home > Chart of accounts

Basic forms of international economic relations. Trade and balance of payments of the country. Forms of international economic relations The main forms of international economic relations are distinguished

International Economic Relations (IER)- economic relations between states, regional groupings, transnational corporations and other subjects of the world economy. They include monetary, financial, trade, production, labor and other relations. The leading form of international economic relations is monetary and financial relations. AT modern world especially relevant is the globalization and regionalization of international economic relations. The dominant role in establishing the world economic order belongs to transnational capital and international institutions, among which an important role belongs to the World Bank and the International Monetary Fund (IMF). As a result of the international division of labor, the world's poles of economic and technological development (North American, Western European and Asia-Pacific) have formed. Among the urgent problems of international economic relations, the problems of creating free economic zones, international transport corridors and the Internet economy stand out.

MEO forms

There are the following forms of MEO:

  • international specialization of production and scientific and technical work;
  • exchange of scientific and technical results;
  • international production cooperation;
  • information, monetary and financial and credit relations between countries;
  • the movement of capital and labor;
  • activities of international economic organizations, economic cooperation in solving global problems.

Since the MER is based on the international division of labor, the significance and correlation of the main forms and directions of the MER is determined by the deepening of the MRI and the transition to its higher types. In this regard, the following should be noted: The general type of MRI predetermines inter-sectoral international exchange, in particular, goods of the extractive and manufacturing industries of individual countries. Private division of labor leads to the development and predominance of international trade finished goods different industries and industries, including intra-industry. Finally, a single type of MRT means specialization at individual stages of production (assemblies, parts, semi-finished products, etc.) and stages of the technological cycle (re-production), as well as within the framework of scientific, technical, design and technological developments and even the investment process. This creates prerequisites for accelerated growth in the capacity of the international market and sustainable expansion of international economic relations.

World economy

Generally world economy can be defined as a set of national economies and non-state structures united by international relations. World economy arose thanks to the international division of labor, which entailed both the division of production (that is, international specialization) and its unification - cooperation.

international trade

International trade is a system of international commodity-money relations, consisting of foreign trade of all countries of the world. international trade arose in the process of the emergence of the world market in the XVI-XVIII centuries. Its development is one of the important factors in the development of the world economy of the New Age. The term international trade was first used in the 12th century by the Italian economist Antonio Margaretti, the author of the economic treatise “The Power of the Masses in Northern Italy”.

Monetary and credit international relations

Monetary and credit relations - financial relations between subjects of different countries, i.e. residents and non-residents, or relations between subjects of the law of one country, the subject of which is the transfer of ownership of currency values ​​and other property rights associated with currency values.

Bretton Woods system

Bretton Woods system, Bretton Woods agreement Bretton Woods system) - an international system for organizing monetary relations and trade settlements, established as a result of the Bretton Woods Conference (from July 1 to July 22). Named after the Bretton Woods resort (eng. Bretton Woods listen)) in New Hampshire, United States. The conference marked the beginning of organizations such as the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF). The US dollar has become one of the types of world money, along with gold. It was a transitional stage from the gold exchange standard to Jamaican system, which establishes the balance of supply and demand for currencies through free trade in them.

GATT

General Agreement on Tariffs and Trade General Agreement on Tariffs and Trade, GATT , GATT) is an international agreement concluded in the year with the aim of restoring the economy after World War II, which for almost 50 years actually performed the functions of an international organization (now the World Trade Organization). The main purpose of GATT is to reduce barriers to international trade. This was achieved by lowering tariff barriers, quantitative restrictions(import quota) and trade subsidies through various additional agreements. GATT is an agreement, not an organization. Initially, GATT was supposed to be transformed into a full-fledged international organization, such as the World Bank or the World Trade Organization (WTO). However, the agreement was not ratified and remained only an agreement. The functions of GATT were taken over by the World Trade Organization, which was founded by the last round of GATT negotiations in the early 1990s. The history of GATT is roughly divided into three phases - the first, from 1947 to the Torquay Round (focused on which goods are subject to regulation and the freezing of existing tariffs); the second, from 1959 to 1979, included three rounds (tariff reductions) and the third, the Uruguay Round from 1986 to 1994 (expanding GATT to such new areas as intellectual property, services, capital and Agriculture; the birth of the WTO).

