Payment balance state. Balance of the country

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 number russian citizenstraveling abroad to 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 investments in recent years continues to remain at a relatively low level - 0.4-0.5 billion dollars 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, $ 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 on the loans provided in the framework of intergovernmental agreements is approaching 100 billion rubles, which, in terms of the course of the State Bank of the USSR, the Russian Bank, the USSR payment and settlement and trade agreements, is more than $ 150 billion. However, to note the conventionality of such a recalculation, since loans were provided in rubles, translated rubles, freely convertible currency (SCB) and commodity supplies and services on a clearing basis, and the problem of recognizing the course of the State Bank of the USSR to date is not yet 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 (i.e., the fight against inflation), which is aimed at solving inconomic tasks, while the side effect is to improve 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.

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 He 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 free assistance to foreign countries). 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 more it is internationalized and more "tight" enters the global economy and the global financial system.

Payment balance (Balance of Payments) is a protocol of all international financial transactions committed by residents of the country with the outside world. The country's payment balance indicates whether the population has enough and / or saves to pay imports. Balance statistics are calculated mainly on a quarterly basis.It includes:

1) ;

2) account of capital operations;

3) Financial account.

Current account covers operations with goods and services (export and import), income / losses from investments and current transfers. The account of capital and financial account is mainly consisting of operations with financial instruments. The positive balance of the current account or its deficit testifies to either the outflow either on the inflow of funds and is reflected in the capital account and financial account.

The balance of payments is an economic report on all economic operations in the country. This is an important macroeconomic indicator that helps the country's reserve bank to evaluate economic trends in the past and formulate monetary policy.

The account of current operations + account of operations with capital \u003d financial account

What is a balance of payments

The balance of payments (Balance of Payments) reflects the money value of all transactions that took place between the residents of one country and residents of other countries for a certain period of time. As a rule, it is published quarterly or annually. BOP includes all transactions of private and public sectors. Simple words, funds sent to the country from abroad have a positive impact (credit), while funds arising from the economy provide negative influence (Debit) on a shared balance of payments.

Account of current operations

The current account is written to the funds spent on the purchase (importation) of foreign products and obtained from the sale (export) of their goods to foreign buyers. Makes the main part of the current account. The current account also includes income from assets generating income, such as dividends received on stocks, and interest on other investments, as well as money transfersproduced at the international level.

Current Operation Account \u003d (X - M) + Clean Revenues + Clean Transfers

X - export size in monetary terms

M - import size in monetary terms

Clean revenues - the incomes of citizens of the country derived from abroad less expenses paid to foreign countries

Clean transfers - Transfer of funds from foreigners Minus Transfer of funds from the local population abroad

Trade Balance (Balance of Trade). The trade balance is calculated as the difference between the export and import of the country and constitutes the main part of the current account indicator.Investments and expenses produced in other countries are deducted from the trade balance, and the amount of foreign investment made in the domestic economy is added.

If the overall export of the country exceeds the overall import, has a positive balance. However, if the total export of the country is lower than their common import, there is a trade balance deficit (negative balance). In countries such as Germany and China, a positive trade balance, while countries such as the United States, India and Australia have a trade deficit.

Example. In Russia, at the end of the 1st half of 2017, exports reached $ 193.4 billion, and imports amounted to $ 146.5 billion in accordance with the report of the Central Bank of Russia. Thus, the trade balance of Russia in the 1st half of 2017 is equal $ 46.9 billion.

Primary revenues, such as labor payment, investment income, direct investment, portfolio investments made up minus $ 18.4 billion:

To getting \u003d $ 22.1 billion.

To pay \u003d $ 40.5 billion

Total \u003d - $ 18.4 billion.

Secondary revenues to which transfers between government bodies, deductions for social needs and other current transfers:

To getting \u003d $ 4.7 billion

To pay \u003d $ 7.8 billion

Total \u003d - $ 3.1 billion.

Thus, the score of current operations:

$46.9 – $18.4 – $3.1 = $ 25.4 billion

The presence of a trade deficit is not necessarily considered as a disadvantage, but indicates only the structure of the economy and its development stage. When the country is in an expansive stage of development, the reserve bank of the nation will strive for the deficit. Higher imports stimulates international competition that keeps domestic prices from hyperinflation. If there is deflation in the country, it will strive for the trade balance surplus to increase its export, create more jobs and increase the demand for its products.

