The concept of "balance of payments" first began to be used in the middle of the XVII century, when in 1767 James Stuart published his work "Research on the principles of political economy". The balance of payments term originally included only foreign trade balance and related gold movements.
Payment balance is a statistical system that reflects all foreign economic transactions between the economy of a given country and the economy of other countries that occurred during a certain period of time (month, quarter or year).
Payment balance is a report on all international transactions of residents of a particular country with non-residents for a certain period (usually a quarter and a year). In its turn, resident is [[an economic agent with a permanent residence in the country.
In Russia, the initial data for the balance of payments are collected primarily by federal Service state statistics, but compiles and publishes the Central Bank in its periodical Bulletin of the Bank of Russia.
The balance of payments characterizes the development of foreign trade, the level of production, employment and consumption. Its data make it possible to trace the forms in which foreign investment is attracted, the country's external debt is repaid, changes in international reserves, the state of fiscal and, regulation of the domestic market and. The balance of payments serves as one of the data sources for and is directly used for calculation.
Table 5.13. Accounting for balance of payments transactions|
Operations |
||
|
I. Current account A. Products and service B. Income (wages and investment income) b. Transfers (current and capital) |
Income Receipt |
Broadcast |
|
II. Capital account and financial instruments BUT. Capital account:
B. financial account
|
Sale of assets Receipt |
Acquisition of assets Broadcast |
The sum of all accounts payable transactions must match the sum of accounts receivable, and the total balance must always be zero. However, in practice, balance is never achieved. This is because data characterizing different aspects of the same transactions are taken from several sources. These discrepancies are often referred to as net errors and omissions.
The balance of payments is based on the principles accounting: each transaction is reflected twice - on the credit of one account and the debit of another. The rules for recording transactions in the BOP for debit and credit are as follows:
Standard components of the balance of payments contain the following accounts: current account (goods and services, income, current transfers); capital account (capital transfers, purchase/sale of non-produced non-financial assets); financial account (direct investment, portfolio investment, other investment, reserve assets).
One of the most important concepts in the balance of payments is concept of residency. By definition, an economic unit is resident in an economy if it has a center economic interest in the economic territory of the country. This is important to know in order to determine the degree of integration of a given unit into the economy of a given country.
All transactions in the balance of payments are reflected in market prices, which are amounts of money that buyers are willing to pay in order to purchase something from sellers who would like to sell for this amount, provided that the parties are independent and the transaction is based solely on commercial considerations.
The balance of payments clearly records the time of registration of the transaction, which may differ from the time of actual payment. Since statistical systems serve as the source of data for the SNA, they are compiled in national currency. However, if the course national currency is subject to constant devaluation in relation to foreign currencies, then it is advisable to draw up the balance of payments in a stable currency, for example, in euros, in US dollars, etc.
One of the main concepts of the balance of payments is balance of payments or general balance of payments. This concept represents the balance of a certain group of accounts in the balance of payments and from an economic point of view, speaking in the very general sense, should show the balance of those operations that are primary, autonomous, independent or reflect early, sustainable trends. All other transactions, by definition, are made to finance this balance and are secondary, subordinate, usually short-term and often associated with regulatory influences or the Government.
Every country strives to have active or zero balance of payments. In the event that the balance of payments is negative for a long period of time, the central bank's gold and foreign exchange reserves begin to decline and in the future this may lead to the devaluation of the currency of the country. Devaluation contributes to the rise of this country, but at the same time it is a factor economic instability, which negatively affects economic development, as uncertainty increases in the economy, which is always a factor that reduces the investment attractiveness of a given country.
Positive balance of payments means that non-residents must pay to this country more than this country to non-residents. If a balance of payments deficit, this means that this country must pay non-residents more than they must pay this country. The country's central bank sells foreign currency to cover the difference in payments when there is a balance of payments deficit and buys up excess currency when there is a surplus in the balance of payments.
The balance of payments has its own compilation methods and construction scheme.
This is first of all accounting method double entry, i.e. splitting transactions of residents with non-residents in two columns, called "credit" and "debit", the difference between which is called the "balance". The rules for reflecting transactions in the balance of payments for credit and debit are as follows (Table 40.1).
Thus, the export of goods, services, knowledge, as well as the receipt of income from the export of capital and labor into the country are recorded in the balance of payments on the loan, i.e. with a “+” sign, and the import of goods, services, knowledge and the transfer abroad of income from the import of capital and labor are recorded in debit, i.e. with a "-" sign. The acquisition by residents of real capital abroad will be debited, and the sale by them of real capital previously acquired abroad will be credited. The inflow of financial capital into the country from abroad (considered to be an increase in the country's obligations towards non-residents), the outflow of domestic financial capital from abroad, as well as the write-off of debtors-non-residents of their debts will go on a loan. The export of financial capital from the country abroad (considered to be an increase in claims on non-residents), the outflow of foreign capital from the country, an increase in debt to non-residents will go on debit.
Table 40.1. Rules for recording transactions in the balance of payments
|
Operation |
Credit plus (+) |
Debit, minus (-) |
|
Products and service Investment income and wages Transfers Acquisition or sale of non-financial assets Operations with financial assets or obligations |
Export of goods and services Receipts from non-residents Receive funds Sale of assets Increasing liabilities to non-residents or decreasing claims to non-residents |
Import of goods and services Payments to non-residents Transfer of funds Acquisition of assets Increasing claims on non-residents or reducing liabilities to non-residents |
The balance of payments is a statistical document on external economic ties countries, and therefore it is usually compiled in dollars - the main international currency. When compiling the balance of payments proceed from the time of the transaction, although payment may be made later. For example, a good is exported and therefore its value is recorded in the balance of payments in the credit column. However, the payment for this item will be made later because the item is shipped in installments and therefore the value of the exported items is recorded simultaneously as export credit in the debit column. In the event that this product is delivered abroad free of charge (for example, as part of humanitarian assistance), it will be recorded as an export of goods and at the same time as a transfer in the “debit” column. Transfer in the balance of payments refers to gratuitous transfers in the form of goods, services and money.
The term “balance of payments” appeared as early as 1767 in a book by Smith’s contemporary and also a Scot James Stewart, but the first official balance of payments was compiled in the United States in 1923. The pre-war League of Nations, and after the war, the International Monetary Fund huge contribution in the development of methods and schemes of the balance of payments. Balance of payments around the world are compiled in accordance with the IMF's fifth edition of the Balance of Payments Manual, in force since 1993.
The balance sheet in neutral terms is always reduced to zero. However, how is this achieved - through the efforts of the country or by reducing gold and foreign exchange reserves and increasing external debt? Should the state of the balance of payments be assessed immediately for all its sections, or for the state of one of the sections?
In practice, the balance of payments is usually identified with the current account balance. Therefore, when the term “balance of payments” is used in economic publications, it means the current account balance. Thus, Russia's balance of payments surplus in 2003 amounted to $35.9 billion. Such an identification makes sense because current operations, on the one hand, have a rapid (current) impact on the country's economy, and on the other hand, largely determine the state of the capital account. and financial instruments. For example, a negative current account balance already in the first quarter of 199S pushed the Russian ruble to devaluation, and Russian government-to a large loan from the IMF. When analyzing this balance, special attention is paid to the trade balance.
