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Finanare internaional
CURSUL II:
Piee, instituii i instrumente folosite
pe pieele financiare internaionale
Conf. dr Cristian PUN
ACADEMIA DE STUDII ECONOMICE BUCURETI
FACULTATEA DE RELAII ECONOMICE INTERNAIONALE
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Cursul 2: Componentele SFI 2
Structura Sistemului Financiar
Guvernul
Populaia
Companii
privateInstituii
financiareTranzaciifinanciare
Tranzaciifinanciare
Tranzaciifinanciare
Piee financiare
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Pieele financiare- caracteristici
Piee monetare(scaden riscredus
PIEE FINANCIARE
Piee de capital (scaden> 1year):-tranzacii cu instrumente demprumut i aciuni(bonds,equities)-fluctuaii mai mari de pre
Piaa internaional a creditului,
Euromarkets iFX Markets
-Piaa primar
- Piaa secundar
Exchange offices (NYSE, CBOT) OTC Markets
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Cursul 2: Componentele SFI 4
Pieele financiare - caracteristici
Caracterist ici Piee monetare Piee de capital
Scaden Sub un an Peste 1 an
Riscuri Mai mic Mai mare
Instrumente Instrumente de credit Instr. de mprumut + aciuni
Lichiditate Mai mare Mai mic
Volumul tranzaciilor Mai mic Mai mare
Instrum ente de credit Instrumente de mprumut i aciuni
- Titluri de stat; - Aciuni obinuite
- Hrtii comerciale; - Aciuni prefereniale
- Certificate de depozit; - Obligaiuni
- Forward; - Participaii la fondurile de investiii
- Credits; - Polie de asigurare
- REPO - Participaii la fondurile de pensii
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Resursele de finanare pentru o companie
Decizia definanare
Resurseinterne
Resurse atrase
- Reinvestirea
profiturilor;- Majorri de capital;-Conversia datoriilorn aciuni;-Amortizareamijloacelor fixe.
- Credite;
- Obligaiuni;- Aciuni.
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Avantaje ale utilizrii surselor interne de finanare:
Creterea valorii companiei;
Autonomie mai mare fa de instituiile financiare;
Cost de tranzacionare mai redus(comisioane bancare i taxe mai mici);
Avantaje fiscale aplicate profitului reinvestit;
Companii mici sau companii aflate la nceput;
Companii ndatorate puternic (high debt).
Dezavantaje:
Costul total al surselor proprii este cel mai mare datorit impozitrii (tax
shield) i datorit costului de oportunitate)
Cnd se recomand utilizarea surselor interne ?
Resursele proprii cost cel mai mult!!!
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Avantaje:
afaceri maturecash-flow cows;
sunt mai puin costisitoare dect sursele proprii;
posibilitatea de obinere a unor resurse de capital importante;
scadene mai mari;
deducerea cheltuielilor cu dobnda;
Dezavantaje:
Costuri adiionale(taxes, commissions applied);
Dependena de instituiile financiare;
Existena unui calendar precis de rambursare;
Necesitatea unei bune proiecii a dezvoltrii viitoare a afacerii.
Cnd se recomand utilizarea surselor atrase?
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Aciuni Credit
EBIT 400,000 400,000
- interest expense 0 (50,000)
EBT 400,000 350,000
- taxes (34%) (136,000) (119,000)
EAT 264,000 231,000
- dividends (50,000) 0
Retained earnings 214,000 231,000
Efectele impozitrii cnd se utilizeaz finanarea prinemisiune de aciuni
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Cursul 2: Componentele SFI 9
Finanare directvs. Finanare indirect
Debitor
(beneficiar)Investitor
Finanare direct
Intermediarii
financiari
Finanare indirect
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Cursul 2: Componentele SFI 10
Finanare directvs. Finanare indirect
Avantajele intermedierii financiare:
o mai bun informare cu privire la excedentul de resurse financiare;
risc mai redus (unele instituii financiare pot prelua din riscuri);
consultana financiar;
facilitile de finanare;
o multitudine de tehnici de financiare;
condiiile impuse de intermediarii financiari;
cost de tranzacionare mai sczut.
