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Types of exchange rates. Classification of the main types of the exchange rate. Factors affecting the exchange rate

1. According to the method of fixation (VK mode), the following types are distinguished exchange rates:

a) Fixed exchange rate- this is the officially established ratio between national currencies based on mutual parity. When the mode fixed rate the central bank sets the exchange rate national currency at a certain level in relation to the currency of any country to which the currency of this country is “pegged”, to the currency basket (usually it includes the currencies of the main trade and economic partners) or to the international monetary unit. Fixed rate feature consists in the fact that it remains unchanged for a more or less long time (several years or several months), i.e. does not depend on changes in supply and demand for the currency.

The change in the fixed exchange rate occurs as a result of its official revision ( devaluation- downgrades or revaluation- promotions). A fixed exchange rate regime is usually established in countries with severe currency restrictions and non-convertible currencies. On present stage it is mainly used by developing countries. The fixed exchange rate has a number of varieties:

1) the exchange rate of the national currency is fixed in relation to one voluntarily chosen currency. The exchange rate of the national currency automatically changes in the same proportions as the base rate. Developing countries usually fix the exchange rates of their currencies against the US dollar, the British pound sterling.

2) the exchange rate of the national currency is fixed to HAPPY BIRTHDAY.

3) "basket" exchange rate. The exchange rate of the national currency is tied to artificially constructed currency combinations. Typically, these combinations (or baskets of currencies) include the currencies of the main countries - trading partners of this country.

4) exchange rate calculated on the basis of moving parity. A firm exchange rate is established against the base currency, but the relationship between the dynamics of the national and basic course not automatic, but calculated according to a specially agreed formula that takes into account differences (for example, in the rate of price growth).

b) Fluctuating exchange rate- This is the exchange rate, which freely changes under the influence of supply and demand. A variation of the fluctuating exchange rate - p fluctuating exchange rate, which involves the use of the mechanism currency regulation from the central bank of the country.

The amount of supply and demand in the foreign exchange market depends on three factors:

o on the volume of mutual trade between countries. The greater the trade exchange with Japan, for example, the greater the demand for the yen.

o on the scale of inflation and the state of the country's economy.

o from purchasing power each national currencies.

Mode "floating" or fluctuating rate typical for countries where currency restrictions are absent or insignificant. The "floating" exchange rate regime does not preclude central bank certain measures aimed at regulating the exchange rate. Since March 1973, countries have switched to floating exchange rates. However, state-controlled floating of exchange rates prevails. This mode has two types.

So, in the system free swimming" The exchange rate is formed under the influence of market demand and supply. At the same time, the foreign exchange market is closest to the model of a perfect market: the number of participants both on the demand side and on the supply side is huge, any information is transmitted in the system instantly and is available to all market participants, the distorting role of central banks is insignificant and unstable.

In system controlled navigation In addition to supply and demand, the value of the exchange rate is strongly influenced by the central banks of countries, as well as various temporary market distortions.

c) Intermediate between fixed and "floating" options for the exchange rate regime include:

§ mode "sliding fixation", in which the central bank daily sets the exchange rate based on certain indicators: the inflation rate, the state of the balance of payments, changes in the value of official gold and foreign exchange reserves, etc.;

§ mode "currency corridor", at which the central bank sets the upper and lower limits of exchange rate fluctuations. The "currency corridor" mode is called both the "soft fix" mode (if narrow fluctuation limits are set) and the "managed floating" mode (if the corridor is wide enough). The wider the "corridor", the more the movement of the exchange rate corresponds to the real ratio of market demand and supply for the currency;

§ mode "joint", or "collective sailing", currencies, in which the exchange rates of the countries - members of the currency group are maintained in relation to each other within the "currency corridor" and "jointly float" around currencies that are not included in the group.

2. According to the method of calculation, there are:

Parity and actual exchange rates

The purchasing power of a currency is determined by the number of identical goods and services that can be bought on standard amount various national currencies.

For example, for 100 dollars, euros, etc. But the ratio of currencies in terms of their purchasing power in different countries ah different according to different goods. Therefore, in world practice, the exchange rate is currently determined on the basis of the so-called purchasing power parity . This parity is the result of comparing the amount of those goods that can be purchased in the markets of various countries in the national currency. In this case, the same set of goods is selected in the basket and the amount of money necessary to purchase this set in different countries is determined.

Objectivity of comparison can be achieved only when using a very large number of goods and services included in the conditional consumer basket of the two countries.

So, if, for example, in Russia such a basket costs 2,000 rubles, and in the USA 100 dollars, then the price of one dollar (exchange rate) will be equal to 20 rubles, and the price of one ruble will be 5 cents. Therefore, if prices double in Russia and remain the same in the United States, then other things equal conditions exchange rate of the dollar to the ruble will double. However, the exchange rate in reality can deviate significantly in one direction or another, depending on many reasons.

For example, the greater the demand for a given currency, the more the exchange rate of this currency for the currency of another country will increase and vice versa.