Less often, the balance of payments is used in an analytical presentation. It is called the balance of official financing (official settlements) due to the fact that it explains the reasons for the receipt of payments from the official gold and foreign exchange reserves and often other settlements of the government of the country with the outside world, which arise as a result of an imbalance in the country's balance of payments. In 2003, this balance in Russia amounted to a positive value of $26.4 billion.
Both deficits and surpluses in the balance of payments raise questions about how a negative balance is financed and how a surplus is used.
In the event of a current account deficit, the country finances it with a capital account surplus. The question, therefore, is rather, with what capital will this deficit be financed—by foreign entrepreneurial or loan capital? Entrepreneurial capital is considered more preferable, since its inflow into the country, unlike the inflow of a loan captain, does not mean a mandatory subsequent outflow along with interest, and besides, it brings with it such factors as entrepreneurship and
knowledge. Deficit financing through official gold and foreign exchange reserves is less readily resorted to, especially if they are small. Finally, they resort to the devaluation of the national currency, which usually entails an improvement in the current account balance (see below).
In the event of a current account surplus, the country spends it to finance the automatically arising negative capital account balance and to finance the item “Net errors and omissions” (if the latter has a negative sign). As can be seen from Table. 40.2, the positive balance of the current account balance of Russia in 2003 in the amount of $35.9 billion was used to increase the official gold and foreign exchange reserves by $26.4 billion and to pay off the negative balance on other items (including the item “Net errors and omissions” ) with a total amount of 9.4 billion dollars.
Therefore, a systematically negative current account balance does not always indicate a crisis in the country's balance of payments. For it can also be systematically covered by the net movement of entrepreneurial capital. However, this is possible when the country has an excellent investment climate for domestic and foreign entrepreneurs, and therefore they actively invest in the economy of this country.
Therefore, we can say that a balance of payments crisis occurs when a systematically large negative balance of payments is covered by gold and foreign exchange reserves and the attraction of foreign loan capital.
The balance of payments has a significant impact on the entire national economy.
These theories have come a long way. dominant in the 19th and early 20th centuries. under the gold standard classical theory automatic balance Scotsman and Smith's friend, historian and economist David Hume (1711-1776) then receded into the past along with the gold standard, which actually fixed exchange rates (see paragraph 41.1). However, in recent decades, interest in this theory has increased again. If in the previous conditions the role of the automatic regulator was taken by the item "Reserve assets", now, in the conditions of floating exchange rates, the floating exchange rate of the national currency, which falls when the state of the balance of payments deteriorates and increases when it improves, becomes such an automatic regulator, which automatically leads to changes in many current operations and partly in capital ones.
Then came the neoclassical elastic approach, developed primarily by J. Robinson, A. Lerner, L. Metzler. This approach implies that the core of the balance of payments is foreign trade and the balance of trade is determined primarily by the ratio of the price level for exported goods P e, to the level of prices for imported goods P i multiplied by the exchange rate r those. (Pe/Pi) . r. Hence the conclusion is drawn: the most effective means of ensuring the equilibrium of the balance of payments is a change in the exchange rate.
After all, the devaluation of the national currency reduces export prices in foreign currency, and the revaluation makes it more expensive for foreign buyers to purchase goods from this country and makes it cheaper for its own residents to import foreign goods.
The works of S. Alexander based on the ideas of J. Mead and J. Tinbergen formed the basis absorption approach which is generally based on Keynesian theory. This approach seeks to link the balance of payments (primarily the balance of trade) with the main elements of GDP, primarily with aggregate domestic demand (the term "absorption" is used to designate it). The absorption approach indicates that an improvement in the state of the balance of payments (including through the devaluation of the national currency) increases the country's income and, as a result, absorption in general, i.e. both consumption and investment. From this, the Keynesians conclude: it is necessary to stimulate exports, restrain imports, and above all through increasing the competitiveness of domestic goods and services in general (and not just by devaluing the national currency).
Monetarist approach to the balance of payments was incorporated in the works of many authors, especially X. Johnson and J. Pollack. The main attention here, of course, is given to monetary factors, primarily the impact of the balance of payments on money turnover in the country. Monetarists believe that it is the disequilibrium in the country's money market that determines the disequilibrium of the balance of payments as a whole.
Hence their main recommendation to the government: not to interfere radically not only in money circulation, but also in international payments countries. After all, if in circulation is more money than necessary, they try to get rid of them, including buying more foreign goods, services, property and other assets. To eliminate the balance of payments deficit, only tight control over the money supply is required.
In the System of National Accounts chapter (see paragraph 22.3), the basic macroeconomic identity was described:
V=C+I+NX, (40.1)
This identity can be transformed into a number of others that will demonstrate the significance of the balance of payments for the national economy and the relationship between the balance of payments and other indicators of the national economy.
In most countries of the world, the current account balance is determined by the size of the trade balance, and therefore the main macroeconomic identity can be modified (albeit with great reservations) as follows:
Y = C + I + CAB. (40.2)
CAB- the balance of the current account balance (from the English current account balance). Then identity 40.2 can be transformed as follows:
CAB \u003d Y - (C + I). (40.3)
From identity 40.3 it is clear that with a positive current account balance, the country produces more goods and services than it consumes and invests, and with a negative balance, the country produces less goods and services than it consumes and invests. Therefore, a large current account surplus is by no means indicative of Russia's economic success, although it is preferable to a negative balance.
Then remember that national income is the sum of consumption and savings:
Y=C+S, (40.4)
where S- savings. Comparing identities 40.2 and 40.4, we can make a new identity:
S=I+CAB, (40.5)
from which it follows that:
CAB=S-I. (40.6)
Thus, the current account balance is determined by the difference between her savings and investments. If savings in the country exceed investment (S > I), then the current account balance will be positive, and vice versa - if S< I, то сальдо будет отрицательным. Россия с ее стабильным превышением сбережений над инвестициями и большим положительным сальдо текущего платежного баланса демонстрирует справедливость этого вывода.
The current account balance is also related to the state budget. State budget deficit D usually funded by savings S, and therefore Identity 40.6 can be modified as follows:
CAB=S-I-D, (40.7)
from which it follows that the value of the current account balance depends not only on how the country's savings are related to its investments, but also on the deficit of its state budget (if there is such a deficit).
Finally, the current account balance affects the size money supply in the country. With a large surplus in the balance of payments, the amount of money imported by exporters into the country foreign exchange exceed the requirements of importers in this currency. Therefore, a significant amount of foreign currency remains in the hands of exporters, and they change it at the central bank for the national currency, which the central bank is forced to issue specifically for the purchase of their foreign currency balances from exporters. As a result, on the one hand, the country's official gold and foreign exchange reserves are growing rapidly, and on the other hand, the money supply is growing rapidly, which is fraught with inflation. A large negative current account balance also creates the danger of inflation. Thus, the shortage of foreign currency among importers leads to a reduction in the reserve assets of the country, and as a result, the ratio of reserve assets to the money supply worsens, which is dangerous, because countries tie their monetary unit to their reserve assets. To avoid depreciation of your monetary unit the country begins to reduce (or stops increasing) the money supply, and this can slow down economic growth.
