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Объем работы: 12 стр.

Год сдачи: 2008

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The increasing number of the Russian companies is entering the world money-market. Financial management is becoming much more complex and risky. That’s why there is a necessity of both estimating the opportunities of Russian companies and general estimating the prospects of Russia’s integration into the world money-market.

Last decades were marked by important changes in world economic development.

The concept of integration of the national money-market into the world money-market has no unique interpretation in the mode
Russian economic literature. In the given work the general understanding of this term comprises all forms of strengthening relationships between the national money-market and money-markets of other countries.

This concept includes the strengthening of economic, informational, technical and organizational relationships between the given markets, as well as elimination of legal, economic, political, technological and psychological obstacles to free moving of capital.

The full financial integration has obvious benefits for Russia, particularly because the global financial system has been expanding more rapidly than any time in history.

The nexus between inte
ational financial integration – the degree to which an economy is integrated with and open to the inte
ational capital market – and economic growth continues to be one of the most debated issues among inte
ational economists. Do financially more open economies grow faster than closed ones, precisely because of their openness to the global capital market? Are policies sensible that promote growing inte
ational financial integration, hence financial globalization?

The benefits of financial globalization are well-known: it facilitates the transfer of savings across borders allowing savings to finance productive investment, promoting growth and job creation, as well as portfolio diversification. At the same time,...

One of the factors of such deep branch disbalance is insufficiently strong communications of national economy with the world money-market, limiting competitiveness of small- and middle-sized enterprises in the world market. Even realization of simple currency transactions at the local market for these enterprises is connected with significant complexities.

On the other hand the presence of inte
ational firms at financial markets has made an important contribution to stability in domestic banking systems in a number of emerging-market economies.

More than that, the impossibility of free carrying out operations in the money-market limits the potential of using the complex financial schemes, that also negatively effect the competitiveness of the Russian industry.

There is a system of the inte
ational economic relationships which sharply limits the entrance of small and middle-sized companies into the world market.

Large trading organizations are engaged into distribution of their production. For such organizations the restrictions connected with operations in the world money-market (on the minimal volume of operations, terms of transactions, level of commission fee) are insignificant. In Russia there are no mechanisms of simplifying the entrance into the world market of small and middle-sized enterprises.

Creation of foreign trade associations or companies will not only promote expansion of technological export of Russia and deepening of its integration into the world money-market, but also lead to clear differentiation of local and foreign trade.

Alongside with the exte
al economic companies many developed countries have special export banks which are engaged in maintenance the operations connected with the world currency market. Activity of such banks, as a rule, facilitates the entrance of the middle-sized companies into the world market and promotes a deepening of communications between national economy and the world money-market.

The greater...


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