Basic forms of credit and its classification. Detailed classification of loans that you need to know about Loan forms are classified depending on

The loan structure includes the lender, the borrower and the value lent, so the forms of loan can be considered depending on the nature:

Lent value;

Lender and borrower;

Target needs of the borrower.

Depending on the loaned value, it is advisable to distinguish between commodity, monetary and mixed (commodity-money) forms of credit.

The commodity form of credit historically precedes its monetary form.

In modern practice, the commodity form of credit is not fundamental. The predominant form is the monetary form of the loan, but its commodity form is also used. The latter form of credit is used both when selling goods in installments, and when renting property (including leasing equipment), and renting things. Practice shows that the creditor who has provided the goods for payment in installments feels the need for a loan, and mainly in cash. It can be noted that where the commodity form of credit operates, its movement is often accompanied by the monetary form of credit. It can be assumed that credit existed before the monetary form of value, when equivalent exchange used individual products(furs, livestock, etc.). The first creditors were entities with surplus consumer goods. In recent history, there are known cases of landowners lending to peasants in the form of grain and other agricultural products before the new harvest.

The monetary form of credit is the most typical, predominant in modern economy. If the loan was provided in cash and its return was also made in money, then this transaction represents a cash loan.

If the loan was provided in the form of goods and returned in money, or vice versa (provided in money and returned in the form of goods), then it is more correct to consider that there is a mixed form of credit.

A mixed (commodity-money) form of credit is often used in the economies of developing countries, which pay for money loans with periodic deliveries of their goods (mainly in the form of raw materials and agricultural products). In the domestic economy, the sale of goods in installments is accompanied by the gradual repayment of the loan in cash.

Depending on who is the creditor in a credit transaction, the following forms of credit are distinguished: banking, economic (commercial), state, international, civil (private, personal). At the same time, not only the lender, but also the borrower participates in a credit transaction; in a credit transaction they are equal subjects. The supply of loans comes from the lender, the demand from the borrower.

If a bank, for example, provides a loan to the population, and an individual puts his savings on a deposit with the bank, then in these cases there is the same composition of participants (bank and population). At the same time, each party occupies a different position here: in the first case, the bank serves as a creditor; in the second - by the borrower; in turn, in the first case, the individual acts as a borrower, in the second - as a lender, therefore, the lender and the borrower change places, which also changes the form of the loan.

Loan forms are also divided depending on the target needs of the borrower. Based on this feature, we can distinguish between productive and consumer forms of credit.

Other forms of credit are also used:

Direct and indirect;

Explicit and hidden;

Old and new;

Main (predominant) and additional;

Developed and undeveloped, etc.

The direct form of credit reflects the direct issuance of a loan to its user without indirect links. An indirect form of credit occurs when a loan is taken out to lend to other entities, for example if trade Organization receives a loan from a bank not only for the purchase and sale of goods, but also for lending to citizens against goods with installment payment.

An explicit form of a loan is a loan for pre-agreed purposes. A hidden form of credit arises if the loan is used for purposes not provided for by the mutual obligations of the parties.

Old form credit - a form that appeared at the beginning of the development of credit relations. For example, a commodity loan against property was the oldest form used in the early stages of social development. The old form can be modernized and acquire modern features.

New forms of credit include a leasing loan. The object of collateral is not only traditional real estate, but also modern types of technology, new goods that are a sign of modern life (cars, yachts, expensive video equipment, computers). Modern credit is new form credit versus its usurious form.

Basic form modern credit - cash loan, while commodity credit acts as an additional form that is not secondary, second-rate. Each of the forms, taking into account the various criteria for their classification, complements each other, forming a specific system adequate to the corresponding level of commodity-money relations.

Developed and undeveloped forms of credit characterize the degree of its development. In this sense, a pawnshop loan is called an undeveloped loan that does not correspond to the modern level of relations

Forms of credit according to the nature of the value lent.

By nature of the value lent loans are divided into 3 forms:

Product form loan chronologically is the father of the monetary form of loans. In this form of credit, goods are lent. Moreover, the goods-objects of the loan guarantee the repayment of the loan. Goods are used in economic circulation, and repayment of such loans mainly occurs in cash. The goods become the property of the borrower only after full repayment of the loan and payment of interest.