But the biggest difficulty lies in the fact that there is no single way to determine the composition of the consumer basket. Consumption structure in different countries different goods and services included in the basket is quite different. But, nevertheless, there is no other way to determine the exchange rate than the basket.

3. By types of transactions, there are:

a) Cash transaction rates (the “spot” rate), in which the currency is delivered immediately (within two business days). Spot rate - base exchange rate. It regulates current trading and non-trading transactions.

b) courses futures deals(forward), in which the real supply of currency is carried out after a clearly defined period of time. forward rate is set by a participant in a currency transaction, which will actually be carried out after a certain period of time on a fixed date.

For example, with a spot seller's rate on September 1, 1996 in Frankfurt am Main of $1=1.5655 DM, the three-month forward rate (for delivery on December 1) is $1=1.5700 DM. This means that the German bank is willing to sell the dollar to the customer for 1.5655 DM for immediate delivery or 1.5700 DM for December 1st delivery. At the same time, it is absolutely not necessary for the bank to have dollars before December. The main thing is that on December 1 he is obliged to sell them to the client at the rate set on September 1, regardless of what the “spot” rate will be in December.

Thus, the forward exchange rate for a period of three months should not be confused with the future spot rate after three months. The forward exchange rate is a kind of “booking” of the exchange rate for a certain date in the future.

Currency(English currency) - the monetary unit of the country, used to measure the value of the cost of goods.

Currency classification.

1. According to the principle of belonging.

Currency can be divided into different types according to the principle of belonging:

· National currency;

· foreign currency;

international (regional) currency;

The reserve currency

Reserve (key) currency(English reserve currency) - a foreign currency in which the central banks of other states accumulate and store reserves for international settlements on foreign trade operations and foreign investments.

Initially, the pound sterling, which played a dominant role in international settlements, acted as a reserve currency. By the decisions of the conference in Bretton Woods (USA, 1944), along with the pound sterling, the US dollar began to be used as an international payment and reserve currency, which soon occupied a dominant position in international settlements. The reserve currency also includes the German mark, Swiss frank, Japanese yen.

The reserve currency means the convertibility of the corresponding national currency, the sufficient stability of its exchange rate, the favorable legal regime for the use of this currency in other countries and in international exchange. Countries whose currency is used as a reserve receive certain benefits in obtaining foreign loans, importing goods, and have favorable conditions for foreign economic expansion.

international currency, including also regional currencies, is used in settlements among members of international unions, international funds or regional unions.

2. By scope and mode of application.

Another basis for classifying a currency is scope and mode of application, according to which the currency is divided into freely convertible, partially convertible and non-convertible.

Freely convertible currency - (English hard currency) - monetary units, freely and unlimitedly exchanged for other foreign currencies and international means of payment, in any form and in all types of operations.

During the period of the gold standard, the currency that could be freely exchanged for gold became automatically convertible. After the abolition of the gold content of all currencies and their gold parities in the early 70s, convertibility is understood as the ability to be freely sold and bought, exchanged at the current exchange rate, and used to create various kinds of financial assets.

The International Monetary Fund approves and agrees to the use of a country's currency as freely convertible. This means that a freely convertible currency can be used in all types of international banking and financial transactions both residents and non-residents.

The mode of operation of a freely convertible currency in practice means the absence of any currency restrictions.

The degree of currency convertibility is directly related to economic potential country, its scale externally economic activity, stability of the internal monetary circulation, the degree of development of national commodity and money markets and capital markets. In addition, a necessary condition for maintaining convertibility is the constant participation of the country's central bank in foreign exchange interventions to keep the exchange rate of their national currency against the US dollar or against any particular basket of foreign currencies at an optimal level.

Partially convertible currency is the national currency of countries whose convertibility is to some extent limited for certain holders, as well as for certain types exchange transactions. This type of currency is exchanged only for some foreign currencies and is not used in all foreign trade transactions. This group includes the currencies of most developed and developing countries. The degree of convertibility is determined by the state in special legislative acts. The law establishes the procedure and list of foreign currencies for which the national currency can be exchanged, as well as the quantitative expression of such an exchange, the purchase and sale of currency in the currency markets is allowed, and the circle of subjects of such transactions is indicated. The law also regulates the range and degree of restriction of foreign exchange transactions, the conditions and procedure for their implementation. First of all, this applies to foreign trade transactions, the purchase and sale of foreign currency, the opening currency accounts and so on.

Depending on the breadth of the circle of persons and operations related to the use of currency, there is also the concept of external convertibility, which applies only to foreign individuals and legal entities and only in current calculations.

There is also the concept of internal convertibility of the national currency, which means the ability for citizens and organizations of a given country to purchase foreign currency for national currency and pay for foreign trade transactions without restrictions. Without solid investments in foreign currency, especially at the initial stage of implementation, internal convertibility is not possible. For example, to introduce internal convertibility Polish zloty significant foreign exchange assistance was provided.

