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Чтение книги "The implementation of the economic cycle: freedom, trust, duty" (страница 7)

   5.2. The mechanism of international settlements

   Trade implies equivalence, so transfer the object of trade is always accompanied by what lawyers call consideration[42]. Foreign contracts provide for the transfer of goods, or documents that are forwarded by the bank of the exporter or importer's bank to the bank of the country – the payer to pay in a timely manner. The calculations are carried out by various means of payment used in international circulation: bills, checks, money orders, wire transfers.
   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[43].
   Schematically, the mechanism of international payments is as follows:
   – The importer buys from a bank wire transfer, cashier's check, promissory note or other payment document and sends the exporter;
   – Exporter receives payment from the importer, this paper and sells it to his bank for local currency, which it needs for production and other purposes;
   – The exporter's bank sends abroad its correspondent bank payment document;
   – From the sale of this document, amount of foreign currency is credited by the bank of the importer to exporter's bank's correspondent account.
   This mechanism allows for international settlements through correspondent banks by offsetting counterclaims and obligations without the use of cash.
   Banks tend to support the necessary foreign exchange positions in different currencies according to the structure and timing of payments, as well as carrying out monetary and financial conditions and payment of foreign trade transactions include the following elements:
   – Exchange rates, the choice of which along with its level, the interest rate and currency exchange rate depends on the degree of efficiency of the transaction;
   – The currency of payment, which must be repaid the obligation of the importer (or borrower); mismatch of currency rates and currency of payment – the simplest method of exchange risk insurance;
   – Payment terms – an important element of foreign trade transactions. Among them are distinguished: cash payments, payments to a loan, a loan with an option (the right to choose) cash payment.
   By cash international settlements are settlements in the period from the date of readiness of the exported goods to the transfer of documents of the importer.
   Provision of credit has a definite influence on the conditions of international payments. If his calculations are carried out after the international transfer of goods in the ownership of the importer, exporter that lends it’s usually in the form of issuing a bill. If the importer pays for goods in advance, he credits the exporter.
   Loan with an option for cash payment, if the importer, exercise the right of deferral of payment for goods purchased, he is deprived of discounts offered by cash payment.

