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Чтение книги "The implementation of the economic cycle: freedom, trust, duty" (страница 12)

   In recent years, due to the complexity of international banking and the development of other forms of «output» of the banks on the foreign market value of correspondent relationships has decreased somewhat. However, the major banks continue not only to maintain but also to develop a network of correspondents around the world.
   International payment transactions take place through them through the bank accounts or in other words by transfer. In international economic relations, the following forms of payment:
   – advances made through bank transfer;
   – for supply of goods on the basis of documents submitted and implemented mainly by means of a letter of credit or collection;
   – on receipt of the goods carried by the transfer;
   – at maturity, when the translation is used.
   As an important principle of supervision in the field of payments and payment systems organization international financial organizations to put forward constructive cooperation of the central bank and other interested organizations, as well as transparency in central bank policy in the field of regulation. By transparency we mean not only the publicity and openness of the results, but also understandable and acceptable standards and rules for all participants[119].
   Economic development and population growth in different regions of the world is uneven. What also makes it necessary to expand international exchanges, which promote the development of new markets for goods, services, labor, information, financial and others, the import of raw materials, technology and information exchange, scientific, technical, industrial, cultural and other foreign economic relations.
   Foreign economic relations – this is a complex system of various forms of international cooperation among states and their stakeholders in all sectors of the economy. Foreign economic relations are historical and economic category. As a historical category foreign economic relations are a product of civilization. They emerge with the advent of and develop together with them.
   As an economic category foreign economic relations constitute a system of economic relations, arising from the movement of all kinds of resources between states and economic actors of different countries. These bilateral relations encompass all spheres of economic life, and especially its production, trade, investment and financial activities.
   The essence of foreign economic relations as an economic category is shown in their functions.
   These functions are:
   – organization and services of the international exchange of natural resources and the results of their work in the real value and form;
   – international recognition of the use-value products of the international division of labor;
   – organization of an international currency.
   The contents of the first function is to bringing products produced as natural resources and products obtained in the international division of labor, to individual customers through the exchange of products and the results of labor in their real value and form. The organization provides both exchange and maintenance of this exchange.
   In carrying out the second function is the completion of the act of commodity-money relations and the exchange of money for the end product of the international division of labor, resulting in a use-value, its practical significance, enclosed in this product receives international recognition.
   The content of the third function is to create through the mechanism of these relations conditions for the continuous movement of money in the process of committing various international payments.
   Simultaneously, foreign economic relations are the tool of influence on the economic system of the state, which takes place through the mechanism of foreign trade.
   In today's world economy is foreign economic relations serve as growth factors of the national income of the state, economy, economic costs and accelerating scientific and technological progress.
   Implementation of these relationships allows us to carry cross-border cooperation with the usual exchange of goods for trade in services, the joint solution of technical and economic problems, the development of scientific and industrial cooperation and other forms of joint economic activities, including joint ventures.
   Through the mechanism of foreign economic relations demand for goods and services to the world market is transferred to the domestic market of a particular state. This raises the need for the development of productive forces, which, in turn, contributes to the development of industry, agriculture, trade, service industries and financial institutions.
   Development of the domestic market leads to advance the overall supply over demand in volume within the state, which causes the expansion of foreign trade, reduction of cost of capital and reducing costs of production and circulation.
   The effectiveness of the organization of foreign economic relations and the mechanism of management is largely determined by the classification of bonds.
   Emerging foreign economic relations, above all, contribute to the implementation of the export of domestic and import of foreign goods.
   International trade is split into two opposing flows of goods and services – imports and exports[120]. Connects economic opportunities, and this is the basis of Trans nationalization.
   By spheres of foreign economic relations are divided into foreign trade, financial, manufacturing and investment.

   Block 1
   Form and types of foreign economic relations
   Compiled from: Батманова Е.С. Томилов П.С. Мировая экономика и международные экономические отношения. – Екатеринбург. Издательство ГОУ-ВПО УГТУ-УПИ. 2005. – С. 77.

