home Other disciplines Books Міжнародні розрахунки та валюні операції - Savluk M.І.

Міжнародні розрахунки та валюні операції - Savluk M.І.

9.3. Interest rates on the market of local currency deposits in foreign currencies

The interest rate is the cost of resources. Розьіщейчи вільні resource for a penny market, їх Власники namagayutsya отримати дохід, крім addition, the payment for korestuvannya resources include:

• Compensation for credit risk, for pritamanniy be-yakі credit operation, rozmіr tsієї zaplatіії zdіdіlshogo to be stored in the class of a poshchalnik;
• kompensatsіyu for vіdvolіkannya lіkvіdnih koshtіv: deprivation Neznachny Quantity pozik nadaєtsya in the minds "to zapitannya" i povertaєtsya on vimogu Perche, the base rail Chastina koshtіv rozmіschuєtsya on viznacheny termіn i do not Mauger Buti Turn ranіshe zakіnchennya yogo, bo Tse Mauger viklikati problemi lіkvіdnostі;
• Compensation for the implementation of the hour is sustained by the income: interest for the loan is paid for in addition to the payment, the bank is more diligent, the bank is more vichoristic, the bankruptcy, the possession of the property, the deprivation of the property.

Розрізняють номінальну та реальну проценні ставки. The real interest rate is a nominal rate (the bet is a bet, but is folded into the market), is adjusted to the percentage of inflation. On the other hand, the nominal rate for the deposit is 8% of the riches, and rіvenі інфляції 6%, then the real interest rate is 2%.

Riven variegated interest rates mozhe bouti vyznacheny for the formula * 1:

* 1: {Tsim rivnyannyam described so ranks efekt Fishera , scho viznachaє vzajmozv'azok mіzh nominalnoyu that real interest rates that ochikuvannuyu інфляцією.}

K = r + x * + p + m,

De k - a riven of interest rates, to be spent on the market;

R - real interest rate;

X * - ochikuvany rіvenь інфляції;

P - premium (premyya) for credit risk, tobto for the risk of waste through unreliable koshtiv;

M - premium (premia) for the percentage risk, toto rizik vtrat nasalidok zmіni rinkovogo rivnya interest rates.

The real interest rate is that, at the same time, it is at the same time that the nominal share of the capital is equal to the ric- tic interest rate ( i = r + x ).

Звідси:

K = i + p + m.

On the rіven вільного від ризику ринкового процентов, крім інфляції та інфляційного очікування, впливає ціла низка інших чинників:

• The penny-and-credit policy of the central bank : the polity of the "expensive penny", is straightened by the obmenement of the grotesque mace, the burden of the zoning of the rivnya of interest rates і, навпаки, політика "cheap pennies" is opposed to the depreciation of interest rates;
• require Uryadov in credit resources viznachayut protsentnі rates for derzhavnі tsіnnі Paper the scho Yea Alternatives rozmіschennya koshtіv (at kraїnah s rozvinutoyu rinkovoyu ekonomіkoyu vkladennya koshtіv in derzhavnі tsіnnі Paper the vvazhayutsya bezrizikovanimi): the digit defіtsitі budget Uryadov pіdvischuvatime protsentnі rates dwellers zbіlshiti obsyagi zaluchenih koshtіv. Tse, at his chergo, snake commercial banks pidnimati percent interest rates zaluchennia koshtiv. In the case of rock, if the demand in the cats is changed, the interest rates for the state-owned peasants are to be taxed, so as to lower the interest rates on the market;
• Station of payment balance . Interest rates є one amount of money in the capital articles of the payment balance: the amount of the levy is directly levied on the collection of the foreign capitals, if the central bank issues interest rates to the central bank;
• Popit on a penny market , and takozh rіvenь ekonomichnoї activity : збільшення попиту, character for perіоду підвищення рівня економічної activity, сприяє зростанню процентных rates, економічний recession, шo тягне за сомю зменшення попиту, веде до падіння рівня проценних ставки;
• ochіkuvannya on market analysis: Yakscho ochіkuєtsya padіnnya interest rates, the Ti Participants fіnansovogo market analysis, scho toil vіlnі resources will namagatisya rozmіstiti їh on bіlsh trivaly termіn, dwellers will win the maximum Prybutok od temple rates when rozmіschennya koshtіv, ale pozichalniki have their Cherga, zaluchatimut Short-term deposits, ochikuyuchi, if the rates are inflated. At the end of the year, the interest rates are to fall shortly short. Yakscho ochіkuєtsya zrostannya interest rates on the popit dovgostrokovі poziki zbіlshitsya, oskіlki pozichalniki namagatimutsya zafіksuvati іsnuyuchі nizkі rates vodnochase creditors pragnutimut uniknuti dovgostrokovogo rozmіschennya koshtіv, unaslіdok chogo dovgostrokovі zrostut rates;
• rіven interest rates on svіtovih fіnansovih Rink: іnternatsіonalіzatsіya fіnansovih rinkіv that chastkove abo Povny skasuvannya bіlshіstyu rozvinutih kraїn obmezhen on zdіysnennya konversіynih operatsіy spriyayut fact scho pіdvischennya interest rates on one s rinkіv zumovlyuє spryamuvannya resursіv tudi, de stink will achieve maximum dohіd.