A non-convertible currency is a national currency that operates within one country and cannot be exchanged for other foreign currencies. Closed currencies include the currencies of countries that establish various restrictions and prohibitions on the purchase and sale of foreign currency, on the import and export of national and foreign currencies, and also apply other measures of currency regulation. The main reasons for foreign exchange restrictions are the lack of foreign currency, the pressure of external debt, and the difficult state of the balance of payments. It should be noted that in most member countries of the International Monetary Fund, some currency restrictions are common, primarily related to international settlements on current transactions, as well as to the movement of investments. Currency restrictions have been even more widely used in countries that have recently joined the IMF. First of all, the countries of Eastern Europe, CIS states. In these countries, currency restrictions will be gradually reduced as they enter market relations and more flexible and efficient use of economic instruments in the field of currency regulation and the transition, first to the internal, and then to the general convertibility of the national currency.

3. According to the functional role of the currency.

When carrying out foreign exchange transactions, it became necessary to highlight certain terms that characterize the situation and functional role of any currency used in these operations. From this point of view, the following terms are used in currency relations: price currency, payment currency, loan currency, loan repayment currency, bill currency, clearing currency and etc.

Price currency(also called the transaction currency) is one of the conditions, along with the currency of payment, which are usually agreed between the exporter and importer and are fixed in the foreign trade contract and denotes the monetary unit in which the price of the goods is expressed in the foreign trade contract or the amount of the international credit provided is established. The currency of the price may be the currency of the exporter or importer, the lender or the borrower, as well as the currency of third countries or any international unit of account.

Payment currency- this is the currency in which the actual payment for goods in a foreign trade transaction or the repayment of an international loan takes place. This can be any currency agreed between counterparties. When making payments in freely convertible currency in trade and economic relations with developed Western countries, as a rule, the national currencies of these countries are used. In trade between developing countries currencies of developed countries are used.

The payment currency may be the same as the transaction currency, but may differ from the latter. In the latter case, the contract provides for the procedure for determining the rate of conversion of the transaction currency into the payment currency, indicating:

1) date of recalculation;

2) the foreign exchange market, the quotes of which are taken as a basis;

3) usually the average rate between the rates of the seller and the buyer.

Loan currency indicates the currency in which export credits are granted. As a rule, they are provided in the national currencies of the exporter or importer, but in last years loans began to be provided in the currencies of third countries or in international units of account. Ultimately, the choice of the currency of the loan for export-import transactions is a matter of negotiation. The state of the loan currency has a direct impact on the level interest rates on loans and on the value of the transaction. This is due to the existence of so-called "strong" and "weak" currencies. If a loan is provided in “weak” currencies, the rates of which have a general downward trend, then creditors bear the risk of debt depreciation, and, consequently, certain losses. If a loan is provided in "strong" currencies, the rates of which are constantly increasing, then the borrowers bear the risk of losses due to an increase in the amount of debt.

Clearing currency is used in the implementation of intergovernmental agreements on the mandatory offset of counterclaims and obligations arising from the cost equality of commodity deliveries and services rendered. In clearing settlements, the payment currency is the same as the clearing currency. Currently, Russia is implementing clearing agreements with India, Afghanistan, Iran, Egypt, Syria, and Cuba. The currency clearing system provides for a number of mandatory elements stipulated in intergovernmental agreements: the system of clearing accounts, the volume of clearing, the clearing currency, the payment equalization system, the scheme for the final repayment of debts upon the expiration of the interstate clearing agreement with the transition to settlements in freely convertible currency.

Bill currency is the currency in which the bill is drawn. Usually, in domestic circulation, bills of exchange are issued in the currency of a given country, and in international circulation - in the currency of the country of the debtor, creditor or a third country. Promissory note - one of their types security meaning written promissory note, - V modern conditions is one of the most important settlement and lending instruments used in international trade.

Russian organizations also actively use promissory notes in export-import operations. The main distribution was received by bills of exchange, the recipient of money for which was the Vnesheconombank of the USSR, and at present - authorized banks.

4. According to the position of the currency in the market.

There is another classification of the currency into the already mentioned "weak" and "strong". This is about the relationship between the exchange rate and the position of the currency on foreign exchange market .

Moreover, these terms are often applied to currencies that cannot be called weak in any way. international level. So, traditionally, in the European Union, the German mark, the British pound sterling, the Swiss franc, the Dutch guilder are recognized as “strong” currencies, and the French franc, Italian lira, Belgian franc are considered “weak” ones. In the global foreign exchange market, the arrangement of currencies is somewhat different: the US dollar and the Japanese yen are added to the "strong" currencies, and all other currencies in relation to them are considered as "weak".

The exchange rate is defined as the value of the currency of one country, expressed in monetary units ah another country. The exchange rate is necessary for the exchange of currencies in the trade of goods and services, the movement of capital and loans; to compare world prices commodity markets, as well as cost indicators of different countries; for periodic revaluation of foreign currency accounts of firms, banks, governments and individuals.

An exchange rate is the exchange rate between two currencies, such as 100 yen to 1 US dollar or 16 Russian rubles to 1 US dollar.

Hypothetically, there are five exchange rate systems:

Free (“clean”) swimming;

Guided swimming;

Fixed rates;

Target zones;

Hybrid exchange rate system.