Account Operation Account

The account of capital operations reflects the net application of assets. It takes into account the purchase and sale of non-financial and non-production assets required for production.

This indicator also includes operations such as 1) the transfer of financial assets by residents that migrate to the country, 2) the purchase and sale of foreign assets of the domestic company and 3) purchase and sale of internal assets by a foreign company.

Financial account

This component covers transactions related to financial assets such as gold, currency, derivatives, special borrowing rights, shares and bonds.

Example.

Data on the results of the 1st half of 2017 in Russia:

Direct investment \u003d - $ 1.4 billion

Portfolio investment \u003d $ 3.7 billion

Derivative financial instruments \u003d $ 0.6 billion

Other investment \u003d $ 5.8 billion

Reserve assets \u003d $ 18.9 billion

During this period, foreign investors have invested $ 1.4 billion more in the Russian economy than Russia in the enterprise abroad. At the same time, the overwhelming share of the foreign currency received by Russia spent on replenishment of reserves ($ 18.9 billion)

Financial account \u003d. $ 27.6 billion

The balance of payments must be theoretically reduced zero

The theoretically, the payable balance of the country should be zero. The balance of the current account in the amount with the account of operations with capital should be equal to the financial account balance. The deficit at the current account is balanced by excess on the account of the capital's movement (or financial account).

If the country is experiencing a stage of active growth, large foreign corporations seek to access the local market through investment. Such a scenario has a balancing effect: although foreign direct investment will increase the balance of accounting of capital operations, it will also strengthen the competition between local enterprises and will eventually make products and services cheaper. Low prices will have a negative impact on the current account of the country. Consequently, the clean effect is zero.

1. A general concept, characteristic and principle of building a balance of payments.

The movement of goods and services through national boundaries is equalized by the movement in the opposite direction of financial flows, which are payments for goods and services. These flows are recorded and are generally reflected in the articles of the balance of payments.

The balance of payments refers to the statistical record of all economic transactions or obligations carried out during a certain period of time between residents of a given country and residents of any other countries of the world.

The balance of payments records the state of payments and the receipts of this country. The International Monetary Fund characterizes the balance of payments as "the statistical record of all economic transactions during the period between residents of reporting countries."

This formulation requires some explanations. First, considering the pontium "resident". Diplomats, military, tourists, even if they are located outside the territory of their country, are residents of the state whose citizens they are. This applies to the company. It serves as a resident of the state where it is registered, but not where it performs their operations.

The exception is international organizations that are not residents of the country where they are located.

Secondly, it is necessary to clarify that the balance reflects not individual, and the total transactions between this country and other states. The usual period or period covered by the balance of payments is one year.

Under the concept of "deal" means any exchange in which the goods, an economic service or ownership of assets go from a resident of one country to a resident of another.

The basis of the balance of payments is a grouping of all types of transactions whose results are associated with the growth of needs in products and services or foreign currency.

Combining exports and imports of goods, services, interest and dividends, one-sided translations and transfers, obtained and provided long-term and short-term loans, as well as the influx and outflow of state reserves, we obtain a document called in the international economic literature "Balance".

Types of transactions can be consecrated into three groups: transactions on current accounts to which are primarily export-import operations; transactions related to capital movement; accounts of official reserves.

The first group of transactions registers operations related to the transfer of ownership of goods and services, the second group - with the transfer of ownership of capital; The third group registers the acquisition of official reserves in the Central State Bank of the country. For those states whose currencies themselves are part of state reserves of other countries, the third group reflects the acquisition of currencies by other states.

The structure of the balance of payments.

The first attempts to take into account the scale and assessment of the consequences of international economic operations are the end of the XIV century. By the beginning of the twentieth century Methods of drawing up balance of payments in the United States and England received the most complete development. The first official publication of the balance of payments was prepared in 1923 by indicators of 1922.

By the nature of operations, published payment balances include two main sections:

I. "Balance of current operations":

a) payments and revenues for foreign trade operations, or trade balance;

b) Balance of services (international transportation, freight, insurance, etc.), income and payments for investment;

II. "Balance of capital movement (short-term and long-term operations) and loans."

Behind the balance of capital and loans, an article "Errors and skipping" is followed, which shows the unrecorded movement of short-term capital. Changes in currency reserves reflects international currency transactions of central banks related to equalizing balance of payments and maintaining a national currency rate.

