Chapter 1. Financial Literacy: Relevance and Role in Economic Development and Prosperity

1.2. The role of financial education in developing the economy and improving the welfare of the population Financially educated consumers contribute to efficient functioning increasingly complex financial markets. With more developed ability risk matching and

57. The role of credit in the development of a market economy Credit ensures the transition of money capital into loan capital and expresses the relationship between creditors and borrowers. With the help of a loan, it is possible to overcome the difficulties associated with the fact that in one area are released temporarily

81. The Role of Banks in the Development of Commercial Activity The banking system plays an important role in creating a new market economy for Russia with various forms of ownership. With the help of it are carried out: 1) redistribution and mobilization of capital; 2) regulation

6.3. The role of the Bank of Russia in the development and regulation of retail payment services Retail payment services include: - transfer services Money: without opening a bank account, using payment cards, on the basis of orders submitted in

International organizations can be divided into two groups:

universal : UN, WTO, OECD;

regional which are created within the framework of integration associations: CES, APEC, etc.

An important role in the interstate regulation of international economic relations is played by United Nations (UN), which includes 185 countries . Among the UN organizations directly related to economic activity, we should mention the UN Economic and Social Council (ECOSOC), the UN Conference on Trade and Development (UNCTAD), the UN Industrial Development Organization (UNIDO), the Food and Agriculture Organization (FAO), etc.

UN - the largest, universal and most authoritative international organization, designed to deal with the main political problems that concern humanity. The political activity of the UN is inextricably linked with economic and social tasks directly related to world politics.

The most famous specialized agencies of the United Nations are International Monetary Fund (IMF) and world bank group, which includes International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International association development (MAP ) and International Investment Guarantee Agency (MIGA) . The UN also has specialized bodies, for example, United Nations Conference on Trade and Development (UNCTAD) ,United Nations Commission on International Property Law (UNCITRAL) and etc.

AT IMF includes 182 countries. The capital of the Fund is formed at the expense of contributions from member countries. Each state has its own quota in it, which is set depending on specific gravity countries in the world economy and trade. The largest quotas are: USA - 18.25%, Germany and Japan - 5.67% each, Great Britain and France - 5.10% each, Russia - 2.97%. A country's quota determines the number of its votes in decision-making in the IMF's Board of Governors, as well as its ability to use the Fund's resources.

Initially, the IMF was intended to provide financial support to developed countries, regulate their balance of payments and maintain the stability of their exchange rates. In 1947-1976. 60.6% of IMF loans received industrial the developed countries West. From the 70s. the emphasis in the activities of the IMF has shifted from balance of payments problems to stabilization programs (economic recovery programs). The main borrowers of the Fund were developing countries (92% of all IMF loans). The largest IMF loans received (in descending order) were Mexico, Russia, the Republic of Korea, Argentina, India, the United Kingdom, Brazil, Indonesia, the Philippines, and Pakistan.

The World Bank intended for lending to the economies of developing countries. But unlike ordinary commercial banks, it provides technical assistance, advises on how to use loans more profitably, and in every possible way promotes investment in the economies of these countries. However, the functions of the World Bank institutions are somewhat different from each other.

IBRD goals is: the provision of guarantees for private foreign investment in order to stimulate them; direct participation in the implementation of foreign investment, promotion of international trade.

To join the IBRD, a country must first become a member of the IMF. The bank's funds are made up of the authorized capital formed by subscribing member countries, borrowed funds that it draws on the world loan capital market through the issuance of bonds, and income from own activities. The number of votes in the IBRD bodies is determined by the share in its authorized capital. The United States has the largest number of votes in the IBRD Board of Governors - more than 17%, and all the G7 countries - about 45%.

The IBRD, unlike the IMF, is aimed at stimulating the international flow of medium- and long-term investments, promoting the reconstruction and development of the economy. About 75% of all IBRD loans go to lending to specific projects - from schools to power plants and industrial plants - in developing countries and countries with economies in transition. Recently, the World Bank has directed part of its loans for the purpose of structural adaptation of the economy (financing changes in the economy of a country to make it market-oriented), and the bank gives loans only to those states that implement stabilization programs approved by the IMF.

