The development of world production, as noted earlier, requires the constant use of significant amounts of capital in monetary and commodity forms. It comes from national and foreign sources. a lack of internal funds, the desire of capital to self-expansion cause the movement of huge masses of various types of capital between countries. Foreign and national capital ensures the continuity of the production process and its expansion on a global scale, the restructuring of the world economy as a result of the flow of capital from less profitable to more profitable sectors and industries, in addition, it increases the size of the production accumulation of capital, contributes to its concentration and centralization. A powerful impetus for the development of international capital is the imbalance public finance in many developed and developing countries. The mechanism for financing state budget deficits has acquired an international character. The international movement of capital is one of the most important tools in the competitive struggle of companies and countries. At the same time, it can cause deep disproportions in the world economy.
International funding is economic relations arising on the basis of the provision and receipt of capital necessary to reproduce profits, and are implemented through a system of agreements with foreign assets and related settlements, in which residents of several countries take part.
The structure of international funding is considered in various aspects depending on the purpose of the study, in particular, taking into account the subjects (institutions or institutions) and market instruments.
Under tools, or goods international markets capital, any financial requirement, defined in foreign currency(currency, bonds, stocks, bills of exchange, etc.). The number of such instruments is growing rapidly, and this makes it possible to make a profit on such money capital, which is free for a very short period of time.
Some of the instruments are securities certifying loan relationships. The other part is titles of ownership, confirming the participation of the subject in the ownership of the enterprise (mainly shares). The third part of the instruments are derivatives of the first two and insure these transactions. These are, for example, derivatives, economic basis which are stocks, bonds, and not real capital.
The bulk financial resources operates in the form of loan capital, provided on the basis of urgency, repayment and payment of interest. In the structure of loan capital, the leading place is occupied by bonded loans. Bank loans play a relatively modest role. Over the last ten years bank loans accounted for less than 20% of the capital raised by industrial companies and governments.
The leading place in the movement of state capital belongs to economic assistance, but its volumes are relatively small.
International financial relations the beginning of the XXI century. characterized rapid growth volumes of operations on the world financial markets.
With regard to various types of capital movements, it is determined that this indicator has increased over the past thirty years by 16-63 times, respectively, while the export of goods and services has grown only three times over this period. Statistics show that the doubling of world trade occurs every 17 years, and international financial flows doubled on average every four years. These data confirm that financial relations have become a huge independent sector of the world economy. By the mid-70s of the XX century. financial operations were closely connected with the development of production and foreign trade. Now they have largely moved away from the real sector of the economy and are characterized by independent development.
The functioning of international financial markets takes place in a constantly changing environment, which depends on the state of the monetary system, the state of the balance of payments of individual countries, models economic growth leading countries. As a result of the heterogeneity of these markets, the process of international financial transactions is ongoing.
The constant movement of funds across national borders, due to the internationalization of production, the increase in the freedom of movement of capital, the development of information technology, has turned these relations into an integral part of the global economic system. Since the last third of the last century, financial markets have been primarily developed countries began to function not as local structures, but as communities united general conditions, links and patterns of development, which allows us to talk about the formation of the global credit and financial system. International financial transactions are factors that change financial systems individual countries.
The fulfillment of the international function of redistribution and the movement of capital are more characteristic of countries and territories where preferential regulatory regimes have been created. financial activities non-residents to attract capital from foreign banks and companies. Credit institutions in such territories that specialize in transactions with foreign legal and individuals that carry them out using special (external) accounts are separated from the accounts of residents of the domestic market and those accounts that provide owners with tax rebates, exemption from currency control and other perks. Thus, the domestic capital market is isolated from the external - international one, and credit institutions that are located on the territory of the country and are engaged in international operations are not integral part her economy. Operating in the territory of the host country, they conduct transactions external to it with non-residents, and in individual cases- with residents, if the latter is allowed by the currency control rules. Therefore, such centers of international financing are called offshore, i.e. extraterritorial.
Previously, for the emergence of an international financial center, such prerequisites as a developed national banking system, large stock Exchange and stable currency unit. In recent decades, most often it is enough for this that the country has flexible financial legislation, the right to open foreign bank branches and branches on its territory, preferential income taxation, a simplified procedure for conducting exchange and banking operations etc. Now, along with such traditional extraterritorial centers as New York, London, Tokyo, Paris, Zurich, Singapore, Hong Kong, Bahrain, Cyprus, Panama and others play an important role in international financial markets.
Despite the emergence of new centers of international funding, traditional centers (New York, London, Tokyo) remain out of competition. They have close links with other markets through affiliates and subsidiaries of lending institutions. At the same time, the United States, in fact, is considered the world center of financial activity, and therefore to a large extent determine the dynamics and structure of international financial transactions.
World economy. Cribs Smirnov Pavel Yurievich
96. International funding
International financing is an economic relationship that arises on the basis of the provision and receipt of capital necessary for the reproduction of profits, forming a system of transactions with foreign assets and settlements on them, in which residents of several countries participate.
The structure of international financing is considered by market entities (institutions or institutions) and market instruments. Under the instruments, or goods of international capital markets, is understood any financial requirement, designated in foreign currency (currency, bonds, shares, bills of exchange, etc.).