The balance of payments scheme was established in 1947, it was published as a document of the UN, which served as the basis for the development of the IMF forms and the principles of paying the balance of payments. The IMF, publishing the "Balance Guide", continued the development of the unification of its scheme, which in general terms repeats the system for building articles of payment balances of leading developed countries with some changes. These changes make the scheme more universal, which allows you to compare the balance sheets of developed and developing countries.

Classification of payment balance articles according to the IMF method.

A. Current operations

Investment revenues

Other services and income

Private one-sided translations

TOTAL A: Balance of current operations

B. Direct investment and other long-term capital

Direct investments

Portfolio investment

Other long-term capital

Total: A + B (corresponds to the concept of basic balance in the United States, operating until 1958)

S. other short-term capital

D. Errors and pass

Total: A + B + C + D (corresponds to the concept of liquidity in the United States, introduced since 1958)

E. Balancing Articles

Revaluation of foreign exchange reserves, distribution and use of SDR

Movement of the gold and foreign exchange reserve

Emergency Sources Self Coating

Obligations that form foreign currency reserves of foreign authorities

Total: A + B + C + D + E (corresponds to the concept of official calculations in the United States since 1965)

F. Final change of reserves

Reserve position in the IMF

Foreign currency

Other requirements

IMF loans

Principles for building a balance of payments.

In accordance with the practice adopted, the balance of payments is drawn up on the principle of a double account. The latter lies in the fact that each transaction is recorded simultaneously on two accounts: debit, testifying to the receipt of goods or funds for this account, and loans characterizing the provision of goods or paying funds from this account.

Each conducted operation includes two sides, for example, the receipt of the goods and its payment. Having received the goods, you need to pay for it. Traditionally, the prepared balance of the debt records are made with the "minus" sign ("-"), and its credit - with the "plus" sign ("+").

To solve the issue of which account, debit or credit, you should consider a specific deal, it is necessary to keep in mind: Credit entries with the "+" sign concern transactions, as a result of which the money goes to the balance sheet; Debit entries with a sign "-" concern transactions, as a result of which the country spends currency.

Export of goods and services, gifts. The influx of capital is fixed on the loan account balance of the balance of payments with the "+" sign. Importing the same goods or foreign investments, loans and loans sent abroad, gifts and pensions translated by foreigners - all this is reflected in the debit account with the "-" sign.

There is a common misconception when exporting goods and capital exports are considered as homogeneous types of transactions. Meanwhile, they are essentially opposite. The export of goods means the inflow of foreign currency to the state that carries out the supply of goods abroad, and is registered with the "+" sign. Exports of capital, on the contrary, means the outflow of funds and should be recorded with the sign "-", because it entails the outflow of currency with residents of residents.

The dual account principle assumes equality or zero balance. There is a definite logic. Accounting for all transactions as the movements of goods or as capital movement gives a result equal to zero.

If the owner of the company or the state spends more than earns, then the excess of consumed funds somehow should be taken into account. For this, savings are either used, or is taken by a loan from acquaintances or in a bank. The balance of spending and income should always be zero.

Negative (passive) or positive (asset) balance indicates a violation of equilibrium in one of the following sections of the balance of payments:

- "visible" trade related to the sale of goods;

- "Invisible" trade, in particular, relate to different services and transportation;

Capital movement from one country to another.

The principle of the dual account used in the balance of payments implies two actions (transactions), which corresponds to the record. One action complements or is the result of another. For example, buying goods, the buyer pays for him with money. At the same time, it is important that the primary solution to acquire a product, as a result, to transfer money to the seller for him, and not vice versa. Similarly, when importing goods or services, the primary will be the desire to use the services and the secondary - payment of services.

This corresponds to the division of all articles on autonomous and compensating. The main point determining the type of transaction is the primacy or the production of their occurrence.

The best rules for attributing to any kind of one transaction would be the identification of its motives. Almost this is impossible to do this.

The main (autonomous) includes articles reflecting the movement of goods or capital, explained by conventional commercial considerations; To balancing (compensating) - articles reflecting the transfer of funds to ensure the movement of goods and capital.

The main articles cover exports and imports of goods and services, since these are primary operations performed on the basis of negotiations and assessing the quality of goods. Similarly, the primary (main) will be investments in the creation of production branches. It can be concluded that current operations and the movement of long-term capital are recorded in the main articles.