Dezavantajele intermedierii financiare:
costuri operaionale mai mari;
inexistena unui contact direct cu piaa;
impunerea unui istoric al relaiilor cu piaa.
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Serviciile furnizate de intermediarii financiari
Vnzarea i cumprarea de active financiare;
Derularea fluxurilor de ncasri i pli;
Finanarea afacerilor(incl. export financing);
Consultana financiar;
Monitorizarea pieelor financiare internaionale (rating agencies);
Asigurarea mpotriva riscurilor financiare;
Garantarea riscurilor financiare;
Expertiza managerial;
Monitorizarea companiilor (competitors, clients);
Management de portofoliu;
Administrarea fondurilor de investiii.
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Instituiile financiare de pe piaa internaional
Instituiifinanciare
publice
Instituiifinanciare
private
I. Instituiile financiare internaionale:-International Monetary Fund;-World Bank (IBRD, IDA, IFC, IMGA);-EBRD;-European Investment Bank;-Bank for International Settlements;
II. Ageniile guvernamentale:-Export Credit Agencies;-Export Guarantee Credit Agencies;
-Export Insurance Agencies;III. Instituiile depozitare:
-Bncile comerciale;-Casele de economii;-Bncile mutuale de economii;-Uniunile de credit.
IV. Instituiile non-depozitare:-Bncile de investiii;-Fondurile mutuale;-Fondurile de pensii;-Companiile de asigurri;-Companiile de finanare;-Fondurile cu capital de risc;-Societile de valori mobiliare.
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Banca European pentruReconstrucie i Dezvoltare
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Banca European pentru Reconstrucie i Dezvoltare
BERD a fost creatn 1991;
Obiectivul iniial: s furnizeze suport pentru crearea i dezvoltarea
sectorului privat n rilefoste comuniste;
n prezent BERD furnizeaz asisten pentru dezvoltarea economiei de
pian 27 de ridin Europa Centralide Est idin Asia.
BERD este cel mai important investitor n regiune i mobilizeazimportante investiiistrinedirecte n plus de propriile finanriacordate.
BERD interacioneaz i cu instituiile publice, oferindu-i sprijinul n
procesul de privatizare, restructurare a companiilor de stat imbuntirea
serviciilor publice / municipale.BERD are 60 rimembre idouinstituiiinterguvernamentale (UE i
Banca Europeande Investiii).
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Banca European pentru Reconstrucie i DezvoltareObiectivele BERD:
Sajute rilefoste comuniste sse ndrepte ct mai rapid ctreo economie de piafuncional
Siasume o parte din riscurile investiionale
Spromoveze principii bancare sntoase
BERD promoveaz:
Reformele structurale isectorialeCompetiia, privatizarea and spiritul antreprenorial
Instituiifinanciare puternice isistemul legal - instituional
Dezvoltarea infrastructurii necesare sectorului privat
O guvernare sntoasCofinanareaiISD
Mobilizarea resurselor locale de capital
Furnizarea de asistentehnic
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European Bank for Reconstruction and Development
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BERD n Romnia
BERD este cel mai mare investitor din Romnia cu o sumce depete2.5
miliarde de euro.Romnia se aflpe locul al III-lea ca beneficiar al resurselor BERD.
Portofoliul BERD n aranoastreste foarte diversificat i include investiii n
sectorul privat, dezvoltarea sectorului financiar, infrastructura de baz
(electricitate, transport, infrastructura municipal) i privatizarea cu investitoristrategici.
EBRDncurajeazfinanareaprivata infrastructurii prin promovarea unor
finanride tip projectfinance
BERD susine dezvoltarea sistemului financiar nebancar, prin promovarea
investiiilorn sectorul leasing ia companiilor de asigurare, fondurilor de pensii
ifondurilor private de investiii.
