Communication of the national economy with the rest of the world is carried out through two channels: trade in goods and services and trade in financial assets.

International trade in goods and services means that part of the products produced in the country is exported to other countries and, on the other hand, part of the goods consumed and invested in the country are produced abroad (and imported). Similar interrelations exist in the field of finance: the country's population can acquire securities issued abroad and, on the contrary, foreigners can purchase our financial assets.

All deals of residents of this country with the rest of the world are recorded in the balance of payments.

Payment balance It is the final entry of all economic transactions between this country and other countries during the year. It characterizes the relationship between foreign exchange earnings to the country and payments that this country produces other countries (Table 19.1).

The balance of payments use the principle of a double recording, since any transaction has two sides - debit and credit. The debit reflects the influx of values \u200b\u200b(real and financial assets) into the country for which the country must pay foreign currencies, so debit operations are recorded with the minus sign. They increase the proposal of the national currency and create a demand for foreign currency (these are import-like operations).

The loan reflects operations that reflect the outflow of values \u200b\u200b(real and financial assets) from the country for which foreigners should pay. Such operations are reflected with the "Plus" sign and are exported. They create demand for national currency and increase the supply of foreign currency.

The balance of payments according to the classification developed by the International Monetary Fund (IMF) includes two main accounts:

1) current account account

2) Account and Financial Instruments

1. Account of current operations- reflects all operations of a given country with other countries related to trade in goods, services and translations. It includes:

a) Export and import of goods. Exports of goods reflected with the "+" sign, i.e. Credit because it increases foreign currency reserves. Import is recorded with the sign "-", i.e. Debit, since it reduces foreign currency reserves.

The difference between exports and imports of goods is trade balance.

b) exports and import services, such as international tourism;

c) net investment revenues, which is a difference between interest and dividends received by citizens of the country from foreign investments, and interest and dividends obtained by foreigners from investments in a given country;

d) pure transfers that include foreign help, pensions, gifts, grants, money transfers.

The balance of current operations in macroeconomic models is reflected as pure export (XN - Net Export).

The balance of current operations can be both positive, which corresponds to the surplus of the current operation account and negative, which corresponds to the current account deficit. If there is a deficit, it is funded either with the help of foreign loans, or by selling financial assets, which is reflected in the second section of the balance of payments - the capital's capital account.

2. Account Account and Financial Instrumentswhich reflects all international transactions with assets. These are tributaries and outflows of capital on long-term and short-term operations (selling and buying securities, buying real estate, direct investment, current accounts of foreigners in a given country, loans of foreigners and foreigners, etc.).

Capital flow account balance (CF - Capital Flows) can be both positive (pure capital inflows in the country) and negative (pure capital outflow from the country).

The amount of balance of the balance of current operations and the balance of capital accounts is balance of official calculations.

Table 19.1 - Balance Balance Structure

Credit	Debit
I. Current account account
1. Exports of goods	1. Import of goods
Foreign Trade Balance Balance
2. Export services	2. Import services
3. Income from investment abroad	3. Payment of income to foreign investors
4. Clean current transfers
Balance balance of current operations
II. Account Account and Financial Instruments
5. Pure Capital Transfers	4. Loans provided
6. Received loans
7. Clean errors and skipping
Balance Account Account
Balance balance of official calculations
Clean change in official currency reserves

The balance of payments, composed on the principle of a double account, by definition is zero, and this means that all debts of the country must be paid. Therefore, the current account deficit must accurately correspond to a positive balance of capital and financial instruments. If the countries of the countries are generally spent on the purchase of foreign goods, services and assets more than they receive from the sale to foreigners of their goods, services and assets, that is, if the balance sheet of official calculations is reduced to a deficit, the repayment of debt is carried out by the Central Bank due to the reduction of official foreign reserves Currencies.

Changing official reserves Includes a change in foreign currency, gold and international calculated funds, such as a SDR (special borrowing rights -Special Drawing Rights). The SDR is reserves in the form of accounts in the IMF (International Monetary Fund).

Purchase or sale of a foreign currency central bank in exchange for national in private markets in order to influence the established macroeconomic situation called currency intervention. When the balance of payments deficiency, as a result of the central bank intervention, the supply of foreign currency in the domestic market is increasing, and the proposal of the national currency is reduced. This operation is exported and taken into account with the "+" sign, i.e. This is a loan.

If the balance balance is positive, i.e. There is a surplus, there is an increase in official reserves in the Central Bank. This is reflected with the "-" sign, i.e. This is a debit (import-like operation).

As a result of these operations, the balance of payments becomes equal to zero.

The balance of payments is the basis for the development of monetary, fiscal, currency and foreign trade policies of the country and the management of state external debt.

19.2. Exchange rate

To ensure the implementation of trade and financial transactions between countries, a certain relationship between their national monetary units is established.

Exchange rate - This is the price of the national monetary unit of one country, expressed in the national monetary units of another country. (For example, 1 pound sterling \u003d 2 dollars).

The exchange rate is established depending on the ratio of demand for the national currency and the proposal of the national currency on currency market. The formation of the exchange rate is graphically represented in Figure 19-1 (a), where E is the dollar exchange rate, i.e. The price of 1 dollars expressed in rubles, D $ is a curve of dollar demand, S $ is the curve of dollars.

The curve curve for currency (on dollars) has a negative slope, because, the higher the dollar exchange rate (below the national currency rate), i.e. The higher the price of the dollar in rubles, the more rubles we must pay to get in exchange 1 dollar. Therefore, the less the amount of demand for dollars will be.

Figure 19.1 - Formation of the exchange rate.

The debt curve of dollars has a positive tilt, as the higher the exchange rate of the dollar (below the national currency rate), the more competitive national goods in foreign markets. Export is growing, which leads to an influx of foreign currency and an increase in its supply in the market. The equilibrium exchange rate E 0 is set at the point of intersection of the demand curve for dollars and the curve of the proposal of dollars.

The demand for foreign currency is determined by:

1) the demand for this country for goods produced in other countries, i.e. on imported goods

2) the demand of this country to the financial assets of other countries, since in order to pay for the purchase of this country of goods and financial assets of other countries, it should exchange its national currency on the national currency of the country that it buys.

The growth in demand for the currency (shift to the right curve of dollars from D 1 to D 2 in Fig.19.1. Leads to an increase in its exchange rate (from E 1 to E 2) and a decrease in the national currency exchange rate.

Foreign currency proposal is determined by:

1) the demand of other countries on goods produced in a given country,

2) the demand of other countries for financial assets (shares and bonds) of a given country, since in order to pay for this purchase of goods and financial assets, foreign states must exchange their currency (dollar) on the country's currency with which they buy.

The growth of the foreign currency supply shifts the right curve of its proposals from S 1 to S 2 reduces its exchange rate (from E 1 to E 2) and increases the course of the national currency.

The magnitude of the exchange rate is influenced by such factors as: the state of the balance of payments of the country; inflation rates; Real interest rate; Dynamics of income in a given country and abroad; expectations of economic agents regarding future changes in the exchange rate; Pre-election campaigns, political stability, etc.

19.3 Currency Currency Modes

The currency rate mode is a way to regulate the state of its national currency. There are two currency exchange rates: fixed and floating.

Fixed currency course - exchange rate installed and supported by the Central Bank in a certain tough ratio.

The main way to maintain a fixed exchange rate is the currency interventions of the Central Bank.

Central Bank intervention - These are operations for buying and selling foreign currency in exchange for national currency in order to maintain the exchange rate of the National Monetary Unit at the same level.

The balance of payments equation (BP - Balance of Payments) during fixed exchange rates has the form:

BP \u003d XN + CF - DR \u003d 0 or BP \u003d XN + CF \u003d DR (19.1)

where xn is the balance of current operations accounts,

CF - Capital Movement Balance,

DR is a change in the value of currency reserves.