Monetary form loan - The most common form of credit, which implies that the lender lends his money to the borrower. The monetary form of credit turned out to be the most popular, since money is the universal equivalent in the exchange of commodity values, a unique means of circulation and payment. This form of credit is very dependent on economic situation, degree of depreciation of the money supply, unemployment, etc. The monetary form of credit is popular not only among individuals, but also in interstate foreign economic relations.

Mixed (commodity-money) form loan- the loan is issued in the form of goods and returned in cash or vice versa. This type of loan is very popular in developing countries, when money borrowed from other countries is returned in the form of goods supplies.

Forms of credit - bank loan.

With this form of credit, only monetary capital is used. This loan provided exclusively by financial and credit institutions licensed by the Central Bank of the Russian Federation to conduct this type of operation. The scope of this loan is much wider than commercial.

Banking form The loan has the following features:

the bank, as a rule, operates not so much with its capital as with attracted resources;
the bank lends idle capital;
The bank lends not just money, but money as capital.

The price for using bank loans is loan interest, determined on a mutually beneficial basis between the subjects of credit relations and fixed in loan agreement.

Forms of credit - commercial loan.

The essence commercial loan is that the loan is not issued by a credit institution, but is issued in the process of a trade transaction, which is why it has a second name - trade loan. Such a loan can be taken from any entity that has a sufficient amount of money supply.

Commercial credit is one of the earliest forms of credit relations in the economy, which became the beginning of bill circulation and, thereby, developed non-cash money circulation. The main goal This form of credit is called accelerating the process of selling goods and, therefore, returning money.

The instrument of commercial credit is traditionally bill of exchange, which expresses financial obligations borrower to lender. Two forms of promissory notes have gained the most popularity - a promissory note, which implies a direct obligation of the borrower to pay a specified amount to the creditor, and a transferable one (draft), which implies the transfer of a written order to the borrower from the lender to pay the specified amount to a third party or the bearer of the bill.

Commercial and bank loans have several significant differences:

a creditor can be not only financial institutions, but every legal entity that must be associated with the production or sale of goods/services;
can only be issued in commodity form;
loan capital is integrated with industrial or commercial capital, which modern conditions found practical expression in the creation of financial companies, holdings and other similar structures, which include enterprises of various specializations and areas of activity;
average price a commercial loan is usually less than the average bank interest rate at the current time;
During the legal process of processing the transaction, the fee for this credit is added to the price of the product and is not calculated separately.

Now in Russia, in practice, 3 types are most often used commercial loan:

with a fixed maturity;
with return only after the borrower actually sells the goods delivered in installments;
lending by open account- delivery of a consignment of goods in the future on the terms of a commercial loan occurs before the debt on the previous delivery is repaid.

Forms of credit - state loan.

The main feature of a public loan is the direct participation of the state or local authorities at various levels. State loans are provided from budget funds.

Carrying out the functions of a creditor, the state through the Central Bank provides lending:

specific industries or regions that need financial resources, when the possibilities of budget financing are already running out, and it is not possible to count on loans from commercial banks due to market factors;
commercial banks in the process of auction or direct sale of credit resources on the interbank loan market;
targeted programs international relations.

The state will be a borrower when placing government loans or in the process of performing transactions on the government short-term market valuable papers. The main form of credit relations with a state loan is the relationship when the state will be the borrower of funds.

Forms of credit - international credit.

International loan is called a set of credit relations that work on international level, the direct participants of which are the state and international financial institutions. The difference is that one of the participants in the credit relationship belongs to another country.

In relations involving states in general and international institutions, credit is always issued in cash; in foreign trade activities, it can also be in goods. International credit is divided into several categories, differing:

by the nature of loans - interstate, private;
by form - state, banking, commercial;
by location in the system foreign trade— export lending, import lending.

A distinctive feature of an international loan is its additional legal or economic protection in the form of private insurance and government guarantees.

Forms of credit - civil form of credit.

Civil form of loan(private, personal, usurious). This form of credit is the first in the history of credit and was found in commodity and monetary form. It relates more to usury. In this case, loans are issued to individuals and business entities (without a Central Bank license). It is characterized by huge interest rates and often criminal methods of debt collection.