International Finance Corporation (IFC) was founded in 1956. Its main goal is to mobilize national and foreign capital for the development of private entrepreneurship in developing countries.

International Development Association (MAP) was established in 1960 to assist the least developed countries. It provides them with interest-free and extra-long-term loans from funds contributed by rich countries. .

International Investment Guarantee Agency (MIGA), founded in 1968, provides investors with guarantees against non-commercial risks (currency restrictions, nationalizations and expropriations, armed conflicts and revolutions, etc.).

The Republic of Belarus is a member of the UN, as well as many specialized agencies of this organization (UNESCO, WHO, WMO, WIPO, ILO, UNIDO, UPU, ITU, ICAO, IMF).

The Republic supports the consistent policy of the UN in the field of maintaining international peace and security, in the field of strengthening and developing existing international regimes to prevent the proliferation of weapons of mass destruction, reduce and eliminate their existing arsenals.

Since July 1992 the Republic of Belarus has become a member of the International Monetary Fund. The republic's quota in the IMF is 280.4 million SDRs (about $373 million), or 0.19% of the total quota, which was subsequently increased to 386.4 million SDRs (about $542.1 million). USA).

Since 1993, Belarus has used the Fund's resources three times to support the government's economic reform program. The total volume of credits and loans extended as of the end of June 1998 amounted to SDR 184.4 million. The IMF has provided technical assistance to Belarus in a number of areas, including public spending, taxation and customs, bank monitoring, monetary policy and the organization of the National Bank, and financial statistics (balance of payments, money, banking and real sectors of the economy).

The loans provided were mainly directed to the financial and credit sphere. In 1993, the Belarusian government signed an agreement with the IMF for a $200 million loan. United States through a systemic transformation fund to improve the balance of payments. The first tranche of this loan was received in August 1993 in the amount of SDR 70.1 million, which at that time was equivalent to $98 million. USA. It was intended to improve the republic's balance of payments. Its maturity was 10 years; moratorium on principal repayment - 4.5 years, interest rate - 5.67% (floating). The loan proceeds were used to purchase fuel oil, motor gasoline and diesel fuel, medical equipment, and were also partially used to ensure timely settlements with Russia for the supplied liquefied gas and maintain the exchange rate of the Belarusian ruble.

In 2001, a six-month Fund Monitoring Program (SMP) was implemented in the republic, serving as the basis for the transition to the stand-by mechanism. At present, the resumption of the stand-by program can be seen as the main topic of negotiations with the IMF. All monetary targets and virtually all structural benchmarks have been met.

The Republic of Belarus also closely cooperates with the World Bank Group (IBRD, IFC, MIGA, IDA) and other international organizations.

In the regulation of international trade in goods and services, a special role is played by World Trade Organization (WTO) , which from January 1, 1995 replaced General Agreement on Tariffs and Trade (GATT). Currently, 146 states are members of the WTO. The main task of the WTO is the liberalization of world trade on the basis of a consistent reduction in the level of customs duties and the elimination of various non-tariff barriers. Currently, WTO rules govern over 90% of world trade (by value).

The activities of the organization are based on a number of simple fundamental provisions:

trade without discrimination: WTO members undertake to grant each other the most favored nation in trade (i.e. conditions no worse than they are granted by any other country), as well as to treat goods of foreign origin the same treatment as national goods in the field of domestic taxes and fees, as well as in relation to national laws, orders and regulations governing internal trade;

protection of domestic production with the help of customs tariffs: publicly and openly established customs tariffs (duties) are the main, and in the future - the only instrument for regulating exports and imports of the participating countries; they refuse to apply quantitative measures of foreign trade regulation (quotas, import and export licenses, etc.);

a stable and predictable basis for trade: long-term fixing of duties in customs tariffs. Tariffs are set through multilateral negotiations;

promotion of fair competition: counteracting unfair methods of competition such as the sale of goods at artificially low prices (dumping) or the use of government subsidies to understate export prices;

publicity and openness in trade regulation;

resolution of disputes and conflicts through consultations and negotiations.