The balance of main articles, testifying to the influx of foreign funds and capital to the country ("+") and, on the contrary, about their outflow ("-"), there is something "balance balance", which is considered in the economic literature and in official documents .

Balancing articles reflect the methods and sources of the balance of balance balance, including the movement of foreign exchange reserves, a change in the volume of short-term assets, state assistance, government loans and loans of international financial organizations.

In other words, the payment balance includes operations that do not entail adequate compensation in one form or another (i.e., goods, services or assets). Such operations refer to the discharge of transfers, i.e. one-sided translations and revenues.

In this case, only one side of the operation will automatically be recorded, and for the availability of the necessary compensation in the balance of payments, you have to make records on the transfer of transfers. Transfers are shown in the loan when the records that they repaid are debit, and in the debit when these records are credit.

For example, humanitarian assistance obtained by the country will find its reflection in the balance of payments as follows:

	Credit	Debit
Import (Humanitarian Aid)	-
Transfers (current translations)		-

It should be noted that the division of articles on the main and balancing, despite the externally clear criteria, in practice may not be. For example, the government can raise the issue of obtaining a long-term loan due to the negative balance of payments. In this case, the long-term loan will be essentially to relate to the balancing article. Similarly, the introduction of payment of goods by the National Government of the "collateral system" means short-term lending, which will be in the Basic Balance in the Basic Articles.

In practice, in one balance sheet, both autonomous and compensating transactions can be reflected. Finally, the same articles can also be considered both both basic, and as balancing depending on the objectives that are put in summing up the balance.

2. Characteristics of articles and types of economic operations of the balance of payments.

Currency relations arise when buying and selling currency for exporting and importing goods and services, investments, cash transfers abroad, etc. Statistical accounting of various types of residents of residents of this country with all other countries is carried out using balance accounting accounts. The main principle of their construction is the reflection of all sources of funds and the direction of their use according to model articles.

The balance of payments characterizes the relationship between currency revenues to the country and payments that economic entities are carried out abroad for a certain period of time. At the same time, the most difficult task is to record all without exception. The balance of payments state actively affects the current market rate of the national currency, which through feedback affects export-import streams, the movement of capital, on the structure of the economy as a whole.

In the balance of payments, three parts are distinguished:

1. Balance (account) of current operations;

2. Account of operations with capital and financial instruments;

3. Balance (account) of the movement of backup assets.

Operations on the foreign market, leading to the flow of funds on the country's foreign exchange market, come with a "plus" sign, in the opposite case - with the minus sign. The final result of three parts of the balance of payments in the amount gives zero. This is explained by the fact that any source must be configured to each direction of funds.

The current operations account reflects the transactions of currency remedies associated with the current or past movement of material and intangible assets. First, exports and import of goods are taken into account. Secondly, on the account of current operations, non-trade operations are taken into account - exports and imports different species Services. These include tourism, insurance, cargo and passenger transportation, means of communication and telecommunications, construction, financial services, pay for recreation and business trips abroad. The third direction of accounting for funds on the account of current operations includes cash receipts or costs for payments abroad - income from investment and wages, current transfers. Investment revenues consist of dividends and profits from participation in the authorized capital, interest on deposits and securities, interest on loans attracted by government bodies and the banking sector. The balance of current transfers reflects the size of the humanitarian assistance received and rendered, contributions and payments to international organizations and from them.

Net investment revenues are an excess of interest payments and dividends made by foreigners on residents invested abroad, on relevant payments paid to foreign investors. Thus, the value of the balance on this article depends on the total amount of exported capital and investment of foreigners.

If you summarize all operations on the current account, we will receive the current balance of payments of foreign trade operations. His positive balance means that import operations for the current account created the demand for currency less than the export sector of the economy.

The account of capital and financial instruments reflects monetary transactions related to the purchase and sale of financial assets and loans and loans. On the account of operations with capital, the obtained and paid transfers related to migration and payment for housing services are shown. Operations with financial instruments are divided into direct and portfolio investments in the banking sector and non-financial enterprises, other investments: purchase and sale of foreign currency, lending to trade, loans by state administration authorities, banking sector and non-financial firms, overdue debts.