Such a loan can also be of a friendly nature, based on mutual trust, and no agreement is drawn up. Instead of a contract, promissory notes with notarized certificates can be used.

Forms of credit - consumer and industrial credit.

Production credit issued for entrepreneurial purposes: increasing the volume of production, work, services, assets. Production credit specifically affects the increase in the range of goods, works, services, assets, factors of production, and the standard of living of residents.

Consumer loan - A distinctive feature is the relationship between money and commodity capital; potential borrowers are individuals. Such a loan is created for consumption purposes, and not for the creation of new value.

Lenders can be specialized credit organizations and any legal entities that sell goods or services. In cash consumer loan issued as a bank loan to an individual for the purchase of real estate, payment for treatment, and so on, in a commodity - in the form retail sales goods with deferred payment. In Russia, this type of loan is not yet so popular; it is used a little when lending secured by real estate (mainly housing).

Other forms of credit.

Loans can also be divided according to other criteria. financial form credit, direct and indirect, explicit and hidden, basic and additional, developed and undeveloped.

Financial form of loan used when carrying out operations with financial assets: securities, currency, instruments of the loan capital market. This form of credit helps in meeting the demand for speculative capital.

Direct form of loan- direct issuance of a loan without intermediaries.

Indirect form of credit- taking out a loan for lending to other entities. Often used to finance the purchase of agricultural products.

Explicit form of credit- a loan for a pre-agreed purpose. This includes leasing loan and a number of others.

Main form of loan is a monetary loan, and commodity credit is its additional form.

Developed And undeveloped form of credit describe the degree of its development. Lombard loans are an undeveloped form of credit.

The forms of credit are closely related to its structure and, to a certain extent, to the essence of credit relations. They can be considered depending on their nature:

- loaned value;
- lender and borrower;
- target needs of the borrower.

Depending on the loaned value, it is advisable to distinguish:

- commodity,
- monetary,
- mixed (commodity-money) form of credit.

The commodity form of credit historically preceded the monetary form (credit was provided by furs, livestock, grain). Currently the product form is used:

- when selling goods with payment in installments,
- rental of things,
- when renting property.

In modern conditions, credit is mainly provided in cash.

In a mixed form, the loan is issued in the form of goods and returned in money or vice versa.

Depending on who is the creditor in the credit transaction, the following forms of credit are distinguished:

- economic (commercial),
- civil (private, personal).

In the civil form of credit, private individuals act as lenders. It can be both monetary and commercial in nature, often of a friendly nature: the loan interest is set in a smaller amount than in banks, and may not be charged at all; a loan agreement is not concluded, a promissory note is more often used, although it is not always used; The loan term is not fixed. With this form of credit, the element of trust takes on increased importance.

Depending on the target needs of the borrower, the following are distinguished:

- productive,
- consumer forms of credit.

In the productive form, the loan is used for the purposes of production and circulation. The consumer form is used by the population for consumption purposes.

(Document)

Efimova E.G., Karelina L.Yu. Money, credit, banks: Workshop (Document)

Sokolova O.V. (ed.) Finance, money, credit (Document)

Tests on the course Money, credit, banks (DKB) with answers (Crib sheet)

Beloglazova G.N. Money, credit, banks (Document)

Vladimirova M.P. Money, credit, banks (Document)

Vladimirova M.P., Kozlov A.I. Money, credit, banks (Document)

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50. Classification of loan forms depending on the nature of the cost

The loan structure includes the lender, the borrower and the value lent, so the forms of loan can be considered depending on the nature:

lent value;
lender and borrower;
target needs of the borrower.

Depending on the loaned value, it is advisable to distinguish between commodity, monetary and mixed (commodity-money) forms of credit.

The commodity form of credit historically precedes its monetary form.