One of the most important obligations that a country joining the WTO undertakes is to bring the national principles and rules governing its foreign trade into maximum compliance with the standards of this organization.

The main mechanism of WTO activity is rounds of multilateral negotiations. As a result of rounds of multilateral negotiations, the weighted average rate of customs tariffs in the United States, Western European countries and Japan was reduced from an average of 25-30% in the early 1950s. to about 4% in 1998. In 1996 - 1997. Within the framework of the WTO, agreements were reached on the liberalization of the telecommunications and information technology market and on the liberalization of the financial services market. The WTO leadership calls for the creation by 2020 of a single global free trade area.

The accession of Belarus to the WTO is seen as the most important stage of integration into the world economy, which will provide the country with the necessary tools to protect and promote national interests within the framework of the international trade system. At the same time, accession to the WTO challenges the Republic of Belarus to ensure that its economic legislation complies with WTO rules, as well as to make balanced concessions to trading partners in order to ensure more open access for foreign goods and services to the domestic market.

An important role in the regulation of international economic relations is also played by such an institution as the Institute formed in 1960. Organization for Economic Cooperation and Development (OECD) . Currently, 29 countries are members of the OECD: Australia, Austria, Belgium, Great Britain, Hungary, Germany, Greece, Denmark, Ireland, Iceland, Spain, Italy, Canada, Luxembourg, the Netherlands, New Zealand, Norway, Mexico, Poland, Portugal, USA, Turkey, Czech Republic, Switzerland, Sweden, Finland, France, South Korea, Japan. To the share of OECD countries with 16% of the population the globe accounts for 2/3 of world production.

The main goal of the OECD is to analyze the state of the economy of member states and develop recommendations for member countries on the implementation of economic regulation at the macro and sectoral levels. These recommendations are usually taken into account by member countries in the development and implementation of national economic policies. In this regard, the Organization is actually a body for coordinating the economic policy of the leading Western countries.

In general, all international organizations aim to regulate certain aspects of the functioning of the world community in order to create all the conditions for its harmonious development in the future. In them, in many respects, a kind of legal space is created, within which all components of the world economy interact.

The activities of the UN are increasingly influencing the nature and development of the most important socio-economic processes at the global and national levels. As an international forum for discussing and making purely political decisions on the most pressing issues in almost all spheres of human activity and international relations, the UN determines the priorities, goals and strategies for the development of international cooperation in the formation of the world economic space.

The UN is characterized by great institutional diversity, which is manifested in the wide representativeness of both members and organizations cooperating with the UN. Firstly, The UN is a collectionorgans(General Assembly, Economic and Social Council, Secretariat, etc.). Secondly, the UN acts as a system of organizations consisting of specialized and other independent institutions (the World Bank, the International Monetary Fund, the UN Conference on Trade and Development, the United Nations Industrial Development Organization, etc.).

Many specialized UN agencies play an active role in the development and unification of economic policies, analyze the state of international markets and infrastructure, and contribute to the harmonization of rules and procedures of private commercial law. Among the regulatory functions of the UN and the agencies responsible for developing international business regulations, the most important are the following:

implementation of agreements on areas of state jurisdiction (General Assembly), which helps determine which country has the authority in relation to a particular land and water territory, airspace, stipulating, for example, the conditions for transportation or mining;

implementation of agreements on intellectual property rights (World Intellectual Property Organization - WIPO). The export of high-tech products, the protection of trademarks and patents would be difficult without respect for the strictly regulated intellectual property rights, which are protected through WIPO and TRIPS (Treaty on Trade-Related Aspects of Intellectual Property Rights).