Fearing a balance of payments crisis, many countries are aiming for current account surpluses. To do this, they regulate, first of all, its basis - the trade balance. At the same time, they use both foreign trade measures (primarily measures to restrict imports and encourage exports - see paragraph 37.2), and foreign exchange (this is primarily the devaluation of the national currency, which usually makes imports difficult and stimulates exports - see paragraph 41.3) . But in the conditions of foreign economic liberalization, the active use of foreign trade measures is difficult, and therefore foreign exchange measures become the main ones.
However, a systematically large positive current account balance also indicates undesirable moments in the economy. After all, at the same time, the balance of payments of the country produces more goods and services than it consumes and invests.
The ideal situation is when long term the balance of payments is in equilibrium. However, this situation is not easy to achieve, because it may conflict with the goals of the internal economic policy(see paragraph 43.1).
The balance of payments is a report on all international transactions of residents of a country with non-residents for a certain period (usually a quarter and a year). It has its own compilation methods.
This is primarily an accounting method of double entry, i.e. splitting transactions of residents with non-residents in two columns, called "credit" and "debit", the difference between which is called the "balance".
The balance of payments actually consists of sin sections - the current account, the account of operations with capital and financial instruments, omissions and errors. The current account (current account) covers the movement of goods, services, knowledge, as well as income from the movement of capital and labor and the so-called current transfers, which are considered as a redistribution of income. The capital account and financial instruments account covers the movement of financial capital, and its balance must be equal in absolute value and opposite in sign to the current account balance. In practice, however, both balances rarely add up to the amount of zero required for a balance sheet, and so the balance of payments contains an item called "Net Errors and Omissions," which is actually the third section of the balance of payments, the difference between the current account and the capital account.
The current account in the Russian balance of payments is usually reduced to a positive balance, which is quite large even by world standards. It is provided both by high world prices for the most important goods of Russian exports, and by the large lag in the size of Russian imports from Soviet-era imports. The latter is explained primarily by the decline in imports of investment goods due to the fact that the demand for them is small, since the volume of domestic investment in Russia, even in the middle of this decade, is still two times lower than at the end of the 1980s.
A balance of payments crisis occurs when a systematically large negative balance of payments is covered by gold and foreign exchange reserves and the attraction of foreign loan capital.
The main theories of the balance of payments are the theory of automatic equilibrium, as well as elastic, absorption and monetarist approaches. It follows from them that with a positive current account balance, the country produces more goods and services than it consumes and invests, and with a negative balance, the country produces less goods and services than it consumes and invests. Another theoretical conclusion is that the current account balance is determined by the difference between her savings and investments. In addition, the size of the current account balance depends not only on how a country's savings are related to its investments, but also on its state budget deficit (if any).
Fearing a balance of payments crisis, many countries are aiming for current account surpluses. However, a systematically large positive current account balance also indicates undesirable moments in the economy. Therefore, the ideal situation is when the balance of payments is in equilibrium in the long run. However, this situation is not easy to achieve, because it can also be in conflict with the goals of domestic economic policy. This is evidenced by the model of internal-external equilibrium.
If a country's balance of payments is a statement of the movement of its external assets and liabilities, then a country's international investment position is a statistical statement of the amount of foreign assets and liabilities accumulated by the country's residents. Russia's net international investment position is positive. This is ensured by large gold and foreign exchange reserves and large assets abroad, both in the form of private investment and the external debt of other Russian countries.
The problem of external debt is still acute in Russia, although its content is last years changed: if in the past decade it was more of a public external debt problem, now it is more of a private external debt problem.
Payment balance
Active balance passive- vice versa.
Current account balance
Capital flow balance
3. Trade balance. trade balance,
customs duties customs preferences(benefits).
1. Macroeconomic value of the balance of payments. Payment balance - state accounting and listing of payments received from abroad on a par with payments abroad.
The balance of payments has an impact on the market exchange rate of the national currency, which in turn affects the intensity and direction of export-import flows, the flow investment resources from one country to another and, in general, on the macroeconomic balance in the country.
In addition to the equilibrium state of the balance of payments (when the balance is zero), an active and passive balance is possible. Active balance indicates the excess of foreign exchange receipts in the country over payments, and passive- vice versa.
A clearly expressed balance of payments surplus is less favorable for the national economy than a zero one, and a passive, negative one, observed for a number of years in a row, shows an insufficiently effective, subordinate position of the country in the world market and may ultimately lead to a decrease in its exchange rate (devaluation ).
2. The structure of the balance of payments. The main sections of the balance of payments is the balance of current operations and the balance of capital movements.
Current account balance includes items related to the movement of exported, imported and re-exported goods, the provision of insurance, transport, repair, financial and other services, various types of transfers: Money transfers individuals, gifts and scientific grants, subsidies and loans to individuals, and the purchase of foreign currency for import and export.
Capital flow balance reflects the total value of purchases and sales of land, shares, bonds, bank deposits, loans and credits, etc. The sale of capital to foreign investors will be an import of capital, and the purchase will be an export.
3. Trade balance. One of the important constituent parts balance of payments included in the current account balance is trade balance, characterizing the ratio of exports and imports of goods. It is calculated on the basis of customs statistics on crossing the state border by goods.
For certain groups of goods, the government establishes customs duties- special border commodity taxes, which are summarized in a special customs tariff. This rate can be reduced with customs preferences(benefits).
4. Factors affecting the state of the balance of payments. The balance of payments is adjusted with the help of the Central Bank's operations for the purchase and sale of foreign currency, gold and other financial assets. All these actions of the bank do not pursue the goal of making a profit, but form official reserves of the state. These reserves cover passive current account and capital flow balances. By selling the accumulated reserves of gold and currency, the government increases their market supply. With a surplus in the balance of payments, it withdraws excess resources from the market, increasing its official gold and foreign exchange reserves.
All rights reserved. Materials on this site may only be used with a link to this site.
The balance of payments reflects the entire range of international trade and financial transactions of a country with other countries and is the final record of all economic transactions (transactions) between a given country and other countries during the year. It characterizes the ratio between foreign exchange earnings in the country and the payments that the country makes to other countries.
The balance of payments uses the principle of double entry, since any transaction has two sides - a debit and a credit. A debit reflects the influx of values (real and financial assets) into the country, for which the country must pay in foreign currency, so debit transactions are recorded with a minus sign, since they increase the supply of the national currency and create demand for foreign currency (these are import-like transactions). Transactions that reflect the outflow of values (real and financial assets) from the country, for which foreigners must pay, are recorded with a plus sign and are export-like. They create demand for the national currency and increase the supply of foreign currency.