In modern practice, the commodity form of credit is not fundamental. The predominant form is the monetary form of the loan, but its commodity form is also used. The latter form of credit is used both when selling goods in installments, and when renting property (including leasing equipment), and renting things. Practice shows that the creditor who has provided the goods for payment in installments feels the need for a loan, and mainly in cash. It can be noted that where the commodity form of credit operates, its movement is often accompanied by the monetary form of credit. It can be assumed that credit existed before the monetary form of value, when individual goods (furs, livestock, etc.) were used in equivalent exchange. The first creditors were entities with surplus consumer goods. In recent history, there are known cases of landowners lending to peasants in the form of grain and other agricultural products before the new harvest.

The monetary form of credit is the most typical and predominant in the modern economy. If the loan was provided in cash and its return was also made in money, then this transaction represents a cash loan.

Loan forms are also divided depending on the target needs of the borrower. Based on this feature, we can distinguish between productive and consumer forms of credit.

Other forms of credit are also used:

direct and indirect;
obvious and hidden;
old and new;
main (predominant) and additional;
developed and undeveloped, etc.

The direct form of credit reflects the direct issuance of a loan to its user without indirect links. An indirect form of credit occurs when a loan is taken out to lend to other entities, for example, if a trade organization receives a loan from a bank not only for the purchase and sale of goods, but also for lending to citizens for goods with installment payment.

An explicit form of a loan is a loan for pre-agreed purposes. A hidden form of credit arises if the loan is used for purposes not provided for by the mutual obligations of the parties.

The old form of credit is a form that appeared at the beginning of the development of credit relations. For example, a commodity loan against property was the oldest form used in the early stages of social development. The old form can be modernized and acquire modern features.

New forms of credit include a leasing loan. The object of collateral is not only traditional real estate, but also modern types of equipment, new goods that are a sign of modern life (cars, yachts, expensive video equipment, computers). Modern credit is a new form of credit compared to its usurious form.

The main form of modern credit is monetary credit, while commodity credit acts as an additional form, which is not secondary, second-rate. Each of the forms, taking into account the various criteria for their classification, complements each other, forming a specific system adequate to the corresponding level of commodity-money relations.

51. Classification of loan forms depending on the nature of the lender and the borrower, the nature of the borrower’s critical needs

Borrower is a party to a credit relationship who receives a loan and is obligated to repay the loan received. Debtor and borrower are close, but not identical concepts. Businesses and individuals may, for example, delay payment utilities, taxes, insurance payments. In these cases, the creditor does not transfer anything; the same entity remains the owner. Debt is a state of not only economic, but also purely human relations; debt is a broader concept that characterizes obligation in general. In relation to a credit transaction, we should not be talking about the debtor, but about the borrower.

Historically, borrowers have been individuals in need of additional resources. With the formation of banks, there is a concentration of not only lenders, but also a significant expansion of the composition of borrowers.

In modern conditions, in addition to banks, borrowers are enterprises, the population and the state. Traditionally, banks become collective borrowers, since they borrow not for themselves, but for others. The special place of the borrower in the credit transaction distinguishes him from the lender.

Firstly, the borrower is not the owner of the loaned funds, he is only their temporary owner; the borrower uses other people's resources that do not belong to him.

Secondly, the borrower uses the loaned funds both in the sphere of circulation and in the sphere of production (for the purchase of materials and the expansion and modernization of production). The lender provides a loan in the exchange phase, without directly entering into production.

Thirdly, the borrower returns the loaned resources that have completed the circuit in his farm. To ensure such a return, the borrower must organize its activities in such a way as to ensure the release of funds sufficient for settlements with the lender.

Fourthly, the borrower not only returns the value received for temporary use, but also pays more than he receives from the lender, and is a payer of loan interest.

Fifthly, the borrower depends on the lender; the lender dictates his will. Economic dependence on the lender forces the borrower to rationally use the borrowed funds.

52. Banking form of loan and its features. Types of loans

In global banking practice, there is no unified classification of bank loans. This is due to differences in developmental levels banking systems V different countries, their established methods of providing loans. However, the classification of loans according to the following criteria is most often used in the economic literature.

by purpose (loan purpose);
by area of use;
by terms of use;
on provision;
by the method of issuance and repayment;
by types of interest rates.

By purpose bank loans can be divided into the following groups: industrial, agricultural, investment, consumer, mortgage.

Industrial loans are provided to enterprises and organizations for the development of production, to cover the costs of purchasing materials, etc.