By the time of placement of assets, a short-term and long-term movement of capital can be distinguished. The first direction includes the current accounts of foreigners in a given country, as well as highly liquid assets belonging to them. To the second - buying securities of national companies and institutions, long-term loans, direct and portfolio investments. Capital influx is indicated by the "Plus" sign and testifies to the acquisition of national financial assets by foreigners. It is identical to the influx of foreign currency. Capital outflow is the process of acquiring foreign assets by firms and households. It leads to a leakage of currency from the country. The active balance of the balance of capital movement occurs when the influx of capital over the outflow is exceeded. This leads to the influx of currency.

The absolute digits on the account of the capital funds, cited in the balance of payments of the country, are usually significantly less than the amounts per current operations. This is explained by the fact that current accounting indicators are calculated by a growing outcome, and operations related to the movement of capital are given in pure units. The volume of these operations is significant. Speculative influx of capital may have a strong impact on the exchange rate.

The third part of the balance of payments is the score of official reserves. In accordance with the current balance of payments currently applied, the backup assets are shown in a separate account with the analytical presentation and articles of the account of operations with capital and financial instruments at the neutral direction. In any case, the economic significance of this article is excellent from all others.

Reserve assets include monetary gold, special borrowing rights, backup position in the IMF and other currency assets.

The account of reserve assets reflects operations on the purchase and sale of foreign currency, gold and other assets carried out by the central bank and government bodies. The purpose of these operations is not to retrieve the profit, but to resolve the imbalance of payment balances, maintaining courses of certain currencies and other purposes. Due to the official reserves, a shortage or passive balance is covered in two previous balance of payments accounts - the account of current operations and the movement of capital. This is happening by selling the central bank of the accumulated reserves of reserve assets or receiving foreign exchange loans in other banks. A decrease in the reserves of the Central Bank leads to an increase in the currency supply on the market and is reflected in the balance with the "Plus" sign. The active balance on the accounts of current operations and the movement of capital leads to an increase in official currency reserves and is displayed in the balance sheet "Minus".

The total balance of the current account for foreign trade operations, the movements of capital funds and settlements on official reserve accounts of the Central Bank is always zero. The difference between all registered tributaries and outflows forms a statistical discrepancy. It arises as a result of the fact that not all funds of funds are officially registered. A rather high level of "errors and passes" reflects a significant amount of capital leakage and unregistered operations on the current account (smuggling). In part, the statistical discrepancy is associated with inaccuracies and errors in the source data sets.

In real life, economists and policies often suggest that the balance of payments is associated with a positive or negative balance. This result refers to the balance in two accounts: current operations and capital movements. It shows the direction of the currency movement (to the country or from the country) from international trade and financial transactions. If the balance of payments is deficient, the country received less foreign currency than spent. The size of the deficit is equal to the reduction of official reserves. The active balance means that the state has earned more currency than spent, as a result, an increase in foreign exchange reserves reserves occurred.

Types of economic operations.

The main types of action of economic entities that can be found in the balance sheet are not payments, despite the name of the balance, but economic operations or transactions that may not be accompanied by a cash payment. Accounting in the balance of payments system of such operations and is its main difference from the balance of international payments of the country. The IMF allocates the following types of economic operations that are reflected in the balance of payments:

1) Exchange. This kind of transaction usually make up most of the operations recorded in the balance of payments. The exchange deal lies in providing one counterparty to other economic costs in exchange for equivalent value in a different form. At the same time, the economic cost is determined in a broad sense as real resources (goods. Services, income) or tools of monetary, currency and financial markets.

2) Transfers.They differ from the exchange transactions in that the counterparty does not provide in return to the value of its equivalent.

3) Migration.Migration arises when the household moves for a long time to another country. This phenomenon matters for balance of payments due to the fact that some types of assets are also moved along with household, which, as it were, are imported into that country, where the economic entity moves.

4) "In the imputed" operations.In some cases, the so-called "imputed" economic operations can be taken into account in the balance of payments, not accompanied by the movement of the cost from the resident to the non-resident and vice versa. An example is the reinvesting of the profit received by the foreign shareholder of the enterprise.

In conclusion of the Consideration of the Basic Principles for Balance, it is necessary to dwell on what monetary units keep records. From the point of view of the IMF, the standard unit of accounting should be sufficiently stable so that changes in its course during the account period are not reflected in the final indicators, also the accounting unit should be stable throughout the accounting periods as possible to provide comparability and analysis of their dynamics. Thus, there is no ideal metering unit, and to submit a report to the IMF of countries, the preparation of the balance of payments in those units that are approved in the country itself for these purposes are required. But it should be noted that in most countries accounting and the publication of the balance of payments are conducted in the US currency.