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Proiecte BERD de succes n Romnia
Susinereaprivatizriicu succes a celei mai mari bncidin RomniaRomanian
Commercial Bank (In 2003 the EBRD agreed to buy a 25 per cent stake in BCR together
with the IFC for a combined investment of176 million);Privatizarea cu succes a PETROM:- in 2002, EBRD arranged a syndicated US$ 150
millionpre-privatisation corporate loan to SNP Petrom, the Bankslargest non-sovereign
long-term syndicated loan to a state-owned company in Romania at the time.
Furnizarea de fonduri pentru terminalul din Constana: - In September 2004, the
Bank granted a16 millionnon sovereign loan to the Administration of Constanta Port tofinance a new barge terminal in what has been the first non sovereign guaranteed loan
by the Bank for a state owned company in the Romanian Transport sector.
Transelectrica - Regional Transmission Line Project:- in December 2004 the Bank
signed a23.2 millionloan with Transelectrica in order to finance: (i) the Romanian part
of a 110km transmission line between Oradea (Romania) and Bekescsaba (Hungary),
and (ii) the construction of a 400kV substation at Nadab along the route of the line.Banca Transilvania:- BT managed to implement the Mortgage Loan of 10 millionin
a short period of time, reaching around 830 clients with a large geographic spread
covering 32 main counties through a network of 130 branches and agencies as of end-
March 2005.
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EBRD Direct Investment Projects:
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EBRD and SME Financing Facilities
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EBRD Municipal and Environmental Loan Facility
EBRD Regional Investment
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Banca European de Investiii
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Banca European de InvestiiiObiective iprioritide finanarepentru BEI:
Economic and social cohesion in the enlarged EU
Implementation of the Innovation 2010 Initiative
Development of Trans-European and Access Networks
Support of EU development and cooperation policies in partner countries
Environmental protection and improvement, including climate change and
renewable energy.
Support for small and medium-sized enterprises as well as mid-capcompanies of intermediate size
Support for human capital, notably health.
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European Investment Bank Shareholders
The shareholders of the European Investment Bank are the 25 Member States
of the European Union.
Each Member Statesshare in the Bankscapital is calculated in accordance
with its economic weight within the European Union (expressed in GDP) at
the time of its accession.
In total, the Bankssubscribed capital amounts to more than 163.6 billion.
The EU Member States are fully eligible for Bank financing operations,
without any geographical or sectorial quotas being applied.
Under its Statute, the Bank may have maximum loans outstanding
equivalent to two and half times its capital.
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European Investment Bank - Structure1. Board of Governors: consists of Ministers designated by each of the 25
Member States, usually Finance Ministers.
2. Board of Directors: has the power to take decisions in respect of loans,
guarantees and borrowings. The Board of Directors consists of 26 Directors,
with one Director nominated by each Member State and one by the
European Commission.
3. The Management Committee: is the Bankspermanent collegiate executivebody. It has nine members. Under the authority of the President and the
supervision of the Board of Directors, it oversees day-to-day running of the
EIB, prepares decisions for Directors and ensures that these are
implemented.
4. The Audit Committee: is an independent body answerable directly to the
Board of Governors and responsible for verifying that the operations of the
Bank have been conducted and its books kept in a proper manner.
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European Investment FundFollowing the conclusions of the Lisbon European Council in March 2000, whichcalled for increased support for operations to assist SMEs, the Board of
Governors decided to set up the "EIB Group", consisting of the EuropeanInvestment Bankand the European Investment Fund.
The EIB became the majority shareholder in the European Investment Fund,which nevertheless retains a tripartite share-ownership structure consisting of theEIB (59.15%), the European Commission (30%) and European banks andfinancial institutions (10.85%).
EIB Group is thus able to play a predominant role in boosting thecompetitiveness of European industry through the diversified support itprovides for the activities of SMEs(medium and long-term loans, venture capitaland guarantees).