Agricultural loans are provided to farmers and peasant farms in order to facilitate their activities in cultivating the land, harvesting, etc.

Consumer loans are provided to individuals to cover urgent needs, repairs and purchase of apartments, houses

Mortgage Loans are issued against real estate for the purpose of construction, acquisition or reconstruction of housing.

Depending on the scope of use, bank loans can be of two types: loans to finance fixed or working capital. In turn, loans to working capital divided into loans in the sphere of production and in the sphere of circulation.

On modern stage development Russian economy the most attractive and, as a result, the most widespread are loans directed to the sphere of circulation.

According to the terms of use, bank loans are on call (on demand) and urgent.

Oncall Loans are repayable within a fixed period after formal notification from the lender. Currently, such loans are practically not used in Russia, because require stable conditions on the loan capital market.

Urgent Loans are usually divided into short-term, medium-term and long-term. In modern banking short-term loans are mainly used.

By ensuring loans are divided into unsecured (blank) and secured. Blank loans are issued to prime borrowers without the use of any form of loan repayment collateral.

Secured Loans are the main type of modern bank credit. Depending on the type of security, they are usually divided into collateral, guaranteed and insured.

This classification of bank loans is used more in banking theory than in practice. In the practical activities of Russian banks, it is customary to divide bank loans depending not on the type, but on the quality of the collateral. In this regard, it is customary to distinguish between secured, undersecured and unsecured loans.

Secured loan- a loan secured in the form of collateral in cases where the collateral simultaneously meets the following requirements:

its real (market) value is sufficient to compensate the bank for the principal amount of the loan, all interest in accordance with the agreement, as well as possible costs associated with the implementation of collateral rights;
all legal documentation in relation to the bank's pledge rights is drawn up in such a way that the time required to realize the pledge does not exceed 150 days from the day when the realization of the pledge rights becomes necessary for the bank.

The category of secured loans includes loans issued under the guarantee of the Government Russian Federation, subjects of the Russian Federation, guarantee from the Bank of Russia.

Undersecured loan- a loan that is secured in the form of collateral that does not meet at least one of the requirements for collateral for a secured loan.

Unsecured loan- a loan that does not have collateral or has collateral in the form of collateral that does not meet the requirements for collateral for secured loans.

By method of issuance Bank loans can be divided into loans that are of a compensatory or payment nature. A compensation loan involves sending loan funds to the borrower’s current account in order to reimburse expenses incurred from it. The essence of a payment loan is that the borrower, as necessary, provides the bank with the settlement and payment documents received by him and the loan funds are transferred directly to pay for these documents.

By repayment methods Bank loans are divided into loans repayable in one lump sum and loans repayable in installments. Lump sum loans are a traditional form of repayment short term loan, because they are convenient from the position legal registration. Installment loans require repayment of the loan in two or more payments over the entire loan term. Specific repayment conditions are determined in the loan agreement and depend on the object of the loan, inflationary processes and a number of other factors.

By types of interest rates Bank loans can be divided into fixed or floating rate loans. Loans with a fixed interest rate presuppose the establishment of an interest rate specified in the agreement for the entire period of lending without the possibility of revising it. IN in this case the borrower undertakes to pay interest at the agreed rate, regardless of changes in the capital market. IN Russian practice bank lending uses fixed fixed interest rates.

Floating rate lending involves the use of an interest rate that is adjusted periodically. In this case, the interest rate consists of two components: the main rate, which varies depending on market conditions, and the premium, which is a fixed amount and determined by agreement on rates.

By sizes It is customary to divide bank loans into small, medium and large. In banking practice, there is no unified approach to classifying loans according to this criterion. In Russia, a large loan is considered to be a loan to one borrower that exceeds 5% of the bank’s capital.