The balance of payments is the basis for the development of the country's monetary, fiscal, foreign exchange and foreign trade policy and the management of public external debt.
The balance of payments includes three sections:
current account , which reflects the sum of all transactions of a given country with other countries related to trade in goods, services and transfers and therefore includes:
a) export and import of goods (visibles)
Export of goods is recorded with a “+” sign, i.e. credit because it increases foreign exchange reserves. Import is written with a “-” sign, i.e. debit, as it reduces the stock of foreign currency. The export and import of goods constitutes the balance of trade.
b) export and import of services (invisibles), for example, international tourism. This section however excludes credit services.
c) net income from investments (otherwise called net factor income or net income from credit services), which is the difference between the interest and dividends received by citizens of the country from foreign investments, and the interest and dividends received by foreigners from investments in this country.
d) net transfers, which include foreign aid, pensions, gifts, grants, remittances
The current account balance in macroeconomic models is reflected as net exports:
Ex - Im \u003d Xn \u003d Y - (C + I + G)
where Ex is export, Im is import, Xn is net export, Y is country's GDP, and the sum of consumer spending, investment spending and government purchases (C + I + G) is called absorption and represents the part of GDP sold to domestic macroeconomic agents - households, firms and the state.
The current account balance can be either positive, which corresponds to a current account surplus, or negative, which corresponds to a current account deficit. If there is a deficit, it is financed either through foreign loans or through the sale of financial assets, which is reflected in the second section of the balance of payments - the capital account.
capital account , which reflects all international transactions with assets, i.e. inflows and outflows of capital (capital inflows and outflows) both for long-term operations and for short-term (sale and purchase valuable papers, purchase of real estate, direct investments, current accounts of foreigners in a given country, loans from foreigners and from foreigners, treasury bills, etc.).
The capital account balance can be either positive (net capital inflow into the country) or negative (net capital outflow from the country).
official reserve account , which includes stocks of foreign currency, gold and international settlement funds, such as, for example, SDRs (special drawing rights). SDRs (called paper gold) are reserves in the form of accounts with the IMF (International Monetary Fund). In the event of a balance of payments deficit, a country can take reserves from the IMF account, and in case of a surplus, increase its reserves in the IMF.
If the balance of payments is negative, i.e. there is a deficit, it should be financed. In this case, the central bank reduces official reserves, i.e. there is an intervention (intervention - intervention) of the central bank. Intervention is buying and selling central bank foreign currency in exchange for national. With a balance of payments deficit as a result of central bank intervention, the supply of foreign currency in the domestic market increases, and the supply of the national currency decreases. This operation is export-like and is taken into account with the “+” sign, i.e. it's a loan. Since the amount of the national currency in the domestic market has decreased, its exchange rate rises, and this has a restraining effect on the economy.
If the balance of payments is positive, i.e. there is a surplus, there is an increase in official reserves in the central bank. This is reflected with a “-” sign, i.e. this is a debit (import-like operation), since the supply of foreign currency in the domestic market is reduced, and the supply of the national currency increases, therefore, its exchange rate falls, and this has a stimulating effect on the economy.
As a result of these operations, the balance of payments becomes equal to zero.
BP = Xn + CF - D R=0 or BP = Xn + CF = D R
Operations with official reserves are used under a system of fixed exchange rates so that the exchange rate remains unchanged. If the exchange rate is floating, then the deficit in the balance of payments is compensated by the inflow of capital into the country (and vice versa), and the balance of payments is equalized (without intervention, i.e., central bank intervention).
Since the formation of the first states in the history of mankind, trade has gone beyond the boundaries of one country. At first, it could have been the exchange of goods, but after the advent of money, the scale of trade operations changed significantly.
For too long, international trade transactions between countries have not had a name. For the first time, such a concept as the balance of payments was introduced into financial terminology in 1767 by James Denem-Stewart, a British economist. In his understanding, this term meant the expenditure by citizens of money abroad and the payment of debts to foreigners.
In a modern interpretation, the balance of payments is payments made from one country to another. Let us consider in more detail its structure and history of occurrence.
As history has shown, the emergence of such a financial category as the balance of payments significantly changed the national economy of most countries.
If at the end of the 19th and at the beginning of the 20th centuries the cost of currencies was at the same level for a sufficiently long period of time, supported by the “gold standard”, which, in fact, formed their rate (which suited everyone), then in the conditions of a “floating” rate, this approach became unprofitable.
Previously, the financial item “Reserve Assets” participated in the regulation of any changes in the exchange rate. In our time, it is the country's balance of payments, or rather, its condition, that affects the fall or rise of the exchange rate. This financial category had to go through several transformations to reach the structure that the International Monetary Fund represents today.
Currently active are:
All of these approaches were used at different times and remain relevant today. Depending on which of the bottoms is currently used in the country, the types of operations carried out by it depend.
As a rule, many countries use trade operations as a balance of payments regulation in an effort to achieve a positive balance. In fact, there may be several such operations.
The International Monetary Fund has compiled a balance of payments scheme, which includes 112 items divided into 7 blocks. This scheme is extremely difficult for people ignorant of financial areas, so it has been simplified to three parts, reducing everything to the following sections:
Let's take a closer look at what they are.
Current accounts of the balance of payments include:
And together they make up the balance of trade. It is also necessary to mention:
As a rule, the current accounts of the balance of payments reflect all cash receipts that come from the sale of goods and services to non-residents, as well as net income from investment projects. All export proceeds are taken into account in the column with a plus, since in these transactions the treasury is replenished with foreign currency. When import operations are carried out, they are taken into account as a minus in the debit column, since there is an outflow of currency from the country.
All over the world, the basis of the balance of payments of countries is It occupies up to 80% of the volume in international economic relations. If, at the same time, the balance sheet is positive, then this is a sign that high-quality competitive products are produced in this country.
The capital and instrument accounts include:
Capital accounts include all types of sales and purchases and transactions, capital transfers, debt cancellations, investment grants, transfers of property rights, cancellation of debts to the government, transfer of rights to both tangible (for example, subsoil) and intangible licenses etc.) assets.
When there is an inflow of currency into the treasury through these accounts, we can talk about a positive balance. And vice versa.
Financial accounts are associated with transactions for the transfer of ownership of the financial assets of a given country. The loans provided can take the form of both direct and portfolio investments.
These concepts are the basis of any financial transactions, as they determine their quality. The balance of payments is a group of accounts that should ideally be positive after those financial transactions that were carried out in the country or abroad (export-import).
These operations, in turn, are divided into primary (that is, they are independent and have stable growth trends) and secondary (short-term, are under external influence, for example, the Central Bank or the Government of the country).
All countries in the world are striving to achieve an active, in the extreme case, zero balance of payments. If on some economic stage With the development of the country, its balance has been in the red for a long time, then the reserves of gold and foreign currency in the Central Bank are reduced until the devaluation of its domestic currency occurs.
Any payments made between countries are shown in two columns: credit and debit, and the difference between them is taken into account either as a positive or negative balance.
