Mіzhnarodna torgіvlya - Dahno І.І.

Rozdіl 10.MІZHNARODNІ Rink KAPІTALU

10.1. Svіtovy Monetary rinok

Znovu zvernemosya to "Oxford Paperback Encyclopedia" (1998 p. 251..), Dwellers dіznatisya, yak anglomovnі fahіvtsі rozumіyut ponyattya "kapіtal": "product, priznachenі not spozhivannya role yakih at virobnichomu protsesі polyagaє in podannі Relief from virobnitstvі іnshih tovarіv i poslug. Produkuvannya kapіtalu peredbachaє vіdmovu od spozhivannya, otzhe Je nagromadzhennyam, more resources vikoristovuyutsya for virobnitstva kapіtalnih tovarіv (capital goods), and not spozhivchih tovarіv (consumer goods). Kapіtal zvichayno podіlyayut on the main kapіtal fixed capital) i werewolf kapіtal (working capital). Main kapіtal, Taqiy yak sporudi that machine (buildings and machinery), іsnuє dovshe, nіzh virobnichy processes. werewolves kapіtal abo reserves (inventories) vklyuchaє promіzhnі Flea (intermediate goods), scho vikoristovuyutsya in virobnichomu protsesі. Zbіlshennya nagromadzhennya kapіtalu (stock of capital) at whether Money Does perіodі nazivaєtsya іnvestuvannyam. Kvalіfіkovanu robochem force (skilled labour) often nazivayut lyudskim kapіtalom (human capital). Valovі іnvestitsії (gross investment) for virahuvannyam amortizatsії (depreciation) Je clean іnvestitsіyami. In pobutovomu vzhivannі termіn "kapіtal" takozh Mauger zastosovuvatisya to NKVD bagatstva abo pennies (personal wealth or money) ".

Otzhe, kapіtal Je duzhe wide ponyattyam.

Globalіzatsіya fіnansovoї Sistemi ohoplyuє іnternatsіonalіzatsіyu vnutrіshnіh currency (domestic currency), bankіvskoї right gives the market analysis kapіtalu. Rinok on Money Does a resident rіznih kraїn zdіysnyuyut torgіvlyu assets nazivaєtsya mіzhnarodnim Rink kapіtalu. Qiu titles not slіd vvazhati residual, oskіlki Tsei rinok factual not Je Yakima єdinim Rink. Naspravdі tse number tіsno vzaєmopov'yazanih rinkіv de torgіvlya assets vіdbuvaєtsya in mіzhnarodnomu masshtabі.

Vazhlivoyu warehouses mіzhnarodnogo Rinku kapіtalu Je mіzhnarodna torgіvlya currency, yak zdіysnyuyut komertsіynі banks korporatsії, place the nebankіvskі fіnansovі, tsentralnі banks that INSHI derzhavnі bodies. Zaznachenі yuridichnі individuals Je takozh sub'єktami mіzhnarodnogo kapіtalu market analysis, yaky dіє in MEREZHI svіtovih fіnansovih tsentrіv.

Otzhe, mіzhnarodny Monetary rinok mozhna rozglyadati yak warehouses mіzhnarodnogo kapіtalu market analysis. Monetary rinok Yea system mіzhnarodnih organіzatsіynih i ekonomіchnih vіdnosin, pov'yazanih s kupіvleyu-currency sales іnozemnih i platіzhnih dokumentіv, zafіksovanih in іnozemnih currencies. Virіznyayut Vier groupies sub'єktіv tsogo market analysis:

o derzhavnі Set (chіlne Location Sered them posіdayut tsentralnі banks i Treasury vіdpovіdnih kraїn);

o yuridichnі that fіzichnі individuals rіznoї derzhavnoї nalezhnostі scho zaymayutsya mіzhnarodnim bіznesom;

o komertsіynі bankіvskі place the scho obslugovuyut zovnіshnoekonomіchnu dіyalnіst;

o valyutnі bіrzhі and takozh valyutnі Department of stock i bіrzh trademark.

On the foreign exchange market mіzhnarodnomu provіdnu role vіdіgrayut velikі transnatsіonalnі banks. Pong toil rozgaluzhenu trammel fіlіalіv widely zastosovuyut in svoїy dіyalnostі Zaporizhya komunіkatsіynі tehnologії. Vikoristovuyuchi komp'yuternі, teleksnі, telefonnі zasobi zv'yazku, the participants are foreign exchange market toil mozhlivіst pratsyuvati in rezhimі real hour. Suchasnі komunіkatsіynі tehnologії give zmogu perekazuvati Costa at whether yak Location Planet vprodovzh kіlkoh hvilin. Tsentralnі banks kraїn that INSHI derzhavnі organic protrude to the Monetary іnterventsіy, pozichannya koshtіv behind a cordon.