Notes

Links

  • Dergachev V. A. International economic relations. - M.: UNITY-DANA, 2005. ISBN 5-238-00863-5
  • International economic relations. Ed. V. E. Rybalkina. - M.: UNITI-DANA, 2005.

Wikimedia Foundation. 2010 .

See what "International Economic Relations" is in other dictionaries:

    Relations established between the countries of the world as a result of trade, labor migration, capital outflow, international credit, foreign exchange relations and scientific and technical cooperation. Synonyms: World economic relations See also: ... ... Financial vocabulary

    INTERNATIONAL ECONOMIC RELATIONS- economic relations between individual countries and groups of countries. International economic relations are carried out both on a bilateral and multilateral basis and include: 1) foreign trade; 2) credit relations; 3)… … Encyclopedia of Russian and International Taxation

    They include various participation of countries in the exchange of material and spiritual values. Trade is one of the forms of M. e. about. The growth rate of foreign trade turnover significantly outpaces the growth rate of production in general, and the share of ready-made ... ... Geographic Encyclopedia

    Links established between the countries of the world as a result of trade, labor migration, capital outflow, international credit, currency relations and scientific and technical cooperation Dictionary of business terms. Akademik.ru. 2001 ... Glossary of business terms

    The traditional Russian economy was not oriented towards the external market. On the whole, historical Russia exported no more than 68% of its goods abroad. And even this insignificant export caused concern among Russian economists. Of course, the protest ... ... Russian history

    INTERNATIONAL ECONOMIC RELATIONS- the system of economic relations between the countries of the world. The most important forms of international economic relations are: international trade, labor migration, capital export and international credit, international currency (settlement) ... ... Customs business. Dictionary

    INTERNATIONAL ECONOMIC RELATIONS- INTERNATIONAL ECONOMICS A special section of the ECONOMICS, which explores the economics. interdependence between countries, considering the movement of goods, services and payments, the policy of regulating this flow and its impact on the welfare of nations. In this… … Encyclopedia of Banking and Finance

    International economic relations- represent a complex of trade, production, scientific and technical, financial ties between states, leading to the exchange of economic resources, joint economic activity. They include international trade, traffic ... ... Economy. Dictionary of social studies

3. Main forms of international economic relations

International economic relations as such have existed for more than a century and during this time they have been quite strongly developed and improved. At present, international economic relations are carried out in the areas of international trade in goods and services, international movement of capital and international migration of labor.

One of the main forms of international economic relations, most experts call international trade.

According to the modern classification, foreign trade activity is divided according to commodity specialization, namely: the exchange of finished products, machinery and equipment, raw materials, services. In this case, international trade acts as the total turnover between the countries participating in these relations. The trade balance is the ratio between exports and imports.

In its development, this form of international economic relations is based on the benefits received by the countries participating in the process. In essence, the theory of international trade explains what exactly underlies this benefit from foreign trade, as well as what causes certain directions of foreign trade flows.

Thus, international trade is a tool by which countries, in the process of developing their specialization, increase the productivity of the resources they have, as a result of which they can increase the volume of goods (services) they produce and improve the well-being of their population.

Another important form of international economic relations is the international division of labor. Its essence is that, based on the agreed long-term policy, it is possible to make more rational use of the national scientific, technical and production potentials of countries through the further development of a stable division of labor and cooperation in the problems of accelerated development and introduction into production of progressive technologies, new equipment, new materials.

Thus, it is possible to prevent both purely commercial losses and the emergence in a number of countries of similar industries using heterogeneous equipment and technology, different standards, which complicates the development of technical progress, through the collective efforts of the countries of the world community.

