Editura Universitara Payment and financing techniques and instruments used in international business, second edition

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ISBN: 978-606-28-0674-3

DOI: 10.5682/9786062806743

Publisher year: 2017

Edition: II, revizuita si adaugita

Pages:

Publisher: Universitară

Author: Oana Mionel

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The paper was designed to provide an overview of short, medium and long term payment and financing techniques. It is addressed primarily to students of 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 from 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 electronic, and we ended with financing international business. being structured in twelve chapters, all chapters being written in a style accessible to students and other readers, but with clear specifications on all specialized terms used in international economic relations.
  • Payment and financing techniques and instruments used in international business, second edition

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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.

FOREWORD / 9

PART I / 11

TECHNIQUES AND PAYMENT INSTRUMENTS USED IN INTERNATIONAL BUSINESS / 11

I. MONEY AND INTERNATIONAL AFFAIRS / 12
1.1. INTERNATIONAL LABOR DIVISION AND INTERNATIONAL PAYMENTS / 12
1.2. THE APPEARANCE OF MONEY AND THE ELIMINATION OF TRUCK INEFFICIENCY / 12
1.3. CURRENCY AND FOREIGN MARKET / 18
1.4. CURRENCIES / 23
1.5. INTERNATIONAL ECONOMIC RELATIONS AND INVOLVED PARTIES / 25
1.5.1. Importer / 28
1.5.2. Exporter / 29

II. BANKING INSTRUMENTS FOR PAYMENT AND GUARANTEE / 31
2.1. CECUL / 31
2.1.1. General characterization / 31
2.1.2. Classification of checks / 33
2.1.3. Check operations / 34
2.1.4. Risks of using checks / 37
2.2. TRAVEL CHECK / 37
2.3. THE TICKET ORDER / 41
2.4. PAYMENT ORDER / 42
2.5. PAYMENT ORDER FOR THE STATE TREASURY / 43
2.6. LETTER OF GUARANTEE (BANKING) / 47

III. ELECTRONIC PAYMENTS / 50
3.1. ELECTRONIC PAYMENT INSTRUMENTS / 51
3.1.1. Contactless bracelet / 51
3.1.2. Bank card / 52
3.1.3. International debit cards / 57
3.1.4. Payment order in electronic format / 60
3.1.5. Payment order for the state treasury in electronic format / 61
3.1.6. Electronic Multiple Payment Order (OPME) / 63
3.1.7. Electronic check / 67
3.2. ELECTRONIC SIGNATURE / 67
3.3. ELECTRONIC BANKING AND INTERNET BANKING / 71

IV. ELECTRONIC PAYMENT SYSTEMS / 76
4.1. ELECTRONIC INTERBANK PAYMENT SYSTEMS / 76
4.1.1. SWIFT / 76
4.1.2. SEPA / 80
4.1.3. TARGET 2/82
4.2. TRANSFOND - THE ELECTRONIC PAYMENT SYSTEM FROM ROMANIA / 85
4.2.1. SENT / 86
4.2.2. ReGis / 86
4.2.3. SaFIR / 87
4.3. PERSONAL PAYMENT SYSTEMS / 88
4.3.1. Western Union / 88
4.3.2. MoneyGram / 89
4.3.3. Azimo / 89
4.3.4. Smith and Smith / 90

V. METHODS OF PAYMENT USED IN INTERNATIONAL BUSINESS / 94
5.1. DOCUMENTARY ACCREDITATION / 94
5.1.1. Definition and characteristics of the documentary letter of credit / 94
5.1.2. The parties involved in the development of the documentary letter of credit / 96
5.1.3. The mechanism of the documentary letter of credit / 98
5.1.4. Types of documentary letters of credit / 100
5.1.5. Documents used in the payment of the documentary letter of credit / 107
5.1.6. Advantages and disadvantages of using the documentary letter of credit / 109
5.2. COLLECTION OF DOCUMENTARY / 111
5.2.1. Definition and characteristics of the documentary collection / 111
5.2.2. The parties involved in the conduct of the documentary collection / 111
5.2.3. The mechanism for carrying out the documentary collection / 114
5.2.4. Advantages and disadvantages of using the documentary collection / 115