   Tabl. 2
   World merchandise trade by region and selected country, 2009
   (Billion dollars and percentage)
   a Includes the Caribbean. For composition of groups see the Technical Notes of WTO International Trade Statistics, 2009.
   b The 2007 annual change is affected by a reduction in trade associated with fraudulent VAT declaration. For further information, refer to the special notes of the monthly UK Trade First Release (www.statistics.gov.uk/StatBase/Product.asp?vlnk=1119).
   c Imports are valued f.o.b.
   d Algeria, Angola, Cameroon, Chad, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, Sudan.
   e Hong Kong, China, Republic of Korea, Singapore and Taipei, Chinese.
   Source: WTO Secretariat
   Compiled from: WORLD TRADE REPORT 2010. Trade in natural resources // WORLD TRADE ORGANIZATION. 2010. P.28.

   Tabl. 3.
   World exports of merchandise and commercial services,
   2005-2009 (Billion dollars and percentage)
   Source: WTO Secretariat
   Compiled from: WORLD TRADE REPORT 2010. Trade in natural resources // WORLD TRADE ORGANIZATION. 2010. P.26.

   In the framework of foreign trade relations is the subject of product, service, and intellectual property.
   In trade relations actors perform sales transactions in the form of alienation of the goods (sales) for the exchange and barter (exchange).
   The scope of services includes travel services engineering, reengineering, exchange of information, communication services, and transport services for moving goods in the broadest sense, people.
   In the field of intellectual relations rises about franchising, know-how, consulting, copyright.
   Financial foreign economic relations presented in the following sectors: credit, insurance, service charges, which is the implementation of international payments, and other banking operations.
   In the sphere of foreign economic relations of production occur at the conclusion of the lease agreements, franchising, cooperatives and joint ventures in international business.
   Investments in foreign bonds are an investment in securities, real estate, and the implementation of business initiatives.
   Foreign economic relations arise in different subjects, above all they can gradation at on the real sector, business turnover and more. They are folding like an add to commodity turnover realized due to certain features of the mechanics of execution.