If the amount of the account balance of current operations and capital accounts is positive, i.e. Overview of the balance of payments is observed, the currency reserves increase, and if negative, which corresponds to the balance of payments deficit, the currency reserves are reduced. Balance balancing occurs by changing the value of foreign exchange reserves by the Central Bank, i.e. by intervention (interventions) of the Central Bank.

In the chronic deficit of the balance of payments, there is a threat of full exhaustion of official reserves.

In the chronic surplus of the balance of payments, it is possible to super-optical reserves, which is fraught with inflation.

A long existing balance of payments deficiency formed due to the fact that the country for many years has not taken measures to streamline the current operations, exhaustive its official foreign exchange reserves, is called the crisis of the balance of payments.

Fearing either inflation, or the exhaustion of foreign exchange reserves, the Central Bank is forced to formally change the exchange rate of the national currency and conduct revaluation or devaluation.

Revaluation - the official increase in the exchange rate of the National Monetary Unit of the Central Bank during fixed exchange rates.

Devaluation - official decline in the exchange rate of the National Monetary Unit of the Central Bank during fixed exchange rates.

Floating (flexible) exchange rate - The exchange rate, freely installed on the market and changes under the influence of the supply and supply of currencies.

When a floating course mode, balance balance is occurring without interfering (interventions) of the central bank and is carried out through the influx or outflow of capital.

The balance of payments deficit is funded by the influx of capital.

The transaction of the payment balance financed by the outflow of capital.

The balance of payments equation during floating courses is:

BP \u003d xn + cf \u003d 0 or xn \u003d - CF (19.2)

The balance of payments surplus means that the goods and financial assets of this country are in great demand than foreign goods and financial assets. It raises the demand for national currency and increases its exchange rate.

The growth of the exchange rate during floating exchange rates is called the cost of currency. The increase in the cost of currency makes national goods more expensive, and imported cheaper. This favors the import of goods and capital outflow, since foreigners can receive alien in exchange less than the currency of this country. As a result, the balance of payments is automatically balanced.

The balance of payments deficit means that the goods and financial assets of this country enjoy less demand than foreign goods and financial assets. This reduces the demand for national currency and reduces its exchange rate. Reducing the exchange rate in the mode of floating exchange rates is called currency impairment.

Impairment currency makes national goods cheaper and favor the export of goods and the influx of capital, since foreigners can receive foreigners in exchange more than the currency of this country. As a result, the balance of payments is automatically balanced.

If the Central Bank does not interfere with the establishment of the exchange rate, then this is a system of "pure swimming". If the Central Bank is conducting interventions, then this is "dirty" or "manageable swimming". The modern currency system is a "dirty swimming" system, since the central banks of Europe fear a collapse of the dollar, which will make American exports more competitive and reduce the US demand for European and Japanese goods. This can lead to bankruptcies and closure of enterprises in other countries and an increase in unemployment.

19.4. Advantages and disadvantages of fixed and floating exchange rates Currency exchange rates in Belarus

Each of the exchange rate modes has its advantages and disadvantages.

The relationship of the international movement of goods, services, knowledge, capital and labor with the macroeconomic parameters of the development of individual countries is reflected in their balance of payments.

Payment balance It is a statistical report on all international transactions of residents of a particular country with non-residents for a certain period of time. It reflects the ratio between the volume of goods and services obtained by this country due to the border and the abroad provided by it, as well as changes in its financial position in relation to abroad.

It should be noted that the balance of payments deals with flows, and not with reserves, with changes in real and financial assets and liabilities that occurred for the base period, and not with the total amounts of economic assets and liabilities of the country that exist in a particular point in time.

The balance of payments is compiled in order to fulfill both accounting and analytical tasks that are closely related to each other. The balance of payments analysis makes it possible to draw conclusions on how much the dynamics of foreign economic flow factor flows corresponds to the objectives of macroeconomic, monetary, currency and tax policies.

Methods of drawing up and theory of balance of payments

Double recording system

The fundamental to compiling balance of payments is the method of dual recording of international transactions. This method is based on the fact that each registered operation corresponds to the payment in one form or another, and the balance of payments and revenues must converge. The double accounting system used in the preparation of the balance of payments means that each operation is represented by two entries having the same value. One of them is registered as "Credit" and has a positive sign, the other is like "debit" with a negative sign, and the sum of their values \u200b\u200bshould be zero.

Most records in the balance of payments relate to operations in which some economic values \u200b\u200bare provided or purchased in exchange for others. Another part of the records is repaying loan and debit records that require the registration system (there are two records of equal values \u200b\u200bon both subjects of exchange). For example, the export of some product is registered in goods statistics, and payment of this export is in the statistics of banking operations on changes in the asset and passive.

As an example, we take the exporter who received foreign currency for your product. In this case, one entry (in this case, "Credit") will mean registration of the export of goods, and the other entry (in this case, the Debit will record an increase in the currency account exporter to the same amount:

Credit Debit

Export .......................... 100 -

The preparation of the balance of payments at the time of the calculation covers only transactions related to cash payments. Thus, only the payments and receipts are taken into account in it. By virtue of this, this approach has certain limitations: the operations carried out without cash settlements are not taken into account, as well as the loans received.

The approach based on operations provides accounting for various stages of foreign operations, reflecting all the requirements and obligations of the country to abroad, including outstanding. The criterion in this case is the transfer of property from residents to non-residents and vice versa. The specified method gives a more complete understanding of economic operations between residents and non-residents, including non-cash transactions in the balance of payments.

We will illustrate the verified example. So, the importer acquires goods abroad, attracting a foreign loan for these purposes. In this case, the importer does not receive a currency from non-resident exporter. As a result, when drawing up balance of payments by the method of operations, the specified transaction will be reflected in the following post:

Credit Debit

Product ...................... .................. - 100

At the same time, when drawing up balance of payments by the calculation method, the record would be made only at the time of repayment of the loan, which can be significantly shifted regarding the moment of the transaction.

In modern conditions, in most countries, the balance of payments are compiled by the method of operations. This approach prevailed as a result of discussions and is currently consistent with the recommendations of the IMF.

Errors and skipping

The dual entry system involves the formal lack of discrepancies between the size of the loan and debit articles. In practice, such a state is unattainable. Due to the complexity of the complete coverage of all transactions, the inhomogeneity of prices, the difference in the time of registration of transactions, etc. is inevitable different distortions. This causes an introduction to the payment balance of a special article "Errors and Pass" (or "Clean Errors and Skipping"). As a rule, the magnitude shown in this article is relatively small and stable, but it increases sharply and can achieve large values \u200b\u200bin countries with weak control over the provision of reports by participants in foreign economic relations for balance of payments statistics. In this case, the magnitude of the permits and errors gives an idea of \u200b\u200ban unregistered outflow (or influx) of capital.

Classification of payment balance articles

Periodically publishing a guide on the balance of payments, the IMF has developed its unified scheme that allows intercountry comparisons. Led in Table. 38.1 The payment balance of Russia is based on standard components in accordance with the method described in the Fifth Edition of the IMF Guidelines for the balance of payments operating since 1993.

Table 38.1. Payment balance Russian Federationfor 1994-1998. (Neutral Presentation): Main units, million dollars.

The classification of the payment balance sheets according to the IMF methodology is based on the difference between the two main sections: I. The account of current operations (current balance of payments) and II. Account of operations with capital and financial instruments (so-called capital articles).

In turn, the score of current operations is divided into three broad categories: goods and services, investment revenues and labor payments and current transfers. The current account reflects the operations with real resources (goods, services, income), and the account of the capital's movement shows the financing of the movement of the streams of real resources. In this case, transfers are included in the current account, since they are balancing articles on current operations, and not the form of their financing. Balance balance balance on current operations is equal to the amount of trade balance (export-import) and the balance of "invisible operations" (services, non-profit operations, including income and investment payments, as well as transfers).

