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The Technique of Payments and International Financing
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ISBN: 978-606-28-0096-3
DOI: 10.5682/9786062800963
Publisher year: 2014
Edition: III, revizuita
Pages: 246
Publisher: Universitară
Author: Oana Mionel
Product Code:
9786062800963
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The paper presents basic notions for the technique of payments and international financing. In making this book we started with the importance of payments and financing in international economic relations, we outlined the role of the balance of external payments in the economy, we continued with the tools and methods of payment on paper and electronically, and we ended with financing international business.
The paper is structured on nine chapters, all chapters are written in a style accessible to students and other readers, but with clear details on all specialized terms used in international economic relations.
At the end of the book there is a section, which addresses primarily students, work topics formulated based on the topics presented in the nine chapters, topics that students will be able to solve as they study the paper.
The paper is structured on nine chapters, all chapters are written in a style accessible to students and other readers, but with clear details on all specialized terms used in international economic relations.
At the end of the book there is a section, which addresses primarily students, work topics formulated based on the topics presented in the nine chapters, topics that students will be able to solve as they study the paper.
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Tehnica platilor si finantarii internationale
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OANA MIONEL
Doctor in economics, title awarded by the Academy of Economic Studies and, at the same time, associate professor at the Faculty of International Economic Relations within the "Dimitrie Cantemir" Christian University.
The author of this paper teaches at the mentioned faculty the subjects: Technique of international payments and financing and International stock exchanges.
Doctor in economics, title awarded by the Academy of Economic Studies and, at the same time, associate professor at the Faculty of International Economic Relations within the "Dimitrie Cantemir" Christian University.
The author of this paper teaches at the mentioned faculty the subjects: Technique of international payments and financing and International stock exchanges.
LIST OF FIGURES / 10
LIST OF TABLES / 12
FOREWORD / 13
CHAPTER 1. KEY CONCEPTS ON PAYMENTS AND FINANCING OF INTERNATIONAL BUSINESS / 15
1.1. The importance of payments in international economic relations / 15
1.1.1. The notion of international payments / 17
1.1.2. Currencies, currencies and currencies / 18
1.1.3. Parties involved in international payments / 30
1.1.3.1. Buyer / importer / 32
1.1.3.2. Seller / exporter / 33
1.2. Financing international affairs / 34
1.2.1. Presentation of financing and international financing concepts / 34
1.2.2. Business financing / 35
1.2.3. Financial intermediaries / 39
1.2.3.1. International financial institutions / 39
1.2.3.2. Storage institutions / 44
1.2.3.3. Non-storage institutions / 45
1.2.3.4. Government intermediation agencies / 52
CHAPTER 2. BALANCE OF EXTERNAL PAYMENTS / 54
2.1. Presentation of the concept of external payments balance / 54
2.2. The structure of the external balance of payments / 58
2.2.1. Current account / 58
2.2.2. Capital and financial account / 60
2.2.3. Errors and omissions / 62
2.3. External balance of payments imbalance / 63
2.3.1. Factors that unbalance the balance of external payments / 63
2.3.2. Measures on balancing the external balance of payments / 66
CHAPTER 3. PAYMENT INSTRUMENTS USED IN INTERNATIONAL TRANSACTIONS / 68
3.1. Check / 68
3.1.1. Definition, essential elements and optional clauses / 68
3.1.2. Typology of checks / 71
3.1.3. Check operations / 74
3.1.4. Risks of using checks / 77
3.2. Change / 78
3.2.1. Definition, essential elements and optional elements / 78
3.2.2. Exchange rates / 80
3.2.3. Foreign exchange operations / 81
3.2.4. Exchange functions / 86
3.3. Promissory note / 87
3.4. Payment order / 88
CHAPTER 4. ELECTRONIC PAYMENTS / 90
4.1. Overview of electronic payments / 90
4.2. Electronic payment instruments / 92
4.2.1. Bank card / 92
4.2.2. Electronic payment order / 95
4.2.3. Electronic check / 96
4.3. Electronic funds transfer systems / 97
4.3.1. Interbank payments / 97
4.3.1.1. SWIFT / 97
4.3.1.2. TARGET 2/101
4.3.2. Payments between persons / 102
4.3.2.1. Western Union / 102
4.3.2.2. MoneyGram / 104
4.4. Electronic signature / 105
4.5 Electronic banking and Internet banking / 107
CHAPTER 5. METHODS OF PAYMENT USED IN INTERNATIONAL TRANSACTIONS / 114
5.1. Documentary letter of credit / 114
5.1.1. Definition and characteristics of the documentary letter of credit / 114
5.1.2. The parties involved in the development of the documentary letter of credit / 116
5.2.3. Contracts and the mechanism of conducting the documentary letter of credit / 118
5.3.4. Types of documentary letters of credit / 121