The economic, scientific, technical and structural policies of countries should be coordinated among themselves as a whole and in individual parameters and be based on a system of intra-economic measures that help ensure the unity of economic and technological tasks, the integrity of the interaction of science, technology and production, as well as the appropriate coordination of development plans science and technology with the rest of the plans for the development of the world economy. Also important here is the factor of timeliness in the preparation of the necessary funds and production capacities and the consistency of the relevant measures of scientific, technical, industrial and economic cooperation.

In addition, from the point of view of this form of international economic relations, it is important to develop implementation systems both in individual countries and at the international level in order to accelerate the growth of production efficiency and technical modernization products, as well as to increase the differentiation of domestic prices for simple goods and the latest scientific and technological developments. The main point here is to turn in practice a long-term scientific and technological policy into the main component of the system of economic integration, which determines important structural and qualitative changes in international economic relations and in the field of the international division of labor.

Based on the considered provisions, as a form of international economic relations, one can also consider international production cooperation. The main point here lies in taking concrete steps towards deepening international specialization and, of course, cooperation in production. The fact is that many experts consider such actions to be the main condition for economic growth in the countries participating in the process, based on a modern technical base.

Achieving a new stage in the development of productive forces is also a new round in the improvement of the international division of labor. Therefore, recently such a form of relations as the cooperation of production has received much attention.

In addition to the considered forms of international economic relations, it is also interesting to mention the international movement of capital. Transactions with securities are often carried out between the countries of the world community, which are produced on the international loan capital market and reflect the real reproduction process on the scale of the world economy. However, the international financial market still functions relatively independently, according to its own special rules, and at the same time has a large feedback effect on production at the national and global levels.

Such a financial market carries out the international turnover of loan capital and thereby contributes to the constant circulation of industrial and commercial capital of the countries participating in the process. In terms of functional parameters, the international loan capital market is a system of market relations that help to accumulate and redistribute loan capital between different countries. From an institutional point of view, the international financial market is a set of financial institutions through which there is a market movement of loan capital between countries, under the influence of supply and demand for it.

The development of world economic relations has led to the interweaving of cash flows between countries and the formation of distinctions between the concepts of world, international and national loan capital markets. The world loan capital market is the largest. It includes the entire set of independent, separate national and international financial markets, which have their own characteristics, i.e., the world loan capital market cannot exist as a single market.

This text is an introductory piece. From the book World Economy. cheat sheets author Smirnov Pavel Yurievich

40. Forms of international currency and payment and settlement relations Currency relations are a form of international economic relations. These include: - currency transactions between participants in the foreign exchange market; - currency arbitrage, which allows you to use

author Shevchuk Denis Alexandrovich

From the book World Economy [fragment] author Shevchuk Denis Alexandrovich

From the book Economic Theory. author Makhovikova Galina Afanasievna

21.1. Forms of international economic relations The world economy is a global economy that links national economies into a single system by the international division of labor. International economic relations are formed in the world economy. They exist

author Shevchuk Denis Alexandrovich

Chapter I FOUNDATIONS OF INTERNATIONAL RELATIONS International relations is an integral part of science, including diplomatic history, international law, the world economy, military strategy and many other disciplines that study various aspects of the common

From the book World Economy author Shevchuk Denis Alexandrovich

2. Modern theories of international relations The above diversity has greatly complicated the problem of classifying modern theories of international relations, which in itself becomes a problem of scientific research. There are many classifications

From the book World Economy author Shevchuk Denis Alexandrovich

1. The concept and criteria of international relations At first glance, the definition of the concept of "international relations" does not present any particular difficulties: it is a set of economic, political, ideological, legal, diplomatic and other ties and

From the book World Economy author Shevchuk Denis Alexandrovich

4. The subject of international relations One of the issues widely discussed today in the scientific community of international scholars is the question of whether international relations can be considered an independent discipline, or whether it is an integral part of political science. On the