Table 38.2 Payment balance of the Russian Federation for 1998, million dollars (analytical presentation)

Theoretical Approaches to Balanced Balance

In accordance with the principles of building a balance of payments, it is always balanced. The concept of a negative or positive balance applies only to separate parts. At the same time, it should be noted that the balance of a priority balance itself cannot have a one-valued interpretation in terms of its impact on the national economy. Depending on the purpose of economic policy, both negative and positive balance in individual articles may be regarded in positive, and in a negative plan.

Usually within the general balance of payments, the balance of trade balance, balance sheet operations, the balance of capital and the balance of official calculations is distinguished.

Balance balance It is formed as the difference between exports and imports of only goods (excluding services). Comments on the trade balance depend on what factors have led to this change. For example, if a negative balance was formed as a result of the reduction of exports, this may indicate a decrease in the competitiveness of the national economy and to be considered as a negative phenomenon. But if such a situation has become the result of the growth of imports due to the influx of direct investment in the country, it cannot be considered as a weakening of the national economy.

Balance balance for current operations (The most frequently mentioned balance) is considered, as a rule, as a reference balance of the balance of payments, since it determines the needs of the country in financing, being simultaneously a factor in foreign economic restrictions in internal economic policies. The positive balance of the current balance of payments means that the country is a net lender in relation to other states, and vice versa, current operations deficit means that the country becomes a pure debtor, obliged to pay for net imports of goods, services and finance transfers. In fact, the country with a positive balance of the current balance of payments invests a part of national savings abroad instead of increasing the internal accumulation of capital.

Capital and Finance Self Movement In fact, it is a mirror reflection of the state of the current balance, as it shows the financing of the stream of real resources. True, some of this mirror reflection usually falls on the article "Clean errors and skipping".

Balance balance of official calculations It is the most common definition of a total (final) balance of payments and indicates an increase in (decreasing) of liquid demands on the country from non-residents or an increase in (decreasing) of the country's official reserves in foreign liquid assets. Recall that this balance covers all articles except the "Reserve Assets" article.

Theories of the balance of payments

The state regulates the balance of the country's balance. At the same time, it is largely based on the theory of balance of payments. These theories passed a long path. Dominated in the XIX and early XX centuries. In the conditions of the Gold Standard, the Classical theory of the Tomatnika D. Yuma (1711-1776) was then departed into the past along with the Gold Standard. However, in the last two or three decades, interest in this theory has rear again. If in the previous conditions, the role of an automatic regulator took on the "Backup Assets", now, in conditions of floating exchange rates, such an automatic regulator partly becomes a floating exchange rate of the national currency, which falls when the state of the balance of payments increases and increases with its improvement, Automatically leads to changes in many current operations and partly in the movement of capital.

The neoclassical elo station was then formed, developed primarily by J. Robinson, A. Lerner, L. Mesler. This approach implies that the core balance of the balance of payments is the external trade and balance balance is determined primarily by the ratio of prices for exported RE products to the level of prices for imported PI products multiplied by the currency rate R, i.e. . Hence the conclusion is made: the most effective means of ensuring the balance of payments is to change the exchange rate.

After all, the devaluation of the national currency reduces the export prices in foreign currency, and revaluation - increases in price for foreign buyers the acquisition of goods of the specified country and reduces the cost of imports of foreign goods for its own residents.

But what is especially important, the degree of these changes in foreign demand for the country's export and in domestic import demand is determined by the coefficient of elasticity of demand for export and imports. This must be considered when changing the exchange rate. So, the import of goods that the country needs, but not produced in it, has a small elasticity compared to the import, which competes with local goods.

S. Alexander's work based on J. Mid and Ya. Tinbergen's ideas formed the basis of an absorption approach, which is generally based on Keynesian theory. This approach seeks to connect the balance of payments (first of all the trade balance) with the main elements of GDP, primarily with cumulative domestic demand (for the designation and uses the term "absorption"). The absorption approach indicates that improving the state of the balance of payments (including through the devaluation of the national currency) increases the income of the country and as a result of this absorption as a whole, i.e. and consumption and investment. From here, Keynesians conclude: it is necessary to stimulate exports, restrain imports, and above all through an increase in the competitiveness of domestic goods and services in general (and not only by devaluation of the national currency).

The monetarist approach to the balance of payments was laid in the writings of many authors, especially H. Johnson and J. Pollaka. The main attention here is naturally paid to the cash factors, first of all the impact of the balance of the final balance of payments on the country's money circulation. Monetarists believe that it is the non-equilibrium in the country's money market determines the non-equilibrium balance of payments in general.

From here their main recommendation to the government: not interfere with radically not only in cash circulation, but also to the country's international settlements. After all, if there is more money in circulation than you need, then they are trying to get rid of them, including buying more foreign goods, services, property and other assets. To eliminate the balance of payments deficit, only hard control over the money supply is required. And in general, monetarists are considered to be treated as a secondary problem, because the balance of payments deficit helps the economy faster to get rid of the surplus of the money available.

Balance Analysis: Example of Russia

Analysis of the balance of payments of Russia for 1992-1998. Allows you to identify a number of sustainable trends in its dynamics and structure predetermined by the liberalization process of external economic relations and the macroeconomic policy of the government during market reforms. First of all it is necessary to note:

• the growth of the positive balance of trade balance and respectively the balance of current operations (current balance of payments);
• sustainable negative balance of service balance;
• constantly increasing negative balance of income from investment as a result of increasing payments for servicing external debt;
• huge amounts of overdue payments on the obligations of developing countries to Russia and postponed payments for servicing the external debt of the former USSR;
• significant negative sums of unrecorded operations reflected in the article "Clean errors and skipping".

The trend towards an increase in the positive trade balance is due to a significant increase in exports, primarily the goods of the fuel and energy group in the context of the "opening" of the economy and maintaining low total demand and supply in the domestic market. At the same time, imports of goods grew lower rates. It should also be noted that more than 20% of imports are provided by "shuttle trade".

The steady negative balance of the balance of non-factor services is mainly due to the negative balance under the article "Trips (Tourism)". After the "opening" of the economy, the number of Russian citizens traveling abroad for rest and on business trips has increased dramatically. As a result, in 1994-1998 The annual expenses of Russian citizens abroad exceeded 2-3 times the costs of non-residents for these purposes in Russia.

Balance balance of income from investment and wages is traditionally negative. This is due to the fact that the annual payments of interest on Russia attracted loans exceed the receipts of interest on loans, it provided by more than 1.5 times.

In connection with the increase in payments for servicing Russia foreign debt in 1997--1998. There was a sharp reduction in the positive balance on current operations.

The positive balance of balance on current operations, at first glance, testifies to the absence of the need to attract external currency resources to finance current operations. The account of operations with capital and financial instruments allows us to analyze the structure and dynamics of such investments both abroad and in Russia.

The volume of attracted direct investment in last years It continues to remain at a relatively low level - $ 0.4-0.5 billion per quarter, which is a consequence of an unfavorable investment climate in Russia. The considerable amount and structure of attracted portfolio investments in 1996-1998 attracts attention. After opening in 1996, the GKO market for non-resident operations total imported investment in this type of securities reached the end of the first quarter of 1998. 19.9 billion dollars. For the same period of non-resident investments in the Eurobonds of federal and local authorities, 10, $ 8 billion (excluding bonds issued by agreement with the London Club).

Thus, over the past three years, it was portfolio investments that should have been the main source of financing current operations. However, it should be noted that, firstly, this financing was mainly (on 2/3) short-term character, and secondly, its value for current operations becomes less significant against the background of the outflow of short-term capital over the channels of export-import operations and The video of the import of foreign currency into the country.