5.3.5. The documents used in the payment of the documentary letter of credit / 130
5.3.6. Advantages and disadvantages of using the documentary letter of credit / 133
5.2. Documentary collection / 135
5.2.1. Definition and characteristics of the documentary collection / 135
5.2.2. The parties involved in the conduct of the documentary collection / 136
5.2.3. The mechanism for carrying out the documentary collection / 138
5.2.4. Advantages and disadvantages of using the documentary collection / 140
CHAPTER 6. SHORT-TERM FINANCING TECHNIQUES / 142
6.1. Pre - financing appropriations / 144
6.2. Export credits / 146
6.3. Lines of credit / 151
6.4. Appropriations for financing temporary / seasonal expenses and stocks / 153
6.5. Global operating appropriations / 156
CHAPTER 7. MEDIUM AND LONG TERM FINANCING TECHNIQUES / 157
7.1. Classical financing techniques / 159
7.1.1. Supplier credit / 159
7.1.2. Buyer credit / 164
7.2. Modern financing techniques / 167
7.2.1. Consortium loan / 167
7.2.2. Credit revolving / 171
7.2.3. Co-financing / 174
CHAPTER 8. SPECIAL FINANCING TECHNIQUES / 179
8.1. Flat rate / 179
8.1.1. Presentation of the lump sum concept / 179
8.1.2. Forms of the lump sum offer / 181
8.1.3. Advantages and disadvantages of the lump sum operation / 183
8.1.4. The mechanism of carrying out the lump sum operation within the contracts with payment by endorsed bill / 184
8.2. Factoring / 186
8.2.1. Presentation of the factoring concept / 186
8.2.2. Types of factoring / 187
8.2.3. Advantages and disadvantages of the factoring operation / 189
8.2.4. The mechanism of the factoring operation / 191
8.3. Leasing / 193
8.3.1. Leasing characterization / 193
8.3.1.1. Definition of leasing and leasing contract / 193
8.3.1.2. Leasing elements / 194
8.3.2. Types of leasing / 196
8.3.3. The benefits of the leasing operation / 199
8.3.4. The mechanism of the leasing operation / 200
CHAPTER 9. EUROPEAN FINANCING / 205
9.1. Eurocurrency market / 206
9.1.1. The concepts of Eurocurrency and Eurocurrency market / 206
9.1.2. Origin of the Eurocurrency market / 209
9.1.3. Euro interest rate / 210
9.1.4. 9.1.4. Advantages and disadvantages of the euro currency market / 211
9.2. Eurobond market / 212
9.2.1. Basic notions: bonds, international bonds, euro bonds / 212
9.2.2. Market structure and mechanism / 214
9.2.3. Essential characteristics of Eurobonds / 217
9.2.4. Advantages and disadvantages of Eurobonds / 218
9.3. Euro share market / 219
9.3.1. General characterization / 219
9.3.2. Launch mechanism / 220
APPLICATIONS / 222
LIST OF TABLES / 12
FOREWORD / 13
CHAPTER 1. KEY CONCEPTS ON PAYMENTS AND FINANCING OF INTERNATIONAL BUSINESS / 15
1.1. The importance of payments in international economic relations / 15
1.1.1. The notion of international payments / 17
1.1.2. Currencies, currencies and currencies / 18
1.1.3. Parties involved in international payments / 30
1.1.3.1. Buyer / importer / 32
1.1.3.2. Seller / exporter / 33
1.2. Financing international affairs / 34
1.2.1. Presentation of financing and international financing concepts / 34
1.2.2. Business financing / 35
1.2.3. Financial intermediaries / 39
1.2.3.1. International financial institutions / 39
1.2.3.2. Storage institutions / 44
1.2.3.3. Non-storage institutions / 45
1.2.3.4. Government intermediation agencies / 52
CHAPTER 2. BALANCE OF EXTERNAL PAYMENTS / 54
2.1. Presentation of the concept of external payments balance / 54
2.2. The structure of the external balance of payments / 58
2.2.1. Current account / 58
2.2.2. Capital and financial account / 60
2.2.3. Errors and omissions / 62
2.3. External balance of payments imbalance / 63
2.3.1. Factors that unbalance the balance of external payments / 63
2.3.2. Measures on balancing the external balance of payments / 66
CHAPTER 3. PAYMENT INSTRUMENTS USED IN INTERNATIONAL TRANSACTIONS / 68
3.1. Check / 68
3.1.1. Definition, essential elements and optional clauses / 68
3.1.2. Typology of checks / 71
3.1.3. Check operations / 74
3.1.4. Risks of using checks / 77
3.2. Change / 78
3.2.1. Definition, essential elements and optional elements / 78
3.2.2. Exchange rates / 80
3.2.3. Foreign exchange operations / 81
3.2.4. Exchange functions / 86
3.3. Promissory note / 87
3.4. Payment order / 88
CHAPTER 4. ELECTRONIC PAYMENTS / 90
4.1. Overview of electronic payments / 90
4.2. Electronic payment instruments / 92
4.2.1. Bank card / 92
4.2.2. Electronic payment order / 95
4.2.3. Electronic check / 96
4.3. Electronic funds transfer systems / 97
4.3.1. Interbank payments / 97
4.3.1.1. SWIFT / 97
4.3.1.2. TARGET 2/101
4.3.2. Payments between persons / 102
4.3.2.1. Western Union / 102
4.3.2.2. MoneyGram / 104
4.4. Electronic signature / 105
4.5 Electronic banking and Internet banking / 107
CHAPTER 5. METHODS OF PAYMENT USED IN INTERNATIONAL TRANSACTIONS / 114
5.1. Documentary letter of credit / 114
5.1.1. Definition and characteristics of the documentary letter of credit / 114
5.1.2. The parties involved in the development of the documentary letter of credit / 116
5.2.3. Contracts and the mechanism of conducting the documentary letter of credit / 118
5.3.4. Types of documentary letters of credit / 121