From the book World Economy author Shevchuk Denis Alexandrovich

From the book World Economy author Shevchuk Denis Alexandrovich

3. Universal laws of international relations Universal, or the most general laws, in contrast to the laws of a lesser degree of generality, must meet the criteria of spatio-temporal and structural-functional nature. It means,

From the book World Economy author Shevchuk Denis Alexandrovich

1. Features and main directions of a systematic approach to the analysis of International Relations

From the book World Economy author Shevchuk Denis Alexandrovich

1. Features of the environment of international relations Indeed, it is relatively easy to imagine the system, structure and environment of interstate, for example, regional relations. Thus, the structure of the European Union can be represented as a way of organizing

From the book World Economy author Shevchuk Denis Alexandrovich

Chapter VII PARTICIPANTS IN INTERNATIONAL RELATIONS The most common term used in the science of international relations to designate participants in interaction on the world stage is the term "actor". In Russian translation, it would sound like "actor". And

From the book World Economy author Shevchuk Denis Alexandrovich

2. Non-state participants in international relations Among non-state participants in international relations, intergovernmental organizations (IGOs), non-governmental organizations (NGOs), transnational corporations (TNCs) and other public forces and

author Ronshina Natalia Ivanovna

From the book International Economic Relations: Lecture Notes author Ronshina Natalia Ivanovna

Thanks to international economic relations (IER), countries can exchange experience, production, labor, scientific, technical, financial and information resources to improve political and economic ties.

Structure and forms

In modern conditions, international relations can arise between national economies in the following forms:

  • cooperation aimed at solving issues related to global problems of a global scale;
  • trade relations (currency, credit and financial, etc.);
  • exchange of scientific achievements and joint development of scientific projects;
  • cooperation in the field of construction, engineering design, etc.;
  • joint release of goods;
  • international (auto, river/sea, air) tourism;
  • development of credit and financial institutions and TNCs.

International economic relations have a close relationship with world politics, as they affect state interests. The object of the IEO is the world economy, which includes the national economies of sovereign states, connected by commodity-money and other relations. The following can act as subjects of international economic relations:

  • TNCs are transnational corporations (concerns, trusts) engaged in international activities through subsidiaries (branches);
  • state;
  • transnational government organizations;
  • business unions;
  • international organizations;
  • individuals.

Development conditions

Currently, the defining trends in the development of the MEO are:

  • International economic integration. Combining commodity markets, capital and labor resources. Unification of national economies, absence of discrimination between national economic entities;
  • Globalization. Trade liberalization, removal of investment barriers, formation of duty-free trade zones, cross-border credit/currency transactions. Globalization covers all areas of the economy and public life - the political, cultural, social and economic spheres.
  • Transnationalization. Expansion of activities, increased activity of transnational corporations and banks, transition to a new, qualitative level of internationalization of production.

TNCs are the basis of globalization, an independent economic entity for which foreign economic activity is more important than domestic operations.

The most important forms of world economic relations are as follows:

  1. international trade in goods and services;
  2. international movement of entrepreneurial and loan capital;
  3. international labor migration;
  4. creation of joint ventures;
  5. development of international corporations;
  6. international scientific and technical cooperation.

International trade is the exchange of goods and services across national borders. This exchange is based on the principle of comparative advantage proposed by D. Ricardo. In accordance with this principle, the state should produce and sell to other countries those goods that it is able to produce with the greatest productivity and efficiency, i.e. at a relatively lower cost than other goods in the same country, while buying from other countries those goods that it is not able to produce with similar parameters.

International trade consists of imports and exports.

Import is the acquisition of products in another country.

Export - sale of products to other countries.

The export of capital is the export of funds from one country to another for their profitable placement.

The export of capital is carried out in the form of entrepreneurial (direct and portfolio investment) and loan capital.

Direct investment is the investment of capital in foreign enterprises, providing the investor with control over them. For such control, the investor must have at least 20-25% of the share capital of the company.

"Portfolio" investment means the purchase of securities of foreign companies. Unlike direct investments, such investments do not give the right to control the activities of enterprises and are used mainly to increase financial resources by receiving interest and dividends on invested capital.