Non-return of export revenue and goods under import advances in 1996-1998. It remained at the level of 8.6-11.5 billion dollars per year, and the amount of cash foreign currency during the same period in the Russian economy increased by $ 21 billion, which exceeds the volume of non-resident investments in GKO-OFZ.

When the GKO market has been formed and the yield on this ruble valuable paper exceeded several times the yield on assets in foreign currency, an increase in Russian residents in foreign currency in current accounts and deposits has practically ceased.

Balance of means of funds provided by loans in 1994-1998. It was traditionally positive, and only its magnitude changed. This is due to a significant exceeding the schedule for repaying the principal debt by our debtors in the public administration sector on the provision of new loans.

According to attracted loans in the sector government controlled The balance is positive and set by a repayment schedule, the amount of transferred amounts and newly attracted loans necessary to finance the budget deficit and balance of payments.

Reserve assets have undergone significant fluctuations: in 1995 they increased by $ 10.4 billion, and in 1998 decreased by $ 5.3 billion. In general, the volume of reserves remained at a not enough level and could not be a serious source of financing current or capital operations.

A large negative balance on the article "Clean errors and skipping" means that there remains unrecorded significant amount of exported capital. This can be explained by the imperfection of the statistical and information base of the balance of payments of Russia. The main directions of its improvement are obvious: more complete accounting of the movement of cash currency, operations in the framework of the "Shuttle" trade, the introduction of a more rigid system of customs currency accounting and control on imported commodity operations and on export-import operations in the service sector.

Analysis of external assets and obligations of the country: Example of Russia

The standard components of the balance of payments are used to determine the internship and tray, which is a statistical report on its external assets and obligations to the beginning and end of the reporting period.

As the main classification groups used to determine the net investment position of the country, the external assets and obligations of residents are spent, the difference between which gives the desired value.

The international investment position contains information that is important for analyzing the country's economic condition. The net international investment position of the country characterizes the state and trends in its development of foreign economic relations with the rest of the world. Depending on whether this position is positive or negative, we can say whether the country is a "pure lender" or "pure debtor".

In general, the analysis of indicators of the balance of payments and the international investment position is important in the development of the country's economic policy, for example, in the development and practical implementation of economic stabilization programs, assess the need for funding related to the implementation of such programs.

To date, officially published statistics on the international investment position of Russia is generally absent. Since 1996, the Central Bank of the Russian Federation has begun to publish data on the international investment position without taking into account the Vnesheconombank of Russia, which is a government agent for serving external debt and keep into account all the categories of assets and liabilities.

The net investment position of only the banking sector does not allow to judge the net investment position of the country as a whole, since a number of unknown parameters remain. In addition, unregulated capital export of capital over the past five years, significantly complicates the real situation with the definition of the international investment position of Russia.

The lack of clarity on the issue of accumulated external assets is due to the incompleteness of the process of reissuing debt obligations of developing countries in front of the former USSR to Russia. Currently, the total amount of foreign states for the loans provided in the framework of intergovernmental agreements is approaching 100 billion rubles., In terms of the course of the State Bank of the USSR, the Bank of Russia to the payment and settlement and commercial agreements former USSRis more than 150 billion dollars. However, it is necessary to note the conventionality of such a recalculation, since loans were provided in rubles, translated rubles, freely convertible currency (SCV) and commodity supplies and services on a clearing basis, and the problem of recognizing the course of the State Bank of the USSR so far Not settled with some debtor countries.

Of the currently existing 57 debtor countries, 18 states account for 94% of the total amount of debt, including Cuba - 18.4%, Mongolia - 11.4, Vietnam - 10.6, India - 8.7, Syria - 7.6, Afghanistan - 5.5, Iraq - 3.9%, Ethiopia - 3.6%. Of the total number of debtor countries, less than 1/3 of the states fulfill their debt obligations, and the total actual payments do not exceed 15-20% of the schedule.

Based on world practice, long-term countries related to the United Nations classification to the category of least developed countries are considered non-returnable. Therefore, in terms of the prospects for repaying, a significant part of the debts of Russia of Russia can be attributed to the category of hopeless, since the large group of debtors of Russia countries make up the developing states of Africa, of which we practically did not proceed to the service of their debt, while others have a high proprietary waste Debt. The non-payment of Russia of the existing debts of a number of developing debtor states is also explained by the military-political nature of credit relations with the former USSR.

The real market value of the assets of the former USSR in SD on various expert estimates does not exceed $ 30 billion, which is significantly less than the external obligations of Russia.

Somewhat clearer the situation with foreign debt of Russia to foreign countries. In 1994, the total amount of its external obligations (including the debt of the former USSR) was 120 billion dollars. The payment balance allows us to calculate that by the end of 1998, Russia's foreign obligations increased by more than $ 30 billion. Only on the line of government bodies.

Of the $ 103.0 billion, the debt of the former Soviet Union, which established at the end of 1995, 40.4% by the Paris Club (unites credit countries), 32.0% - the London Club (brings together credit banks). Taking into account the proximity of the maturity of these obligations (their majority should have been repaid in 1992-1995) and the lack of sufficient foreign currency reserves, the government was forced to look for ways to restructure this debt. The first step to achieve this goal was a series of temporary agreements with the Paris Club of creditors, and then the agreement was followed by a complete debt restructuring concluded in 1996 under this agreement 45% of debt will be paid for 25 years, while the remaining 55% - during The next 21 years. In both cases, the restructured main parts of debts should be repaid gradually increasing payments, since 2002, an agreement was also reached on the full restructuring of the debt of the former Soviet Union and members of the London Club of creditors. In December 1997, bonds were issued on the amount of the principal debt ($ 22.1 billion) and overdue interest ($ 6.1 billion), the repayment of which was stretched for 25 years, starting since 2002

The Russian government also recognized the debt of the former Soviet Union to the former CMEA members and the beginning to repay him. Debt reduction is mainly due to agreements achieved with Bulgaria and Poland on mutual debt involvement. The Government of the Russian Federation also concluded CO. Heads with other former CMEI member countries on the settlement of mutual obligations. Approximately 30% of obligations should be paid in cash, and the rest will be repaid in the form of goods.

Schedule servicing external debt taking into account the conditions achieved its restructuring in 1996-1997. Established a smooth increase of annual payments to $ 12-15 billion. By 2005, followed by decreasing them up to 2020, thus it was assumed that the restructuring of external debt will allow Russia to free themselves from the status of an insolvent state and build debt payments for a sufficiently long period. In accordance with the real opportunities of the economy, to serve this debt.

However, during the same period, the volume of foreign portfolio investments in short-term assets (GKO-OFZ) sharply increased. After August 17, 1998 it became obvious that Russia no longer fits into the previously agreed schedule of payments for restructured debt. The country was on the verge of default. The need for a new debt restructuring has become apparent.

Regulation of the balance of payments

The impact of the balance of payments on inside - and the foreign economic position of the country

International statistics indicate that the payment balances of the countries of the world are constantly in non-uniforms, i.e. The balance on current operations and the outcome balance balance is usually not equal to zero and therefore are balanced by the movement of capital, government operations and changes in reserves to balance the balance of payments.

The non-equilibrium balance of payments, the exception earlier rather rather, was the characteristic feature of our time. In the second half of the twentieth century. The economic growth rate of the world community was probably recorded in the entire history of mankind. Against this background, the uneven economic development of individual countries began to appear sharply. Thus, the strengthening of the positions of Japan and Germany in the global economy is accompanied by a positive balance of the current balance of payments of these countries. In other words, a sharp disorder of equilibrium in the global economy causes a sharp nonequilibrium in the balance of payments.

The non-equilibrium of the balance of the country, being primarily the regulator of inconomic processes, causes a number of consequences for its economy.