For example, when a country exports goods, labor, services, information or knowledge and its treasury receives an influx of foreign currency, then all proceeds from the operations performed will be entered in the column with the “+” sign of the balance of payments on the loan.
The same operations, but only for imports, entailing an outflow of currency from the country, are entered in the "debit" column with a "-" sign.
If a country buys (currency, securities) abroad, then such financial transactions are also recorded in the "debit", so there is an outflow of currency. In the event that, on the contrary, it sells domestic capital or writes off debt to non-residents (individual companies or the whole country), then this will be recorded under the “loan”. For example,
In this case, the balance of payments is a document that records the foreign economic relations and operations of the country, and since it has an international format, everything cash flows counted in dollars.
These two concepts are associated with actions in which either the financing of a negative balance or the use of its positive counterpart is carried out.
The deficit in the balance sheet must be covered by something, and here it is important to determine whether it will be an overseas business account or capital in the form of loans.
The first, of course, is preferable, since it ensures the inflow of currency into the country, while loans will entail its outflow, and even with interest.
As an extreme measure, it is possible to use the country's gold and foreign exchange reserve to cover the deficit in the balance sheet, and, well, a completely desperate step is the devaluation of the domestic currency.
If there is a surplus generated in the course of current operations, the country spends the capital received on emerging negative balances. Also, part of the money goes to the article "Pure errors and omissions."
The structure of the balance of payments, adopted in 1993 by the IMF, includes:
In reports on these types of balances, the amount of credit transfer of money must match the debit one.
If we consider the balance of payments of Russia, then the main movement of foreign currency is displayed in the following ratios of imports and exports:
For the first time, according to the structure proposed by the IMF of Russia, the balance of payments was compiled back in 1992, and since then it has been drawn up according to the same schemes.
Throughout the time, the main source of foreign exchange inflow into the country was the export of oil and gas, timber, weapons, equipment, coal and other products.
The main foreign trade partners of Russia are China, the USA, Germany, Kazakhstan, Belarus and other countries of near and far abroad.
So, the balance of payments is a statistical report of all international transactions that take place between countries. It indicates transactions, dates of payments, debit, credit and balance on them.
All three sections of the balance of payments reflect the financial position of the country according to:
They are the structure of the balance of payments. These parameters are followed by all countries in the world.
Course work
Balance of payments: essence, structure, features
Introduction
The implementation by the state of an effective internal macroeconomic and structural policy determines, first of all, the state of the balance of payments and settlement. The balance of payments is a table that reflects the movement Money in the form of payments from country to country. At the moment, it is practically the only comprehensive document that covers the entire range of the country's operations in foreign economic sphere. The balance of payments is important indicator and a tool that makes it possible to foresee the degree of a country's possible participation in world trade, international economic relations, and to establish its solvency. At the same time, reflecting the results of the economic activity of the state in the field of foreign trade, international investment and monetary cooperation, this document gives the most complete picture of the scale and nature of the problems facing the country on the way of its integration into the world economy. This explains the relevance of the chosen topic.
Purpose of writing term paper is to reveal the essence and concept of balances, to give a complete analysis of the compilation of the Payment and Settlement balances.
To achieve this goal, it is necessary to solve the following tasks:
* Determine the essence and value of the payment and settlement balance.
* Disclose and understand the methodology for compiling the balance of payments and settlement balances, its structure
* Analyze the problems of compiling the balance of payments in the Russian Federation.
* Reveal differences between balance sheets.
The course work is divided into three chapters in order to visually consider the goals and objectives I have set. In the first chapter, I will consider the concept and structure of the balance of payments, its significance and the need for state regulation, as well as the problems of compiling the balance of payments of the Russian Federation.
In the second chapter, I will pay attention to the concept and definition of the settlement balance.
In the third chapter I use methods of comparison between two types of balances - payment and settlement.
For modern Russian economy the importance of the balance of payments and settlement as an object of study and regulation by the state is especially high. Thus, the necessary measures to optimize the balance sheet, its main income and expenditure items can significantly stimulate national economic development.
1. The essence and significance of the balance of payments
basis international trade is a foreign trade transaction. If any transaction involves representatives different countries(firms of the seller and the buyer, not registered in the same country), then such a transaction is called a foreign trade transaction. These are transactions: export and re-export, import and re-import, barter and compensation, commission and consignment, one-time and long-term, etc. A common feature of foreign trade transactions is that they are all concluded with a foreign counterparty. This feature is obligatory for any foreign trade transaction.
Consequently, foreign trade transactions are actions aimed at establishing, changing or terminating legal relations with foreign counterparties in the field of foreign trade and having as its content the export or import of goods (services) or the performance of other operations in connection with this (payment, transport, insurance, etc.). These actions represent an interconnected chain of foreign trade operations, each of which has a certain duration and labor intensity.
Such transactions affect the national economy. This is reflected in the country's balance of payments.
The balance of payments (BOP) of a country is a systematic record of all economic transactions between the residents of that country and the rest of the world during a given period of time.
In the United Nations System of National Accounts, a resident is an individual or entity, which has a center of economic interest in a given country, i.e. a person who intends to carry out or is already carrying out economic activity in the country for quite some time. Any person who has a principal place of residence in a given country is defined as a resident of that country. Diplomats, soldiers, tourists, even if they are outside the territory of their country, act as residents of the state of which they are citizens. This also applies to the firm. She serves as a resident of the state where she is registered (domicilated), but not where she carries out her operations. As for branches and departments, they can also be residents and represent from their places of registration. The status of "resident" depends on the fact of its registration permanent place location or residence.
Exceptions are international organizations (UN, IMF, GATT/WTO, etc.) that are not residents of the country where they are located.
Economic transactions are any exchange of value, that is, an act in which ownership of an economic good is transferred is economic service or ownership of the assets passes from a resident of that country to a resident of another country.
Any transaction has two sides - a credit and a debit.
Credit is an outflow of values that must be followed by a compensating inflow of values or payments into a given country (for example, exports and other export-like transactions that create foreign exchange reserves in national banks).
2. Structure of the balance of payments
The country's balance of payments is the ratio of cash payments coming into the country from abroad and all its payments abroad during a certain period of time (year, quarter, month).
The balance of payments is a systematized assessment of economic transactions between residents of the country and non-residents related to the receipt and payments of funds. The main receiving operations are receipts from the export of goods and services, income from foreign investments and the acquisition by foreign firms of the country's domestic assets, and the main payment operations are payment for the import of goods and services, payment of income on foreign investments in this country and the acquisition of foreign assets by residents.
Residents are understood as legal and individuals operating in that country. The information contained in the balance of payments is used to assess the creditworthiness of the country, predict the impact of foreign economic relations on currency market and the exchange rate, their regulation, assessing the state of the country's economy, forecasting the possible economic, fiscal and monetary policy, calculations of gross domestic product, etc.