The export of loan capital is the provision of medium and long-term loans in cash and commodity form to foreign companies, banks, state bodies in order to make a profit due to the favorable rate of loan interest.

International labor migration is the international movement of workers associated with the search for employment in other countries. This process is explained by the possibility of obtaining higher incomes, better prospects for social and professional advancement.

Creation of joint ventures, which allows to combine funds, technologies, managerial experience, natural and other resources from different countries and carry out common production and economic activities on the territory of any one or all countries.

The development of international corporations, whose activities are carried out mainly through foreign direct investment from one country to other countries. There are transnational and multinational corporations.

Transnational corporations (TNCs) are a form of international business, with the parent company owned by the capital of one country, and branches located in other countries of the world.

Multinational corporations (MNCs) are international corporations both in terms of their activities and capital, i.e. its capital is formed from the funds of several national companies.

The vast majority of modern international corporations take the form of TNCs,

International scientific and technical cooperation is an exchange of research and development results, technical and technological innovations. This cooperation can be carried out by exchanging scientific and technical information, scientists and specialists, conducting scientific research and developing scientific and technical projects, etc.

"Basic forms of international economic relations" and others

The integrity of the world economy is ensured by the fact that there is a system of international economic relations, the main of which are: international trade in goods and services, export of capital, international labor migration, international scientific and technical cooperation, international monetary relations, international economic integration.

The most important and historically the very first element in the system of world economic relations is international trade , which is a set of transactions for the exchange of goods and services between countries.

Among the main reasons causing international trade, one can single out the uneven distribution and provision of various countries economic resources, availability in different countries various technologies different levels of efficiency.

Trade relations between countries are based on principle of comparative advantage . According to this principle, a country specializes in the production of those goods that it can make at a relatively lower cost compared to other countries. Thus, it is beneficial for each state to export abroad a product in the manufacture of which it has a comparative advantage, and to import from abroad a product that is produced in this country relatively less efficiently. It follows that international trade includes two interrelated processes: export , or export, and import , or import. Total value export and import of goods and services forms a foreign trade turnover.

The real benefit (or real loss) that international trade brings is reflected in the country's balance of payments . Payment balance is the ratio of payments abroad (for imported goods and services) and receipts from abroad (for exported goods and services) for a certain period of time. If receipts exceed payments, then the country's balance of payments is active, if the difference between these payments and receipts is negative, then the balance is passive. The difference between receipts from abroad (the value of exports) and payments abroad (the value of imports) is called balance of payments .

The ratio between exports and imports is regulated by the state through a policy of protectionism and free trade. Protectionism is a policy aimed at protecting the national economy from foreign goods and restricting imports. Protectionist policy has the following directions:

organization of customs taxation, which provides for high customs duties on imports finished products and lower - for export;

Establishment of non-tariff barriers, which include quoting (setting a certain quota, or share, for the export or import of certain goods), licensing (obtaining permission to carry out foreign economic activity) and state monopoly (establishment of the exclusive right government agencies for the implementation of certain types of foreign economic activity).

free trading, or free trade policy, is the opposite of protectionism. It is based on liberalization, the essence of which is that the state aims to open the domestic market for foreign goods and services in order to increase competition in the domestic market. At the same time, it is assumed that national enterprises will stand up in the competition.

In real life, modern states in their foreign economic policy combine both free trade and protectionism.

International trade is of great importance for the life of the world economy, which is as follows:

· with its help the limited national resource base is overcome;

· it expands the capacity of the domestic market and establishes links between the national market and the world market;

Thanks to it, additional income is provided due to the difference between national and international production costs;

It promotes the expansion of the scale of production by attracting foreign resources.

In the international trade activities of the Republic of Belarus, several areas can be distinguished: the development of export opportunities and meeting the needs for imports; attraction of foreign investments and creation of joint ventures in order to introduce new technologies and produce new types of products; creation of additional jobs; mastering the production of products that are competitive in the world market; formation of extended credit relations with foreign governmental and non-governmental organizations.

