Николай Камзин.

Theory and practical aspects of Internationa settlements. Economic cooperation



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Introduction

Within world economy the dynamic of international economic globalization enables the participants the need for mutual settlement operations, so the problem of organization of settlements is one of the main places for economically active subjects, “экономического человека”[1]1
  Автономов В.С. Модель человека в экономической науке. – СПб.: Экономическая школа. 1998. – 230 с.


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, in the worlds of В.С. Автономова and system related structural independence[2]2
  Ван-Хуз Д.Д. Миллер Р.Л. Современные деньги и банковское дело. – М.: ИНФРА-М. 2000. – C. 800.


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, than highlights relevance of the topic of research. Especially in a globalized economic space, in the function of transnational structures and scale of their export-import operation and international financial transactions.

The object of this research is international economic relations in aspects of realization mutual transnational financial commitment, international settlements. The level of economic relations has evolved to the point that the mail problem is the reduction of mutual accounts, and this is actually for the subject belonging to the same financial structure, in which, despite the outward unity is constantly being “constructive” talks on how to conduct joint activities and joint projects in the global economy in view of cross-border commercial transactions.

The object of this research is the economic substance of the payment and settlement operations in foreign-economy activity at the present stage of globalization world economic space.

The aim of the present research is to co-based study and analysis of the provisions of economics, international experience, accumulated knowledge on this sphere of social relations, to identify international payments as part of the international monetary and financial relations, to identify current trends of development and regulation of international settlements in the context of globalization.

The achievement of this goal is to solve the following problems:

– research of evolution of the global monetary system as a factor in the development of international monetary and financial relation;

– identifying the essential and form international settlements, the study order of state regulation of international payments;

– identification of risks arising from the international settlement realization, and ways to minimize them;

– research payment in foreign-economy activity at the present stage;

– define the role of banks in international transactions;

– problem and prospects of international settlements evolution in exports and imports of goods and services in context of globalization.

The theoretical and methodological bases of the research were the works of experts.

It should identify the works of researcher such as George A. Akerlof, Frederic Bastiat, I. Dunning, Jeffrey A. Frankel, Ricky W. Griffin, F.A. Hayek, Richard Head, John Maynard Keynes, Jeffrey K. Liker, Alfred Marshall, Karl Heinrich Marx, K. Menger, Roger LeRoy Miller, Ludwig von Mises, Herve Moulin, Michael W. Pustay, J.A. Schumpeter, Walter Scott, W. Shakespeare, Vera C. Smith, David D. VanHoose, Bluma Zeigarnik, Д.А. Аксенов, Е.С. Батманова, Г.Н. Белоглазова, М.К. Беляев, И.А. Бланк, О.Т. Богомолов, В.Г. Брюков, Н.В. Букина, Ю.В. Бусловская, Н.А. Бутузова, Н.К. Врагова, Ф.А. Гудков, П.А. Гутынин, С.И. Долгов, Б.Ю. Дорофеев, В.Л. Ерохин, К.В. Карашев, А.П. Киреев, Г.К. Кобахидзе, Н.Д. Кондратьев, Е.В. Копалов, К.Н. Корищенко, О.Г. Королёв, И.И. Кретов, Л.Н. Красавина, В.В. Круглов, С.В. Крахмалев, М.В. Ксенофонтова, О.И. Лаврушина, Д.П. Лиговская, А.Ю. Лисицын, А.С. Мамзина, С.В. Маслов, В.А. Мещеров, А.А. Миннибаева, А.М. Михайлов, В.П. Мозолин, В.Ю. Никитина, С.В. Николюкин, М.В. Образцов, И.В. Перелетова, И.А. Подколзина, Д.В. Половинкин, В.В. Поляков, М.А. Портной, А.И. Потемкин, С. Ремезова, А.А. Рябов, А. Саркисянц, Н.Л. Симутина, С.Б. Смитиенко, Ю.А. Соколов, А. Сочнев, О.П. Строгонова, А.А. Суэтин, П.С. Томилов, И.З. Фархутдинов, Р.Г. Фахретдинов, А.В. Шамраев, Я.С. Яскевич.

Also was used legislation in the field of banking regulation and regulation of foreign trade, official statistical publications of international organization (IMF, WTO), the states, international banks and institutions.

The solutions of these problems in the research performed with a single methodological position, the basis of the research were scientific methods of research: logical, comparative, normative, comprehensive, systematic, specific theoretical approach: an ascent from the abstract to the concrete[3]3
  Яскевич Я.С. Методология и этика в современной науке: поиск открытой рациональности. – Минск: БГЭУ. 2007. – С. 33.