When compiling the balance of payments, the principle of double entry adopted in accounting is used. Each transaction is reflected in the debit and credit of the account, and the total debit amount must be equal to the total credit amount. Loan amounts (income) are formed as a result of the export of goods and services and the inflow of capital, which leads to the inflow of foreign currency into the account, they are reflected with a plus sign. Debit amounts (expenses) are formed as a result of imports of goods and services and capital outflows, leading to the expenditure of foreign currency. They are displayed with a minus sign. In the balance of payments, economic transactions are recorded at market prices, i.e. at the prices at which the actual exchange of economic values took place.
The difference between income and expenditure is the balance of payments. It can be positive or negative. In the latter case, there is a balance of payments deficit. The country spends more abroad than it receives from outside. This may adversely affect the stability of the exchange rate.
The balance of payments is financed, i.e. is repaid (if it is negative) or distributed (if it is positive) mainly due to the net change in the gold and foreign exchange and other official reserves of the country.
It is customary to compile balance of payments in the national currency of the respective countries, with the conversion of data at market exchange rates that are formed on the date of the transactions. If the national currency is unstable, the balance of payments may be drawn up in the hard currency of a country.
There are two sections (accounts) in the balance sheet:
1) current account;
2) account of operations with capital and financial instruments.
Under current operations refers to transactions with goods, services and income.
The current account balance includes:
Export of goods;
Import of goods;
Export of services;
Import of services;
Net income from investments;
Net remittances.
An integral part of the current account is the trade balance, defined as the difference between the value of exports and imports of goods. If exports exceed imports, then the trade balance is positive (active). If imports exceed exports, then the trade balance is negative (passive).
Trade in services includes payment for foreign transportation, tourism, buying and selling patents and licenses, and international insurance.
In addition to the trade balance and services, the current operations section includes money transfers, the movement of income from property abroad (%, dividends, profits). Another item in the current account balance is interest payments on foreign loans and loans.
The balance of operations with capital and financial instruments characterizes operations related to investment activity. This section consists of translations financial resources for investing, buying shares. It reflects the purchase and sale of foreign assets, the provision and receipt of loans.
The balance sheet of capital includes:
Capital inflow;
Capital outflow.
Sections of the balance of payments balance among themselves. Balancing is achieved through gold and foreign exchange reserves (their sale) and deferral of payments on loans. The presence of 2 sections shows that the international flows of funds to finance capital accumulation and the flows of goods and services are two sides of the same coin.
The balance of current operations and the balance of operations with capital and financial assets must be equal in absolute value and have opposite signs. A current account deficit means that a country spends more foreign currency on goods, services, and other current transactions than it receives from selling them. It is financed through the sale of assets to non-residents and through external loans. With limited assets and difficulties in obtaining loans, countries with persistent current account deficits are forced to reduce imports and increase exports.
|
I. Current account |
||
|
1. Export of goods |
2. Import of goods |
|
|
Foreign trade balance |
||
|
3. Export of services |
4. Import services |
|
|
5. Net income from investments |
||
|
6. Net current transfers |
||
|
Current account balance |
||
|
II. Capital and Financial Instruments Account |
||
|
7. Net capital transfers |
||
|
8. Received long-term |
9. Provided long-term |
|
|
and short-term loans |
and short-term loans |
|
|
10. Clean Omissions and Mistakes |
||
|
Balance of official settlements |
||
|
11. Net increase official |
||
|
currency r |
A positive current balance means an increase in net foreign assets. The country's overall balance of payments is positive if the balance of current operations, together with the balance of operations with capital and financial instruments, forms a positive balance. This leads to an influx of foreign currency into the country and an increase in foreign exchange reserves. In the case of a negative balance, there is a deficit in the balance of payments, and National Bank countries are forced to reduce foreign exchange reserves. A country cannot for a long time spend more on the purchase of foreign goods, services and assets than it receives from the sale of its own goods, services and assets. Therefore, the balance of payments is its most important analytical concept.
3. Basic principles of building the balance of payments
* Double entry system. The balance of payments is built on the basis of accounting and each transaction is reflected in the credit of one account and the debit of another. The overall balance should theoretically be equal to zero, which is never achieved in practice, since transaction data are taken from different sources, there are imaginary transactions, etc. the discrepancy is called net errors and omissions.
* Economic territory. Does not always coincide with the territory of the state and covers all residents and non-residents under the jurisdiction of this government.
* Residents and non-residents. They act as subjects of relations in the preparation of the balance of payments. They differ on the basis of the criterion of "settlement", fixed in private international law. According to Russian legislation residents include individuals and legal entities, enterprises and organizations located (residence) in Russia, diplomatic and other official representations abroad, foreign branches and representative offices of residents. Non-residents are understood as all subjects of currency relations established in accordance with the law foreign countries, located outside of Russia; individuals who have a permanent (temporary) place of residence abroad.
* Market price. It is determined by the amount of money paid for the purchase of goods or services from the seller in commercial transactions (excluding barter).
* Registration time. Entries in debit and credit must be made simultaneously at the time of creation, transformation, exchange, transfer or liquidation of economic values.
* Accounting unit. When compiling the balance of payments, the unit of account adopted in internal settlements and accounting in the country is used. When recalculating the balance of payments into foreign currency, market exchange rates are used.
Rules for the reflection of transactions in the balance of payments for debit and credit
|
Operation |
Credit plus (+) |
Debit, minus (-) |
|
|
A. Goods and services |
Export of goods and export of services (provision of services to non-residents) |
Import of goods and import of services (provision of services by non-residents) |
|
|
B. Investment income and wages |
Received by residents from non-residents |
Paid by residents to non-residents |
|
|
B. Transfers (current and capital) |
Receiving funds |
Transfer of funds |
|
|
D. Transactions in financial assets or liabilities |
Increase in liabilities towards non-residents(for example, the purchase by non-residents of the national currency in cash) or reduction of requirements for non-residents(for example, a decrease in balances on residents' accounts in non-resident banks) |
Increasing requirements for non-residents(for example, providing loans to non-residents) or reduction of obligations in relation to non-residents(for example, redemption by residents of securities purchased by non-residents) |
This classification is compiled broadly in accordance with the fifth edition of the IMF's Balance of Payments Manual.
Errors and omissions:
The double-entry system implies a formal absence of discrepancies between the balances of credit and debit items. In practice, this state is unattainable. Due to the complexity of the full coverage of all transactions, the heterogeneity of prices, the difference in the time of registration of transactions, etc., various distortions are inevitable. This is the reason for the introduction of a special item "Errors and omissions" (or "Net errors and omissions") in the balance of payments. Generally, the value shown in this article is relatively small and stable, but it rises sharply and can reach large values in countries with little control over reporting by foreign economic agents for balance of payments statistics. In this case, the size of the gaps and errors gives an idea of the unregistered outflow (or inflow) of capital.
4. Regulation of the balance of payments
International statistics show that the balance of payments of the countries of the world is constantly in disequilibrium, i.e. the current account balance and the closing balance sheet are usually non-zero and are therefore balanced by capital movements, government balancing operations and changes in reserves to balance the balance of payments.