The Republic of Belarus carries out foreign trade operations with more than 100 countries of the world and the list of these countries is constantly expanding. The main trading partners of Belarus are Russia and other CIS countries, Germany, Poland, USA, Hungary, Brazil, France. Among the main Belarusian exports are: mineral and nitrogen fertilizers, tractors, gas stoves, refrigerators, televisions, products light industry, fiberglass.

The international economic organization that regulates trade relations between different countries is World Trade Organization (WTO) . About 90% of world trade is regulated through the WTO. The purpose of the WTO is to establish fair conditions for competition between producers, reduce the level of import duties, eliminate non-tariff barriers, and expand international exchange.

The second form of international economic relations is export of capital , which is the export of capital by legal entities and individuals for the purpose of its more profitable placement or use.

Among the main reasons causing the movement of capital from one country to another, the following can be distinguished:

Over-accumulation of capital, that is, the formation of its relative excess in a country where it cannot find a highly profitable application;

· the opportunity for owners of capital to use in economically less developed countries relatively cheap compared to domestic factors of production (low wages, low prices for raw materials, water, energy);

· increased demand for capital in the countries where it is exported, which is ensured by the uneven development of the economy of various states. At the same time, in countries that are in need of foreign investment, more favorable conditions are created for this purpose: bank interest and dividends are increased, special benefits and guarantees are provided for the profitable use of imported capital.

Thus, purpose of the export of capital is to obtain a higher rate of profit in another country due to the advantages associated with its use here in comparison with national economic conditions. There are two forms of export of capital: entrepreneurial and loan.

Entrepreneurial capital exported either to create their own production abroad in the form of direct investment, or to invest in local companies in the form of portfolio investment. Direct investments actually provide full control over the objects of foreign investment. Emerging or acquired ready-made enterprises become affiliates of a parent company located in another country, which forms the center of an international industrial association. Portfolio investment consist in the acquisition of shares of foreign enterprises in amounts that do not provide ownership or control over them. Such investments are made when they seek to place their funds in different sectors of the economy or when the legislation of the host country discourages direct investment.

Loan capital exported in the form of loans, or credits, bearing interest on loans.

The consequences of the export of capital for the country that imports capital are ambiguous. On the one hand, it contributes to the development of the economy of the country. On the other hand, foreign capital supports the profitable, one-sided, mainly raw materials, development of the national economy of the country where the capital is imported.

Based on the export of capital and the creation of enterprises in other countries, there is an internationalization and transnationalization of capital, the creation of transnational corporations (TNCs).

TNK is an enterprise that:

1. Has subsidiaries in two or more countries.

2. Has a decision-making system that allows the implementation of economic policy from one or more centers.

3. Provides such a connection of subsidiaries that each of them has an impact on the activities of others.

TNCs are significantly changing the structure of all world trade, largely subordinating it to their interests, because they are:

· technical leaders of world production;

· active competitors in the field of access to foreign natural resources;

· the most mobile entrepreneurs in the struggle for new markets, including foreign markets.

In the world economy, there are about 40 thousand TNCs with unlimited economic power. Among them are the following: American corporations EXXON (oil refining), IBM ( computer technology), Boeing (aircraft) and GENERAL MOTORS (automotive), the Anglo-Dutch corporation ROYAL-DUTCH-SHELL (oil refining), the Japanese HITACHI (electronics). TNCs control about 50% of world industrial production; 90% of the world market for wheat, corn, timber, tobacco; 85% of the copper and bauxite market. They own 80% of all world patents and licenses.

The modern export of capital is characterized by the following features:

1. In the growth of exports of productive capital with direct investment in the latest technologies.

2. In the export of capital, carried out mainly between highly developed countries.

3. In the growing role of developing countries as exporters of capital.

The next form of international economic relations is international labor migration . It represents the movement of the able-bodied population of the country outside its borders.