   5.3. The main forms of international settlements

   To link the opposing interests of counterparties in the international economic organizations and their payment relationship apply various forms of payment.
   The choice of methods of payment depends on:
   – Type of product;
   – Availability of credit agreement;
   – The solvency and reputation of counterparties for foreign economic transactions.
   The contract specifies the conditions and methods of payment.
   – The collection form of payment – the client's order to the bank on receipt of payment from the importer of goods and services and placement of these funds to the exporter's bank. Banks perform collection operations, using the instructions received from the exporter in accordance with the Uniform Rules for Collections.
   – Letter of credit – an agreement on the obligation of the bank at the request of the customer to pay for the documents, accept, or (negotiate) a bill in favor of a third person (beneficiary) to whom a letter of credit.
   The procedure for this form of payment is regulated by the Uniform Customs and Practice for Documentary Credits. The letter of credit (especially irrevocable and confirmed) to a greater extent than the collection ensures timely payment.
   However, this is the most complex and expensive form of payment, the importer in this case has to reserve the amount of credit or use credit bank.
   – Bank Transfer – order one bank to another to pay the payee (beneficiary) a certain amount. It involves:
   – Originator – the debtor;
   – A bank, took the assignment;
   – The bank that executes instructions;
   – Payee.
   In international transactions often take the transferor bank customers. In the form of transfer payments made collections, advance payments recalculated. Bank transfers are often combined with other forms of payment, as well as the guarantees of banks.
   The instruction specifies a way to recover the bank of the payer amount paid to them. Payee bank is guided by specific instructions contained in the payment order.
   – Advance payment – the payment of goods importer in advance of shipment, and sometimes to their production (for example, the import of expensive equipment, ships and aircraft). In contrast to international practice, where advance payments are 10 – 33% of the contract, in Russia they reach 100%. Thus lend importers of foreign suppliers. Consent of the importer at a pre-payment due either to his interest, or the pressure of the exporter.
   – Calculations on open account – settlements providing for periodic payments in a timely manner at the importer to exporter of regular supplies of goods on credit to this account. These calculations are most beneficial to the importing and practices of trust and long-term relationship with a foreign supplier.
   The seller delivers the goods with no guarantee of payment, the buyer transfers money to the payment date. The seller does not receive any guarantees from the buyer. Therefore, such terms of payment are possible only in one country or between firms that know each other well and in foreign trade are rarely encountered.
   The peculiarity of this form of payment is that the movement of goods a head of the movement of money. Calculations related to commercial loans. In fact, this form of payment used for lending to the importer.
   – Calculations based on bills, checks, bank cards – international payments, which apply transferable and regular bills. For the payment of a bill acceptor is responsible (importer or the bank), consenting to pay it. A uniform law a bill (1930) governs the form, details, and the terms of billing and payment of bills.
   For non-commercial transactions be used travel (tourism) receipts issued by a major bank in different currencies. Cheque – monetary instrument prescribed form containing an order to pay the bank designated by him the currency to its owner. Form and check details are regulated by national and international laws (check the 1931 Convention, etc.).
   If payment is made by check, the debtor (buyer) either alone puts a check (check the client), or shall refer it to the bank statement (check the bank).
   Road (coach) check – a payment document, the monetary obligation (order) to pay the amount indicated on it the owner of the check. It is issued by major banks in national and foreign currency.
   Eurocheque – check in the Euro-currency issued by a bank customer without prior payment of cash and in larger amounts through a bank loan of up to 1 month. He is paid in any currency of the country – member agreement. Eurocheque in force since 1968.
   In the international accounts are actively used bank cards (Visa, MasterCard, CirusMaestro, Union Card, DinerS Club, and American Express).
   International operations are carried out with the help of computers, electronic signals in the form of entries in the memory banks of computers, transmitted via remote communication. Information is passed on interbank settlements through SWIFT. Joint Stock Company – Worldwide Interbank Financial Telecommunication Network (since 1977) serves about four thousand banks and financial institutions nearly 100 countries.
   Currency clearing – settlements in the form of mandatory set-off of international requirements and obligations on the basis of intergovernmental agreements. Unlike the domestic interbank clearing of mutual credits at the exchange clearing not made voluntarily, and without fail in the presence of an intergovernmental agreement. For the first time foreign exchange clearing was introduced in 1931 amid the global economic crisis. They are widely spread before and especially after World War II (with 74 – in 1935 to 400 bilateral clearing – in 1950). In 1950 – 1958's. multilateral clearing – EUROPEAN PAYMENTS UNION (EPU) – covered 17 countries in Western Europe.
   Due to clearing international payments exporters and importers made in national currency with the clearing banks, which produce a final set-off of mutual claims and obligations. Exporters are not foreign and local currency. Importers bring in national currency clearing bank.
   Bank for International Settlements (Basel) is the agent bank clearing. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[44], was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has fallen significantly, prompting several governments located in the band to do disruption reconstruction of the whole system of currency regulation.
   Historically, the following features of the main forms of international payments:
   – Importers and exporters, as well as their banks to enter into definite relations associated with the payment of title and documents.
   – International operations are regulated by legislation and banking regulations.
   – International operations – the object of unification and universalization of banking operations. In 1930 and 1931 accepted international promissory notes and checks Convention (Geneva), aimed at harmonizing the bill and voucher laws. The Commission on International Trade Law United Nations (UNCITRAL) continues to unify the Bills of Exchange Act. International Chamber of Commerce, established in Paris in the early XX century, Develops Uniform Customs and Practice for Documentary Credits, the collection and contract guarantees. For example, the first rules were developed for collection in 1936, and then revised in 1967 and 1968. Adheres to these rules, the majority of banks in the world.
   – International operations are usually documentary in nature, which is exercised against the financial and commercial documents.
   The financial instruments include promissory notes (promissory and transfer), checks, payment receipts.
   Commercial documents include invoices, shipping documents evidencing shipment or dispatch (bills of lading, receipts, etc.), insurance documents insurance companies, other documents (certificates, bills, etc.).
   The bank verifies the content and completeness of these documents.
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