53. Consumer loan

A special type of loan is a consumer loan - a loan whose purpose is to provide the population with funds or goods to satisfy consumer needs followed by repayment of the debt. With a consumer loan, the borrower is individuals, and the lenders are credit organizations, as well as enterprises and organizations various forms property. A consumer loan can be provided in both cash and commodity forms. In countries with market economies, consumer credit, as a convenient and profitable form of servicing the population, plays a large role in the economy. Therefore, it is subject to active regulation by the state. In Russia, consumer loans include any types of loans provided to the population, incl. loans for the purchase of durable goods, mortgage loans, loans for urgent needs, etc. In contrast to the Russian interpretation, consumer loans in Western banking practice are defined somewhat differently, namely: consumer loans are loans provided to private borrowers for the purchase of consumer goods and payment for the corresponding services.

When calculating solvency, all obligatory payments specified in the certificate and questionnaire ( income tax, contributions, alimony, compensation for damage, repayment of debt and payment of interest on other loans, the amount of obligations under provided guarantees, payments to repay the cost of goods purchased in installments, etc.). For this purpose, each obligation under the provided guarantee is accepted in the amount of 50% average monthly payment under the corresponding main obligation.

54. International credit: essence, functions, basic forms

International credit is the movement of loan capital in the sphere of international economic relations associated with the provision of foreign exchange and commodity resources on the terms of repayment, urgency, security and payment of interest. Performing interrelated functions, international credit plays a dual role in the development of production: positive and negative.

On the one hand, credit ensures the continuity of reproduction and its expansion. It promotes the internationalization of production and exchange, deepening international division labor. On the other hand, international credit increases the imbalances in social reproduction, stimulating the abrupt expansion of profitable industries, and restrains the development of industries that do not attract foreign borrowed funds. International credit is used to strengthen the position of foreign creditors in competition.

Functions of international credit:

redistribution of loan capital between countries to meet the needs of expanded reproduction. Thus, credit contributes to the flow of national profit into the average profit, increasing its mass;
savings in distribution costs in the field of international payments through the use credit funds(drafts, bills, checks, transfers, etc.), development and acceleration of non-cash payments;
acceleration of concentration and centralization of capital through the use of foreign loans;
economic regulation.

The boundaries of international credit depend on the sources and needs of countries for foreign borrowed funds, and the repayment of the loan on time. Violation of this objective boundary gives rise to the problem of settling the external debt of borrowing countries. Among them - developing countries, Russia, other CIS states, countries of Eastern Europe etc.

The dual role of international credit in the conditions market economy manifests itself in its use as a means of mutually beneficial cooperation between countries and competition.

Forms of international credit

Classification of loan forms is carried out according to:

purpose:

commercial loans servicing international trade in goods and services;
financial loans used for investment properties, acquisition of securities, repayment external debt, conducting foreign exchange intervention central bank;
intermediate loans to service mixed forms of export of capital, goods, services (for example, engineering);

types:

commodity (when exporting goods with deferred payment);
currency (in cash);

delivery technique:

cash loans credited to the borrower's account;
acceptance in the form of acceptance (agreement to pay) drafts by the importer or bank;
certificates of deposit;
bonded loans, consortium loans, etc.;

loan currency (international loans in foreign currency):

or the debtor country;
or the creditor country;
or a third country;
or in international currency units (usually the ecus, replaced by the euro in 1999);

terms:

short-term loans (from 1 day to 1 year, sometimes up to 18 months);
medium-term (from 1 year to 5 years);
long-term (over 5 years);

ensuring:

secured loans;
blank loans.

Goods, commercial and financial documents, securities, real estate, other valuables, sometimes gold. A blank loan is issued against the obligation (bill) of the debtor to repay it on time.

International loans differ depending on the category of the lender:

branded (private);
banking;
brokerage;
government;
mixed, with the participation of private enterprises (including banks) and the state;
interstate loans from international financial institutions.

55. International financial flows and world markets

World financial flows differ in the unity of form (usually in monetary form, in the form of financial and credit instruments) and place (market). Main segments financial market are:

market for government treasury bonds (fixed incomes). The goods in this market are treasury bonds issued by the relevant government institutions of countries, as a rule, state treasuries and ministries of finance. The attractiveness of this market for investors lies in the fact that these securities are backed by the country's property (land, mineral resources, wealth, gold and foreign exchange reserves, state property, etc.) and the likelihood of losing investments in these securities depends only on the financial and economic state. The yield on these securities is determined by the market and the monetary policy in force in a given country. As a rule, the yield depends on the maturity period and the current country discount rate. Typically, the yield on treasury bonds is 2-5% per annum. Treasury bonds are issued with different maturities - 3 months, 6 months, 1 year, 2 years, 3 years, 5 years, 10 years, 15 years, 30 years, etc. Funds invested in these securities are provided in in full and usually range from 1 million US dollars and above. Payment of interest on this species investment is carried out by purchase within the time period agreed upon when issuing a specific security. Treasury bonds have their own names. For example, short-term US Treasuries (with a maturity of up to 1 year) are called T-Bills (Treasury Bills), and long-term ones with a maturity of 1 year or more are called T-Bonds (Treasury Bonds). German treasury bills are called Bunds;
market of precious metals (commodities). The goods on this market are precious and rare earth metals (silver, gold, platinum, palladium, etc.). As is known from the past, almost all currencies have gone through the stage of being backed by one or another precious metal, starting with silver (silver dollar) and ending with gold backing. Traditionally, the size of a country's gold reserves, which includes not only gold, but also platinum and palladium, is reflected in the country's economy. Investing in the precious metals market allows you to make a profit related to price quotes for precious metals, because Precious metals can always be exchanged for money. The investor can always place the precious metals at his disposal on deposits in banks and, using “metal” deposits, obtain a loan to achieve his other goals. At the same time, he does not lose ownership of precious metals and, moreover, carries out his main activities. When prices for precious metals placed on deposit rise, the investor’s property increases, and the income received from the loan only increases his capital;
stock markets (Stocks). The commodity in this market is company shares. At the beginning of the last century, the formation began stock markets- market of company shares. Investing in this segment of the financial market is attractive to investors for two reasons. Firstly, by investing in the shares of a particular company, the investor receives the right to receive his share of the profit from the company’s profits - the so-called. dividends, which are usually up to 10% of the amount invested funds. Secondly, the value of the purchased share itself may increase (if the company develops successfully). Thus, the return on investment in shares has two components - the dividend and the difference between the purchase price of the share and the current share price. Stocks are traded on regional stock exchanges such as the New York stock Exchange, Tokyo Stock Exchange, Frankfurt Stock Exchange, London Stock Exchange, etc.;
international currency market FOREX (currency). This system of market relations ensures the accumulation and redistribution of world financial flows for the purposes of continuity and efficiency of reproduction. The movement of global financial flows is carried out through banks, specialized financial and credit institutions, and stock exchanges.

The world markets for currencies, loans, securities, and gold have the following features:

huge scale;
lack of geographical boundaries;
24-hour operations;
use of leading currencies, as well as the euro, since 1999;
participants in transactions are first-class banks, credit and financial institutions with a high rating;
access to these markets is primarily available to prime or well-secured borrowers;
specific international interest rates such as LI-BOR (London offered rate on interbank deposits), PIBOR, SIBOR;
standardization and high degree information technologies paperless transactions based on the use of computers;
diversification of market segments and transaction instruments;
use of hedging instruments.

On the basis of the leading national markets, 13 global financial centers have emerged - New York, Chicago, London, Tokyo, Paris, Zurich, Luxembourg, Frankfurt am Main, Singapore, Bahrain, etc. These are centers of concentration of banking and financial institutions that carry out international currency, credit and financial, stock transactions, and transactions with gold.

The global credit market is a specific area of international movement of loan capital between countries on the terms of repayment and payment of interest, where demand and supply for borrowed capital are formed.

Thus, a 24-hour international market mechanism has emerged that controls global financial flows.

56. Stages of the credit process. Credit management

The first stage of the lending process - programming - consists of assessing the macroeconomic situation in the country as a whole, the region of work of potential borrowers in particular, analyzing the industry dynamics of selected lending areas, checking the readiness of the creditor bank staff to work with various categories borrowers, adoption of a number of internal bank regulations.

The second stage is the provision of a bank loan, which generates a direct cash flow output. In accordance with the selection directions developed and adopted by each bank (in relation to current Russian conditions credit work one might say - searching for a quality borrower), employees of the credit department accept applications for loans. Depending on the types of lending (investment, short-term, lending legal entities, lending to individuals, both consumer and business lending to private entrepreneurs) upon application for a loan, the selection of necessary documentation begins. Here the credit department employee must conduct economic analysis provided documentation, draw conclusions about the market opportunity and attractiveness of an active operation to provide a loan.