On svіtovomu Rinku kapіtalіv great significance toil takozh komertsіynі banks. Zobov'yazannya bankіv skladayutsya perevazhno s depozitіv scho toil rіznі termіni. Asset Je peredusіm poziki korporatsіyam i Powers mіzhbankіvskі deposits that oblіgatsії. Transnatsіonalnі banks take fate in іnshih operatsіyah i s assets.

Transnatsіonalnі korporatsії zaluchayut іnozemnі dzherela kapіtalu for fіnansuvannya svoїh іnvestitsіy, prodayuchi package svoїh aktsіy abo beruchi Costa in Borg.

Sub'єktami svіtovogo Rinku kapіtalu Je nebankіvskі fіnansovі organіzatsії (strahovі kompanії, pensіynі that іnvestitsіynі Fondi toscho).

Valyutnі markets Agricultural Art in teritorіalnomu aspektі tyazhіyut to the great monetary and foreign exchange i bіrzhovih tsentrіv. In ryadі kraїn zdіysnyuєtsya mіzh-bankіvska torgіvlya currency and takozh dіyut spetsіalnі valyutnі bіrzhі. Vstanovleny them exchange rates Got titles ofіtsіynogo exchange rate.

Naybіlshim svіtovim center torgіvlі currency vvazhaєtsya New York. For іnshoyu іnformatsієyu, naybіlshimi svіtovimi foreign exchange market Je Londonsky, chastka yakogo in oborotі іnozemnih currency in seredinі 90 rokіv becomes 30%, followed by іdut New York-sky (16%), Tokіysky (10%) i Sіngapursky (blizko 7 %). Before the great number fіnansovih tsentrіv US takozh mozhna zarahuvati Boston, Chicago, San Francisco i Novi Orleans. The US vіdsutnі valyutnі bіrzhі on yakih Schodnya vstanovlyuvalisya b ofіtsіynі kotiruvannya currencies. Currency torguyut deprivation on mіzhbankіvskomu foreign exchange market on nomu formuєtsya serednіy the course yaky Je basis for kursіv seller i pokuptsya for klієntіv bankіv. Valyutnі bіrzhі vіdsutnі takozh in Shveytsarії that Velikobritanії have Frantsії that Avstrії Je by odnіy valyutnіy bіrzhі, and Іtalії that NGF - on kіlka.

On Dumka fahіvtsіv, vіdsutnіst Monetary bіrzh not practical to vplivaє obsyagi Monetary operatsіy, oskіlki faktichnі valyutnі Kursi kolivayutsya Navkolo ofіtsіynih kursіv currencies.

Valyutnі bіrzhі (od serednolat bursa -. Gamanets) z'yavilisya from XV-HUІ Art. in іtalіyskih mіstah-powers Venetsії, Genuї, Florentsії and takozh in Gollandії, Anglії. In dorevolyutsіynіy Russie monetary and fіnansova bіrzha dіyala s 70 rokіv XIX century. i torguvala іnozemnoyu currency that tsіnnimi Papero.

Okrіm Londonskogo foreign exchange market foreign exchange market centers єvropeyskogo vvazhayutsya takozh Frankfurt Maynі Paris i Tsyurіh. Centers amerikanskogo Je foreign exchange market in New York, Chicago, Los Angeles, Montreal, azіatskogo - Tokіo, Hong Kong, i Sіngapur Bahrain. Naprikіntsі 1980 rokіv odnodenny turnover іnozemnoї currency on the foreign exchange market becomes mіzhnarodnih blizko 600 billion USD., And in 2001, p. - 1.4 trillion dollars, tobto, pokaznik zrіs bіlsh nіzh udvіchі.. Schodenny turnover troh naybіlshih Monetary tsentrіv svitu - New York, London i Tokіo ninі becoming 1.5 trillion dollars. Rіchny obsyag torgіvlі currency on svіtovih Rink dosyagaє 250 trillion dollars. Zvernіmo uwagi on the obstavinu scho zaznachenі naybіlshі valyutnі centerand rozmіschenі in rіznih Godin zones. Oznachaє Tse, scho rinok Monetary svіtovy funktsіonuє tsіlodobovo.

Vstanovlennyam kontaktіv mіzh pokuptsyami i seller of foreign currency zaymayutsya brokerskі office. Volodіyuchi іnformatsієyu, stink nadayut konsultativnі Hotel that skladayut prognoznі otsіnki. In the foreign exchange operatsіyah zadіyanі i "mіnyayli" Chorny s market analysis.