A stable positive current account balance strengthens the position of the national currency and at the same time allows you to have a solid financial base for the export of capital from the country, in contrast to a stable negative balance, which weakens the position of the national currency and pushes the country to attract more and more foreign capital. If such capital inflows are not through long-term entrepreneurial investments (direct and portfolio), but through long-term public and private bank loans and especially through emergency financing and the growth of external liabilities, this leads to a rapid increase in the country's external debt and payments on it. The country begins to live on credit.
Strong fluctuations in the current account balance (in one direction or another) cause adverse consequences for the country. Thus, a sharp increase in the surplus creates the basis for rapid growth money supply and thus stimulates inflation, and a sharp increase in the negative balance causes a "landslide" fall exchange rate, which brings chaos to the country's foreign economic operations. Therefore, when it comes to the equilibrium of the balance of payments, the focus is primarily on the deficit of the current balance of payments (if it has formed) and strong fluctuations in its balance.
The state regulates the country's balance of payments. There are several methods of state influence:
1. Direct control, including the regulation of imports (for example, through quantitative restrictions), and customs and other fees, prohibition or restrictions on the transfer abroad of income on foreign investment and cash transfers from individuals, a sharp reduction in gratuitous aid, the export of short-term and long-term capital, etc. Such measures of direct control usually cause difficulties for many firms in the country and, accordingly, are perceived with hostility. In the short term, direct control has a positive effect. In the long term, the effect of these measures is contradictory, as it creates a “greenhouse regime” for local producers, reduces the interest of foreign investors in the country due to the ban on the transfer of their income, difficulties arise in attracting foreign specialists, and obstacles are created for the expansion of goods abroad. and service network for domestic exporters.
2. Deflation (i.e. the fight against inflation), which is aimed at solving domestic economic problems, but as a side effect, the state of the balance of payments is also improving. It is believed that the traditional consequences of deflationary policy - a decrease in production, investment and income - lead to a reduction in imports and an increase in reserve capacity to increase exports. Raising the discount rate, typical of deflation, attracts short-term capital into the country. However, there is another aspect of deflation: it reduces exports and increases imports, as with deflation, the exchange rate of the national currency rises, which increases the opportunities for importers. For exporters, the high exchange rate of their national currency means that they receive less national currency when exchanging export earnings, and this does not stimulate exports at all.
3. Changes in the exchange rate, which help the state to regulate the equilibrium of the balance of payments, but it must be taken into account that the effect of revaluation / devaluation is weakened by the elasticity of exports and imports, as well as the inertia of foreign trade flows. Therefore, a distinction is made between short-, medium-, and long-term effects of changes in the exchange rate on the balance of payments. Thus, the inertia of foreign trade flows often leads to the fact that in the first months after a strong depreciation of the national currency, the trade balance does not change and may even worsen. After all, exporters need time to increase exports, and importers need time to reduce the number of new contracts. After some time, the situation with the trade balance usually changes: exports increase, while imports decrease.
The elasticity of imports in modern conditions tends to decrease, because. due to the growing participation of countries in the international division of labor, the share of those goods in national imports, the import of which is objectively necessary, is constantly increasing. Therefore, in the medium and long term, devaluation slightly reduces imports, while revaluation significantly increases it. Exports are usually more elastic and therefore more responsive to the national currency in the medium and long term.
The impact of changes in the exchange rate on the movement of capital varies. The import of long-term capital into the country is determined by long-term goals, and therefore it is poorly reflected by changes in the exchange rate. For the import of short-term capital into a country with a freely convertible currency, on the contrary, this is of great importance, because. here it is possible to play on course changes. Import increases before a possible revaluation, and after it the export of capital increases.
4. Change in the discount rate of the Central Bank, aimed at regulating the exchange rate and balance of payments by influencing international movement capital, on the one hand, and the dynamics of domestic loans, money supply, prices, aggregate demand, on the other. For example, with a deficit in the balance of payments, an increase in the discount rate can stimulate the inflow of capital from countries where the rate is lower% and restrain the outflow of national capital, which helps to improve the state of the balance of payments and increase the exchange rate.
5. Diversification of foreign exchange reserves - the policy of the state, banks, TNCs, aimed at regulating the structure of foreign exchange reserves by including in their composition different currencies in order to ensure international settlements, foreign exchange intervention and protection against foreign exchange losses. This policy is usually carried out by selling unstable currencies and buying more stable ones.
Thus, the state develops various ways of influencing certain items of the balance of payments and its state as a whole.
5. Problems of compiling the balance of payments in Russia
The balance of the budget, drawn up with an excess of expenditure over income (ie, with a deficit), is achieved by finding sources of financing the deficit. In this case, the balance of the budget implies the equality of the planned expenditures to the volume of revenues and receipts from the sources of financing the budget deficit. Then there is an increase tax burden on business entities, which leads to the withdrawal of funds from their turnover and a decrease in the efficiency of the functioning of the economy as a whole.
The approaches of the governments of various states to the choice of methods for balancing budgets differed at different stages of historical development.
Governments of countries with developing and transition economy, where growth prospects cannot be accurately predicted and are determined by numerous (often random) factors, strive for budgeting based on the equality of income and expenditure, but in reality run a budget deficit.
Some of them (for example, the governments of countries whose economies are oriented towards the export of energy resources) are forced to pursue a policy of budget surpluses and the formation of stabilization (reserve) funds on this basis.
However, it should be noted that the achievement of equality of budget revenues and expenditures is a rather rare case in the practice of budgeting. It can only be achieved by curbing growth public spending and establishing in the country the level of taxation sufficient to obtain budget revenues in order to cover all necessary and reasonable public needs.
A budget surplus, as noted earlier, does not contribute to the efficient functioning of the economy. In most countries of the world, budgets are drawn up with an excess of expenditures over incomes, and often deficits take on proportions that threaten the socio-economic development of states.
Achieving a balanced budget in the face of its deficit has a number of problems. If the deficit is short-term, then it is enough for the government to take measures to limit growth budget spending or reduced tax revenue. If the deficit is of a long-term nature, then the government cannot manage only with fiscal measures: it is necessary to restructure the economy, introduce new technologies, modernize production, financially rehabilitate enterprises, and take other measures of a general economic nature to eliminate the causes that determine the existence of a chronic deficit. Any budget deficit needs to find sources of its financing.
The main ways to raise funds to cover the gap between budget expenditures and revenues are government borrowing, the sale of government reserves, property and land plots, monetary issue (monetization).
The issue of credit and money is an inflationary way to cover the budget deficit, since it directly leads to an increase in the amount of money in circulation. This circumstance makes the use of monetization a rather rare phenomenon in the practice of financing deficits: it is used during the years of military confrontation, a radical break in the socio-economic way of life of society, in conditions of a deep crisis public finance etc.
Debt financing of the budget deficit through government borrowing is basically a non-inflationary way to cover the gap between budget expenditures and revenues. This predetermined the widespread use of this method of covering the budget deficit. As a result of the work to attract sources of financing the budget deficit, all budget expenditures are provided by sources of financing, and thus the budget is balanced.
