Theory and practical aspects of Internationa settlements. Economic cooperation

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

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

With the development of foreign economic relations and formed the world monetary system as a form of currency relations governed by the national currency laws and interstate relations. The main element of the monetary system of each country is its national currency[8 - Киреев А.П. Международная экономика. В 2-х ч. – Ч. II. Международная макроэкономика: открытая экономика и макроэкономическое программирование. – М.: Международные отношения. 2001. – С. 40.]. Features of the world monetary system and principles of its construction are closely related to the structure of world economy. It is obvious that a change in its structure has evolved and the world monetary system and, consequently, are modified and improved its basic elements:

– the functional form of world money;

– terms of convertibility;

– modes of exchange rate parities and exchange rates;

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

– unification of the forms of international payments.

The development of the world monetary system is a spiral with a gap of several decades. In the domestic economy, the monetary systems have evolved from the gold coin standard to a gold bullion and gold exchange, and from him – a paper-credit treatment. Evolving global monetary system has moved to the next stage, called the Jamaican system. It was arranged by agreement of member countries by the International Monetary Fund (IMF) in 1976 in Kingston, Jamaica[9 - Белоглазова Г.Н. Деньги. Кредит. Банки. – М.: Высшее образование. 2009. – С. 19.], in which formed the basic principles of a new monetary system, embodied in April 1978 in the second amendment to the Articles of Agreement of the IMF. These principles, which are today, are as follows:

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

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

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

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

Problems of Jamaican currency system very quickly appeared in the imperfection of floating exchange rates. Moreover, the problems encountered have exacerbated the financial and currency crises. The need to coordinate national action for overcoming the crisis led global economic community to re-evaluate the role of international financial regulators to harmonize the policies of different countries in the field of monetary relations. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[10 - Shakespeare W. Shakespeare’s Sonnets. – Boston. Ticknor and Fields. 1865. P. – 65.], was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has considerably decreased, forcing the governments of several countries in the band to do disruption reconstruction of the whole system of currency regulation.

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

In economic theory, international monetary relations issues remain unchanged. Over the years, changing only the answers[12 - Джеффри А. Фрэнкел Что актуально и неактуально в мире международных денег? // Финансы & Развитие. 2009. – Сентябрь.– С. 13.]. Like the philosophical notion of substance, dualistic in nature. The inner essence of a stable core and the outer reflection of it in our time, so all knowing “dig” to the bottom of the rod, and starts searching with the external reflection, effortlessly accessible to every listener.

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

As rightly pointed out Frederic Bastiat «you cannot give money to some members of the community but by taking it from others»[14 - Bastiat Frederic. The Bastiat collection. Volume I. – Auburn: Ludwig von Mises Institute. 2007. – P. 219.] cash equivalent because this is the existing opportunities, money is their “mirror image”, and, therefore, imperative redistribution of opportunity or the cost of moving simply changing the terms without affecting the sum.

Friedrich Hayek in his work «Denationalization of Money»[15 - Hayek F.A. Denationalisation of money – The Argument Refined. – London: The Institute of Economic Affairs. 1990. – 144 p.], brought the idea of the possible effect of providing entrepreneurs the possibility of emission of money, the value of which would be stable, which gave confidence to the calculations by contractors, in the absence of inflation, but this innovation cannot be realized, because of the contradictions of nation-building basics. Through its implementation of public budgets will suffer financial losses, there will be inefficient reallocation of public goods. And if all the international community is committed to a single, centralized currency, this concept is its centerline, while the idea of a stable value is very attractive.

Tabl. 1

The main stages of the global monetary system

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

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

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

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

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

The ability of individual actors – the most stable element of their economic activity, in view of the commodity offered to exchange them, showing them a professional, industry specialization. Thus, already being a prerequisite to commodity exchange or barter. However, a more efficient exchange on the basis of a universal equivalent of a multiple product of each subject in the form of “money that goes with the merchant”[18 - Библия. Первая книга Моисеева. Бытие. SGP. Box 516. – Chicago. IL 60690-0516 USA. 1990. – С. 22.], whom in modern economic relations serves the monetary unit, money. However, this issue remains unresolved even today in the field of international cooperation and solved in a specific situation or more constant in some sectors of economic cooperation.