Mіzhnarodnі currency markets Agricultural Art (international currency markets) vinikli in zv'yazku іz zaprovadzhennyam at 1973 p. plavayuchih Monetary obmіnnih kursіv (floating exchange rates) i zrostannyam privatnoї mіzhnarodnoї lіkvіdnostі (private international liquidity), have perevazhno formі єvrova-Feb. Zokrema, viniknennya єvrovalyut mozhna traktuvati yak reaktsіyu on indulgences pozitsіy US Dolar. Fahіvtsі vvazhayut єvrovalyu-minute result pogliblennya іntegratsії svіtovoї Economy, Szo vіdobrazhaє posilennya іnternatsіonalіzatsії virobnichogo i fіnansovogo kapіtalu (productive and financial capital). Appeared єvrovalyut zooms i zagostrennya konkurentsії mіzh fіnansovimi establish peredusіm komertsіynimi banks.

Єvrovalyuta - tse bankіvskі deposits, scho not pіdlyagayut vnutrіshnomu bankіvskomu zakonodavstvu (are not subject to domestic banking legislation). Yak usually takі deposits zberіgayutsya in zarubіzhnih kraїnah, SSMSC E "offshore" schodo kraїn de vіdpovіdna currency Je Laws zasobom payment (legal tender). Rinok єvrovalyut viyavivsya dosit privablivim, oskіlki pozichalnikam (borro wers) poziki nadayutsya for skorochenimi bureaucratic procedures. Poziki in єvrovalyutah nadayutsya pid vischі percent porіvnyano s interest on vnutrіshnyu currency.

In perіod Svoge viniknennya єvrovalyuti boule peredusіm US Dolar, depozitovanimi in Єvropі. Zgoda to amerikanskogo Dolar Doda nіmetska brand that yaponska єna. Rinok єvrovalyut often nazivayut Rink єvrodolarіv. Tse wrong oskіlki on nomu CCB prisutnіy not deprivation US Dolar. Not exactly dosit Yea i Names "єv-rovalyuti 's look around to those scho half Tsikh Rates zoseredzhuvalasya not Єvropі and far її mezhami - the Bahamas have Panamі, Sіngapurі that Bahreynі. Naybіlshim єvropeyskim center єvrovalyut Je London.

Єvrodolarovim deposits vіddavav perevagu i kolishnіy Radyans'ka Union. Komunіstichna Vlad osterіgalasya trimati dolarovі deposits bezposeredno the US vіddavala perevagu i Paris i London.

Poyavі єvrovalyut spriyalo i zaprovadzhennya at 1963 p. US President George. Kennedі control vivozom kapіtalu, yaky sider until 1973 p. Oskіlki was vazhko win a loan from the United States, pozichalniki zvernuli svoї Look at Єvropu. Main pozichalnikami boule sama amerikanskі transnatsіonalnі korporatsії Yakimov kapіtal CCB potrіben for zakordonnoї ekspansії. In 1971 r. US Pocha fіnansuvati svіy budgetary defіtsit svoєyu Well currencies, i obsyag Rinku єvrovalyut scho becomes $ 2 billion. in 1960 p., dosyagnuv 735 billion dollars. at 1980 p. CCB's World Tobto perenasicheny Dolar, scho sprichinilo the global іnflyatsіyu. Vtіm, mainly chinnikom zrostannya Rinku єvrovalyut slіd vvazhati naftovі Creasy 1970 rokіv, if valyutnі nadhodzhennya kraїn-chlenіv OPEC - so zvanі naftodolari - flowed to the main bankіv Єvropi.

Otzhe, rinok єvrovalyut - tse Square Wholesale rinok de operuyut great Sumy. Tsei rinok is staying pose yurisdiktsієyu powers, Je Jerel porіvnyano cheap loan for pozichalnika i vodnochase temple pributku for pozikodavtsya.

Єvrovalyuti - tse svoєrіdnі bezdomnі currency, oskіlki not pіdlyagayut reglamentatsії s side kraїn-emіtentіv vіdpovіdnih currencies. Main Jerel єvrodolarіv Je powers, yuridichnі that fіzichnі individuals ofіtsіynі reserves of the Central bankіv, transnatsіonalnі korporatsії scho toil gotіvku in kіlkostі, yak perevischuє potochnі required.

Rinku єvrodolarіv vlastiva Visoka operativnіst. Vіn skladaєtsya s kіlkoh hundreds bankіv-poserednikіv.

Vazhlivim іnstrumentom svіtovogo foreign exchange market Je Spіvtovaristvo vsesvіtnіh mіzhbankіvskih fіnansovih telekomunіkatsіy (the SWIFT) stvorene at 1973 p. 239 banks of 15 kraїn. Ninі in dіyalnostі tsogo spіvtovaristva take fate Ponad 3 yew. bankіv s bagatoh kraїn svitu. Mіzhnarodnі centerand Electonics rozrahunkіv tsієї Sistemi rozmіschenі in Nіderlandah, Belgії is the United States. In 1993 bereznі p. UKRAINE became the 92 th powers, scho nalezhit until the system is the SWIFT.

