Чтение книги "The implementation of the economic cycle: freedom, trust, duty" (страница 13)
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As a rule, the founders of the offshore banks are major international banks and transnational corporations (TNCs), although individuals also have the opportunity if you want to create your own (family) offshore bank.
In terms of the role of transnational banks in international transactions, they are not simply statements of payments, and the major focal points of the financial sphere of social relations within the framework of international economic cooperation economically active subjects of the global economy.
The banking system is powered monetary resources, which creates an economy, it is clear that the main source of increasing strength of the banking sector in Russia is in the field of general economic growth.
As of 1 November 2010, total assets of credit organizations in Russia was a few more 31 908 billion rubles. And the rate of 31.78 rubles / USD on November 1, 2010, we obtain a sum close to 1004 billion dollars when it is estimated on the basis of purchasing power parity (PPP), the Russian GDP was about 1443 billion.
GDP and bank assets of countries in 2008
* Показатель России – по оценке автора
Compiled from: IMF. Global Financial Stability Report. – 2010. – April. – P. 177.
We use the IMF data for comparison with the positions of Russia's position in some other countries.
Comparison of data on the size of bank assets to GDP allows the most general form to relate them to the size of the economy. Without going into a particular method of counting the IMF, we note that the data indicate a larger capacity of the banking systems of Western Europe, gained over a long period of development than that which has now Russia. We also see that in Luxembourg as a broad use of the world's largest private banks as offshore. Relative to the U.S. should recognize the important feature of the structure of the financial market of the country, where the bulk of funding goes through the securities market and, consequently, banks play a relatively minor role in the financial market than in continental Europe. Thus, even a cursory comparison of the size of assets in the Russian banking system performance in several European countries indicates that the establishment of Russia as a world financial center for the international payments should be a significant increase in the size of bank assets. That is directly related to the growth potential of the Russian banks, and hence the entire economy. You can certainly expect the arrival of foreign bank capital, but with his limited role in the Russian banking system, it is clear that due to this factor the scale of growth of the banking sector will not work. Another source – this influx of foreign capital in deposits and accounts in Russian banks. But providing an attractive environment for such an influx of Russian economy is the ability to take these funds and manage them effectively to economic growth, otherwise there will be a source of interest payments. In today's business world leadership position is a relative term. The annex contains twenty leaders of the banking sector, according to the magazine «The banker» in July 2010.
First on the list Bank of America Corp, the top three also includes the U.S. banks JP Morgan Chase & Co. and Citigroup, but it should be right off by saying the U.S., it is assumed that the origins of management, are in America, actually it is a transnational structure, area of interest which is all space. In view of the universal recognition of the institution of ownership structure data have significant amounts of it is in many jurisdictions, and its main component is finances. Due to the scale of the apparatus and the structure it is possible to maneuver in terms of financial performance of individual structural elements that can be defined as intracorporate manipulation in order to create the illusion of the external to the outside world. Following is a ranking of English Royal Bank of Scotland and HSBC Holding.
The role of banks in international payments, including dependent on the overall level of credit and banking institutions in the country. Consider the level of the banking system in the various countries in the aspect ratio of bank assets to GDP in% according to World Bank (see table in appendix).
World’s largest banks according to the 2010
Compiled from: www.bankerdatabase.com
United States from 1980 to 2008, bank capital is 0.54 – 0.69%, with this rising tendency, United Kingdom: 0.48 – 1.90%, a trend also, England is the country capital, a classic of world financial center.
Luxembourg: 0.89 – 2.14%, a little on the territory of a state with a developed financial infrastructure.
Austria: 0,87 – 1,30%, reflects a stable tendency to increase.
Cyprus: 0,61 – 2,49%, an offshore jurisdiction.
France: 0.79 – 1.21%, like Austria, supported by a stable upward trend.
Germany: 0,99 – 1,21%, a stable upward trend.
Italy: 0.65 – 1.27%, like Austria, France and Germany.
Thus, we can conclude that the ratio of bank assets to GDP of the state depends on the scale of payments. Since the essence of the bank is that the maximum amount of time to the maximum number of lucrative banking operations, the greater the volume of assets has a bank, the greater its capacity. And the higher the GDP of the state, the greater the need for clearing transactions in the subjects of economic activity to further promote the trend. Every state seeks to increase GDP from year to year, however, and any bank is also seeking to increase their assets, and in view of the transnational nature of many of the banks acquired assets and the share of GDP of other different countries. If initially there were some banks on the basis of industrial business cycles, but now there are transnational banks on the basis of transnational corporations.
The essence of transnational bank is that its financial assets belong to several countries. According to the 2010 in Switzerland only assets of the two largest banks – UBS and Credit Suisse – are comparable to 600% of GDP. Switzerland is far away from the crisis, but other states – Italy, Belgium, Germany, and United Kingdom – is much closer:
Belgium – Dexia: 180%
France – BNP Paribas, Crédit Agricole, Société Générale: 237%
Germany – Deutsche Bank: 84%
Italy – Unicredit, Intesa Sanpaolo: 101%
Netherlands – Fortis: 155%
Spain – Banco Santander: 92%
UK – RBS, Barclays, HSBC: 337%
U.S. – JP Morgan, Citigroup, Bank of America, Wells Fargo and Fannie Mae: 56%.