On the riven of interest rates for deposits in non-terrestrial currencies in the main vnyvayut chinniki z koku kraїni pokhozhenna tsієї currency, and not kraїni, de zdіysnyuyutsya operatsii z rozmischennya abo zaluchchennia koshtiv.

At zdіysnenni deposit operations in foreign currencies the interest rate is to be repaid on the basis of a simple interest:

De A - sum of deposit;

R is the interest rate;

D - number of days of interest;

B - basic number of days at a time (360 abbreviations 365).

For bіlshostі base currency Quantity dnіv in rotsі rozrahovuєtsya Yak 360, ale for deyakih currency (britansky pound іrlandsky pound belgіysky franc sіngapursky Dolar, Dolar gonkongіvsky, pіvdennoafrikansky rend) Quantity dnіv base in rotsі dorіvnyuє 365.

On the other hand, interest on the sum to register a bank with a value of 3 million euros per line for 5% of the riches, dorivnuvatime 12,500 euros:

Interest rate zazvichay є rіchnymu percentage rate, vona poznachaetsya pa (vid latinskogo per annum - on the river).

At міжнародній практиці застосовуть two ways of writing interest rate: in viglyadі ten-decker (5,125%) that zvichaynogo drobe ( %).

The interest rate can be fixed (floating).

The interest rate is set in the case of a rozmischennyi / zaluchennyi deposit that is filled in unjustifiably for the whole period of the deposit. This is the rate of curiosity for short-rowed hills.

The floating interest rate can be extended through a long deposit. The floating rates for the deposits of the currency market are brought before the LIBOR bet. Vaughn is the middle rate, for the alleged Naybilshi British banks lending to the top-notch poshchalkinov in the London Interbank Offered Rate. The rate is set at 11.00 of the cutaneous day. Існує також rate LIBID (London Interbank Bid Rate), тобто rate залучення коштів першокласними banks. LIBOR rates are quoted for British pounds, US dollars, Euro, Swiss francs, and Japanese ones. In floating interest rates LIBOR vikoristovuyutsya yak base, until you come up with basic points (basis points - bp ). One hundred basic points to increase one percent, then 1 bp = 0.01%. Napriklad, the bank is quoted the rate of the growth in the US dolar in the following way:

USD 6m LIBOR + 75 bp (six-month LIBOR + 0.75% rate).

For the US dolars, the base of the floating rate can be so called the prime rate. Tse bet for korotkostrokovymi komertsynimi pozits to proshoklasnim poshchalnikam, scho її kotiruyut naybіlshі American banks. Yaksho pose in the American Dollar zdіysnyuetsya behind the US borders, then zichichno vikoristovuyutsya rate LIBOR. Takozh yak mozhut bouti vikoristani: the rate FIBOR (Frankfurt Interbank Offered Rate), the rates of the highest prices of paperns and commercial paperns.