The EIB continues to promote smaller businesses through its medium andlong-term global loan financing, arranged in collaboration with the banking sector.
The relationship between the EIB and the EIF encourages a productivesharing of expertisebetween the Bank and the Fund in support of finance forSMEs;
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Financing Facilities offered by EIBThe EIB offers various financial services to support projects, depending on
eligibility and project category.
Loans for SMEs through an intermediary (credit lines made
available to banks, leasing companies or financial institutions, which on
lend the proceeds for small or medium-scale investment projects
meeting the Bank's criteria)
Venture capital
Direct loans (also known as Individual loans) (Promoters in both the
public and private sectors, including banks);
Structured Finance Facility (SFF) (senior loans and guarantees
incorporating pre-completion and early operational risk; subordinatedloans and guarantees ranking ahead of shareholder subordinated debt;
mezzanine finance, including high-yield debt for industrial companies in
transition from SME scale or in the course of restructuring; project-
related derivatives.)
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Date ofEntry:
25/02/2005
Beneficiary: Gdansk Transport Company SA
Location: Poland - European Union.Gdansk to Nowe Marzy (89.5 km)
Description: Design, construction and operation of 152 km dual carriage motorway from Gdanks toTorun.
Objectives: The new motorway section will constitute the first step in completing of the missing link
between Gdask and d on the way to industrial Silesia. At the same time, once thewhole section Gdask-Toru is completed, it will facilitate easier access betweenWarsaw region and Tricity (Gdask, Sopot and Gdynia).
Sector: Transports.Road transport
ProposedEIB finance:
EUR 525 million
Total cost: EUR 700 million
Environmental aspects:
The project falls under the requirements of Annex 1 of the EU Directive 97/11 andrequires full EIA with public consultation.
Procurement:
The project has been procured as a Public Private Partnership to design, build, financeand maintain the infrastructure based on combination of shadow toll revenues andavailability and performance payments to the concession company during a 35-yearconcession.
Status: Signed - 28/07/2005
A1 Motorway - Poland
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Date ofEntry:
16/09/2004
Beneficiary:
Municipality of Budapest
Location: Hungary - European Union.Budapest.
Description:
The project concerns the design, construction, operation and maintenance of theBCWWTP and ancillary investments. It includes the following main investments:
Objectives: The project represents a cost-effective solution to wastewater collection, treatment andsludge disposal in central Budapest to meet EU and Hungarian environmentalstandards. It is expected that there will be indirect benefits to the city through reducedpollution of the Danube and greater tourism potential of the riverfront.
Sector: Water, sewerage.
Environment sector.ProposedEIB finance:
Up to EUR 147 million.
Total cost: Approximately EUR 529 million.
Environmental aspects:
The project has been designed in full compliance with national and relevant EUenvironmental directives. Upon completion and successful start of operationwastewater generated by more than 90% of Budapest population (for the time being
some 1.8 million) will be treated biologically.
Budapest Central Waste Water Treatment Plant Project
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HVB Bank Romania Global Loan II
Date of Entry: 03/02/2005
Beneficiary: HVB Bank Romania
Location: Romania - Accession Countries.
Description: Small and medium-scale projects in the field of environment protection, infrastructure, development of
a knowledge-based economy, rational use of energy, health and education in Romania.
Objectives: The global loan would contribute to the development of term finance in Romania. Through the
financial intermediary, the global loan would provide long-term funding for eligible projects promotedby small and medium sized enterprises (SMEs) and local municipalities/authorities/associations.
Sector: Global loans.
Proposed EIB
finance:Up to EUR 20 million
Total cost: EIB finances up to 50% of total project cost
Environmental
aspects:
The financial intermediary will be requested to ensure compliance of the sub-projects with relevant
national and EU directives, as appropriate.
Procurement: The financial intermediary will be requested to ensure compliance of the sub-projects with EU
directives, in particular for the award of public sector contracts, as may be appropriate.
