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1、国际结算理论与实务 （Theories and Practices of International Settlements ）,主讲人：李颖山东大学经济学院金融系 联系方式：,Reference books 国际结算第四版，苏宗祥，2009，中国金融出版社； 国际结算，秦定，2010，清华大学出版社； 国际结算：理论实务案例，蒋琴，2007，清华大学出版社。,Examination,Exercises in class （20%）,Final tests In English（80%）,International Settlement,Overview,Chapter1: Introduct
2、ion On Fundamentals In International Settlements,Chapter2: Banks Clearing System In international Settlements,International Settlement,Core part,Chapter3: Financial Instruments used in International Settlements,Chapter4: Mercantile documents used In International Settlements,Chapter5: International
3、Settlement Methods,International Settlement,extension,Chapter6: L/G and Stand-by L/C,Chapter7: Financing methods In International Settlements.,Chapter8: Bank Letters in International Settlement,Chapter 1 Introduction on Fundamentals in International Settlements,Definition International payments or i
4、nternational settlements are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, etc., emerged in the course of political, economic or cultural contacts among them.,spot payme
5、nt payment between different cities international payment.,International Settlement,contents,International trade： visible trade and invisible trade,Financial transactions,Payment between governments,International Settlement,ObjectivesCharacteristics of evolution: cash settlement to transfer settleme
6、nt and transaction of documents; Banks became the center in the international settlement at the end of 18th century; From payments under simple price terms to payments under more complex price terms;,safe,quick,convenient,Chapter 1 Introductions on Fundamentals in International Settlements,computeri
7、zation SFNB,1996, USA; Entrium Direct Bankers,1990,1998,International Settlement,Communication means,Mail: Letter, registered letter, express delivery letter,Cable or Telex,Network: SWIFT,Chapter 1 Introductions on Fundamentals in International Settlements,SWIFT: society for worldwide interbank fina
8、ncial telecommunications, a computerized international telecommunications system that, through standardized formatted messages, rapidly processes and transmits financial transactions and information among its members around the world.,Chapter 1 Introductions on Fundamentals in International Settleme
9、nts,Services provided by SWIFT: FIN (Financial Application) IFT (Interbank File Transfer)Procedures of message flow: An appropriate SWIFT message type is selected, prepared, addressed and released by the sender to the SWIFT network via the banks SWIFT interface; The message is then sent to the sende
10、rs local SWIFT Regional Processor;,Chapter 1 Introductions on Fundamentals in International Settlements,The input Regional Processor forwards the SWIFT message to a Slice Processor; If the message is properly formatted, it is sent to the Receivers local SWIFT Regional Processor; The output Regional
11、Processor then sends the message to the receiver.,Chapter 1 Introductions on Fundamentals in International Settlements,Types of messages: 10 types Characteristics of SWIFT: Quick and cheap; Secure and reliable; Standardized forms.Signatures,Credit instruments,Mercantile documents,Chapter 1 Introduct
12、ions on Fundamentals in International Settlements,Classification of settlement methods 基于商业信用的结算（Settlement on commercial credit）汇款（Remittance），对应着预付货款（payment in advance）和赊销（open account，O/A） ；托收（Collection ） 基于银行信用的结算（Settlement on bank credit）信用证（letter of credit，L/C ） ；银行保函（ bank guarantee ）,Cha
13、pter 1 Introductions on Fundamentals in International Settlements,payment in advance: provides greatest security for the seller and greatest risk for the buyer; requires that the buyer have a high level of confidence in the ability and willingness of the seller to deliver the goods as ordered. open
14、account, O/A，provides the least risk for the buyer and the greatest risk for the seller.,Chapter 2 Banks Clearing System In International Settlements,1. Reasons for the establishment of banks clearing system objective reasons subjective reasons 2. components (1) global business web system branches c
15、orrespondent bank: a bank having direct connection or friendly service relations with another bank.,Chapter 2 Banks Clearing System In International Settlements,Bank letter： a sample Agency agreements: a sample control documents: lists of specimen of authorized signatures: for authentication of the
16、messages, letters, remittances, letters of credit, etc. telegraphic test keys: code arrangements that enable the banks to receive cables from other banks to verify the authenticity of cables or telexes. SWIFT authentic key: for authenticating messages transmitted through SWIFT; terms and conditions.
17、,Chapter 2 Banks Clearing System In International Settlements,Services provided by correspondents:Collecting checks, drafts, and other credit instruments;Making loan or investments as agents for their customer banks;Making credit investigation of firms that borrow in the open market;Providing banks with foreign exchange facilities, including commercial and travelers checks;Providing banks with funds/loans in case of need.,