Thus, a balanced budget should be understood as the state of the budget, in which the volume of envisaged expenditure corresponds either to the volume of income (if income and expenses are equal), or to the total volume of income and receipts from sources of financing the budget deficit (if budget deficit). Budget balance is achieved both in the preparation and execution of budgets.
The methods of balancing the budget, widely used in the practice of budget planning, include:
Limitation of budget expenditures, taking into account the economic opportunities of society and the volume of centralized revenues;
Improving the mechanism for distributing revenues between budgets of different levels, adequate to the distribution of spending authority between them;
Identification and mobilization of reserves for the growth of budget revenues;
Building an effective system of budgetary regulation and provision of financial assistance in the sphere of interbudgetary relations;
Planning the directions of budget expenditures that positively affect the growth of income and at the same time ensure the solution of the social and economic problems facing society at minimal cost and with maximum effect;
Downsizing public sector economy based on reasonable privatization of state property;
Rigorous cost savings by eliminating unnecessary costs from their composition, not due to extreme necessity;
Use of the most effective forms of budgetary borrowings that can ensure real cash flows from financial markets.
When forming the budget, it must be balanced not only in the amount of annual appointments for income, expenditure and sources of financing the deficit, but also in their quarterly distribution. In this case, the budgeting authorities use working cash, free balances budget funds formed at the beginning of the current financial year.
In the course of budget execution, balance is achieved through:
Conducting the procedure for authorizing budget expenditures.
Strict observance of the established limits of budgetary obligations, oriented towards real incoming income;
Determining the optimal timing of spending;
Using the mechanism of reducing and blocking budget expenditures;
System improvements budget financing on the basis of the gradual cessation of subsidies to enterprises and the introduction of full property liability economic entities for the fulfillment of the undertaken obligations to the state and partners;
Mobilization of additional reserves for the growth of budget revenues;
Consistent holding financial control for targeted, economical and efficient spending of budgetary funds;
Providing financial assistance, in its various forms, by other budgets;
Use of budgetary reserves, etc.
State of payment systems developed countries West on present stage characterized high level technical and technological equipment. Due to this, these payment systems meet the highest standards of speed and reliability of settlements. Using the accumulated experience in Russian banking practice will improve the domestic system of cashless payments and bring it to a qualitatively new level. Next, consider ways to overcome the balance of payments.
Conclusion
In connection with the growing intensity of world economic relations, it is necessary to analyze foreign economic relations for research economic condition country and its further development prospects. As a result, it is obvious that the main sources showing economic situation countries are the balance of payments and settlement balances.
1) By analyzing the results of the exchange between countries, it is easier to judge the stability of the system of floating exchange rates: the balance of payments helps to reveal the extent of the accumulation of foreign currencies in those economic agents that are more interested in owning them, and those who are more inclined to get rid of these currencies.
2) Under conditions of fixed exchange rates, the balance of payments helps to determine the volume of foreign currency inflow into the country, the degree of pressure on the national currency rate, and also allows you to decide whether it is advisable to maintain a fixed exchange rate if it is threatened by a crisis.
3) Accounts of the balance of payments in terms of the balance of accounts provide information on the accumulation of external debt, the payment of interest and payments on the principal amount of the debt, and the ability of the country to accumulate currency for future payments. This information is needed to assess how much cheaper or more expensive it has become for the debtor country to repay debts to foreign creditors.
At the same time, in order to draw correct conclusions about the state of foreign economic relations of the state on the basis of the balance sheet, it is necessary to analyze the mechanisms of the influence of certain economic phenomena on the balance sheet accounts, since by themselves they cannot give us positive or negative assessments of those or other phenomena.
These circumstances determine the relevance of the topic of this course work: "Payment and settlement balance." The coordination mechanisms created by the world community in the field of currency and finance, based on a contradictory combination of market forces with interstate regulation, have demonstrated during their existence the ability to compromise the solution of emerging conflicts, the ability to adapt. However, the problem of improving the world monetary system, its main mechanisms remains relevant. The balance sheet is one of the main tools for macroeconomic analysis and forecasting. Based on the results of the balance of payments and settlement balance, further decisions are made in the field of the country's economic policy. And in order to avoid negative consequences, it is necessary to choose the most best option balance building schemes.
Literature
economic balance of payments
1. Shenaev V.N. Money, currency and balance of payments in Russia. - M., 1996
economy. 1994 - No. 9.
3. International monetary and credit financial relations// edited by L.N. Krasavina. - Moscow, 1994
4. Moiseev S.R. "International monetary and credit relations" 2003
5. http:// www. dergachev. en/ book- 1 0/20. html
6. T.A. Frolov World economy: lecture notes "World monetary system", ed. TRTU, 2006
7. A.G. Svetlov - economist "Balance of payments: Educational course for a financial manager" publication Financial management №1 / 2002
The concept, structure and methods of state regulation of the country's balance of payments, factors influencing it. Principles of compiling the balance of payments and its assessment by example Russian Federation. Analysis of Russia's balance of payments for 2008-2009
term paper, added 01/08/2011
The concept of balance of payments. The balance of payments is a reflection of the country's foreign economic relations. The structure of the balance of payments. Factors affecting the balance of payments. Balance of payments as an object of state regulation.
abstract, added 05/28/2006
The concept, essence and features of the balance of payments, its purpose and structure. Basic theories of the balance of payments. Analysis of its main indicators for the Republic of Belarus. Methods of state regulation of payments and receipts on balance operations.
term paper, added 11/09/2010
The concept of the balance of payments, its structure and methods of regulation. Analysis of the state of its indicators. Assessment and forecast of the balance of payments. Taking it into account when making decisions in the field macroeconomic policy. Ways to measure the balance of payments.
abstract, added 07/18/2009
The structure of the balance of payments according to the IMF methodology: the current account and the capital and finance account. The economic value of an asset or country's trade deficit. The main methods of regulating the balance of payments on the example of the Russian Federation.
term paper, added 12/18/2014
The concept and structure of the balance of payments, means of its regulation. Analysis of changes in world prices for export goods of the Republic of Kazakhstan. Problems of achieving external balance in the economy and the role of gold and foreign exchange reserves in ensuring the equilibrium of the balance of payments.
thesis, added 11/24/2010
Essence, structure and principles of compiling the balance of payments. Factors affecting the balance of payments. Strengthening international financial interdependence. The negative impact of the balance sheet deficit on the current account balance of developing countries.
term paper, added 09/25/2013
The concept, goals and basic principles of the formation of the balance of payments, factors influencing its state. Market mechanisms restoring balance of payments balance. State of the balance of payments of the Republic of Belarus and trends in its change.
term paper, added 04/21/2015
Balance of payments as a tool for regulating foreign economic relations. Exchange rate and its impact on foreign trade. Analysis and methodology for compiling the balance of payments and directions for the development of its currency regulation in the Republic of Belarus.
term paper, added 03/28/2011
The balance sheet is a snapshot of the state of the assets that are used in the company, and the capital from which these assets are created. Acquaintance with the peculiarities of the regulation of the country's balance of payments. Analysis of international economic integration.
