ACADEMIA DE STUDII ECONOMICE BUCUREŞTI

FACULTATEA DE RELAŢII ECONOMICE INTERNAŢIONALE

“Finanţare internaţională”

CURSUL II:
“Pieţe, instituţii şi instrumente folosite
pe pieţele financiare internaţionale”

Conf. dr Cristian PĂUN

Structura Sistemului Financiar

Tranzacţii
financiare
Guvernul Companii
private
Instituţii
Tranzacţii financiare
financiare Tranzacţii
financiare
Populaţia
Pieţe financiare

Cursul 2: Componentele SFI 2

Pieţele financiare - caracteristici
PIEŢE FINANCIARE

Pieţe monetare (scadenţă < Pieţe de capital (scadenţă > 1

1 an): year):
- foarte lichide; - tranzacţii cu instrumente de
- tranzacţii cu instrumente împrumut şi acţiuni (bonds,
de credit; equities)
- fluctuaţii reduse ale - fluctuaţii mai mari de preţ
preţurilor activelor => risc
redus
- Piaţa primară
Piaţa internaţională a creditului,
- Piaţa secundară Euromarkets şi FX Markets

Exchange offices (NYSE, CBOT) OTC Markets

Cursul 2: Componentele SFI 3

Pieţele financiare - caracteristici
Caracteristici Pieţe monetare Pieţe de capital
Scadenţă Sub un an Peste 1 an
Riscuri Mai mic Mai mare
Instrumente Instrumente de credit Instr. de împrumut + acţiuni
Lichiditate Mai mare Mai mic
Volumul tranzacţiilor Mai mic Mai mare

Instrumente de credit Instrumente de împrumut şi acţiuni

- Titluri de stat; - Acţiuni obişnuite
- Hârtii comerciale; - Acţiuni preferenţiale
- Certificate de depozit; - Obligaţiuni
- Forward; - Participaţii la fondurile de investiţii
- Credits; - Poliţe de asigurare
- REPO - Participaţii la fondurile de pensii

Cursul 2: Componentele SFI 4

Resursele de finanţare pentru o companie
- Reinvestirea
Resurse profiturilor;
interne - Majorări de capital;
- Conversia datoriilor
în acţiuni;
- Amortizarea

Decizia de mijloacelor fixe.

finanţare

- Credite;
Resurse atrase
- Obligaţiuni;
- Acţiuni.

Cursul 2: Componentele SFI 5

Când se recomandă utilizarea surselor interne ?
Avantaje ale utilizării surselor interne de finanţare:
• Creşterea valorii companiei;
• Autonomie mai mare faţă de instituţiile financiare;
• Cost de tranzacţionare mai redus (comisioane bancare şi taxe mai mici);
• Avantaje fiscale aplicate profitului reinvestit;
• Companii mici sau companii aflate la început;
• Companii îndatorate puternic (high debt).
Dezavantaje:
Costul total al surselor proprii este cel mai mare datorită impozitării (tax
shield) şi datorită costului de oportunitate)

Resursele proprii costă cel mai mult !!!

Cursul 2: Componentele SFI 6

Când se recomandă utilizarea surselor atrase ?
Avantaje:
• afaceri mature – “cash-flow cows”;
• sunt mai puţin costisitoare decât sursele proprii;
• posibilitatea de obţinere a unor resurse de capital importante;
• scadenţe mai mari;
• deducerea cheltuielilor cu dobânda;
Dezavantaje:
• Costuri adiţionale (taxes, commissions applied);
• Dependenţa de instituţiile financiare;
• Existenţa unui calendar precis de rambursare;
• Necesitatea unei bune proiecţii a dezvoltării viitoare a afacerii.

Cursul 2: Componentele SFI 7

Efectele impozitării când se utilizează finanţarea prin
emisiune de acţiuni

Acţiuni 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

Cursul 2: Componentele SFI 8

Finanţare directă vs. Finanţare indirectă

Intermediarii
financiari

Finanţare indirectă

Debitor Investitor
(beneficiar)

Finanţare directă

Cursul 2: Componentele SFI 9

 Finanţare directă vs. Finanţare indirectă
Avantajele intermedierii financiare:
• o mai bună informare cu privire la excedentul de resurse financiare;
• risc mai redus (unele instituţii financiare pot prelua din riscuri);
• consultanţa financiară;
• facilităţile de finanţare;
• o multitudine de tehnici de financiare;
• condiţiile impuse de intermediarii financiari;
• cost de tranzacţionare mai scăzut.
Dezavantajele intermedierii financiare:
• costuri operaţionale mai mari;
• inexistenţa unui contact direct cu piaţa;
• impunerea unui istoric al relaţiilor cu piaţa.