5.3.5. The documents used in the payment of the documentary letter of credit / 130
5.3.6. Advantages and disadvantages of using the documentary letter of credit / 133
5.2. Documentary collection / 135
5.2.1. Definition and characteristics of the documentary collection / 135
5.2.2. The parties involved in the conduct of the documentary collection / 136
5.2.3. The mechanism for carrying out the documentary collection / 138
5.2.4. Advantages and disadvantages of using the documentary collection / 140
CHAPTER 6. SHORT-TERM FINANCING TECHNIQUES / 142
6.1. Pre - financing appropriations / 144
6.2. Export credits / 146
6.3. Lines of credit / 151
6.4. Appropriations for financing temporary / seasonal expenses and stocks / 153
6.5. Global operating appropriations / 156
CHAPTER 7. MEDIUM AND LONG TERM FINANCING TECHNIQUES / 157
7.1. Classical financing techniques / 159
7.1.1. Supplier credit / 159
7.1.2. Buyer credit / 164
7.2. Modern financing techniques / 167
7.2.1. Consortium loan / 167
7.2.2. Credit revolving / 171
7.2.3. Co-financing / 174
CHAPTER 8. SPECIAL FINANCING TECHNIQUES / 179
8.1. Flat rate / 179
8.1.1. Presentation of the lump sum concept / 179
8.1.2. Forms of the lump sum offer / 181
8.1.3. Advantages and disadvantages of the lump sum operation / 183
8.1.4. The mechanism of carrying out the lump sum operation within the contracts with payment by endorsed bill / 184
8.2. Factoring / 186
8.2.1. Presentation of the factoring concept / 186
8.2.2. Types of factoring / 187
8.2.3. Advantages and disadvantages of the factoring operation / 189
8.2.4. The mechanism of the factoring operation / 191
8.3. Leasing / 193
8.3.1. Leasing characterization / 193
8.3.1.1. Definition of leasing and leasing contract / 193
8.3.1.2. Leasing elements / 194
8.3.2. Types of leasing / 196
8.3.3. The benefits of the leasing operation / 199
8.3.4. The mechanism of the leasing operation / 200
CHAPTER 9. EUROPEAN FINANCING / 205
9.1. Eurocurrency market / 206
9.1.1. The concepts of Eurocurrency and Eurocurrency market / 206
9.1.2. Origin of the Eurocurrency market / 209
9.1.3. Euro interest rate / 210
9.1.4. 9.1.4. Advantages and disadvantages of the euro currency market / 211
9.2. Eurobond market / 212
9.2.1. Basic notions: bonds, international bonds, euro bonds / 212
9.2.2. Market structure and mechanism / 214
9.2.3. Essential characteristics of Eurobonds / 217
9.2.4. Advantages and disadvantages of Eurobonds / 218
9.3. Euro share market / 219
9.3.1. General characterization / 219
9.3.2. Launch mechanism / 220
APPLICATIONS / 222
Trends and changes in international financial markets show us that, at the beginning of the 21st century, financial techniques and instruments have been adapted to the complex requirements of e-economy participants.
Thus, this book has been designed to provide an overview of payment techniques and short, medium and long term financing techniques. The paper is addressed primarily to students at the Faculty of International Economic Relations, but also to other readers interested in payment instruments, payment methods and financing techniques.
The paper presents basic notions for the technique of payments and international financing. In making this book we started with the importance of payments and financing in international economic relations, we outlined the role of the balance of external payments in the economy, we continued with the tools and methods of payment on paper and electronically, and we ended with financing international business.
The paper is structured on nine chapters, all chapters are written in a style accessible to students and other readers, but with clear details on all specialized terms used in international economic relations.
At the end of the book there is a section, which addresses primarily students, work topics formulated based on the topics presented in the nine chapters, topics that students will be able to solve as they study the paper.
The Author
Thus, this book has been designed to provide an overview of payment techniques and short, medium and long term financing techniques. The paper is addressed primarily to students at the Faculty of International Economic Relations, but also to other readers interested in payment instruments, payment methods and financing techniques.
The paper presents basic notions for the technique of payments and international financing. In making this book we started with the importance of payments and financing in international economic relations, we outlined the role of the balance of external payments in the economy, we continued with the tools and methods of payment on paper and electronically, and we ended with financing international business.
The paper is structured on nine chapters, all chapters are written in a style accessible to students and other readers, but with clear details on all specialized terms used in international economic relations.
At the end of the book there is a section, which addresses primarily students, work topics formulated based on the topics presented in the nine chapters, topics that students will be able to solve as they study the paper.
The Author
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