PART II / 117

TECHNIQUES FOR FINANCING INTERNATIONAL BUSINESS / 117

VI. FINANCING INTERNATIONAL BUSINESS / 118
6.1. INTERNAL FINANCING AND EXTERNAL FINANCING / 118
6.2. FINANCIAL INTERMEDIARIES / 121
6.2.1. International financial institutions / 122
6.2.2. Storage institutions / 126
6.2.3. Non - depository institutions / 127
6.2.4. Government intermediation agencies / 132

VII. SHORT - TERM FINANCING TECHNIQUES / 134
7.1. PRE - FINANCING APPROPRIATIONS / 135
7.2. EXPORT CREDITS / 137
7.3. CREDIT LINES / 141
7.4. APPROPRIATIONS FOR FINANCING TEMPORARY / SEASONAL EXPENDITURES AND STOCKS / 143
7.5. GLOBAL OPERATING APPROPRIATIONS / 145

VIII. MEDIUM AND LONG TERM FINANCING TECHNIQUES / 146
8.1. CLASSICAL FINANCING TECHNIQUES / 147
8.1.1. Supplier credit / 147
8.1.2. Buyer credit / 150
8.2. MODERN FINANCING TECHNIQUES / 153
8.2.1. Consortium loan / 153
8.2.2. Revolving credit / 156
8.2.3. Co-financing / 158

IX. SPECIAL FINANCING TECHNIQUES / 162
9.1. FORFETAREA / 162
9.1.1. Presentation of the lump sum concept / 162
9.1.2. Forms of the lump sum offer / 164
9.1.3. Advantages and disadvantages of the lump sum operation / 165
9.2. FACTORING / 168
9.2.1. Presentation of the factoring concept / 168
9.2.2. Types of factoring / 168
9.2.3. Advantages and disadvantages of the factoring operation / 170
9.2.4. The mechanism of the factoring operation / 171
9.2.5. COFACE - trade receivables management / 173
9.3. LEASINGUL / 175
9.3.1. Leasing characterization / 175
9.3.2. Types of leasing / 178
9.3.3. The benefits of the leasing operation / 180
9.3.4. The mechanism of the leasing operation / 181

X. EUROPEAN FINANCING / 185
10.1. EUROVALUTE MARKET / 186
10.1.1. The concepts of Eurocurrency and Eurocurrency market / 186
10.1.2. The origin of the euro currency market / 188
10.1.3. Euro interest rate / 189
10.1.4. Advantages and disadvantages of the Eurocurrency market / 189
10.2. EURO BOND MARKET / 190
10.2.1. Bonds, international bonds, Eurobonds / 190
10.2.2. Market structure and mechanism / 192
10.2.3. Essential characteristics of Eurobonds / 194
10.2.4. Advantages and disadvantages of Eurobonds / 195
10.3. EUROACTION MARKET / 195
10.3.1. General characterization / 195
10.3.2. Launch mechanism / 197

XI. SME FINANCING INSTRUMENTS IN THE EUROPEAN UNION / 198
11.1. SMEs IN THE EUROPEAN UNION / 198
11.2. FINANCING INSTRUMENTS / 201
11.2.1. COSME / 201 program
11.1.2. InnovFin Horizon 2020/207 program
11.2.3. Creative Europe Program / 209

BIBLIOGRAPHY / 212

Trends and changes in international financial markets show that, at the beginning of the 21st century, financial techniques and instruments have been adapted to the complex requirements of participants in the international economy in general and the electronic economy in particular.
Thus, this book has been designed to provide an overview of short, medium and long term payment and financing techniques. The paper is addressed primarily to students of 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 in twelve 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.


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