain amount of money. The size of these funds depends on the scale of inter-bank transactions. For the implementation of correspondent banks services fee is charged. Correspondent relationships are established, usually with banks in countries with which the country has diplomatic relations. They are made out of interbank correspondent signing the agreement in the form of a bilateral treaty or an exchange of letters. So correspondent relationships are contractual relationships between banks to make payments and settlements on behalf of each other, for which domestic bank opens to foreign banks and in their Nostro correspondent accounts and Loro. Nostro accounts are opened in the name of their correspondent banks in foreign banks. This is done to provide services to clients in the implementation of payments through the existing bill, which is the basis of cooperation between banks. LORO open to foreign correspondent banks in domestic banks. This form of international banking relationships is very convenient and expedient, when banks provide to firms, banks, or those of another country only a few, isolated operation, although they can be quite numerous. In these cases, correspondent banks perform specific assignments given by them to each other, usually on a reciprocal basis. The most common requests of this kind are the instructions on the acceptance of draft foreign trade transactions, payment by letter of credit, etc., provision of credit information on the status of clients and others Analyzing «speed on correspondent accounts of banks»[118], we can estimate the scale of individual economic agents. Banks keep in touch with each other, in some cases, correspondent relations develop into cooperation on a more solid financial basis, based on participation, including mutual, capital, credit for sustaining relationships, etc.
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