Thus, in a free floating system, the exchange rate is formed under the influence of market demand and supply. At the same time, the currency forex market is closest to the model of a perfect market: the number of participants, both on the demand side and on the supply side, is huge, any information is transmitted in the system instantly and is available to all market participants, the distorting role of central banks is insignificant and unstable.

In a managed float system, in addition to supply and demand, the value of the exchange rate is strongly influenced by the central banks of countries, as well as various temporary market distortions.

An example of a fixed rate system is the Bretton-Woods currency system of 1944-1971.

The target zone system develops the idea of ​​fixed exchange rates. Its example is the fixation of the Russian ruble against the US dollar in the range of 5.6-6.2 rubles per 1 US dollar. In addition, this type can be attributed to the mode of functioning of the exchange rates of the countries participating in the European Union. monetary system.

Finally, an example of a hybrid exchange rate system is the modern currency system, in which there are countries that freely float the exchange rate, there are zones of stability, etc. A detailed listing of the current exchange rate regimes of various countries can be found, for example, in IMF publications. Many exchange rates can be classified according to various criteria.

Table 1

Classification of types of exchange rate.

CRITERION TYPES OF EXCHANGE RATES
1. Fixation method

Floating

Fixed

Mixed
2. Calculation method

Parity

Actual
3. Type of transactions

Forward deals

Spot transactions

Swap transactions
4. Setting method

Official

Informal
5. Relation to purchasing power parity of currencies

overpriced

Understated

Parity
6. Attitude towards the participants in the transaction

Purchase rate

Sale rate

Average course
7. Accounting for inflation

Real

Nominal
8. By way of sale

Cash selling rate

Cashless sale rate

Wholesale exchange rate

Banknote

One of the most important concepts used in the foreign exchange market is the concept of real and nominal exchange rates.

The real exchange rate can be defined as the ratio of the prices of goods of two countries, taken in the corresponding currency.

The nominal exchange rate shows the exchange rate currently in force in the country's foreign exchange market.

An exchange rate at constant purchasing power parity: This is the nominal exchange rate at which the real exchange rate is unchanged.

In addition to the real exchange rate calculated on the basis of the price ratio, you can use the same indicator, but with a different base. For example, taking for it the ratio of cost work force in two countries.

The exchange rate of the national currency may change differently in relation to different currencies over time. So, in relation to strong currencies, it can fall, and in relation to weak ones, it can rise. That is why, in order to determine the dynamics of the exchange rate as a whole, the exchange rate index is calculated. When calculating it, each currency receives its own weight depending on the share of foreign economic transactions of this country attributable to it. The sum of all weights is one (100%). The exchange rates are multiplied by their weights, then all the values ​​obtained are summed up and their average value is taken.

In modern conditions, the exchange rate is formed, like any market price, under the influence of supply and demand. Balancing the latter in the foreign exchange market leads to the establishment of an equilibrium level of the market exchange rate. This is the so-called "fundamental equilibrium".

The amount of demand for foreign currency is determined by the country's needs for the import of goods and services, the costs of tourists of this country traveling to foreign countries, the demand for foreign financial assets and demand for foreign currency in connection with the intentions of residents to carry out investment projects abroad.

The higher the foreign exchange rate, the less demand for it; the lower the foreign exchange rate, the greater the demand for it.

The size of the supply of foreign currency is determined by the demand of residents of a foreign state for the currency of this state, the demand of foreign tourists for services in this state, the demand foreign investors for assets denominated in the national currency of a given state, and the demand for the national currency in connection with the intentions of non-residents to carry out investment projects in this state.

So, the higher the exchange rate of foreign currency in relation to the domestic one, the fewer national subjects of the foreign exchange market are ready to offer domestic currency in exchange for foreign currency and vice versa, the lower the exchange rate of the national currency in relation to foreign currency, the greater the number of subjects of the national market is ready to purchase foreign currency.

2. The mechanism of supply and demand.

The market mechanism is a mechanism for the interconnection and interaction of the main elements of the market: supply, demand and price.

The peculiarity of the market mechanism is that each of its elements is closely related to the price, which serves as the main instrument that affects supply and demand. In particular, demand is inversely related to price: with an increase in the price of a good, demand for it, as a rule, decreases and vice versa.

At the same time, the demand of the population depends solely on retail prices for goods, and changes in wholesale or purchase prices does not have a direct impact on the demand of the population until they are changed retail prices. Fluctuations in wholesale prices affect the production demand of enterprises for means of production.

In addition to being connected through price, supply and demand also influence each other directly, i.e. demand to supply, and supply to demand. For example, the supply of new high-quality goods on the market always stimulates demand for them, and the growth of demand for individual goods ultimately necessitates an increase in the supply of these goods.

In a market economy, producers and consumers in their economic activities are guided by market parameters, the most important of which are supply, demand, and equilibrium price. This is the core of market relations, the core of the market.

The economic situation of producers and consumers, sellers and buyers depends on market conditions, which change under the influence of numerous factors. In this case, a certain relationship between supply and demand plays an extremely important role. It often predetermines the fate of sellers and buyers.