A stable positive balance balance on current operations strengthens the position of the national currency and at the same time allows you to have a solid financial base for capital export from the country; A stably negative balance weakens the position of the national currency and pushes the country to increasingly attracting foreign capital. If such an influx of capital is carried out not through long-term business investments (ie, direct and portfolio), but through long-term public and private bank loans and especially through emergency financing and growth of external obligations, then it leads to a rapid increase in the country's foreign debt and payments Him. The country begins to live on credit.

Strong fluctuations in balance balance on current operations (in that and the other side) cause the consequences unfavorable for the country. Thus, a sharp increase in the positive balance creates a base for rapid growth of the money supply and thereby stimulates inflation, and a sharp increase in the negative balance causes a "oblivion" drop in the exchange rate, which contributes chaos to the country's foreign economic operations. Therefore, when it comes to equilibrium balance of payments, the focus is primarily the deficit of the current balance of payments (if it was formed) and the strong fluctuations of his balance.

Methods of government balance of payments

There are several basic methods of state impact on the balance of payments.

The first method is a direct control, including import regulation (for example, through quantitative restrictions), customs and other fees, ban or restrictions on the transfer of income on foreign investment and cash transfers of individuals, a sharp reduction in free assistance, the export of short-term and long-term capital et al. Similar measures of direct control usually cause strong difficulties to see many companies in the country and are perceived by hostile.

In the short term, direct control gives a positive effect (it is more or less dependent on the level of compliance with the company's economic legislation and the ability of the government to monitor the fulfillment of its decisions). In the long term, the effect of these measures is contradictory, as it creates a "greenhouse mode" for local producers, the interest of foreign investors to the country is reduced due to the ban on the transfer of their income, there are difficulties with the involvement of foreign specialists, obstacles to expansion abroad and the service network for domestic exporters.

It does not cause hostility, but on the contrary, is welcomed by domestic firms such a straight measure as export subsidies. But it is expensive, and therefore its use is usually associated with the state of the country's budget. So, it is unlikely that the state of the state budget of Russia will allow it to actively subsidize exports in the near future.

The second method is deflation (that is, the fight against inflation), which is aimed at solving intracationalities, while by-effect Is an improvement in the state of the balance of payments. It is believed that traditional consequences for deflation policy - a decrease in production, investment and income - lead to reduction of imports and growth of backup power to export exports. Normal for deflation Increased real interest rates attracts short-term capital into the country, unless, of course, there is a developed banking SIS-WMA and low level of political risk.

However, there is another point of view: deflation reduces the report and increases imports. When deflation, it increases the exchange rate of the national currency, which increases the capabilities of the shorters. For exporters, the highest course of their national lute means that when exchanging export revenues, they receive less national currency, and this is not to stimulate exports.

Third method - changes in the exchange rate. And with solid, and with a floating course, they are under strong control and influence of the state. So, even in the floating rate, the state (usually represented by the Central Bank of the country) often seeks to keep these fluctuations within certain limits, focusing on the so-called course goals in order to avoid strong economic shocks.

The exchange rate changes help the state to regulate balance of balance of payments, but it should be borne in mind that the effect of revaluation / devaluation is weakened by the elasticity of exports and imports, as well as inertia of foreign trade flows. Therefore, viciously, the average and long-term impact of changes in the exchange rate on the balance of payments.

So, the inertia of foreign trade fluxes often leads to the fact that in the first months after a strong fall of the national currency exchange rate, the trade balance does not change and even can occur, oddly enough, its deterioration. After all, exporters need time to increase their exports, and importers - time to reduce the number of new contracts. In the meantime, foreign trade flows go on previously concluded contracts, the cost of exports and imports in dollars is not reduced, in the domestic market the cost of exported goods in rubles remains the same, and the cost of imported goods increases. True, after some time, the trade balance situation usually changes: exports increases and imports declining.

Import elasticity in modern conditions tends to reduce, since due to the growing participation of all countries in the international division of labor, the share of those products that are objectively needed are constantly increasing in national imports. Therefore, in the middle and long term, devaluation poorly reduces national imports, and the revaluation increases with noticeably. Export is usually more elastic and therefore in the middle and long term more sensitive to the national currency rate. So, the underestimated course of the brand and the yen was a powerful incentive for West German and Japanese exports in the first post-war decades.

The impact of changes in the exchange rate on the movement of capital is different. The import of long-term capital into the country is determined by promising purposes, and therefore changes are poorly reflected in the exchange rate. For the import of short-term capital into the country with freely convertible currency, on the contrary, it is important, as it is possible to play on changes in the course. Import increases before possible revaluation, and after it the export of capital increases.

conclusions

1. The balance of payments is a statistical report on all international deals of residents of a country with non-residents for a certain period of time. It reflects the ratio between the volume of goods and services obtained by this country due to the border and the abroad provided, as well as changes in the country's financial position in relation to abroad. The dynamics of the balance of payments is an important indicator for the government of any country in conducting economic policies, especially in currency, monetary and tax spheres.

2. In accordance with the principles of building a balance of payments, it is always balanced. The concept of a negative or positive balance applies only to separate parts. Usually, the trade balance is allocated inside the general balance of payments, the balance of current operations, the balance of capital and the balance of official calculations.

3. Analysis of the balance of payments of Russia for 1994-1998. Allows you to identify a number of sustainable trends in its dynamics, predetermined by the liberalization process of foreign economic relations and the macroeconomic government policies during market reforms:

• great Positive Trading Balance Self:
• sustainable negative balance of service balance:
• constantly increasing negative balance of revenue balances from investment as a result of increasing payments for servicing foreign debt:
• huge volumes of transferred payments for servicing the external debt of the former USSR and overdue payments for the obligations of developing countries to Russia:
• sharp fluctuations in balance balance of capital and reserve assets;
• significant negative sums on the article "Clean errors and skipping"

Terms and concepts

Payment balance
Residents
Non-residents
Net international investment position of the country
Current operations
Current balance of payments (balance on current operations)
The final balance (balance of official calculations)
International Investment Position of the country
Elastic approach
Absorption approach
Monetarist approach

Questions for self-test

1. What is the correct answer: 1) The balance of payments covers all foreign economic payments; 2) Payment balance covers all foreign economic operations of the country?

2. Which of the listed legal entities is the Russian resident:

a) the representation of the company "General Motors" in Moscow;

b) an enterprise registered in Moscow with 100% participation of the company "General Motors";

c) office "Inkombank" in the United States;

d) Department "Inkombank" in Cyprus?

3. Which of the listed transactions will contribute to an increase in the positive balance on current paying balance operations:

a) KAMAZ JSC supplies trucks to China in exchange (on barter) on consumer goods;

b) ExportHleb JSC imports grain from the US to the loan provided;

c) VEO "Prodintorg" imports tea from India to the repayment of interest on the loans previously obtained from Russia:

d) Atomenergoexport JSC supplies components for a power plant under construction under the plaster installment conditions?

4. How will the following operations be reflected in the balance of payments:

a) increased the amount of funds on the currency accounts of residents in Russian commercial banks;

b) expired payments on the main part of the debt relative to the payment schedule:

c) humanitarian assistance was obtained in the form of food and medicines;

d) the exporter in violation of the current legislation returned export revenue from abroad;

e) Resident drove cash and exchanged it on rubles in the exchange office?

5. Explain the relationship between the dynamics of the balance on the current operations of the country's balance sheet and the national currency exchange rate.

Threads of goods and services through national boundaries are accompanied by counterflow money. They are reflected in the balance of payments. It performs two main functions: analytical and fiscal. In modern conditions in more than The balance of payments is used as a means of analyzing the country's foreign economic position, its participation in the international exchange of goods, services and capital.