Status: Signed - 15/09/2005
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World Bank Group
The World Bank is a vital source of financial and technical assistance to
developing countries around the world.
WBG includes two international financial institutions owned by 184 member
countriesthe International Bank for Reconstruction and Development
(IBRD) and the International Development Association (IDA).
The IBRD focuses on middle income and creditworthy poor countries;
IDA focuses on the poorest countries in the world.
Together we provide low-interest loans, interest-free credit and grants to
developing countries for education, health, infrastructure, communications
and many other purposes.
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World Bank Group OrganizationThe World Bank is like a cooperative, where its 184 member countries are
shareholders.
The shareholders are represented by a Board of Governors, who are the
ultimate policy makers at the World Bank. Generally, the governors are member
countries' ministers of finance or ministers of development. They meet once
a year at the Annual Meetings of the Boards of Governorsof the World Bank
Group and the International Monetary Fund.Because the governors only meet annually, they delegate specific duties to 24
Executive Directors, who work on-site at the bank. The five largest
shareholders, France, Germany, Japan, the United Kingdomand the United
States appoint an executive director, while other member countries are
represented by 19 executive directors.
The World Bank operates day-to-day under the leadership and direction of the
president, management and senior staff, and the vice presidents in charge
of regions, sectors, networks and functions. Vice Presidents are the principal
managers at the World Bank.
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Health Sector Reform 2 Project: The Second Romania Health Sector Reform
Project provides more accessible services, o f increased quality and with
improved health outcomes for those requiring maternity and newborn care,
emergency medical care, and rural primary health care.
Approval Date 16-DEC-2004
Closing Date 31-DEC-2009
Total Project Cost ** 206.49
Region Europe And Central Asia
Major Sector (Sector) (%) Health and other social services (Health) (96%)Law and justice and public administration (Centralgovernment administration) (3%)
Law and justice and public administration (Sub-nationalgovernment administration) (1%)
Old Major Sector N/A
Old Sector N/A
Environmental Category B
Bank Team Lead Haazen, Dominic S.Borrower MINISTRY OF PUBLIC FINANCE
Implementing Agency MINISTRY OF HEALTH
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Transport Restructuring Project:The Government of Romania has defined a
strategy for the transport sector that is primarily aimed at improving the efficiency
of the railways and road sectors, and thereby reducing the overall costs oftransportation.
Approval Date 16-NOV-2004
Closing Date 31-JUL-2009
Total Project Cost ** 377.9
Region Europe And Central Asia
Major Sector (Sector) (%) Transportation (Roads and highways) (67%)
Transportation (Railways) (33%)
Old Major Sector N/A
Old Sector N/A
Environmental Category A
Bank Team Lead Kerali, Henry G. R.
Borrower MINISTRY OF PUBLIC WORKS AND TRANSPORTImplementing Agency NAT'L ADM OF ROADS AND STATE RAILWAYS CFR-INFRA
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Irrigation Rehabilitation & Reform Project: Despite the current pricing and
subsidy mechanisms, which do not encourage economic irrigation, the central
issue of Romania's irrigation sector today, remain that irrigation facilities will likelybecome economic as the agriculture sector redevelops in the coming years.
Approval Date 31-JUL-2003
Closing Date 31-MAR-2011
Total Project Cost ** 102.98
Region Europe And Central Asia
Major Sector (Sector) (%) Agriculture, fishing, and forestry (Irrigation and drainage) (94%)
Law and justice and public administration (Central government administration)(4%)
Agriculture, fishing, and forestry (Agricultural extension and research) (1%)
Education (Vocational training) (1%)
Old Major Sector Agriculture
Old Sector Irrigation & Drainage
Environmental Category B
Bank Team Lead Ionita, Gabriel
Borrower ROMANIA
Implementing Agency MINISTRY OF AGRICULTURE, FORESTRY, WATER AND ENVIRONMENT
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Electricity Market Project: The development objective of the Electricity MarketProject for Romania is to develop a well-functioning wholesale electricity market with the
aim of: (a) putting in place a transparent and predictable commercial and regulatoryframework and a power exchange that will facilitate electricity trading within a competitive
national, regional and eventually European market; and (b) improving the efficiency and
reliability of the transmission system in order to support trading and supply electricity.