The approach to the market mechanism involves understanding those economic laws that underlie its operation and use. Such laws are: the law of cost and utility, falling demand, changes in supply, supply and demand, competition, profit, etc.

Profit fluctuations are the barometer of the market, giving a signal to production. The commodity producer in his economic activity guided by the interests of increasing profits. Profit depends on prices, growth in production and the speed of capital turnover. The nature of the focus of enterprises on profit changes in a balanced market and a scarce economy, when collective selfishness appears and the role of profit in the activities of an enterprise is exaggerated.

The operation of the market mechanism is based on the laws of value, value, utility, which are realized through various types of prices: equivalent exchange prices, equilibrium, monopoly, discriminatory, zonal and other prices.

Demand and factors determining its changes

Demand is a reflection of the needs of people in a particular product, service, their desire to purchase them. Consumers are not interested in a product at all, but in a product at an affordable price. Proceeding from this, one should speak not about absolute, but about effective demand. Effective demand characterizes not only the desire, but also the ability to buy goods.

Demand is the quantity of a product that will be purchased for acceptable price and within a certain period of time.

The mechanism of the market allows you to satisfy only those needs that are expressed through demand. In addition to them, there are always such needs in society that cannot be measured in money and turned into demand. These primarily include goods and services of collective use, especially those in the consumption of which all citizens participate without exception. These blessings in the world economics called public goods.

In a society with a developed market economy the predominant part of the needs is satisfied through the implementation of demand.

The magnitude of demand, its structure and dynamics are influenced by numerous factors of an economic, social and technological nature. Demand for a product, for example, may increase due to advertising, changes in fashion or consumer tastes. Despite this, it is necessary to know that the buyer is primarily interested in how much the product he wants to buy costs, commensurating his desires with his income. This means that the demand for a certain good depends mainly on the prices of goods and on the income allocated by the buyer for consumption.

The amount of things people buy always depends on the price of the goods. The higher the price of a product, the less people buy it. Conversely, the lower its price, the more units of this product will be bought, all other things being equal.

Between the market price of a product and the quantity demanded, there is always a certain ratio. The high price of a product limits the demand for it, a decrease in the price of this product, as a rule, causes an increase in demand. This relationship between price and quantity purchased can be plotted on a graph.

If we plot the prices for a unit of goods P on the ordinate axis, and the quantity of goods for which demand is presented Q, on the abscissa axis, then we will get such a graph (Fig. 1).

The image of the relationship between the market price of a product and the monetary expression of demand for it is called the demand schedule, or the demand curve DD (D - from the English "demand" - demand). On the graph, the DD curve descends gently. This curve illustrates the law of falling demand. The essence of this law is that if the price of a commodity rises while other market conditions remain unchanged, then the demand for this commodity decreases. Or, what is the same, if a larger quantity of the same product enters the market, then, other things being equal, the price of it decreases. In other words, the quantity demanded increases when the price falls and decreases when the price rises.

Demand does not remain unchanged. It is necessary to distinguish between changes in the magnitude of demand, or the volume of demand, and changes in demand (the nature of demand). The quantity demanded changes when only the price of the good changes. The nature of demand changes when factors that were previously taken constant change. Graphically, changes in the volume of demand are expressed in movement along the demand curve. The change in demand is expressed in the movement of the demand curve itself, in its shift. This can be represented as follows (Fig. 2).

When the price changes from P 1 to P 2, when all factors except the price are constant, the movement is carried out down the demand curve, the quantity of goods purchased increases from Q 1 to Q 2 The change in demand (shift of the demand curve D 1 D 1 to the right to position D 2 D 2) shows that buyers buy more products at a given price. So, at the same price P 1, the buyer will already purchase a quantity of goods equal to Q 2 > Q 1

A shift in the demand curve can be due to many factors. These include changes in income, prices of goods that are substitutes for or complementary to this product in consumption, tastes and preferences of consumers, expectations regarding future prices for this product or the degree of its scarcity, seasonal fluctuations, changes in the size and composition of the population.

The offer is a set of goods with certain prices that are on the market and that producers-sellers can or intend to sell.

It characterizes economic situation in the market by sellers, in each this moment the position of manufacturers offering their goods on the market is not the same. Some produced a lot of goods, while others did not. Some of them spent less means of production and labor on their production. For others, these unit costs were higher. But once on the market, all of them, whatever their production costs, strive to get the highest price. At the same time, the higher the price of the goods, the more actively the sellers will try to sell more goods, i.e. increase the offer.

The volume of supply of each manufacturer, as a rule, varies depending on the price. If the price is low, then the sellers will offer few goods, keeping them in stock. If the price is high, they will offer the market a lot of goods. When the price increases significantly and turns out to be very high, producers will try to increase the supply of goods. There is a certain balance in the market between market prices and the quantity of goods that manufacturers are willing to offer to buyers. This dependence can be reflected graphically using a coordinate system. Let the abscissa axis Q serve to indicate the quantity of goods delivered to the market, and the ordinate axis indicate the movement of price P. The supply schedule determines the shape of the supply curve S (from "supply" - offer) (Fig. 3).