The main reasons for migration include:

· economic (decrease in demand for labor and growth in its supply, growth in demand for highly qualified specialists in developed countries, interstate differences in wages);

· foreign economic (demographic, political, religious, national, cultural, family, etc.).

There are the following types of international labor migration:

1. Permanent or irrevocable i.e. relocation with a change of residence.

2. Cyclic or periodic , that is, moving for a certain period with a return to the previous place of residence.

3. Pendulum, or shuttle , which is the regular movement of the population to work or study from one country to another and vice versa.

4. Adjustable based on the organized recruitment and regulation of specialists.

5. Unregulated , consisting in the independent movement of the population (family reunification, moving to a former place of residence after the end of the employment contract).

6. Legal carried out in accordance with applicable law.

7. illegal contrary to the current legislation.

8. Migration of low-skilled labor force , consisting in its movement from developing countries to industrialized ones.

9. Migration of highly skilled labor , or "brain drain", carried out as the departure of specialists to industrialized countries. Among its reasons are the high wages, better working and living conditions, social comfort.

A specialized agency of the United Nations, carrying out activities in the world labor market to solve the problems of labor migration, employment, conditions for organizing and remunerating work, vocational training, is International Labor Organization (ILO) .

international scientific and technical cooperation . It represents the participation of legal and individuals in world scientific developments in order to obtain new knowledge and use it in economics and technology.

International scientific and technical cooperation takes the following forms:

1. Material, consisting in the exchange of high technology products.

2. Intangible, consisting in the exchange of drawings, descriptions, patents, licenses.

3. Provision of services in the form of exchange of specialists, technical staff, assistance in the field of management and marketing.

4. Commercial exchange of scientific and technical knowledge, which consists in the transfer of technology under licenses, engineering, consulting.

5. Non-commercial exchange of scientific and technical information, consisting in holding international conferences and symposiums.

6. Intercompany cooperation in the field of research and development, carried out in applied research and associated with the development and creation of prototypes of products.

The most important form of international economic relations are international monetary relations . This is a set of economic relations arising from the functioning of money in international circulation. Through currency relations, payment and settlement operations are carried out in the world economy. International monetary relations are carried out within the framework of international monetary system , which is a set of rules, laws and institutions that govern these relationships.

Its constituent elements are:

1. Main international means of payment (national currencies, gold, EURO).

2. The mechanism for establishing and maintaining exchange rates. Exchange rate is the price of the currency of one country expressed in terms of the currency of other countries. Exchange rates can be fixed or floating. If the state rigidly establishes the exchange rate between its national currency and foreign ones, then such an exchange rate is called fixed . The exchange rate, which changes under the influence of changes in the demand for this currency and its supply, is called floating exchange rate . Under a fixed regime, a depreciation of the exchange rate is called devaluation , and the increase revaluation . In conditions of floating exchange rates, similar processes are called depreciation and appreciation of the currency. The method of direct influence on the exchange rate is foreign exchange interventions - impact on the exchange rate of the national currency through the purchase and sale of foreign currency. So, in order to increase the rate of the national currency, the central bank sells foreign currency in exchange for the national one and, conversely, to reduce the exchange rate, it buys foreign currency in exchange for the national one.

The state of the exchange rate is influenced by two groups of factors:

· structural factors reflecting the state of the economy of a given country. These include: indicators of economic growth (GDP, volume of industrial production), the state of the balance of payments, the growth of the money supply in the domestic market, inflation and inflation expectations, the country's solvency and confidence in the national currency in the world market;

· market factors related to changes in the situation in the sectors of the world financial market: speculative transactions in the foreign exchange markets, the degree of development of the securities market competing with the foreign exchange market.