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In the research were analyzed the practically important problems of the organization of mutual settlements carried out as subjects of international economic cooperation, formulated and justified the following conclusions are brought to the protection of:

– the monetary system at the international level through agreements regulated by sovereigns is the base mechanism of international payments as well as calculations and rates of foreign trade contracts are made in a particular currency, the financial unit;

– the essential of international settlements is that they are a mechanism for balancing the mutual financial obligations arising from international economic co-participants in trade and financial relations;

– a form of international settlements is a way of execution, implementation clearing house, it gradation arises because of the presence aspect of distrust and almost significant risks that require consideration in the implementation of financial obligation, especially relevant on a global scale due to the global interest;

– statements of account relationships are credit institutions, in view of their participation estimated relationship becomes a superstructure of the principal obligation of counterparties;

– justification of our expectations is a source of complacency, but because of multidirectional activity of other subject and expectations are subject to external factors and adjustments required for balancing a set of obstacles in a broad sense, registration and insurance risks;

– financial transactions become largely autonomous nature. The volume of actual turnover of goods and services is much less than the sum of transactions in global financial markets, like the banking multiplier actual turnover of goods creates a lot more turnover of finance;

– principal conductor and the subjects of international payments are the multinational corporations and banks. They concentrate in the hands of capital, scientific potential, technology, and at the same time seeking to monopolize the world's resources. Impact of their activities is extremely contradictory: generate both opportunities and challenges for the global economy;

– the most liquid assets and liabilities – payments on exports of goods and services account for an ever smaller part of the global assets and liabilities, where the crucial role played by various operations with financial instruments, as a result, periodic imbalances of international payments;

The processes of globalization of the economy attracted attention because they are not yet sufficiently studied and evaluated in the aspect of the possible consequences for the international community, individual countries with different levels of economic development and to direct participants in foreign economic activity. These processes can spin out of control and destabilize the system of international payments.

At the present stage of globalization it is evident that their accounting in order to enhance economic efficiency and to counter the negative effects of a globalizing economy. The study of processes of globalization, especially in the financial field and the field of International Settlements has a scientific and practical importance for the optimization strategy, the structure of exports, imports, these processes are as objective reality, it is important to establish benchmarks of economic development to take advantage of the inevitable closer integration into the global economy.

Need, activating the entry of subjects in the calculated ratio is an attribute of the actual reality, therefore, the calculations in international economic cooperation is an evolving dynamic process and its various forms allow the subjects depending on the circumstances, to take it their constructive participation. This should add a felicitous assertion В.П. Мозолина “в экономике субъектом … считается не человек или организация сами по себе, а лица, обладающие денежными средствами”[4]4
  Мозолин В.П., Рябов А.А. О трех сферах имущественных отношений, регулируемых гражданским законодательством // Законодательство. – 2009. – № 6. – С. 24.


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In each national legal system is a norm similar to those contained in Part 4[5]5
  Конституция Российской Федерации (ред. 30.12.2008) // Российская газета. – 2009. – № 7. («Общепризнанные принципы и нормы международного права и международные договоры Российской Федерации являются составной частью ее правовой системы. Если международным договором Российской Федерации установлены иные правила, чем предусмотренные законом, то применяются правила международного договора»).


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of Art 15 of the Constitution of the Russian Federation, an industry regulation establishes the legal corridor in which the subjects of legal maneuvering, at a special subject of enforcement issued instructions, and by generalizing the practice develops a unified rule detailed parties in each case and the applicable international community into action.

The practical significance of research results is the following: made in the thesis work of analysis of the estimated relationship can reveal the inner essence of the organization of settlement in international economic cooperation. It is directly related to the subjective goals of the payment and settlement operations and reputation of the party of economic relations, that is, the quality of the most valuable intangible asset subject of international business relations.

International settlements, however, like any other public relations can be considered through different prisms. For a private person, rarely enters into these relations, it can be very difficult, undesirable, and forced interaction with contractors and other persons. For institutional entity, an entrepreneur risky, but technologically necessary for business operation. For the sovereign public entities is a way of maintaining the socio-economic balance in the world[6]6
  Камзин Н.Л., Камзина Е.Л. Организация расчетов в международном экономическом сотрудничестве. Saarbr?cken: LAP LAMBERT Academic Publishing. 2011. – С.9.


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Chapter 1
International settlements is a part of monetary and financial relations

1.1. The evolution of the global monetary system as a factor development of the international monetary and financial relations

International monetary system-enshrined in international agreements, a form of organization of monetary and financial relations, which operate independently or serving the international movement of goods and factors of production[7]7
  Киреев А.П. Международная экономика. В 2-х ч. – Ч. II. Международная макроэкономика: открытая экономика и макроэкономическое программирование. – М.: Международные отношения. 2001. – С. 18.