Cursul 2: Componentele SFI 10

Serviciile furnizate de intermediarii financiari
•Vânzarea şi cumpărarea de active financiare;
•Derularea fluxurilor de încasări şi plăţi;
•Finanţarea afacerilor (incl. export financing);
•Consultanţa financiară;
•Monitorizarea pieţelor financiare internaţionale (rating agencies);
•Asigurarea împotriva riscurilor financiare;
•Garantarea riscurilor financiare;
•Expertiza managerială;
•Monitorizarea companiilor (competitors, clients);
•Management de portofoliu;
•Administrarea fondurilor de investiţii.

Cursul 2: Componentele SFI 11

Instituţiile financiare de pe piaţa internaţională
I. Instituţiile financiare internaţionale:
-International Monetary Fund;
-World Bank (IBRD, IDA, IFC, IMGA);
-EBRD;
-European Investment Bank;
Instituţii
-Bank for International Settlements;
financiare
II. Agenţiile guvernamentale: publice
-Export Credit Agencies;
-Export Guarantee Credit Agencies;
-Export Insurance Agencies;
III. Instituţiile depozitare:
-Băncile comerciale;
-Casele de economii;
-Băncile mutuale de economii;
Instituţii
-Uniunile de credit.
financiare
IV. Instituţiile non-depozitare: private
-Băncile de investiţii;
-Fondurile mutuale;
-Fondurile de pensii;
-Companiile de asigurări;
-Companiile de finanţare;
-Fondurile cu capital de risc;
-Societăţile de valori mobiliare.

Cursul 2: Componentele SFI 12

Banca Europeană pentru
Reconstrucţie şi Dezvoltare

Cursul 2: Componentele SFI 13

 Banca Europeană pentru Reconstrucţie şi Dezvoltare
• BERD a fost creată în 1991;
• Obiectivul iniţial: să furnizeze suport pentru crearea şi dezvoltarea
sectorului privat în ţările foste comuniste;
• În prezent BERD furnizează asistenţă pentru dezvoltarea economiei de
piaţă în 27 de ţări din Europa Centrală şi de Est şi din Asia.
• BERD este cel mai important investitor în regiune şi mobilizează importante
investiţii străine directe în plus de propriile finanţări acordate.
• BERD interacţionează şi cu instituţiile publice, oferindu-şi sprijinul în
procesul de privatizare, restructurare a companiilor de stat şi îmbunătăţire a
serviciilor publice / municipale.
•BERD are 60 ţări membre şi două instituţii interguvernamentale (UE şi
Banca Europeană de Investiţii).

Cursul 2: Componentele SFI 14

Banca Europeană pentru Reconstrucţie şi Dezvoltare
Obiectivele BERD:
•Să ajute ţările foste comuniste să se îndrepte cât mai rapid către
o economie de piaţă funcţională
• Să îşi asume o parte din riscurile investiţionale
• Să promoveze principii bancare sănătoase
BERD promovează:
• Reformele structurale şi sectoriale
• Competiţia, privatizarea and spiritul antreprenorial
• Instituţii financiare puternice şi sistemul legal - instituţional
• Dezvoltarea infrastructurii necesare sectorului privat
• O guvernare sănătoasă
• Cofinanţarea şi ISD
• Mobilizarea resurselor locale de capital
• Furnizarea de asistenţă tehnică

Cursul 2: Componentele SFI 15

European Bank for Reconstruction and Development

Cursul 2: Componentele SFI 16

 BERD în România
• BERD este cel mai mare investitor din România cu o sumă ce depăşeşte 2.5
miliarde de euro.

• România se află pe locul al III-lea ca beneficiar al resurselor BERD.

• Portofoliul BERD în ţara noastră este foarte diversificat şi include investiţii în

sectorul privat, dezvoltarea sectorului financiar, infrastructura de bază
(electricitate, transport, infrastructura municipală) şi privatizarea cu investitori
strategici.

•EBRD încurajează finanţarea privată a infrastructurii prin promovarea unor

finanţări de tip “project finance”

• BERD susţine dezvoltarea sistemului financiar nebancar, prin promovarea

investiţiilor în sectorul leasing şi a companiilor de asigurare, fondurilor de pensii
şi fondurilor private de investiţii.

Cursul 2: Componentele SFI 17

Cursul 2: Componentele SFI 18
 Proiecte BERD de succes în România
• Susţinerea privatizării cu succes a celei mai mari bănci din România– Romanian
Commercial Bank (In 2003 the EBRD agreed to buy a 25 per cent stake in BCR together
with the IFC for a combined investment of €176 million);
• Privatizarea cu succes a PETROM: - in 2002, EBRD arranged a syndicated US$ 150

million pre-privatisation corporate loan to SNP Petrom, the Bank’s largest non-sovereign
long-term syndicated loan to a state-owned company in Romania at the time.
• Furnizarea de fonduri pentru terminalul din Constanţa: - In September 2004, the

Bank granted a €16 million non sovereign loan to the Administration of Constanta Port to
finance 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 a €23.2 million loan 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 million in

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.