Due to the fact that the balance of payments is formed on the principle of a double account, it is always in equilibrium. At the same time, its separate components, in particular the balance of current operations, the movement of capital, can be reduced with a deficit. The consequence of the deficit is the state when the country "lives on credit", which becomes the cause of overall debt, the lack of the necessary insurance stock of foreign currency, the fall of the national currency rate.

Having worked out the topic "Payment balance", you:

You will know for what purpose the balance of payments is drawn up;

Light its structure on individual items;

You will distinguish factors affecting the balance of payments and form its disproportions;

Will be able to carry out a qualified analysis of the balance of payments;

Possession of knowledge of government balance of payments.

1. The overall characteristics of the balance of payments.

2. Factors of influence on the balance of payments and its state regulation.

Overall payment balance

For each single country, the relationship between the two main products: exports and imports is characteristic. Their ratio and dynamics protrude defining indicators not only foreign trade, but also international economic relations in general. Therefore, in each country a statistical analysis of the quantitative and qualitative structure of commodocates under the articles of the national balance of payments is conducted. It is a systematic record of the outcome of all economic transactions between residents of a given country and residents of other countries for a certain period. Thus, the country's payment balance records the state of payments and revenues. Traditionally, this is done at the end of the year.

The resident means a legal or natural person who has a permanent place of residence or a registration site in the territory of a given country. The exception is international organizations that are not resident residents where they are located.

The balance of payments is compiled according to the accounting principle of a double entry.

It provides for two actions, which corresponds to the records of each economic transaction: one entry is denoted as debit, indicating the receipt of goods or funds to this account, and the credit characterizing the provision of goods or the payment of funds from this account.

Each foreign economic operation includes two points: the receipt of the goods and its payment. The payment balance debit records are entered with a "minus" sign, and credit - with a "plus" sign. Credit records with the "+" sign relate to transactions, as a result of which money goes to the country, which is balance; Debit records include imports of goods, foreign investments, loans and loans that are directed along the line, etc. - All this is reflected in the debit account with the sign "-".

The balance of payments, as a rule, consists in national currency at market prices. In case of recalculation of data in US dollars, a national currency rate is used at the date of the balance of payments. Sources of information for paying a balance of payments are: Customs statistics, information on foreign assets and liabilities of central and commercial banks, statistics of foreign debt, statistics of operations with foreign currency, service turnover, money transfers, etc.

According to the classification of the International Monetary Fund, the country's payment balance consists of such sections:

Current operations account;

Capital account and financial operations;

The score of official reserves (Table 1.5).

Table 1.5. The structure of the balance of payments

I. Current account account
Export goods	Import of goods
Foreign Trade Balance Balance
Export services income from investment	Import services for investment investment in the country
Current internal transfers (currents, money transfers, etc.)	Current external transfers (currents, money transfers, etc.)
Balance balance for current operations
II. Account of operations with capital and financial instruments (all international transactions with the assets of the country)
Capital importation (Capital Transfers to the Country, Receipt long-term loans) import of short-term capital	Capital export (Capital Transfers with Countries - Providing long-term loans abroad) Disport of short-term capital
Capital Self Operations

Ending table. 1.5

The International Monetary Fund has developed a unified balance of payments approved by the UN. It gives a more complete, as close as possible to the practice of the country's payment balance.

Modern classification of payment balance articles on the IMF method

A. Current operations: Products.

Income from investment. Other services and income. Private one-sided translations. Official one-sided translations. Total: A. Balance of current operations.

B. Direct investment and other long-term capital: Direct investments.

Portfolio investment. Another long-term capital. Outcome: A + V. Base balance.

C. Short-term capital. D. Errors and skipping.

Outcome; A + B + C + D. Balance of official calculations E. Compensating articles.

Revaluation of gold reserves, distribution and use of the SDR.

And 5 *. Emergency Financing "

6. The obligations that make up foreign exchange reserves of foreign authorities.

Total: A + B + C + D + E + ¥ + C complies with the concept of official calculations in the United States.

N. Final change of SDR reserves:

Backup position in the IMF.

Other requirements.

IMF loans.

The given system of classification of the balance of payments is used by the IMF member countries as the basic national classification methods, which, by the way, differ significantly among themselves. This is especially true of developed countries and developing countries.

Payment balance - This is a systematic record of all economic transactions made by residents of a given country with its non-residents during this period.

Resident Countries recognize any person who has the main residence in a given country regardless of his citizenship and passport status, as well as national companies operating in the country. On the loan account balance accounts reflect the outflow of goods (goods, services, capital) from the country for which residents of this country receive payments.

Other his definition: payment balance - This is the ratio of payments received to this country due to the border and payments made by it abroad over a certain period of time. It includes payments on foreign trade operations (i.e., trade balance), services (international transportation, insurance, etc.), non-trade operations (content of representative offices, community of specialists, international tourism), as well as payments in the form of interest on loans and in the form Income from capital investments. The balance of payments includes the movement of capital: investments and loans.

Trade Balance - This is a document reflecting the movement of exports and imports of goods between the country and other states. It is drawn up for a month, quarter and year and reflects actual payments between the country and other states on the movement of goods; It is also called "trade balance for" visible "operations."

Active balance balance - The payment balance of the country in which the amount of foreign income exceeds the sum of its foreign expenses and payments.

Passive balance of payments - Balance in which the amount of foreign revenues of the country is less compared to the amount of capital outflow abroad.

Balance of international calculations - The ratio of monetary requirements and obligations, revenues and payments of one country in relation to other countries. The main types of balance of international settlements are: payment balance, calculated balance, balance of international debt.

Account balance - In accounting, the account balance is the difference between the amount of credit wiring and the sum of debit wiring. It is determined at fixed time intervals: monthly or weekly - for debits or loans, annually - for the annual report.

The structure of the balance of payments

Under benefits In this case, not only goods and services are understood, but also the obligations of residents, so loans abroad are also reflected on the loan balance of payments. The structure of the balance of payments is distinguished three types: 1) trade balance; 2) the balance of current operations; 3) Common Balance , or the balance of official calculations. Each of these balances can be reduced with a positive or negative balance.

Trade balance It is the cost of exporting goods minus their imports - it is thus supplied only under the articles of trading flows.

Balance of current operations summarizes information not only about trade balance, but also on exports and import services, as well as on unilateral transfers (pensions, gifts, monetary translations abroad or gratuitous assistance to foreign states). The positive balance of the balance of current operations suggests that the country is a net investor in relation to other countries. Conversely, the current operational deficit means that foreign investments of the country abroad are reduced and it becomes a pure debtor to pay for additional, or clean, import of goods and services. In other words, the balance of current operations is the difference between national incomes and national expenses. "Under the line" of the balance of current operations reflects information on capital flows and reserves. Capital streams in the country and from the country, i.e. buy long-term assets with non-residents who can cause direct demands abroad (in the form of limitations of the use of profits from the operation of these assets) are given in balance of capital movement. By debet Balance accounts are reflected influx of financial resources In this country, for which its residents will have to make payments. Alien lending is also considered as a debit operation, i.e. How to import international obligations. For the same reason, an increase in the official reserves of the country is reflected by Debet. , a decrease - on credit. The total loan amount should be equal to the total amount of the debit of the balance of payments. Then the state is achieved balance balance equilibrium.

Information on the current balance of payments and the balance of capital is summarized in balance of official calculations which compares accumulated reserves with an increase in liquid obligations to foreign authorities. The deficit of the balance sheet of official calculations leads to an increase in foreign currency receipts into the country, and the surplus to a decrease. Balance balance of official calculations is usually called balance balance.