Some of the tools are securities certifying the loan relationship. The other part is titles of ownership, confirming the owner's participation in the ownership of the enterprise (mainly shares). The third part of the instruments is a derivative of the first two and insures these transactions. These are derivatives, the economic basis of which is stocks, bonds, and not real capital.
Market instruments are certain forms of capital movement. The main forms of capital movement are loan capital (international bonds, bank loans and others), entrepreneurial capital (portfolio and direct capital investments - shares), as well as economic assistance.
The bulk of financial resources operate in the form of loan capital, which is capital in cash and commodity forms, presented on the basis of urgency, repayment and payment. In the structure of loan capital, the leading place is occupied by bonded loans.
There is also a division of capital by form of ownership - private and public capital. Economic assistance occupies a leading place in the movement of state capital.
Until the mid 70s. XX century, financial transactions were closely linked with the development of production and foreign trade. At present, they are largely self-developing, loosely linked to the material economy.
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General concepts. International financing is an economic relationship that arises on the basis of the provision and receipt of capital necessary for the reproduction of profits, form a system of transactions with foreign assets and settlements on them, in which residents of several countries participate.
The structure of international financing is considered from different points of view, depending on the objectives of the study - by subjects (institutions or institutions) and market instruments. Under the instruments, or goods of international capital markets, is understood any financial requirement designated in foreign currency (currency, bonds, shares, bills of exchange, etc.). Their number is growing rapidly, and this makes it possible to profit on money capital, free even on the most a short time
Some of the instruments are securities certifying loan relationships. The other part is titles of ownership, which confirm the owner's participation in the ownership of the enterprise (mainly shares). The third part of the instruments is a derivative of the first two and insures these transactions. These are derivatives, the economic basis of which is stocks, bonds, and not real capital.
Instruments represent certain forms of capital movement. The main forms of capital movement are loan capital (international bonds, bank loans, etc.), entrepreneurial capital (portfolio and direct investment - shares), as well as economic assistance.
The bulk of financial resources (functions in the form of loan capital, which is capital in cash and commodity forms, presented on the basis of urgency, repayment and payment of interest. In the structure of loan capital, bond loans occupy a leading place (Table 8.1). modest role As of the end of the 1990s, bank loans accounted for only 25% of the capital raised by industrial companies and governments worldwide.
There is also a division of capital according to the forms of ownership - private and state capital. Economic assistance occupies a leading place in the movement of state capital.
The nature of international financial relations. Last quarter of the 20th century marked by a rapid growth in the volume of transactions in the global financial markets. For various types of capital movements, the increase in volumes was 16-63 times in the 70-90s, while exports during this period increased three times, GMP increased even less. If the last doubling of world trade occurred in 17 years, then international financial flows have doubled on average every four years.
These data indicate that financial relations have become a huge independent sector of the world economy. Until the mid 70s of the XX century. financial transactions were closely linked with the development of production and foreign trade. Now they are largely self-developing, loosely connected with the material economy.
The functioning of international financial markets takes place in a constantly changing environment, determined by monetary systems, the state of the balance of payments of individual countries, the models of economic growth of the leading countries. Due to the heterogeneity of these markets, the process of international financial transactions is ongoing.
The constant movement of funds across national borders, due to the internationalization of production, the increase in the freedom of movement of capital, the improvement of information technology, has turned these relations into an integral part of the world economic system. Starting from the last third of the last century, financial markets, primarily in developed countries, began to function not as local structures, but as aggregates united by general conditions, connections and patterns of development, which makes it possible to speak of the formation of a global credit and financial system. International financial transactions are an emerging force that is transforming the financial systems of individual countries.
Centers for international financing. The fulfillment of the international function of redistribution and the movement of capital is more characteristic of countries and territories where preferential regimes for regulating the financial activities of non-residents have been created to attract capital from foreign banks and companies. Credit institutions specializing there in transactions with foreign legal entities and individuals carry them out on the basis of special (external) accounts, separated from the accounts of residents of the domestic market and providing tax rebates, exemptions from currency control and other benefits to the holders of these accounts. Thus, the domestic capital market is isolated from the external - international one, and credit institutions located on the territory of the country and engaged in international operations are not an integral part of its economy. While staying in the receiving territory, they conduct transactions external to it with non-residents, and in some cases with residents, if the latter is allowed by the rules of currency control. Therefore, these centers of international financing are called offshore, i.e. extraterritorial.
Previously, the emergence of an international financial center required a developed national banking system, a large stock exchange and a stable monetary unit. In recent decades, the presence of flexible financial legislation, the right to open foreign banking branches and branches, the absence of income tax or its preferential nature, simplification of the procedure for conducting exchange and banking operations, etc., is most often sufficient. Now, along with such traditional extraterritorial centers as New York, London, Tokyo, Paris, Zurich, Singapore, Hong Kong, Bahrain, Cyprus, Panama and others play an important role in international financial markets.
Despite the emergence of new centers of international financing, the traditional ones - New York, London, Tokyo - hold the leading position. They tower over everyone, have close links with other markets through branches and subsidiaries of credit institutions. At the same time, the United States is essentially the world center of financial activity and largely determines the dynamics and structure of operations.