Dali rozglyanemo svіtovі gold markets Agricultural Art. Tsey dorogotsіnny metal nadhodit on rinok in viglyadі STANDARD zlivkіv (vagoyu 12.5 kg sample schonaymenshe 995; kіlka kіlogramіv, sample 900-916,6; malі Zlivko vagoyu 990-1005 g). Ob'єktami operatsіy Je takozh Zoloti old coins i Suchasnyj karbuvannya.

In svіtі nalіchuєtsya Ponad 50 tsentrіv torgіvlі gold in Єvropі, Ameritsі, Azії that Afritsі. Provіdnimi centers vvazhayutsya London i Tsyurіh.

Fallow od the legal regime, yaky nadaє power, gold markets Agricultural Art podіlyayutsya on takі:

o svіtovі (London, New York, Tsyurіh, Hong Kong, Dubai);

o vnutrіshnі vіlnі (Paris, Mіlan, Istanbul, Rіo de Janeiro);

o mіstsevі kontrolovanі (Afіni, Kaїr);

o chornі (Bombay that іn.).

Protyagom pp 1961-1968. in svіtі іsnuvav "Gold Pool" - Mіzhnarodne ob'єdnannya Central bankіv Velikobritanії, NGF, Frantsії, Іtalії, Belgії, Nіderlandіv, Shveytsarії i Federal Reserve Bank of New York. Yogo meta polyagala in sprobі stabіlіzuvati tsіnu gold on londonskomu market analysis on gold rіvnі, blizkomu to ofіtsіynoї tsіni, regulyuyuchi through the Bank Anglії purchase-sales of gold for gold zapasіv Reigning Relief. "Gold Pool" zamіnili auctions of gold, scho perіodichno conducted Mіzhnarodny Monetary Fund (IMF), and takozh US Uryadov, Іndії that іnshih kraїn.

Naprikіntsі 90 rokіv IMF i tsentralnі number of banks kraїn rozpochali sales svoїh gold zapasіv, scho yak mozhna rozglyadati Pevnyi zmіnu mentalіtetu - guarantor stabіlnostі natsіonalnih currency began vvazhati not gold, and stabіlnіst Economy. Against gold prodovzhuvalo vіdіgravati role of foreign exchange reserves.

Got Gold podvіyny status. Vono vodnochase Je strategіchnim sirovinnim item i standby- fіnansovim asset. Such podvіynіst vplivaє on dіyalnіst svіtovih rinkіv gold.

Tsentralіzovanі svіtovі monetary gold reserves naprikіntsі twentieth century. We have become 35 tis. m. Fahіvtsі vvazhayut, scho in yogo naspravdі svіtі bіlshe, oskіlki іsnuyut sekretnі funds. Gold rozmіscheno central banks, treasuries i spetsіalnih funds. Great vlasnikom gold Je IMF. Up at number naybіlshih svіtі vlasnikіv gold nalezhat US NGF Shveytsarіya, Frantsіya, Іtalіya, Belgіya, Nіderlandi. On Promyslova rozvinenі Kraina pripadaє Ponad 80% tsentralіzovanih zapasіv tsogo metal.

Schoroku on planetі vidobuvayut 1350 tons of gold. Naybіlshy yogo producer - Pіvdenno-Afrikanska Republic (20% Ponad svіtovogo vidobutku). Great vidobuvachem gold CCB Radyans'ka Union. Protyagom ostannogo perіodu Svoge іsnuvannya vіn sold across the border kolosalnoe Quantity of gold (at 1989 River - 245.5 m;.. At p 1990 - 474.6 m). Great gold producers ninі Je takozh US that Avstralіya.

On svіtovі markets Agricultural Art Gold potraplyaє for Relief poserednikіv (dilerіv). Zoloti dealers Je fіnansovoyu elіtoyu svitu. Fіrm-dilerіv nebagato - deprivation two scores. On Londonskomu Rinku dіyut 5 dilerіv. Naystarіsha FIRMA z'yavilasya slit in the XVII century., Molodshіy blizko 150 rokіv. Bankіrsky Dim Rotshildіv Je lіderom Sered dilerіv.

On zakіnchennya Rozmova about gold zaznachimo scho vono zalishaєtsya visokolіkvіdnim reserve asset central bankіv provіdnih kraїn svitu and takozh vikoristovuєtsya for tezavratsії (private nagromadzhennya gold yak belongings) in the i-Promyslova pobutovih tsіlyah).