Procesy zmian we wzajemnych stosunkach finansowych państw socjalistycznych
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Date
1983
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Wydział Prawa i Administracji UAM
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Processes of change in mutual financial relations of the socialist states
Abstract
The article presents a development of financial relations of the socialist
states in the years of 1945—1963 and 1964—1982. Conditioning of the first period,
forming and developing bilateral financial relations, is presented in the aspect
of strong trends of protection of newly constructed industry, limited supply of
export goods and inelastic demand on certain products. Circumstances of the
second period which gave rise to technical and settling conditions for multilateral
settlements are discussed in the latter part, they were not able to relieve a trade
system of the socialist countries from the bilateral balancing.
Discussing a complex problem of efficiency of multilateral settlements, the
author quotes opinions of international finances' specialists and researchers and
seeks for new substantial and technical solutions in order to arrive to an agreement
between principles of state controlled economy and demands of international
trade in the aspect of settlements.
In the author's opinion, models of cash settlements between the socialist countries
are unsatisfactory at their present stage. The author advocates that requirements
of life have to be followed: the conditions of foreign trade are varying,
world's economy is not static, supply of goods and services and demand are
constantly fluctuating as well as world prices. It is therefore necessary to introduce
a reasonable multilaterality of settlements making for stimulation of
currency and increase of weight of finances in international settlements and in
consequence- for multilateral balancing of trade turnover.
In view of the tendencies to isolate socialist countries in the foreign trade,
the author emphasises the need to concentrate efforts to create better currency
system which would, under the influence of developing CMEA cooperation, improve
multilateral settlements.
Although payments turnover is functioning efficiently in the CMEA countries by means of the transfer ruble, the article indicates that major problems in the
trade between socialist countries are caused by the fact that each socialist state,
in order to balance its foreign trade according to plan, establishes quotas, attempts
at bilateral balancing of a foreign trade and links directly a volume of exports
and imports of deliveries under contract.
Bilaterality understood in that way diminishes utility of transfer ruble and
its flexibility in settlements and results in ruble's failure to perform its functions
in the international trade. In the following remarks the author discusses the role
of transfer ruble in settlements in socialist states as a product of the currency
system of these states and of the principle of inconvertibility of national currencies,
he is also trying to determine whether transfer ruble is a contractual
unit of settlement predominated by elements of bilateralism or it is a type of
international currency.
The author adopts a notion of transfer ruble as an international currency, in
its narrow meaning, i.e. which is recognized solely by those states which had
created it, as their common unit of account. The article attributes functions of
money sui generis to transfer ruble: a scope in which the ruble can perform
classical functions of money is described, as a standard of value, as a tender,
as a means of accumulation of value. Various views of scientists and financial
experts are quoted in this respect.
In conclusion, the author admits that transfer ruble is not an international
currency in the wide meaning of this word and should be classed among extramonetary
units of settlement. Present forms of trade between socialist countries
should be, in the authors opinion, altered to overcome a "product for product"
barrier, to extend the trade turnover and to create a possibility of converting
a value expressed in one currency into another currency. This requires the existence
of real exchange rates and a national currency should act as a tender not
only in the country but also abroad.
Estimating real financial relations of trade and settlements, the author speaks
for improving the existing collective currency and elaborating a program in future
aiming at introducing convertible currency of the CMEA states or, at least,
a currency of partially limited convertibility.
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 45, 1983, z. 3, s. 95-112
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ISBN
ISSN
0035-9629