3. Conditions for currency convertibility. Currency Convertibility - this is a free exchange of the monetary unit of one country for the currency of other countries and for internationally recognized means of payment in various international settlements. Currency is considered convertible , if it meets three criteria: it is used without restrictions for any international payments, it is exchanged without restrictions for any other currency, this exchange made at a certain official rate. Distinguish between external and internal convertibility. Internal convertibility means that citizens and individuals of a given country can, without restrictions, buy foreign currency at the current rate, and make settlements in this currency with foreign partners. With external convertibility free exchange of any currencies for the national currency is valid only for foreign citizens and individuals. From the point of view of the convertibility mode, there are:

· free convertible currency (SLE), which has full external and internal convertibility;

· partially convertible currency , exchanging only for some foreign currencies;

· non-convertible currency , which includes the currencies of countries with strict prohibitions and restrictions on the import, exchange, sale and purchase of national or foreign currency.

4. Forms of international payments.

5. Mode of international currency markets and world gold markets.

6. International Monetary and Credit Organizations regulating currency relations at the interstate level. The most influential of them are: International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), European Bank for Reconstruction and Development (EBRD), Organization for Economic Cooperation and Development (OECD). The content of their activity lies in the desire to create such a mechanism for coordinating world currency relations, which would combine market opportunities with state regulation. These organizations contribute to the development of international economic relations by establishing norms for regulating exchange rates and monitoring their observance, developing reforms to improve the world monetary system, providing credit resources to member countries of these international organizations, determining trends in the economic development of these countries and developing recommendations for their progressive orientation and development.

An important form of international economic relations is international economic integration , which is a process of economic and political unification of countries, allowing for a coordinated interstate economic policy. Economic integration provides a number of favorable conditions for the interaction of countries: wider access to various resources, the possibility of production based on the entire integrated grouping of countries, the creation of privileged conditions for their enterprises and firms, the harmony of the joint solution of social problems.

Among the forms of economic integration are the following:

· free trade zones , within which customs duties and other trade restrictions between participating countries are abolished;

· Customs Union which, in addition to the free trade zone, implies the establishment of a single foreign trade tariff and the implementation of a single foreign trade policy in relation to the countries that are part of it;

· payment union , which allows to ensure the mutual convertibility of currencies and the functioning of a single unit of account;

· Common Market , providing its participants with a coordinated economic policy, freedom of movement of goods, capital and labor;

· economic union , providing for the coordination of macroeconomic policy and the unification of legislation in key areas - currency, budget, monetary, as well as the creation of interstate bodies with supranational functions;

· free economic zones (FEZ), which are distinguished by the absence of restrictions on the activities of foreign firms, the right to transfer their profits and capital to their country, as well as their infrastructural support.

The greatest development of international integration processes have received in Western Europe. Here, an example of the largest integration regional association can be considered European Union (EU) . The EU has established a free exchange of national currencies and created a European monetary system with its own mechanism for generating settlements and setting exchange rates. A collective currency unit (the euro) was established and became an international means of payment. In this integration association, numerous border and customs barriers separating the states have been overcome. All this led to a number of positive results, which include direct cost savings due to lower costs in the removal of trade and production barriers, gains from market consolidation and increased competition. Integration helped Western European capital in a number of economic areas to compete on an equal footing with its main competitors - the United States and Japan.

In North America stands out North American Free Trade Association (NAFTA) which includes the United States, Canada and Mexico. Among the 20 regional groupings of Asia and Latin America, one can single out Latin American Free Trade Association (LAFTA) , Association of Southeast Asian Nations (ASEAN) .

A number of countries of the former USSR (Azerbaijan, Armenia, Belarus, Georgia, Moldova, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine) formed in 1992. Commonwealth of Independent States (CIS). Distinctive feature This integration association is the reintegration of countries that were previously part of a single state, on a new equal basis, corresponding to their current status.

In 1996, an agreement was adopted to establish Customs Union between Russia, Belarus, Kazakhstan and Kyrgyzstan, as well as more advanced in terms of integration Commonwealth of Belarus and Russia , which in 1997 was transformed into Union of Belarus and Russia . In 1999, an agreement was signed to transform this entity into union state , the integration process within which continues to deepen.

We also recommend

Loading...Loading...