   2.2. The role of banks in international settlements

   Foreign trade, business relations naturally give rise to financial assets and liabilities of legal entities and citizens of different countries and, accordingly, involve international settlements. Since the objective is formed, due to economic entrepreneurship need to have access to foreign currencies and commission deals with them in the process of circulation rates[121].
   Operations on the treatment and exchange rates have existed since time immemorial. However, in recent decades, this kind of activity has become an essential part of any national economy. This is due to different assumptions: the development of regular international economic relations, the creation of the world monetary system, conferring on the member states certain obligations with regard to their national monetary systems, information technology, high-speed messaging on exchange rates, trends in finance, economics and politics, interdependence various segments of the national economy, as well as the growing influence of the global economy.
   Globalization does not lead to the withering away of the state and the state imposes higher demands associated with the interplay and clash of national interests of various states. States include the increasingly complex structure of international relations, time itself puts them together with the requirements of enhanced international responsibility for their own internal affairs. At the level of national economic interest is the institutional expression of the state, which in the international arena their own economic interest. State with respect to the global community is the same as the one individual to the state at the national level[122].
   Financial and economic globalization is seen here as the main cause of positions and institutions from the outside through the existence and activities of transnational corporations, banks, international organizations, from the inside – through the strengthening of objectively taking place all kinds of separatism and resistance to globalization[123].
   Multinational companies do serve as operators of the state in international economic relations. They are pulling in the state in competition with each other, forcing them to actively engage in the regulation of economic processes. Moreover, TNCs and transnational banks (TNB) have their own interests that may conflict with the interests of individual states and the needs of international economic law in general. The action of TNCs in the international arena is multi-vector nature and often contrary to national sovereignty of any country.
   In the course of economic globalization and the state of national companies, stock exchanges and banks, creating subsidiaries abroad and buying shares and foreign enterprises are transformed into transnational companies, which perform the function of the overflow of capital.
   Due to the globalization of financial services expanded range of investment assets, increasing their liquidity, improved mechanisms for the distribution of portfolio risk, increased mobility of financial intermediaries. To ensure the transfer of funds and payments from financial assets in the mode Worldwide 24 need a global financial infrastructure. One of its elements have become transnational banks with a presence in various forms, a subsidiary bank, branch, cross-border participation in the systems, cross-border provision of services, most financial centers. These banks were called «Large Global Financial Institutions»[124].
   The instability of such institutions is fraught with systemic risk is at the international level. In this case the value of such institutions to finance infrastructure backbone due to their functions, participation in the LVTS, SSS and the provision of liquidity in the interbank market. Replacing one LGFI other financial institution cannot be done mechanically. As part of the payment, clearing, exchange systems require fulfillment of certain conditions imposed by the rules of these systems and national laws. The isolation of payment functions LGFI in case of insolvency and its transfer to other financial institutions create many problems, especially when calculating the net.
   Payment system and settlement system for securities – are the main components of the national financial infrastructure, which are the foundation for today's integrated financial markets. The failure of the system or the financial risk, can lead to significant negative consequences of these markets and have a direct impact on their members. In order to protect financial markets and economy from such an impact, such risks should be clearly defined and manageable.
   System and make payments on securities transactions – the central securities depository and clearing house a central counterparty – is a group of companies, based on a vertical integrated with the stock exchange or on a horizontal basis with other clearing organizations and banks.
   The concept of «clearing» (British clearing), implying a settlement procedure, based on the classification of mutual claims, was issued in the middle of the XVIII century in the UK. First became widespread clearing liabilities. At that time, the rapid development of production and trade growth often repeated shortages of actual payment of funds – metal money. To avoid unnecessary movement of real money in 1760, was created London Clearing House.
   Thus, clearing provides a set of procedures designed to identify and calculate the mutual claims and obligations of buyer and seller of securities. The purpose of the clearing is to reduce the number of payments and deliveries of securities transactions. As a result of clearing executed settlement documents to be sent for execution in settlement system and a system to ensure the delivery of securities.
   Clearing can also be defined as an activity to determine the mutual obligations, collection, verification, correction of information on securities transactions and the preparation of accounting records on them and they set off on deliveries of securities and settlement of them.
   Organizations engaged in clearing of securities in connection with the settlement of transactions in securities accepted for performance prepared in determining the mutual obligations of accounting records based on their contracts with market participants, for which calculations are made.
   Clearing organization, carrying out settlement of securities transactions, shall form special funds to reduce the risk of default of such transactions. The minimum size of special funds, clearing organizations is controlled. In Russia, for example, that the Central Bank and the Federal Financial Markets Service. Activities, by definition, mutual obligations, clearing is carried out on a special permit – a license issued by the federal executive body for the securities market.
   A key element of the infrastructure of global financial markets are a system of securities settlement, SSS responsive to trends in financial markets, the growth in cross-border trade in financial assets, strengthening management investors their portfolios of securities, including the use of Internet trading, reducing transaction costs. At present, there was an oligopoly of systems Euroclear and Clearstream, formerly Cedel, the history of the competition which counts for 30 years. In 2004 the trade turnover by Euroclear system exceeded 1300 billion dollars of transactions amounted to just under 120 million, and average daily provided support – around 1320 billion dollars[125].