Thus, at present, most countries of the world are paying their payment balances in accordance with the methodology and principles developed by the IMF. Such an approach greatly facilitates comparison and analysis of payment balances of different countries for different intervals, and also allows you to unify the process of compiling balance of payments.

3. Disproportions in the balance of payments and the causes of their appearance.

Three main sections of the balance of payments, as noted earlier, are the following: current operations, capital movement and official reserves. The amount of balance sheets on current operations and capital movement gives the balance of official reserves.

Due to the fact that the balance of payments is built on the principle of the double account, it is always in equilibrium. This does not mean that the balance sheets of current operations and the movement of capital cannot be reduced with a deficit.

The presence of a positive or negative balance indicates certain disproportions of the balance of payments.

With a known proportion of convention, they can be divided into 4 groups: price change; structural imbalances; change in income level; Autonomous movement of significant capital masses.

Changing prices, price disproportions mostly associated with increasing inflation costs, an increase in the cost of production factors (labor, capital, land).

The violation of equilibrium caused by structural imbalances in global production can lead to a decrease in export volume. The reason is that the structure of industrial production turns out to be inappropriate the needs of the global market. This is characteristic of developing countries when. For example, the competition of synthetic products replaces the production of natural raw materials, condefavor producing this raw material to reduce export income.

A common violation of external payments is a change in the level of income, the multidirectional of national priorities of individual countries, when the country's leadership is trying to solve internal and external problems at the same time.

The balance of payments in some cases "brings to the" politics of economic growth and expansion of employment. An inflationary program that provides an increase in production and employment will simultaneously lead to an increase in the disproportion of the country's balance of payments.

Less often there is a situation associated with a negative balance of autonomous carriage of capital. For example, when large military reparations are paid or expenses for the maintenance of military bases abroad.

Traditionally, all countries are striving for providing a positive balance, reflecting a mercantilistic approach to the assessment of a positive balance as a means of accumulating values \u200b\u200band primarily gold. Essentially, the positive balance of balance of payments means the delivery for the national limits of more product than the receipt, while in return accumulates monetary obligations in foreign currency.

Here it is necessary to reasonably determine the amount of foreign obligations, which will be required to the country for emergency stabilization of its position in natural disasters, temporary disadvantages, recession of production, etc. This situation can be compared with the situation when a student receiving a small scholarship of several tens of rubles is undernourished, and even half of his funds gives to the insurance company to obtain a million-percentage premium in an emergency.

Such phenomena become particularly undesirable when the currency accumulated in the near abroad, for example, the Russian ruble is depreciated due to the inflationary policy of the government. Russia constantly credits its neighbors, receiving depreciable financial obligations in return.

The undesirability of preservation for a long time of surplus in foreign currency prompted a number of countries to move to the expenditure program excess accumulated funds.

The negative balance of balance is perceived negatively for its definition. The direct consequence of the provision when the country "lives in a loan" becomes such phenomena as common debt, the lack of the required insurance stock of foreign currency, the fall of the national currency exchange rate, the overall decrease in the life level.

In most cases, the deficit means that the country is importing more goods and services than exporting, paying for this financial obligations, like a negligent owner living in debt.

As a rule, national governments, finding a deficit, strive to quickly eliminate it using all available funds. In this regard, the attempts of Russia are promising to get rid of the deficit by attracting massive loans, in particular, from the IMF.

Recently, the payment balance regulation has lost the importance of the priority task of Western governments. This was facilitated by a number of circumstances.

First, the introduction of floating exchange rates ensured the "smoothing" of the emerging disproportions in international payments. In a high internationalized economy, leaders of all countries prefer to own large sums in all leading currencies. Gradually goes into the past idea that the dollar is a preferred currency compared to other payment facilities.

Secondly, the dissemination of the monetarist concept of the balance of payments was not less significant, according to which the state can consciously increase short-term liabilities in order to further use them as cash asses. Thus, an increase in official assets in the form of US requirements is largely the result of the desire of foreign governments to increase their assets in dollars. One of the reasons was the increase in the contract prices for oil, calculated in dollars.