unification of economic terms, systems of measures and indicators (UN Statistical Commission, UN Commission on International Trade Law-UNCITRAL, etc.). Virtually all UN bodies provide some degree of standardization, which facilitates objective international comparisons;

development and harmonization of the rules of international commercial activity (UNCITRAL, UN Conference on Trade and Development - UNCTAD). The regulation of commercial activities strictly through the proposed tools and procedures undoubtedly promotes trade and logically links the global flows of goods and information,

prevention of damage to goods and services on world markets and provision of cost compensation (UNCITRAL, International Civil Aviation Organization, International Maritime Organization, International Telecommunication Union, Universal Postal Union). Without effective agreements to prevent damage to carriers and goods, as well as guarantees for the preservation of information, businesses would be less inclined to conduct international business transactions. For companies, it is also important that in the event of accidents during international transport, they can count on compensation for financial losses;

combating economic crime (United Nations Commission on Crime Prevention and Criminal Justice). Criminal activity creates an additional financial burden for law-abiding businesses, as it indirectly encourages corruption, limits free competition, and inevitably increases security costs;

collection, analysis and dissemination of reliable economic information that contributes to the conclusion of international agreements (UNCITRAL, UNCTAD, World Bank), helps countries and companies in evaluating markets, comparing their own resources and capabilities, and developing foreign economic strategies. The UN agencies that provide statistics are regarded as authoritative and reliable sources of official statistics.

In addition to regulatory functions, the UN specialized agencies develop long-term strategies and tools in relation to the problems of the world economy on the basis of international expert consultations and agreements with governments and offer the world community possible ways to solve them.

The issues of investment in developing countries, the development of small and medium-sized businesses are currently among the most pressing. They affect any UN agency with a mandate in the field of economic development. Leading among them are the United Nations Industrial Development Organization (UNIDO) and the United Nations Development Program (UNDP). UNIDO is making the necessary efforts to increase the economic potential of developing countries and countries with economies in transition through the development of their industrial enterprises. UNIDO's guidance is intended to help these countries overcome social and economic difficulties and achieve greater and more successful participation in international cooperation.

UNDP promotes business development through financing and support mechanisms for private and public companies in developing countries. UNDP and UNCTAD, among other UN agencies, regularly involve business representatives in forums and seminars on economic issues.

UNCTAD plays a key role in the UN system in dealing with issues of international trade, finance, investment and technology, in particular, assisting developing countries in creating enterprises and developing entrepreneurship. The UNCTAD Commission on Entrepreneurship, Business Facilitation and Development promotes the development and implementation of strategies for the effective development of entrepreneurship, promotes dialogue between the private and public sectors. UNCTAD's technical cooperation projects include the Automated Customs Data Processing System, the Trade Points Network Program, and the EMPRETEC Programme.

The project of an automated customs data processing system helps to modernize customs procedures and management of customs services, which greatly simplifies the bureaucratic component of foreign economic activity.

The UNCTAD-coordinated EMPRETEC program is designed to help address the challenge of better market entry for enterprises from developing countries.

When carrying out economic activities, states and companies must strictly take into account the environmental requirements stipulated by the provisions of a number of international environmental conventions. Such global environmental problems, as desertification, loss of biodiversity, climate change, are within the scope of the United Nations Environment Program (UNEP). UNEP, together with the World Meteorological Organization, developed the UN Framework Convention on Climate Change, which was adopted in 1992. In the XXI century. it is at the heart of global efforts to combat global warming as a result of human activity. The document, in particular, provides for the reduction of emissions of carbon dioxide and other greenhouse gases, which imposes certain obligations on industrial companies - sources of these emissions, significantly affects agriculture, transport and other sectors of the economy, the impact of which on nature is increasing.

The protection of cultural and natural heritage, which is directly related to the development of the international tourism industry, as well as the reconciliation of economic needs with the need for environmental protection, international information exchange and statistics are part of the mandate of the United Nations Educational, Scientific and Cultural Organization (UNESCO).

A number of UN system entities work with specific groups of private sector actors based on the specifics of their areas of expertise. Other agencies, such as the United Nations Development Program and the World Bank, maintain relationships with a wide range of organizations in the business community. In addition to bilateral relations, the participation of business groups in the activities of the UN can be ensured through the institutionalization of such participation in the structure of an international organization. An example is the International Labor Organization (ILO), which has existed since 1919, in which representatives of workers and employers are given equal opportunities with representatives of governments to influence the development of ILO policy.