The world and its phenomena are dynamic, if at first glance, it seems otherwise, it is necessary either to change the lens, or just look at a different angle. To maintain the momentum of the dynamics in economic relations, but mostly for her influence on a public entity governed by the calculated ratio of participants. Every sovereign in its territory shall have the power to establish its own unit of account, the currency in which there shall be canceled and liabilities. Part 1[19 - Конституция Российской Федерации (ред. 30.12.2008) // Российская газета. -. 2009. – № 7. («Денежной единицей в Российской Федерации является рубль. Денежная эмиссия осуществляется исключительно Центральным банком Российской Федерации. Введение и эмиссия других денег в Российской Федерации не допускаются»).], Art. 75 of the Constitution of the Russian Federation shall establish circulation in the Russian monetary unit of the Russian Federation granted the exclusive right to issue ruble Russian central bank to ban the introduction of other money. External essence of money is being used for correspondence of mutual obligations, to implement the “exchange opportunities”[20 - Menger K. Principles of economics. – Auburn. Ludwig von Mises Institute. 2007. – P. 257.], as wrote Carl Menger. The inner essence of the concentration of labor, the expression of what they are in the form of purchasing power, the “price of money”[21 - Шумпетер Й.А. Теория экономического развития. – М.: Директмедиа Паблишинг. 2008. – С. 125.] as refined J.A. Schumpeter.

Performing a logical ascent from mental image to a man to institutional education, to the sovereign state, and being fixed at an intermediate stage – the world community, promote mutual problem needs economically active subjects remains valid. For “movement is life” and human activities on behalf of the individual, society and the purpose and means of subsistence, as Ludwig von Mises wrote in his book “Human Action. A Treatise on Economics”[22 - Ludwig von Mises. Human Action. A Treatise on Economics. – San Francisco. Fox & Wilkes. 1996. – 906 p.]. Thus, the calculations, as a catalyst for the movement are the object of attention of all participants in community activities and are worthy of a comprehensive study of the scientific community, in particular in the spectrum of the mechanics of their conduct.

In the legal field, the obligation arising from attempts to satisfy the immediate need, the subject of law contradistinguish contractor generates a chain of activities on the “domino effect” from the counterparty to the counterparty. Continuity, stability, completeness of each act of this activity is important for the international community, in view of universal interconnection and interdependence, in order to avoid a negative result from the “butterfly effect” is able to break out. Assessing the prospects for the future, it would be foolish to give much weight to things, uncertain[23 - Кейнс Дж. М. Конец laissez-faire. – M.: ГУ-ВШЭ. 2001. – С. 212.].

In the material world match the actual set of circumstances under the influence of events and actions previously agreed plan indicates the proper performance of mutual obligation that generates confidence in this subject, and strengthens its intangible asset called reputation. Similarly, in physics, developed a theory that the hypothesis, the assumption by the actual evidence, a single point of coincidence of the hypothesis with the actual reality of nature, becomes a theory, and exists as long as there is no other confirmation of the hypothesis refuted.

To explain the same set of experimental data can be offered different theories. Check them with the output of these effects, which are available testing experience. The content of these consequences should be different from the content of the data used in constructing the theory. If such effects do not withdraw, then the theory is fundamentally unverifiable[24 - Мамзина А.С. История и философия науки. – СПб.: Питер. 2008. – С. 66.]. “Nothing comes from nowhere and does not disappear”. Describing the practice entrepreneur J.A. Schumpeter coined the term “neue Kombinationen”[25 - Schumpeter J.A. Theorie der wirtschaftlichen Entwicklung. Siebentes Kapitel. Das Gesamtbild der Volkswirtschaft. – Leipzig.: Duncker & Humblot. 1912. – P. 4.]. A person is in principle an employer only if it “carries neue Kombinationen” – it ceases to be such when they established the “case” will continue to operate within the circuit. That is, the entrepreneur provides practical innovation. If his idea is successful, the economic actors who have less marked the beginning of a creative appreciate it. According to George A. Akerlof are naturally the first entrepreneurs to become merchants who have skill to determine the quality of inputs and to certify the quality of the finished product[26 - Akerlof G.A. The Market for «Lemons»: Quality Uncertainty and the Market Mechanism // The Quarterly Journal of Economics. – 1970. – v. 84. – P. 496.]. There is a natural introduction of the idea of the inner world of business with the potential employer, and they interpret the innovation, organizing commercial “case”. Globalization of economic space allows creative individuals to gain access to information resources around the world and generate any actual ideas. Business entities to choose innovative projects and implement them in any area, from their point of view, the most commercially friendly.