If the demand curve establishes the relationship between prices and the quantity of goods that consumers are willing to buy, the supply curve S characterizes the relationship between market prices and the quantity of products that producers are willing to produce and sell. At the same time, unlike the demand curve, the supply curve usually rises to the right. As prices rise, there is a tendency for supply to increase.

The objectively existing relationship between supply and price finds expression in the law of supply, the essence of which is that the volume of supply of goods increases when the price increases and decreases when it decreases.

Similarly to demand, it is necessary to distinguish between a change in supply and the volume of supply. The quantity supplied changes when only the price of the good changes. On the contrary, a change in supply occurs when factors that were previously taken as constants change.

Moreover, such a movement occurs only when all factors, except for the price, are constant.

However, supply is influenced by other factors besides price. As a result of their impact, the supply curve itself shifts. This does not mean a change in the volume of production, but a change in the supply itself, its nature. Let's assume you are using new technology allowing more output to be produced at the same cost. Then the supply curve shifts to the right to position S 1 S 1 . The shift would mean that at each price the producer would offer more of the good. So, at the price P 1 - Q 2 > Q 1, and at the price P 2 - Q 3 > Q 2

3. What will happen to the equilibrium price of meat during fasting?

Bibliography

1. Zhuravleva G.P. General economic theory. M., 2006.

2. Kalaev O.A. Balance of payments and exchange rates in the world economy. M., 2002.

Currency convertibility

Convertibility or convertibility of the national currency - ϶ᴛᴏ the ability to legally exchange it for foreign currencies.

According to the degree of convertibility, the following currencies are distinguished: hard currency (freely convertible, partially convertible, non-convertible (closed), clearing.

Hard currency - currency ͵ freely and unlimitedly exchanged for other foreign currencies. Its action extends to current operations and operations on external lending. Hard currency is called a reserve currency, because. in such a currency, the central banks of other countries accumulate and store reserves of funds for international settlements.

Partially convertible currency is the national currency of countries that apply currency restrictions for residents and for certain types of exchange transactions. As a rule, this currency is exchanged only for some foreign currencies. Partial reversibility - ϶ᴛᴏ non-distribution to some branches of foreign economic activity (free exchange of the national currency for foreign monetary values ​​is allowed only in relation to current operations and is not allowed for transactions related to foreign investments and other international movements of capital). The main reason for partial convertibility is the lack of foreign currency, the pressure of external debt.

A closed currency is a national currency that functions only within one country and is not exchanged for other foreign currencies. Closed currencies include currencies that are subject to administrative restrictions on export and import, sale, purchase and exchange, as well as various measures of currency regulation.

Clearing currencies- ϶ᴛᴏ settlement currency units. With their help, bank accounts are maintained and operations are carried out between countries that have entered into agreements on mutual offset. international requirements and obligations. Clearing currencies function solely as countable currencies in the form of bank account entries.

An exchange rate is the price of one currency expressed in a certain amount of another. In the practice of international currency relations The following types of exchange rates apply:

Fixed - ϶ᴛᴏ exchange rates established by agreement between countries and supported by measures state regulation;

Floating - ϶ᴛᴏ rates, formed under the influence of supply and demand and adjusted by the state.

World practice testifies to three basic models for organizing the exchange of national currencies and setting exchange rates:

The first model is based on the fact that the exchange is concentrated in government organizations and carried out at exchange rates set by central banks (non-convertible currencies).

The second model is based on the fact that the state is removed from participation in the direct exchange of national currencies for foreign ones and transfers these operations to the foreign exchange market. The exchange rate is determined by the market, but the state, represented by Central Bank through currency regulation affects the level of the exchange rate and the limits of its fluctuations (partially convertible currency).

The third model assumes that the state generally ceases to participate in currency transaction, transferring all these operations to the foreign exchange market, which independently forms the exchange ratios of monetary units (CLE).

The concept of currency quotes is used to express the exchange rate. Currency quote - the rate determined by the participants of the foreign exchange market at any given moment in time. There are: direct quotation - the price of a unit of national currency is expressed in a certain amount of foreign currency; indirect quotation - the price of the national currency is expressed in a certain amount of foreign currency. When quoting, banks set two rates: the buyer's rate (the rate at which the bank buys the currency) and the seller's rate (the rate at which the bank sells the currency). The difference between these rates is called the margin and serves to cover the bank's expenses and make a profit.

Cross rate - the ratio between two currencies, ĸᴏᴛᴏᴩᴏᴇ follows in relation to a third currency (usually the US dollar).

The exchange rate and its types - the concept and types. Classification and features of the category "Exchange rate and its types" 2017, 2018.

Work plan

1. Introduction

An important element of the monetary system is the exchange rate, since the development of international economic relations(IEO) requires measuring the value ratio of the currencies of different countries.