Credit management must be divided into loan capital management at the macro level and micro level. From a national economic perspective (macro level), it is always important to analyze and regulate the development of credit relations in conjunction with macroeconomic proportions, linking the volume and structure of credit investments in the economy with solving problems of increasing gross domestic product, developing money circulation, investment, reducing inflation, etc. d.

When managing credit relations, society must ensure compliance with the laws of credit - repayment of the loaned value, maintaining its equivalence and balance between accumulated and redistributed resources. By regulating credit relations, society has the opportunity to speed up and expand the reproduction process.

At the micro level, management of the lending process involves the development and adherence to a strategy for the development of credit operations for each separate bank, search, selection of clients, study of creditworthiness, control in the process of using a loan in the borrower’s household, etc. Through the process of short-term and long-term lending, the redistribution function occurs cash flows V financial system countries. The demand of economic market entities for working capital is satisfied with the offer from free commercial banks financial resources, attracted in turn from the deposit market and private deposits. At all credit process- this is the method and methods of implementing credit relationships located in a certain sequence and accepted by a given bank. The lending process is a complex procedure consisting of several complementary stages.

57. The essence of loan interest and its role in a market economy

When forming the market level of loan interest, the deviation of its value from the average rate of profit is influenced by both general factors operating at the macro level and private factors underlying the interest policy of individual lenders. Common factors include:

refinancing rate level;
the ratio of supply and demand for borrowed funds;
regulatory focus of the policy of the Central Bank of the Russian Federation;
the degree of inflationary depreciation of money.

Through the interest rate, the ratio of demand and supply of credit is balanced. It promotes a rational combination of own and borrowed funds. In the conditions of market formation of the level of loan interest, attracting borrowed funds into circulation is profitable only if the loan covers temporary and necessary additional needs. Any excessive use of credit reduces the overall level of return on investment.

Interest regulates the volume of deposits attracted by the bank. The growth of the economy's needs for loans must be covered by a corresponding increase bank deposits as sources of lending. This leads to an increase in deposit interest rates to an amount that balances the supply of deposits and the demand for them from the bank. On the contrary, with a reduction in the farm's need for loans, the bank's income from loans provided will decrease. He will be able to increase profits by reducing passive operations. Thus, a decrease in the influx of resources into the credit system is a reaction to a decrease in the economy’s need for borrowed funds.

The interest rate policy of a commercial bank today is aimed at appropriate management of the liquidity of its balance sheet.

Differentiation of the level of loan interest on active operations depending on the liquidity of investments leads to compliance of the demand for risky credit on the part of borrowers with the liquidity requirements of the banks' balance sheets. The role of interest on deposit transactions as an incentive to attract the most stable funds into the circulation of a credit institution can be seen in a similar way.

The rate of payment for resources established by the Central Bank of the Russian Federation along with the norm required reserves and the conditions for the issue and circulation of government securities are gradually becoming effective means management commercial banks. Without resorting to direct regulation of the interest rate policy of the latter, the Central Bank of the Russian Federation determines the unity of interest rate policy across the economy, stimulating an increase or decrease in interest rates.

In general, strengthening the role of bank interest in the economy and turning it into an effective element economic regulation directly related to the state of the economic situation in the country and the progress of reforms. Modern economic relations are characterized by the strengthening of the role of bank interest as a result of the manifestation of its regulatory function.

Payment of bank loans means that loan recipients pay a certain fee for the temporary use of funds for their needs. The implementation of this principle in practice is carried out through the mechanism of bank interest. The bank interest rate is a kind of “price” of the loan. The repayment of the loan is intended to have a stimulating effect on the economic (commercial) calculation of enterprises, encouraging them to increase own resources and economical use of raised funds. The repayment of the loan ensures that the bank covers its costs associated with paying interest on other people’s funds attracted into deposits, the costs of maintaining its apparatus, and also ensures the receipt of profit to increase lending resource funds (reserve, statutory) and use them for its own and other needs.

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