Banks with international relations and foreign branches appeared in the Renaissance in the fifteenth and sixteenth centuries, for example, in Northern Italy. Even earlier, during the Crusades there were bills of exchange as a means of payment, which the merchants and bankers, representatives traveling across Europe and in overseas countries. This is described in Walter Scott's novel «Ivanhoe». Some banking houses soon emerged as international: the Rothschilds, Morgans, etc.
Pic. 1. Top 25 Global Banks: total assets to home country GDP
Compiled from: JP Morgan
In the late nineteenth – early twentieth century, the development of international banks acquired a qualitatively new character, when they became the hallmark of the development of monopoly capitalism. On the basis of high concentration and centralization of capital banks have formed a monopoly, which spliced with industrial monopolies. During the twentieth century, the role of banks has increased incredibly. Rise of the banks was associated with the development of such operations as banks deposit and lending, payment and settlement, investment, etc. Some of the new banks' operations include leasing, factoring, trust, etc. Leasing transactions consist in the fact that banks lease equipment, from cars to airplanes and ships.
Factoring lies in the fact that the banks pay the invoice customers and give them credit. Trust operations consist in the management of state customers by proxy.
Banks have become centers of economic life and in conjunction with industrial monopolies exercise financial control of the economy. The banking system ensured a diversified and international expansion of industrial monopolies. The most mobile and flexible tool for both domestic and foreign financiers bonds were securities that led to the interweaving of international capital. Banks throw a network of financial dependence on many foreign countries, and eventually entangled them the whole world. Thus were formed two types of international monopolies from foreign assets, branches and subsidiaries – industrial and banking transnational companies (TNC and TNB). Among American economists and sociologists spread the idea of reducing the role of banks and even the disappearance of financial capital. In fact, the role of financial moguls did not decrease but increase.
As you know, some of the financial capital rose from bankers and others from the industrialists. For example, the group grew out of the Morgan Bank («JP Morgan & Co.», Etc.) and subjected the financial control of large industrial companies such as «United States Steel», «General Electric», «International Business Machines», together with du Pont – «General Motors» Rockefeller Group, and others emerged in the oil business and founded an empire «Standard Oil». Rockefeller was the main bank «The Chase Manhattan Bank», which compete with banks Morgan. The total number of groups of the financial oligarchy was close to the Second World War to the 60 families, and after the war, new powerful group of financial magnates who were competing with other financiers for influence.
2.3. Problem and Prospects of international settlements evolution in exports and imports of goods and services in context of globalization
Trade implies equivalence, so transfer the object of trade is always accompanied by what lawyers call consideration. This may be another commodity barter or cash, payment and settlement relationships, but in any case, the transferor facility must receive something in return. Most often, such a consideration is carried out in cash or securities, promissory notes, checks, letters of credit.
The internationalization of the world economy – is the development of comprehensive ties between the national industrial and economic structures and on this basis to overcome the limited production of the national framework. It manifests itself in the deepening international division of labor, increasing volumes of international trade, the intensification of cross-country movement of industrial and financial resources, the growth of technology exchange and international cooperation in solving global problems.
Global economic growth at an annual rate of about 5.25% in the first half of 2010, approximately 0.5% higher than projected in the July issue of the Bulletin, «Global Economic Prospects» (GEP) 2010 growth rate of world industrial production around15% and the rate of progress in world trade during this period accounted for more than 40%.
This impressive growth due to the rapid accumulation of reserves and, in the latter period, growth in investment in fixed assets, and the latter in particular has a positive impact on the prospects for further growth. Confidence index in the manufacturing industry once again reached the pre-crisis levels, and employment in advanced economies is growing at a moderate pace. In the emerging market indices household spending quite well, but in many advanced economies, low consumer confidence, high unemployment, stagnating incomes and lowered household wealth restrain consumption growth.
Thus, there is a direct and inverse relationship between the calculated and the production and economic relations.
On the one hand, production and economic relations is calculated, as it is economic entities – participants in the transaction determine the form of payment corresponding to the nature of economic relations and the peculiarities of the industry enterprises. On the other hand, the state accounting relations are reflected in economic relations as well as the quality of the organization depends on the efficiency of settlement relations of the circuit and continuity of sales.
The calculations are an objective reflection of the circuit means and effective organization of the estimated relationship is necessary for normal functioning and development of the manufacturing process.
International payments should not be limited only by how foreign trade payments are made. International operations are a complex system, the synthesis of the world's accumulated knowledge and experience, based on international rules and standards, aiming to optimize the international commodity and money flows.
Key actors in international payments are importers, exporters and banks that serve them. Exporters (suppliers) and importers (payers) enter into certain relations among themselves and with their banks. These relationships are associated with the movement of commodities and administrative documents, design and implementation fees.