The exchange rate is required for:

Establishing the proportions of currency exchange in international trade in goods, services, in the movement of capital in the form of investments and loans. The exporter exchanges the proceeds of foreign currency for the national one, since the currencies of other countries cannot circulate as legal means of purchase and payment on the territory of this state. The importer sells national currency for foreign currency to pay for goods purchased abroad. The debtor acquires foreign currency for national currency to pay off debt and pay interest on foreign loans;

Comparison of prices in world and national markets, as well as cost indicators of different countries, expressed in national or foreign currencies;

Periodic revaluation of foreign currency accounts of firms and banks, for the calculation of customs duties.

Acting as an instrument of communication between the cost indicators of the national and world markets, the exchange rate plays an active role in the international economic relations and reproduction.

2. The essence of the exchange rate, its types

The exchange rate is the link between the national and world monetary systems, expressing the ratio of payment units of different countries, that is, this is the price of the monetary unit of one country, expressed in monetary units of another country.

The cost basis of the exchange rate is the purchasing power of currencies, which expresses the average national levels of prices for goods, services and capital. Thus, through the exchange rate, producers and consumers compare domestic price proportions with world ones. As a result, the degree of profitability of the production and export / import of this product is assessed, as well as the efficiency investment projects.

The main characteristics of the exchange rate, first of all, include its nominal and real values.

The nominal value of the exchange rate is determined by the daily published average "price" of the national currency, formed by trading on the interbank currency exchange (with various conversion rates) or set by the central bank (in case of currency irreversibility). It shows the exchange rate that is currently in effect on the country's foreign exchange market.

The real exchange rate can be defined as the ratio of the prices of goods of two countries, taken in the corresponding currency. The real exchange rate is defined as the nominal rate (for example, the ruble against the dollar) multiplied by the ratio of price levels in Russia and the United States.

The process of determining the exchange rate is called currency quotation.

The quotation can be direct and indirect (reverse).

The numerical record (quotation) of the proportions of currencies has a different form. With a direct quotation, a foreign currency is equated to a national one (as a rule, with an accuracy of up to four decimal places). For example: $1 for 34.5318 Russian rubles. (course as of March 18, 2009).

Exchange rates of foreign currencies to the ruble of the Russian Federation of the Central Bank Russian Federation as of March 18, 2009

Table 1

The reverse (indirect) quotation is used much less frequently, when lump sum in domestic monetary units correlates with the equivalent in foreign currency, for example: 1 f. Art. for $1.3925. This form is typical for Great Britain and a number of its former dominions, as well as for the internal circulation of the United States. Finally, in banking practice, there are so-called cross-rates (cross-quotes) of two foreign currencies, none of which is a national currency for a transaction participant fixing the rate. Thus, in Russia, the ruble exchange rate is based on the dollar-ruble ratio registered at MICEX trading, while other rates are determined using the dollar-currency cross-quotation method.

Cross rates as of 18.03.2009

table 2

USD GBR JPY CHF CAD DKK SEK EUR AUD NZD
USD 1 1.3925 0.0101 0.8462 0.7863 0.1743 0.1184 1.2992 0.6592 0.5266
EUR 0.7697 1.0718 0.0078 0.6514 0.6052 0.1342 0.0912 1 0.5072 0.4052

Another hallmark The exchange rate is served by its dual nature, which manifests itself at the time of the transaction as the rate of the seller and the buyer. For example: From 00:00 on March 18, 2009, Sberbank of Russia sets the following rates for buying and selling cash foreign currency for cash currency Russian Federation:

Table 3

For 1 US dollar in Russia means that banks buy dollars from customers at a buying rate of 34.10, and sell them to everyone at a selling rate of 34.85. The difference between them, called the margin, is the income of the financial institution. It serves as an important means of insuring losses when the nominal exchange rate changes. Therefore, the increase in the size of the margin speaks of the crisis nature of the situation in the foreign exchange market. The arithmetic average of the buying and selling rates is the so-called average rate of the national currency, the indicator of which is used in long-term economic comparisons.

In the practice of financial and currency relations, the so-called fixing is widely used, which consists in the procedure for determining and registering the interbank rate by sequentially correlating the volume of supply and demand for each currency, which makes it possible to set the seller's and buyer's rates, which are published in official publications.

Externally, the exchange rate is presented to the participants of the exchange as a coefficient of conversion of one currency into another, determined by the ratio of supply and demand in the foreign exchange market. However, the cost basis of the exchange rate is the purchasing power of currencies, which expresses the average national levels of prices for goods, services, investments. This economic (value) category is inherent in commodity production and expresses production relations between commodity producers and the world market. Since value is a comprehensive expression economic conditions commodity production, then the comparability of the national monetary units of different countries is based on the value relation that develops in the process of production and exchange. Producers and buyers of goods and services use the exchange rate to compare national prices with prices in other countries. As a result of the comparison, the degree of profitability of the development of any production in a given country or investments abroad is revealed. No matter how the operation of the law of value is distorted, the exchange rate, ultimately, is subject to its action, expresses the relationship between the national and world economies, where the real exchange rate ratio of currencies is manifested.

When goods are sold on the world market, the product of national labor receives social recognition on the basis of an international measure of value. Thus, the exchange rate mediates the absolute exchange of goods within the world economy. The cost basis of the exchange rate is due to the fact that, ultimately, the international production price underlying world prices is based on national production prices in countries that are the main suppliers of goods to the world market.