   As trends in the development of Euroclear in the near future is to create a uniform operating infrastructure of the national central depository system and Euroclear Bank, which will further reduce the costs of cross-border operations.
   The group includes Euroclear five European central securities depositories of Belgium, France, Ireland, the Netherlands and the UK and international central securities depository Euroclear Bank, which in addition to custodial services provides loans for settlement of securities transactions 86.9% of shares owned by Euroclear banks – users of the system, while the remaining 13.1% – Company Sicovam Holding. Biais B., Hartmann P., Manna M, as well as greater integration of European SSS, possibly through the acquisition of Clearstream, which will provide coverage of the securities markets of Germany and Luxembourg. The relationship between the SSS and payment systems, as a rule, through the participation of central securities depositories in RTGS central banks, which can provide a mechanism for «delivery against payment» DVP.
   Globalization of the financial infrastructure and interdependence of its various elements make particularly relevant the question of supranational supervision of payment and settlement systems, as well as the mechanisms for international cooperation. An example of the European Union shows that the ECB acts as a «lead supervisor» to supranational systems TARGET and Euro1, as well as a partner in the oversight systems outside the Eurozone. TARGET facilitates cross-country payments, thus creating conditions for the integration of money markets in the euro area[126].
   SWIFT system has created a product for corporations, is intended for the exchange of financial information on payments, securities settlement, reporting, with the banks through a single secure standardized platform. NK «Lukoil» since 2002 uses the infrastructure of SWIFT with its settlement banks. Initially, the corporation has the status of «participant in the MACUG», and then «counterparty for transactions in the money markets». In Russia, the decision MACUG made available to its major clients BNP Paribas, Citibank, Credit Suisse First Boston, VTB, ING Bank, Royal Bank of Scotland, Calyon Rusbank, Sobinbank and other customers of these banks now have the ability to connect to SWIFT and to make payments at the advanced level[127].
   National central banks oversee payment and, as a rule, settlement systems in their countries. Supervision of cross-border payment systems requires the definition of the central bank acting as a «lead supervisor». For example, for a system SWIFT, is a communication system, but is also subject to supervision, it shall be the National Bank of Belgium, for the settlement system for foreign currency transactions CLS – Federal Reserve Bank of New York and other central banks on the location of the settlement banks of the respective currencies.
   The infrastructure of the financial sector includes various components necessary for the functioning of modern economies, such as supervisory and regulatory frameworks, tools, securities regulation, accounting rules, agency reporting of credit transactions, payment systems, etc.
   Because in some EU countries, for example, in the Netherlands and Belgium, the concentration of the banking sector reached a high level, further operations on the concentration of banks in these countries may have a transnational character[128]. Despite some common trends, such as reducing the number of banks, the banking systems of EU countries are very heterogeneous. In France and Germany occupy a large place cooperative banks, savings banks, mutual credit society, etc. But if in France, these institutions are undergoing significant changes, the German land banks retain their positions and enjoy substantial support from the State.
   Globalization of stock market caused a sharp change in market structure and investment loans. In the first place in terms of funding came through market economy mechanisms mortgage lending, and corporate investments somewhat lost its position as a pledge is a liquid coating investor risk than borrowers in the assurances that the investment in their projects promise big profits to creditors. The mechanism of re-registration of mortgages into securities acquired in recent years, international character, which made it possible to use as collateral natural resources, land, real estate, intellectual property, and this, in turn, provided additional coverage of risks investors. However, the use as collateral in foreign assets is difficult with respect to foreclosure of the liens of the issuer from another country and other legal fields, respectively. Among the new financial institutions, who can best work with modern investment instruments and qualified to solve the problem of foreclosure of mortgages around the world include large sub-custodian banks. They use the most modern methods of business investment and analysis, have been working on-line simultaneously in dozens of securities markets, using the most reliable means of protection that allows sub-custodian to minimize risks and costs, and better than other financial institutions to reduce the proportion of bad debts in the investment business. Sub-custodian banks have accumulated considerable guarantee funds and actually turned into a multinational banking group linked by a single strategy, business investment and bad debt write-offs by custodial operations. These banks, attracting significant corporate and capital funds from the public, affect the market capitalization of many states, providing first-rate guarantees preservation of capital, and by buying wholesale services of international supply chains of securities against payment, have the technical ability to lower tariffs. Sub-custodian able to quickly and accurately determine where to take the appropriate provision to reduce the likelihood of market crises caused by the slump in stock prices. Transnational group’s sub-custodian banks formed the core of the international financial institutions who have mastered the practical long-term lease banking mortgage instruments. By taking advantage of long-term leases, conscientious corporate clients attract large investments under warranty sub-custodian banks[129]. The latter, uniting with the largest companies – insurers risk wholesale and profitably sell their warranties and service packages to corporate customers. To buy a similar package, the company needs to become a client of one of sub-custodian, open a special guarantee account «post-numerando», which lists the amount of money or insurance payment, or liquid securities at an agreed value of the collateral from the guarantor. After that, the company can only buy in due course first-class bank guarantee for 10 years. Taking advantage of this warranty, the company can get a loan or the bank itself, guarantor, or any other bank on favorable terms.
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