The main mediators in international transactions by banks that provide cross-country cash flows of its customers – the participants of foreign economic activity, using your phone abroad and correspondent relations with foreign banks.
The relative importance of banks in international payments will depend on several factors. First, the scale of foreign economic relations of the country, the purchasing power of its currency, specialization or universalization of banking institutions, their financial status, reputation, network of branches and correspondent relations. Secondly, important influence on the organization and implementation of international payments has the overall development of the banking system in the country, as well as economic and trade customs and traditions inherent in a particular country. As well as for internal calculations, the bulk of foreign payments in international payments made by bank transfer. This involves the selection of appropriate attributes for International Settlements. Currency price of goods, works and services, payment currency, exchange rates and central banks, currency quotes, currency risks and the safeguards, conditions of payment, in cash or on credit, payment for collection of credit is different, payment methods, gross payments, offset of mutual requirements, types of payment instruments, Bills and Notes, money orders, checks, financial guarantees, bank obligations, conduits of payment, banks and financial institutions, systems, balancing payments through bilateral or multilateral clearing, telecommunication systems for the transmission of relevant information.
In its economic content forms of international payments, wire transfer, collection, credit, open account similar to the analogous forms of internal calculations, however, it is necessary to identify those features of economic and monetary relations, which occur when payments become international.
The nature of international relations. International relations between exporters, importers and banks may be either constant or intermittent. Frequency of ties depends on the industrial and economic characteristics of the foreign trade organizations, the level of business activity and interests them in each other, the competitiveness of products sold; range of services provided by the servicing bank. Frequency of international relations has a significant impact on the organization of international accounting relations. As a rule, the longer and more efficient communication between the exporter and importer, to become more flexible in terms of foreign trade contracts, simplified form of payment, etc. Implementation of international accounting relations with unfamiliar foreign firms, or those organizations that have not confirmed their solvency and reputation of long practice should be more severe.
The nature of the goods. The nature of the goods and the prevailing trade usages it is influenced by the establishment of that and whether some form of settlement between foreign trade partners. Yet another feature is that the nature of the goods also affects the relationship of an economic entity and the bank. The nature of the product often depends not only possible, but the terms of the exporter or importer of funding from the service or the foreign bank.
Reputation of foreign firms and banks, the quality of execution of contract between the contractors and foreign trade contract between client and bank liabilities, the solvency of firms and banks also affects the character of the settlement of international relations. For example, if the implementation of the settlement provider is not sure about the solvency of their partner or bank in question, he may, by agreement of the parties request that payment was made by the payer's account at another bank or generally refuse to comply with contractual obligations, thus paying a penalty interest for failure to fulfill the contract, but without losing the product. In carrying out international settlements exporter who is not sure about the solvency of the foreign partner or foreign bank, without abandoning the fulfillment of contractual obligations may require confirmation or guarantee of payment for goods shipped first-class bank, shifting the risk of non-payment by the confirming bank or the guarantor bank.
Risks of international trade and guarantee. In carrying out international settlements an important feature of international economic and monetary relations are the risks of international trade.
These risks are directly related to foreign exchange risk, that is, with the possibility of foreign exchange losses due to depreciation of the contract in relation to the currency of the exporter or importer. Also to the features should be included and what the risks of international trade are not only commercial / non-trade, but also political.
International banking practice has developed different mechanisms to guarantee the protection and payment in international trade. These include documentary credits and collections, banking, and government guarantees, forfaiting and other forms of trade finance. Forfaiting is nonrecourse financing exports and is a form of financing, undertaken with the use of negotiable instruments, suitable for all commercial transactions of the exporter, the latter is not obliged to pledge his entire business or a substantial part of it. So, generally used in transactions such common debt instruments as promissory notes and drafts, loan documentation are simple and can be made as soon as possible. This risk-free, aggressive, profitable cost and internationally accepted method enables exporters to increase their competitiveness.
Insurance. Expansion of trade relations between Russia and foreign countries need to take account such features as the insurance of Russian companies not only on trade, economic, but also from internal and external political risks. The main political risk associated with the economic situation of the state, more precisely, with an aspect of the law of political goals. And of course there is a global risk due to general instability of the economy.
Currency regulations. International operations, as opposed to internal, made in different currencies, so they are closely related to currency transactions. Currency regulation as a feature of international economic and monetary relations is to develop mechanisms not only regulates and control foreign exchange transactions, but also preventing the illegal export of currency from the country.
The technical level of implementation of international accounting relations. The increasing volume of international trade imposes more stringent requirements to the technical level of international accounting relations. Contemporary international relations must be estimated reliably, efficiently and without any additional cost was. These requirements can be fulfilled only if you use the most advanced and modern equipment, efficient channels for interbank telecommunications. The Russian banking practice is widespread Association of International Interbank Financial Telecommunications – system SWIFT, which is one of the foundations of international interbank correspondent relationships. Correspondent banking is applied at the national level, but especially weighty significance it has for international relations, where the activities of the bank's clients goes beyond national boundaries and acquire an international character.
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