Thus, a comprehensive assessment of the situation is necessary in each specific case in order to determine the reasons for changing reserves and other monetary assets. It is very important to take into account all socio-political parameters. It is based on this analysis that a system of measures aimed at eliminating, restriction or preservation of the balance of payments deficiency can be finally determined, depending on the solution of alternative tasks to ensure economic growth, increase employment, combating inflation, etc.

4. Basic methods for regulating balance of payments.

The balance of payments has long been one of state regulation objects. This is due to the following reasons.

First, the payment balances are inherent impassable, manifested in a long and large deficit in some countries and an excessive active balance of others. The instability of the balance of international settlements on the dynamics of the exchange rate, the migration of capital, the state of the economy. For example, covering the current balance of payments of the national currency, the United States contributed to the export of inflation to other countries, creating an excess of dollars in international turnover, which undermined the Bretton Woods system in the mid-70s.

Secondly, after the cancellation of the Golden Standard in the 30s. Xx in. The natural mechanism of equalizing the balance of payments by price regulation acts weakly. Therefore, the alignment of the balance of payments requires targeted state events.

Thirdly, in the context of the internationalization of economic relations, the value of the balance of payments in the system of state regulation of the economy increased. The value of its balancing is included in the circle of the main objectives of the state economic policy along with ensuring the rates of economic growth, the containment of inflation and unemployment.

The material basis for regulating the balance of payments serve:

· State ownership, including official gold and foreign exchange reserves;

· Increasing the share (up to 40-50%) of national income, redistributed through the state budget;

· Direct participation of the state in international economic relations as exporter of capital capital, guarantor, borrower;

· Regulation of foreign economic operations with the help of regulatory acts and state control bodies.

State payment balance is a combination of economic, including currency, financial, monetary activities of the state aimed at the formation of the main articles of the balance of payments, as well as the coating of the current balance. There is a diverse arsenal methods for regulating balance of payments, aimed either to stimulate exports or to limit foreign economic operations, depending on the monetary and economic situation and the state of international settlements of the country.

Countries with scarce payments are usually made by the following activities in order to stimulate exports, deterring the import of goods, attracting foreign capital, restrictions on capital exportation:

1. Deflation policy. Such a policy aimed at reducing domestic demand includes restriction of budgetary expenses mainly on civil goals, freezing prices and wages. One of the most important tools is financial and monetary measures: a decrease in the budget deficit, a change in the accounting rate of the Central Bank (discount policy), credit constraints, the establishment of the growth of the money supply. In the conditions of the economic downturn, with a large army of the unemployed and reserves of unused production capacity, the deflation policy leads to a further fall of production and employment. It is associated with the occurrence of a standard of living and threatens the exacerbation of social conflicts, if compensatory measures are not taken.

2. Devaluation. The decrease in the course of the national currency is aimed at stimulating the export and the content of import imports. The devaluation stimulates exports of goods only if there are export potential of competitive goods and services and a favorable situation in the global market.

Expressing imports, devaluation can lead to an increase in the costs of the production of imported goods, price increase in the country and the subsequent loss of competitive advantages obtained with its help. Therefore, although it can give the country temporary advantages, but in many cases does not eliminate the reasons for the balance of payments deficit.

3. Currency restrictions. Blocking the foreign currency revenue of exporters, licensing of the sale of foreign currency importers, the concentration of currency operations in authorized banks aimed at eliminating the balance of payments deficit by limiting capital exports and stimulate its inflow, deterring the imports of goods.

4. Financial and Monetary Policy. To reduce the balance of payments deficit, budget subsidies are used to exporters, a protectionist increase in import duties, the abolition of interest tax paid by foreign securities holders in order to inflow capital into the country, monetary policy.

5. Special state impact measureson the balance of payments during the formation of its main articles - trade balance, "invisible" operations, capital movements.

Trade balance. In modern conditions, state regulation covers not only the sphere of circulation, but also the production of export goods. Stimulating exports at the implementation stage of goods is carried out by influencing prices (providing exporters of tax, credit benefits, a change in the exchange rate of I.T.D.). To create long-term interest in exporters in the export of goods and the development of foreign markets, the state provides targeted export loans, insures them from economic and political risks, introduces the preferential depreciation of fixed capital, provides them with other financial and credit benefits in exchange for the obligation to fulfill a certain export program.