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Monetary and financial system is a necessary step to promote international trade in goods, financial instruments and the movement of factors of production. It consists of two elements. Currency components of the system is the national currency, the terms of their mutual convertibility and circulation, exchange rate parity, exchange rates and national and international mechanisms of its regulation.

Financial elements of the system are the international financial markets and trading mechanisms to specific financial instruments – currency, securities, and loans.

Independent element of the international financial system is the international settlements, serving as the movement of goods and factors of production and financial instruments.

International financing mechanisms are key elements of macroeconomic adjustment, which is carried out in the country's open economy.

Currency is divided according to its membership to:

– the national currency – legal tender in the issuing of countries;

– foreign currency – legal tender in other countries, used in that country.

Classifications can be varied for different characters, in order to achieve the objectives of the study relevant is the following: reserve currency – the currency in which the state held its liquid international reserves used to cover the negative balance of payments.

Generally accepted in the world currency, which is accumulated by central banks in foreign exchange reserves. It serves as an investment asset, is a method of determining the exchange parity used as a tool of foreign exchange intervention, if necessary, as well as for the central bank for international settlements.

The most important characteristic is the degree of currency convertibility them – the ability of residents and non-free and unrestricted exchange and use in transactions with real financial assets.

From the standpoint of balance of payments is convertible for current transactions, capital transactions and complete, and in terms of residents – domestic and foreign.

The classification of exchange rate systems based on what is recognized as a reserve asset, that is, with the help of an asset can be settled by the imbalances in international payments. By this criterion standard monetary systems are divided into gold, gold exchange, devising. During different periods of history such assets were gold, the dollar convertible into gold at a fixed rate, any currency accepted for international payments, but above all, freely usable currencies.

The gold standard was based on the formalization of the countries of the gold content per unit of domestic currency liabilities of central banks buy and sell domestic currency in exchange for gold. Gold exchange standard based on the officially established fixed parities of currencies against the U.S. dollar, which in turn was convertible into gold at a fixed rate. The main features of the standard devising lies in the fact that countries can use any system of exchange rates of their choice – a fixed or floating, established unilaterally or through multilateral agreements. The IMF has the authority to oversee the development of exchange rates and arrangements for their establishment. Abolished the official price of gold, and eliminated its role as the official means of payment between the IMF and its members. As an additional reserve asset, special drawing rights (SDRs).

With the development of foreign economic relations and formed the world monetary system as a form of currency relations governed by the national currency laws and interstate relations. The main element of the monetary system of each country is its national currency[8]8
  Киреев А.П. Международная экономика. В 2-х ч. – Ч. II. Международная макроэкономика: открытая экономика и макроэкономическое программирование. – М.: Международные отношения. 2001. – С. 40.


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. Features of the world monetary system and principles of its construction are closely related to the structure of world economy. It is obvious that a change in its structure has evolved and the world monetary system and, consequently, are modified and improved its basic elements:

– the functional form of world money;

– terms of convertibility;

– modes of exchange rate parities and exchange rates;

– the level of foreign exchange regulation and the extent of foreign exchange restrictions;

– unification of the forms of international payments.

The development of the world monetary system is a spiral with a gap of several decades. In the domestic economy, the monetary systems have evolved from the gold coin standard to a gold bullion and gold exchange, and from him – a paper-credit treatment. Evolving global monetary system has moved to the next stage, called the Jamaican system. It was arranged by agreement of member countries by the International Monetary Fund (IMF) in 1976 in Kingston, Jamaica[9]9
  Белоглазова Г.Н. Деньги. Кредит. Банки. – М.: Высшее образование. 2009. – С. 19.


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, in which formed the basic principles of a new monetary system, embodied in April 1978 in the second amendment to the Articles of Agreement of the IMF. These principles, which are today, are as follows:

– the abolition of the official price of gold was legalized demonetization of gold, but, nevertheless, thanks to the real values of gold, followed by continued extraordinary role of world money and reserve assets;

– gold exchange standard was replaced by a standard SDR, which formally declared the foundation of currency parities, but in practice did not become a standard of value, the main payment and reserve funds;

– instead of a fixed exchange rate of the country officially since 1973, switched to a regime of floating exchange rates, but were able to choose a fixed or floating exchange rate;

– the IMF has the authority to supervise the development of hard currency and the establishment of agreements.

Problems of Jamaican currency system very quickly appeared in the imperfection of floating exchange rates. Moreover, the problems encountered have exacerbated the financial and currency crises. The need to coordinate national action for overcoming the crisis led global economic community to re-evaluate the role of international financial regulators to harmonize the policies of different countries in the field of monetary relations. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[10]10
  Shakespeare W. Shakespeare’s Sonnets. – Boston. Ticknor and Fields. 1865. P. – 65.