Approval Date 12-JUN-2003
Closing Date 30-JUN-2008
Total Project Cost ** 113.6
Region Europe And Central Asia
Major Sector (Sector) (%) Energy and mining (Power) (100%)
Old Major Sector N/A
Old Sector N/A
Environmental Category B
Bank Team Lead Visa, Doina
Borrower TRANSELECTRICA
Implementing Agency TRANSELECTRICA, ANRE, OPCOM
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Instituii financiare private
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Activele i pasivele intermediarilor financiariTipul intermediarului Sursa fondurilor Destinaia fondurilor
1. Instituii depozitare:
- Bnci comerciale Depozite Business and consumer loans,Municipal Bonds, T-Bonds
- Bnci de economii iasociaii de credit
Depozite Credite ipotecare
- Bnci mutuale de economii Depozite Credite ipotecare
- Uniuni de credit Depozite Credite de consum
2. Instituii de economisire pe baze contractuale
- Companii de asigurare devia
Prime din polie de asigurare Corporate Bonds and Mortgages
- Companii de asigurri debunuri
Prime din polie de asigurare Municipal Bonds, corporate Bonds,Treasury securities
- Fonduri de pensii Contribuii ale angajatorilor i angajailor Corporate bonds and stock
3. Instituii de investiii
- Companii de finanare Hrtii comerciale, aciuni, obligaiuni Consumer and business loans
- Fonduri mutuale Aciuni Stocks, Bonds
- Fonduri mutuale ninstrumentemonetare
Aciuni Money market instruments
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Structura intermediarilor financiari pe piaa SUA
US Financial Institutions
26.14%
5.74%
1.81%
12.43%
4.46%
16.82%
9.63%
4.98%
13.04%
4.95%
Commercial Banks
Savings and loan associations,
mutual banks
Credit unions
Life Insurance Companies
Fire and casualty insurance
companies
Pension Funds
State and local government
retirement funds
Finance companies
Mutual Funds
Money market funds
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Instrumentele financiare
Un instrument financiar este un contract ntre investitor i debitor;
Acest contract stabilete:
mecanismul finanrii;
rolul fiecrei instituii implicate n mecanism;
suma mprumutat;scadena;
moneda n care se face mprumutul;
costul finanrii (rata de dobnd) i modalitatea de plat a ei;
alocarea riscului ntre prile implicate;condiiile de rambursare a mprumutului;
Alte aspecte (clauzele speciale din contractul de finanare).
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Instrumentele financiare
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Instrumentele pieelor monetare (cazul SUA)
Titlurile de stat;
Certificate de depozit;
Hrtii comerciale;
Efecte de comer;
REPO;
Fonduri monetare federale.
US Money Market Instruments - 1996
32.97%
20.96%
33.05%
1.02%
8.10%3.90% Treasur y Bills
Negotiable bank
certificates of de positComme rcial papers
Bankers acceptances
Repurchase Agreements
Government Funds
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Cursul 2: Componentele SFI 48
Instrumentele pieelor de capitalAciuni;
Creditele ipotecare;Obligaiuni guvernamentale;
O. municipale;
Obligaiuni corporativeUS Capital Market Instruments
6.27%
4.87%
3.54%
5.49%3.73%
18.92%
45.22%11.95%
Corporate stocks
Mortgages
Corporate bonds
T-Bonds
Municipal Bonds
Bank Comme rcial Loans
Consumer Loans
Comm ercial and Farm
Mortgages
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Clasificarea instrumentelor financiare n funcie de risc