Forms of international settlements, the exchange rate and the process of its formation in the CIS
The subject of the exchange rate, forms of internationalcalculations and related issues is not only relevant in the modern world as part of the globalization process, but also occupies an important place in the economy of any country and act as components of the monetary system, which is very diverse and of great interest.
A significant place in considering such aThe issue of international settlements and exchange rate is the problem of currency integration by introducing a single currency in various integration associations: the EU, NAFTA, MERCOSUR, ASEAN, CIS. All these regional associations have repeatedly touched upon the form of international settlements and the use of a single payment facility. Some of them even achieved success in the way of solving this problem. For example, the EU has achieved significant results, namely this is the only association that has implemented the idea of using a common means of payment, as a form of international payments, in practice. In addition, out of two options for introducing a single currency, the European Union managed to implement a more complicated one, namely, to develop a new monetary unit for mutual settlements within the monetary union. As for the other integration blocks, there are certain problems.
First, these associations exist not solong ago, like the EU (except ASEAN), and secondly, they need to solve a number of other serious issues, such as international economic security, before taking such an important step as creating a common currency.
When considering the problems and achievements of foreign exchangeintegration in various associations in the post-Soviet space, in addition to the CIS, it is necessary to note similar processes within the union state, as well as in the Eurasian Economic Community. And here, when considering the form of international settlements, there are pros and cons. Of course, there is some general tendency to adopt the Russian ruble as a common currency, especially in recent years. But it should be noted that the countries participating in these associations do not rule out the use of an entirely new currency in the future.
In short, here it can be noted that thisthe topic is indeed multifaceted and relevant, developing in many areas, but also has a significant number of problems, which is an incentive for further detailed and thorough study and analysis.
The influence of the exchange rate on the forms of internationalcalculations depends on the direction of the currency policy. Devaluation and revaluation lead to various effects of changes in prices of national producers. According to the studies conducted, the change in the exchange rate has a double effect on imports: its price and volumes change. The scale of possible changes depends on the elasticity of demand for imported goods and services. The elasticity of demand for the product of imports depends on the elasticity of demand for this product, the possible import substitution and elasticity of supply at the price of producers of the domestic market.
With the devaluation of the national currency, the reductionthe volume of imports will be more pronounced, the higher the elasticity of demand for a given product, the less dependence of the economy on imports and the greater possibilities for import substitution, but the expansion of production and the reorientation of national producers will take time. Accordingly, the emergence of demand and its satisfaction on the part of national producers are divided in time. The volume of imports of inelastic goods will not change, even with a significant increase in prices, the value of imports will increase. When revaluation of the national currency will be observed the opposite effect. Reduction of import prices will allow re-equipment and modernization of production, which will lead to both an increase in the percentage of import substitution and development of production oriented to the external market. Reduction of prices for imported raw materials and energy resources will allow to reduce the cost of production both intended for the domestic market, and export.