In order to regulate payments and income on "invisible" balance of payments, the following measures are taken:

· Restriction of the currency exportation rate by tourists of this country;

· Direct or indirect participation of the state in creating a tourist infrastructure in order to attract foreign tourists;

· Promoting the construction of maritime courts at the expense of budget funds to reduce costs under the article "Transport";

· Expanding government spending on research work in order to increase revenues from trafficking in patents, licenses, scientific and technical knowledge, etc.;

· Regulation of the migration of labor. In particular, the restriction of the entry of immigrants to reduce translations of foreign workers.

Regulation of capital movement is directed, on the one hand, to encourage the foreign economic expansion of national monopolies, and on the other - on balancing balance of payments by stimulating the inflow of foreign and repatriation of national capital. This goal is subject to the activities of the state as exporter of capital, creating favorable conditions for private foreign investment and export of goods. Government guarantees for investment ensure the insurance of commercial and political risks.

In search of sources of repayment of the balance of payments deficit, industrialized countries mobilize funds in the global capital market in the form of loans of banking consortiums, bond loans. In this regard, commercial banks (especially Eurobanks) are actively involved in covering the balance of payments deficit. The advantage of bank loans compared with loans of international monetary and financial organizations is their great availability and not necessarily by stabilization programs. However, bank loans are relatively expensive and difficult to access countries with large external debt.

Temporary methods of coverage of the balance of payments are also preferential loans obtained by the country through foreign aid.

The final method for balancing the balance of payments is the use of official currency reserves.

Under the conditions of partial motion, gold as a universal payment tool is used: first, in limited sizes and only last time, when all other possibilities are exhausted; Secondly, in an indirect form through its preliminary implementation in the global gold markets in exchange for national credit money, which it is customary to conclude trade and credit agreements and implement international calculations.

The main means of the final balance of the balance of payments are reserves of a convertible foreign currency.

Foreign assistance in the form of subsidies and gifts is also the final means of repayment of the balance of payments. For example, in 1947, 75% of the total deficit of payment balances of Western European countries were covered by the US assistance to the cost of economic and political concessions. In modern conditions, the attraction of assistance is especially characteristic of most developing countries whose payment balances are usually deficit.

With an active balance of payments, state regulation is aimed at eliminating an undesirable excessive balance. For this purpose, the methods discussed above are financial, credit, currency and other, as well as currency revaluation are used to expand imports and contain exports of goods, increasing capital exports (including loans and assistance to developing countries) and restrictions on capital imports. Compensation payment balance is usually applied, based on a combination of two opposite sets of measures: restriction (credit constraints, including increasing interest rates, determine the growth of money, imports of goods, etc.) and expansionist (stimulation of exports of goods, services, and capital movement, devaluation, etc.). The state regulates not only individual articles, but also balance balance.

The active balance of the balance of payments is used by the state to repay (including early) external debt of the country, providing loans to foreign countries, an increase in official gold and foreign exchange reserves, the export of capital in order to create a second economy abroad.

The new phenomenon was the interstate regulation of the balance of payments from the mid-70s. It originated as a consequence of the internationalization of economic relations and the insufficient effectiveness of national regulation. With an increase in the role of external reproduction factors, a long non-equinless balance of payments strengthens the imbalances in the economy of individual countries and in the world economy. Therefore, leading countries are developing methods for collective balance balance. Interstate means of regulating balance of payments include: coordination of the conditions for state lending to exports; bilateral government loans, short-term mutual loans of central banks in national currencies under Swip agreements; Credits of international monetary and financial organizations, primarily the IMF.

The global experience of regulating the balance of payments indicates the difficulties of simultaneously achieving the external and internal equilibrium of the national economy. It strengthens two trends - partnership and disagreement - in the relationship between countries with active and passive balance of payments.

Colony is a country or territory under the rule of a foreign state, deprived of political or economic independence and managed on the basis of a special regime. As of the beginning of 2003, the United Kingdom owned ten colonies, the USA - six, the Netherlands - two, etc.

Specialization is the development of any particular production.

Monetary intervention is the operations of the central bank in the currency markets on the sale and sale of a national monetary unit against the main leading currencies.

Hedging (Hedging) - conclusion of an urgent transaction for price insurance or profits.

Threads of goods and services through national borders are accompanied by counterflow of funds. They are reflected in the balance of payments. It performs two main functions: analytical and fiscal. In modern conditions, 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 deals 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.