Links between budget, financial and external sectors of the economy and world economy

The external sector is directly related to the state budget of any country. The sum of all budget revenues should be equal to the sum of all types of budget expenditures. The budget revenues usually include current income from taxes, income from capital investment and government subsidies, and in costs - current government spending, investment and net lending. Clean loans may also be considered funding that disseminates the differences between financing, which is public Policy, and financing implemented in order to manage state liquidity. Taxes and other fees going to budget income reduce the aggregate demand in the economy by reducing the purchasing power of the private (non-state) sector. State expenses carried out at the expense of the budget increase the cumulative demand and are along with the consumption of enterprises and households the most important part of gross consumption in the economy. State consumption includes government expenditures on goods and services, including revenues of workers and employees in the public sector of the national economy. Bulk Balance (Fiscal Balance) - The difference between the amount of income into the budget and the total amount of its costs. Self can be positive or negative.

Institutional units are divided into two main groups:

• 1) Guidelines or Financial Authorities (Monetary Authorities) - so currently referred to as the Central (State, National) Bank and the Ministry of Finance, i.e. Directive state authorities in the financial and banking sector. This includes:
  • - Assets - the sum of pure overseas assets of the banking system (including pure state reserves), rated in national currency, and a pure internal loan provided by the banking system,
  • - Liability (Liabilities) - the obligations of the banking system to the private and public sectors. They are a money supply consisting of cash in circulation, deposits and other monetary instruments;
• 2) Pure international reserves located in the Central Bank and the state controlled by the state and the net international assets of commercial banks and other financial institutions: they constitute the total amount of net foreign assets.

All this complex financial and economic subsystem of the countries of the world is woven into the tissue of the global economy (including in its financial subsystem), movements of goods and services and financial flows. At the same time, one substantial pattern was revealed: the more open and developed economically and technologically, the country, the greater the internationalizes and more "tight" enters world economy and global financial system.

When performing foreign economic operations, such as exports and imports of goods and services, the distribution of income between production factors owners (wages, percentage, rent, profit), the implementation of direct and portfolio foreign investments is exchanged by some currencies on others. At the same time, all perfect operations on the outflow and the flow of funds in a particular country are recorded in the balance of payments.

The structure of the balance of payments. Payment balance - This is a systematized record of all economic operations between residents of a given country and the rest of the world (non-residents), which occurred during a certain period of time (usually years).

The balance of payments are built on the basis of a double record: each operation is reflected twice - on the loan of one article and the debit of another. The loan includes those transactions, as a result of which the flow of currency to the country occurs (operations are recorded with a "plus" sign). The debit includes those transactions, as a result of which the country spends currency (written with a "minus" sign). Total loan and payment balance debt must be equal to definition.

In the balance of payments submitted on the example of the Russian Federation in Table. 11.1, you can select two main sections: "current operation account", which is often for simplicity called the current account, and the "account of operations with capital and financial instruments", which is briefly called capital account, or capital account.

Current operations include operations with goods, services and income. The results of foreign trade operations for a certain period of time are presented in the "Export" and "Import" articles. Part of the balance of payments, reflecting the export and import of goods, is called trading Balance countries. The difference between commodity exports and commodity imports forms balance balance. Balance will be considered negative (passive) if imports exceed exports. And it will be positive (active) if exports exceeds imports. In addition to foreign trade in goods in the first section of the balance of payments is reflected in the sale of services. Revenues and expenses under the article "Services" are related to tourism, content of foreign missions, private non-commercial operations, transportation, insurance fees.

Note that the balance on operations with goods and services is one of the components of GDP and is pure export (Xn).

The structure of the balance of payments of the Russian Federation can be presented as follows (see Table 11.1).

Table 11.1.

Balance of the Russian Federation for 2009-2011.

	Amount, billion dollars.
1. The account of current operations
1.1. Trade balance:
1.2. Balance of services:
1.3. Balance of wages
1.4. Balance of investment income:
revenues to getting
revenues to pay
1.5. Balance of current transfers
2. Account of operations with capital and financial instruments
2.1. Capital transfers
2.2. Financial account:
obligations ("+" - height, "-" - decline)
assets ("+" - decrease, "-" - height)
3. Clean errors and skipping
4. Changes in currency reserves ("+" - reduction, - height)

Source: CBR.ru.

By balance of wages and balance of investment income Revenues are reflected from the provision of services by the owners of production factors (labor and capital). Note that the payment of labor includes the remuneration of residents operating labor Treaty With non-residents (the operation is reflected with a plus sign, since the influx of money into the country), and the remuneration of non-residents, which were hired by domestic employers (the operation is reflected with the minus sign, as it leads to an outflow of money from the country). Balance of investment income reflects income from capital (ownership of assets). In this case, if residents have foreign stocks, then non-residents pay dividends, and operations in the balance of payments are reflected with a plus sign. If non-residents own, let's say, the shares of the company under the jurisdiction of the Russian Federation, then the payment of the dividends will be reflected with the minus sign. We particularly note that on the balance of investment income is reflected only by current operations related to obtaining the current income from investment. Thus, the sale operation will be reflected in the capital account, as it will assume the transfer of ownership of an asset and is associated with the movement of capital, and not with the payment of current income - dividend. The balance on these two balances is an important indicator - clean factor income. If a this indicator More zero, then residents received more income than was paid to non-residents, and vice versa.

On current operations are reflected and current transferswho are not related to the provision of services, goods and resources. Current transfers are sometimes called one-sided transfers, since the transfer of money from the country or to the country is not associated with a paid provision of goods. So, transfers include translations, humanitarian aid in cash, charitable contributions, donations, etc. Similarly, if the current transfers from the country exceed the current transfers to the country, the balance of the balance of current transfers will be negative.

The total outcome on the trade balance, the balance sheet of services and billing transactions gives the balance of the CAS of current operations (from the English - Current Account Balance).

Once again, we note that the operations on the current operations are recorded simultaneously in the account of capital's movement under the financial account, since this is due to the inflow or outflow of currency within the framework of national jurisdiction. Below, the characteristics of the balance of payments will be shown features of various international operations.

Account Account and Financial Instruments - The second section of the balance of payments, which reflects operations with real and financial assets. The main sections of this account are the account of operations with capital (capital transfers) and financial account.

Account Account Account (Capital Transfers) Includes operations to translate assets from one country to another: for example, investment grants provided for the construction of roads, airports; Changing debt to the government. This section includes assets, ownership of which moved into this jurisdiction together with migrants. For example, a Russian, who has changed the place of residence and moved to live in Germany, owns the shares of Russian companies. In this case, under the change of citizenship, the capital transfest of Russian assets to Germany will occur. For the balance of payments of the Russian Federation, this will mean the outflow of funds.

IN financial account Reflects operations related to the purchase and sale of assets and a change in obligations between residents and non-residents in the reporting period: loans and loans, direct and portfolio investments, derivative financial instruments, balances on current accounts and deposits, transactions with cash currency, etc.

For example, if the French company acquires a share in the share capital of the Russian company, then in this case the influx of funds will occur in our country. If we are talking about obligations to residents, for example russian citizen Opens the account in Cyprus, then in this case there is an increase in our assets abroad and cash outflows from the country. If the Russian company draws up a credit line in the Italian bank, then there is an increase in the obligations of residents of the Russian Federation and the influx of funds to the country (this operation in the Russian Federation will be reflected with the plus sign).

Thus, a negative balance of financial account will show a net increase in residents of residents and / or a net decline in their foreign obligations. On the contrary, a positive balance will mean a pure decrease in foreign assets of residents and / or an increase in their obligations to non-residents.

The most important components of the financial account are direct and portfolio investments. Direct investments are carried out to purchase assets control. In accordance with international standards, investments are treated as direct investments if the investor owns ten and more percent of the enterprise's ordinary shares. Portfolio investment Representation with debt securities (bonds) and loans. In addition, investments related to the acquisition of minority stakes for extracting speculative income are also considered portfolio.