Production, as is known, is the interaction of various factors[27 - Фахретдинов Р.Г. Проблемы равновесия производителя на аграрном рынке // Экономические науки. – 2009. – № 9 (58). – С. 79.] for the implementation of any neue Kombinationen connection is required, the combination, the coordination of individual factors, not always, or rather even not always located in the possession of a businessman, acting in their subject, whether public, public interest , which also stimulated by the global economic cooperation.

As part of the global economy lasting processes, but rather “the direction and degree of change in national economic life of the set of elements compared to the previous point”[28 - Кондратьев Н.Д. Большие циклы конъюнктуры и теория предвидения. – М.: ЗАО «Издательство «Экономика». 2002. – С. 33.], called the market conditions are “business processes” global and global crises points and starting end of the previous economic cycle.

To fully participate in this “game” called the international economic cooperation, however, as to begin a local business from the subject required his personal attachment to its nature depends on its role and the remuneration for their participation. The ultimate party “game”, the consumer receives the rent as the excess of demand over the prevailing scale of the classical market, basically this is a false social value lost during the formation of the market and the market value of the accumulated savings in the form of money, an extra element to achieve the equivalent exchange[29 - Мещеров В.А. Действительная и ложная социальная стоимость – исходные формы образования рыночной стоимости // Экономический вестник Ростовского государственного университета. – 2006. – Том 4. – № 1. – С. 97.].

A simple model implementation neue Kombinationen, at a minimum requires:

– material resources;

– administrative resources;

– financial resources;

– innovative resources.

Accordingly, the actors and their remuneration are as follows:

The owner – rent;

The worker – wage;

The capitalist – the percentage;

The entrepreneur – a profit.

“It is easier to obtain than to keep”, to maintain “stability zones” and the established order of the mechanism established by the provision of Art. 57[30 - Конституция Российской Федерации (ред. 30.12.2008) // Российская газета. – 2009. – № 7. («Каждый обязан платить законно установленные налоги и сборы. Законы, устанавливающие новые налоги или ухудшающие положение налогоплательщиков, обратной силы не имеют»).] of the Constitution of the Russian Federation. Entrepreneur as a reward for his activity and the idea of business expects to receive income, the worker for his labor a guaranteed wage, the capitalist expects a capital gain, and the government imposes taxes and fees on its territory owners and users, whether natural, or man-made objects[31 - Под естественными и искусственными объектами понимаются, например, недра, леса, дороги, сложившиеся общественные отношения.].

The nature of international economic cooperation is multifaceted. To describe its essence, the inner essence is to maintain world stability, permanence, the protection of existing values, the external entity is a reflection of the actual needs of stake holders to evaluate and order fulfillment.

Commitment generated by the commission of any act of the participants of this relationship remains “a feeling of incompleteness”, in the science of psychology there is a “Zeigarnik effect” whereby indeed interrupted, “unerledigter Handlunge”[32 - Zeigarnik Bluma. Das Behalten erledigter und unerledigter Handlungen // Psychologischen Institut der Universitait Berlin. – 1927. – 85 p.] is a strong position in the subject's memory rather than acts of completed actions. With regard to institutional and public entities believe it is undeniable accounting and provide periodic reporting on performance results.

In terms of institutional organization relationships in terms of turnover of public goods, the basis of civil rights are the property relations carried out in three areas: innovation, production, commercial, and financial[33 - Мозолин В.П., Рябов А.А. О трех сферах имущественных отношений, регулируемых гражданским законодательством // Законодательство. – 2009. – № 6. – С. 24.].

So, how do at this stage of development is organized pursuant to mutual financial obligations within the framework of international economic cooperation.