Many exchange rates can be classified according to various criteria.

Classification of exchange rates

Table 4

Criterion Types of exchange rate
1. Fixation method Floating
Fixed
Mixed
2. Calculation method Parity
Actual
3. Type of transactions Forward deals
SPOT transactions
SWAP transactions
4. Establishment method Official
Informal
5. Attitude to the purchasing power parity of currencies overpriced
Understated
Parity
6. Attitude towards the participants in the transaction Purchase rate
Sale rate
Average course
7. According to inflation Real
Nominal
8. By way of sale Cash selling rate
Cashless sale rate
Wholesale exchange rate
Banknote

A fixed rate is a ratio of two currencies of countries officially established by the state, which does not allow them to fluctuate. For example, the Chinese yuan is fixed against the dollar (10 CNY = 1.4627 USD as of 03/18/09). An increase in the fixed exchange rate is a revaluation, a decrease is a devaluation.

An important element is, which is necessary for:

  • mutual exchange of currencies in trade in goods, services in the movement of capital and credits. The exporter exchanges the proceeds of foreign currency for the national one, since the currencies of other countries cannot circulate as legal means of purchase and payment on the territory of this state. The importer exchanges national currency for foreign currency to pay for goods purchased abroad;
  • comparison of prices of world and national markets, as well as cost indicators of different countries, expressed in national or foreign currencies;
  • periodic revaluation of foreign currency accounts of firms and banks.

Exchange rate - the price of the monetary unit of one country, expressed in foreign monetary units or international currency units (SDR, euro). Externally, the exchange rate is presented to the participants of the exchange as a coefficient of conversion of one currency into another, determined by the ratio of supply and demand in the foreign exchange market. However, the cost basis of the exchange rate is the purchasing power of currencies, which expresses the average national levels of prices for goods, services, investments. This economic category inherent in commodity production and expresses production relations between commodity producers and the world market. Producers and buyers use the exchange rate to compare national prices with prices in other countries. As a result, the degree of profitability of the development of production or investment is revealed.

When goods are sold on the world market, the product of national labor receives social recognition on the basis of an international measure of value. Thus, the exchange rate mediates the exchange of goods within the world economy.

Factors affecting the exchange rate:

  • inflation rates;
  • state of the balance of payments;
  • difference in interest rates in different countries;
  • activity currency markets and speculative foreign exchange transactions;
  • the degree of use of a certain currency in the European market and in international settlements;
  • speed of international payments;
  • the degree of confidence in the currency;
  • monetary policy.

Impossible without currency exchange and their quotes. Currency quote - this is the definition of their course. Fixed exchange rate - is the official ratio between two currencies, established in legislative order.floating exchange rate established at the auctions on the currency exchange. In Russia, the main role in determining the exchange rate is played by the Moscow Interbank Currency Exchange, which is administered by the Central Bank of the Russian Federation. Based on the trading results, the Bank of Russia fixing, i.e. setting the exchange rate of the US dollar against the ruble. Currency fixing is carried out twice a week: on Tuesday and Thursday. There is also cross course - this is the ratio between two currencies, which follows from their exchange rate in relation to the rate of a third currency.

Historically, there have been two methods of quoting foreign currency against the national one:

  • direct quote, at which the exchange rate of a foreign currency unit (base currency) is expressed in national currency (quoted currency);
  • indirect quotation when the exchange rate of the national currency is expressed in a certain number of foreign monetary units. Yes, courses English pound sterling, the Austrian dollar and the euro against the US dollar are traditionally quoted indirectly, i.e. the number of US dollars per unit of currency is indicated.

Current exchange rate, or spot rate - this is the cash rate, i.e. cash transaction. It is calculated within two days.

Forward rate - this is the rate for settlement under a foreign exchange (forward) contract)" after a certain time after the conclusion of the contract.

Fundamentally equilibrium exchange rate - under it, the country can successfully maintain internal and external macroeconomic balance.

Distinguish courses seller And buyer. A bank that quotes a currency always makes currency deal at a favorable rate for him. Banks sell foreign currency at a higher price (bid or sell rate) than they buy it (buy or buy rate). The difference between the rates (margin) serves to cover the bank's expenses and, to a certain extent, to insure foreign exchange risk.

There is a pattern of correlation between the market exchange rate and the purchasing power parity (PPP) of the population. In countries where the GDP per capita is high and a large number of goods, this ratio is close to one: in Europe - more than one, in the USA - less than one. In Africa, the ratio between the market rate and PPP is 6-7, in Russia - 3. A change in this ratio in a positive direction implies the production of competitive goods and services, the high competitiveness of the economy as a whole, based on high performance labor, resource efficiency, new production technologies.

All currencies, depending on the degree of change in exchange rates, are divided (IMF methodology from 1982):

  • with a fixed rate (fixation to one currency, to a currency basket);
  • with a limitedly flexible exchange rate (in relation to one currency, within the framework of a joint policy);
  • with a floating rate (adjusted course, controlled floating, independently floating).
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