The balance of operations with capital and financial instruments is the amount of the balance of capital and balance of the financial account.

The existence of the section "Pure errors and skipping" is associated with statistical discrepancies between data obtained from different sources (bank statistics, customs registers, etc.). For example, data on the export of goods is contained in customs statistics, while data on foreign currency receipts to the accounts for export supplies enterprises is usually taken from banking statistics.

Changes in currency reserves It is a combination of operations with foreign assets belonging to the Russian Federation and manageable Bank of Russia. Their compounds include cash foreign currency, monetary gold, balances of funds in non-resident banks, bonds of foreign governments, assets in the IMF (special rights of borrowing - SDRs) and other liquid assets. Backup assets are used for alignment of the balance of payments (for example, by implementing interventions in foreign exchange markets), which will be considered later.

Each operation between residents and non-residents is accompanied by a double record in the balance of payments.

This is due to the fact that each operation is associated with the exchange of property rights on goods, services and assets, or the emergence or termination of obligations of residents and non-residents in relation to each other, or payment of factors of production, or cash transfers between countries. The balance of payments requires simultaneously reflect cash flows, and sources of these streams. Each operation at the same time is reflected in the debit of one article (imports of goods and services, reducing resident liabilities, an increase in financial assets belonging to residents, payment of income abroad) and on a loan of another article (export of goods and services, reducing financial assets owned by residents, increasing obligations residents, receiving income from abroad). We give several typical operations between residents and non-residents (Table 11.2).

Table 11.2.

Reflection of operations in the balance of payments based on double recording

Operation
Non-residents bought oil from residents		Exports in the form of so far raw materials from the country (current operations account)
Residents bought home appliances batch from non-residents	Reduced financial assets in the form of outflow of currency (financial account)	Import in the form of inflow of physical captain into the country (current account)
Non-residents bought shares of Russian companies	Increase financial assets in the form of currency influx (financial account)	Reducing financial assets in the form of outflow of securities (shares) (financial account)
Russian company received a loan in a commercial non-resident bank	Increase financial assets in the form of currency influx (financial account)	Increased obligations to non-residents (financial account)

It should be noted that modern international economic relations often take complex forms, which is reflected in the structure of recording related operations in the balance of payments. For example, a Russian company can take a loan in a foreign bank to repurchase shares (acquisitions) of a foreign company. In this case, a double entry will be made in the payment balance of the Russian Federation associated with an increase in the obligations of the Russian company in front of the foreign bank and the influx of the currency under the loan received. This currency influx will be transformed into a foreign company shares, which will mean direct investment of the Russian company abroad and outflow currency on the balance of payments.

It is important to understand that the flow of currency (US dollars, euro and other world currencies) in response to exports of goods and services, an increase in residents' liabilities in obtaining a foreign loan means that the issuers of these world currencies (central banks) undertake to ensure the monetary circulation of their currencies. In this case, residents (exporters and domestic borrowers) are actually lenders of states producing these world currencies. This is reflected in the record of this operation in the balance of payments: first, the export is reflected on the credit account of current operations and, secondly, on the debit of financial account (currency deposits of Russian banks increase), since currency is a flow into the country.

The relationship of bill balance accounts. In the amount of the current operation, the account of operations with capital and financial instruments and the change in currency reserves should be zero. This can be shown in the formal form:

CA + ka + Ar \u003d 0, (11.1)

where sa - the balance of the account of current operations; Ka - balance of capital accounts and financial instruments; ΔR - Changes in currency reserves.

So, if the current account deficit arises (sa< 0), т.е. отток валюты по импортным закупкам превышает приток валюты по экспорту, то он может быть профинансирован путем продажи части активов иностранцам (иностранные инвестиции в страну) или за счет увеличения обязательств резидентов, сопровождаемого притоком иностранной валюты (зарубежные займы у иностранных банков, правительств или международных организаций). Отметим также, что финансирование дефицита торгового баланса может происходить за счет сокращения официальных резервов в форме продажи иностранных активов, находящихся на балансе центрального банка. Если страна имеет положительным сальдо по счету движения капитала в рассматриваемый в платежном балансе период, то она является чистым заемщиком, или должником (нетто-дебитором). При этом на основе формулы (11.1) можно вывести следующее соотношение:

If the period in the payment balance in the balance of payments is formed by the surplus of the current operations (CA\u003e 0), i.e. Export exceeds imports, it can lead to a clean foreign currency outflow on capital account. In other words, if in Russia, as shown in Table. 11.1, the influx of the export currency exceeds the outflow of currency associated with financing import procurement, then this surplus can be sent as Russian investments abroad. However, an excess currency may also be aimed at an increase in the official foreign currency reserves of the country. Note that an increase in foreign exchange reserves is associated with the interventions of the Central Bank in the foreign exchange market. This issue will be reviewed later. If the country is characterized by a negative balance of capital account in the period considered in the balance of payments, it is a pure lender (net lender). At the same time, based on formula (11.1), you can withdraw the following ratio:

The relationship of the three sectors of the economy. The relationship of the sectors of the economy can be demonstrated by simple transformations of the main macroeconomic identity, which for an open economy can be represented as

The identity of income and expenses in the four-sector model of the economy is known to have the following form (see paragraph 1.5):

After regrouping of the components, we get

(11.4)

where bd. - budget deficit; (G. - T) (S - I) - Accordingly, the balance of savings and investment of the private sector.

The identities obtained show the connection of pure exports X N. (Saldo on current operations) with the balance of investment savings of the private sector and budget deficit. Changes in one of the components of identities inevitably mean changes in one or two other. So, in the Russian economy at the beginning of this age, excess of investment savings (S - I) > 0 was accompanied by a budgetary surplus and a positive balance on current operations:

As shown in formula (11.1), the current operation account and the capital account balance each other (suppose to simplify that there are no currency reserves), i.e.

In other words, the balance of current operations should be equal in an absolute value and is opposite to the balance of the balance of operations with capital and financial instruments. Therefore, in our example, a positive balance of current operations in the Russian economy also meant a negative balance of capital account, i.e. Excess savings (at a budget surplus) was accompanied by an outflow of capital from the country.

Also, also, that if you summarize the private savings of S and saving the state (T - G), then after the transformation of formula (11.4) we obtain

where s n is national savings. We have a different form of recording equation of the balance of payments: Ca + ka \u003d 0. The account of operations with capital and financial instruments of the balance of payments can be represented as (I - s n).

The expression (11.6) shows the relationship between international capital flows and flows of goods and services. Capital account can be represented as an excess of internal investment over savings: if internal investments exceed national savings, they will be funded at the expense of funds borrowed in global financial markets (ie, at the expense of savings of the outside world). At the same time, foreign loans will allow importing goods more than exporting, i.e. The current operation will have a negative balance (current account deficit will be financed by a clean capital influx). And vice versa, if national savings exceed investment, they are used to lend to the outside world, buying foreign assets, etc., i.e. Capital outflow occurs abroad. Foreigners require our loans, since our exports exceed imports, i.e. We have a positive balance of current operations (accordingly, their imports are more exported, and their current account deficit is covered with borrowings from us).

Among the factors affecting the state of the balance of payments are allocated fiscal and monetary policies. Thus, restrictive monetary policies can lead to an increase in interest rates, an increase in the pure capital inflows into the country and the formation of an active (positive) balance of this part of the balance of payments. For stimulating fiscal policies, a decrease in the volume of national savings is characterized:, then, which means education / increasing the positive balance of the capital account of the balance of payments. The consequences of the restraining fiscal policy will be opposite.

It should be noted that the current account deficit does not always indicate negative processes in the economy. Thus, rapidly developing countries often finance growing investments at the expense of foreign loans (positive capital account balance), importing large volumes of investment goods (machines, equipment) and having current account deficit.