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, was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has considerably decreased, forcing the governments of several countries in the band to do disruption reconstruction of the whole system of currency regulation.

The IMF has not coped with the task of predicting the crisis of early shocks. Although this program was developed jointly with the World Bank, IMF, passively watching the change in the macroeconomic cycle – the transition from boom to slower growth of bank lending in the financial market and detachment from the real economy, especially in developed countries, particularly the U.S., which led to the global financial and economic crisis[11]11
  Красавина Л.Н. Концептуальные подходы к реформированию мировой валютной системы // ДЕНЬГИ И КРЕДИТ. – 2010. – № 5. – C. 56.


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In economic theory, international monetary relations issues remain unchanged. Over the years, changing only the answers[12]12
  Джеффри А. Фрэнкел Что актуально и неактуально в мире международных денег? // Финансы & Развитие. 2009. – Сентябрь.– С. 13.


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. Like the philosophical notion of substance, dualistic in nature. The inner essence of a stable core and the outer reflection of it in our time, so all knowing “dig” to the bottom of the rod, and starts searching with the external reflection, effortlessly accessible to every listener.

To effectively solve problems of macroeconomic management, on the one hand, the actions of the Central Bank of the Russian Federation should be characterized by independence and consistency. On the other hand, measures in the monetary are a must be accompanied by adequate fiscal policies[13]13
  Подколзина И.А. Некоторые актуальные проблемы российской денежно-кредитной политики в исследованиях европейских экономистов // ДЕНЬГИ И КРЕДИТ. – 2009. – № 8.– C. 69.


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As rightly pointed out Frederic Bastiat «you cannot give money to some members of the community but by taking it from others»[14]14
  Bastiat Frederic. The Bastiat collection. Volume I. – Auburn: Ludwig von Mises Institute. 2007. – P. 219.


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cash equivalent because this is the existing opportunities, money is their “mirror image”, and, therefore, imperative redistribution of opportunity or the cost of moving simply changing the terms without affecting the sum.

Friedrich Hayek in his work «Denationalization of Money»[15]15
  Hayek F.A. Denationalisation of money – The Argument Refined. – London: The Institute of Economic Affairs. 1990. – 144 p.


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, brought the idea of the possible effect of providing entrepreneurs the possibility of emission of money, the value of which would be stable, which gave confidence to the calculations by contractors, in the absence of inflation, but this innovation cannot be realized, because of the contradictions of nation-building basics. Through its implementation of public budgets will suffer financial losses, there will be inefficient reallocation of public goods. And if all the international community is committed to a single, centralized currency, this concept is its centerline, while the idea of a stable value is very attractive.


Tabl. 1

The main stages of the global monetary system

Compiled from: Батманова Е.С. Томилов П.С. Мировая экономика и международные экономические отношения. Екатеринбург. Издательство ГОУ-ВПО УГТУ-УПИ. 2005. С. 85.


1.2. The essence and form of international payments. Government regulation of international payments

Current international monetary and financial relations include the operations of different nature – from payments for goods and services before payment for the provision and maintenance of international loans, transfers of pensions and salaries to sales and purchases of foreign securities and property[16]16
  Богомолов О.Т. Мировая экономика в век глобализации. – М.: ЗАО «Издательство «Экономика». 2007. – С. 139.


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Psychological basis of any human activity is the mechanics of the human psyche, which pushes him to recognize the needs, demands satisfaction, and the person on the basis of their theoretical knowledge and life experience of exploring ways to achieve the goal. This happens through his own motivation, or on the basis of external stimulation, which occurs as a result of burdening the public property needs.

Given that the efficiency of the closed system inferior to the open, meeting the needs of the entire complex is more expedient to implement jointly, that is to give your needs the element of publicity. At least for a few subjects and on the basis of separate contributions to achieve the result by mutually beneficial structural interdependence[17]17
  Ван-Хуз Д.Д. Миллер Р.Л. Современные деньги и банковское дело. – М.: ИНФРА-М. 2000. – C. 800.


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. The mechanics of achieving this result is based on the exchange in particular and multifaceted cooperation through the division of labor in general.

The ability of individual actors – the most stable element of their economic activity, in view of the commodity offered to exchange them, showing them a professional, industry specialization. Thus, already being a prerequisite to commodity exchange or barter. However, a more efficient exchange on the basis of a universal equivalent of a multiple product of each subject in the form of “money that goes with the merchant”[18]18
  Библия. Первая книга Моисеева. Бытие. SGP. Box 516. – Chicago. IL 60690-0516 USA. 1990. – С. 22.


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, whom in modern economic relations serves the monetary unit, money. However, this issue remains unresolved even today in the field of international cooperation and solved in a specific situation or more constant in some sectors of economic cooperation.



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