Cursul 2: Componentele SFI 19

EBRD Direct Investment Projects:

Cursul 2: Componentele SFI 20

EBRD and SME Financing Facilities

Cursul 2: Componentele SFI 21

EBRD Municipal and Environmental Loan Facility

EBRD Regional Investment

Cursul 2: Componentele SFI 22

Banca Europeană de Investiţii

Cursul 2: Componentele SFI 23

 Banca Europeană de Investiţii
• The task of the European Investment Bank, the European Union's financing
institution, is to contribute towards the integration, balanced development
and economic and social cohesion of the Member Countries.
•The European Investment Bank (EIB), the financing institution of the European
Union, was created by the Treaty of Rome.
•The members of the EIB are the Member States of the European Union, who
have all subscribed to the Bank's capital.
• The EIB grants loans mainly from the proceeds of its borrowings, which,
together with "own funds" (paid-in capital and reserves), constitute its "own
resources".
• Outside the European Union, EIB financing operations are conducted principally
from the Bank's own resources but also, under mandate, from Union or
Member States' budgetary resources.

Cursul 2: Componentele SFI 24

 Banca Europeană de Investiţii
Obiective şi priorităţi de finanţare pentru 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-cap

companies of intermediate size

•Support for human capital, notably health.

Cursul 2: Componentele SFI 25

 European Investment Bank Shareholders
• The shareholders of the European Investment Bank are the 25 Member States
of the European Union.

• Each Member State’s share in the Bank’s capital is calculated in accordance

with its economic weight within the European Union (expressed in GDP) at
the time of its accession.

• In total, the Bank’s subscribed 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.

Cursul 2: Componentele SFI 26

 European Investment Bank - Structure
1. 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 Bank’s permanent collegiate executive

body. 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.

Cursul 2: Componentele SFI 27

 European Investment Fund
•Following the conclusions of the Lisbon European Council in March 2000, which
called for increased support for operations to assist SME’s, the Board of
Governors decided to set up the "EIB Group", consisting of the European
Investment Bank and 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 the
EIB (59.15%), the European Commission (30%) and European banks and
financial institutions (10.85%).
• EIB Group is thus able to play a predominant role in boosting the
competitiveness of European industry through the diversified support it
provides for the activities of SMEs (medium and long-term loans, venture capital
and guarantees).
• The EIB continues to promote smaller businesses through its medium and
long-term global loan financing, arranged in collaboration with the banking sector.
• The relationship between the EIB and the EIF encourages a productive
sharing of expertise between the Bank and the Fund in support of finance for
SMEs;

Cursul 2: Componentele SFI 28

 Financing Facilities offered by EIB
The 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; subordinated
loans 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.)
Cursul 2: Componentele SFI 29
Priority Roads and Motorways Rehabilitation II – AFI Czech
Republic
Date of
17/05/2005
Entry:
Beneficiary: The Region of Pardubice.
The Region of Liberec.
Location:
Czech Republic - European Union. Pardubice and Liberec.

Description: The project concerns a series of priority schemes for the rehabilitation of the regional
road network.
Objectives: The project will improve traffic fluidity and safety along the Region’s road network and
decrease cost of road users (fuel and tyre consumption, maintenance, travel time).
Sector: Transports.
Transport.
Proposed
EIB To be determined
finance:
Total cost: Up to EUR 40 million for the Region of Pardubice
Up to EUR 40 million for the Region of Liberec.
Environment Current environmental impact legislation in the Czech Republic is based on the Act No
al 100/2001 Coll., which reflects relevant EU legislation (namely Directive
aspects: 85/337/EEC as amended by Directive 97/11/EC).
Procuremen EU Procurement Directives have been transposed into the national legislation, and the
t: procedures to be used will be verified during appraisal.
Status: Signed - 30/06/2005
Cursul 2: Componentele SFI 30
A1 Motorway - Poland
Date of
25/02/2005
Entry:
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 to
Torun.
Objectives: The new motorway section will constitute the first step in completing of the missing link
between Gdańsk and Łódź on the way to industrial Silesia. At the same time, once the
whole section Gdańsk-Toruń is completed, it will facilitate easier access between
Warsaw region and Tricity (Gdańsk, Sopot and Gdynia).
Sector: Transports.
Road transport

Proposed
EUR 525 million
EIB finance:
Total cost: EUR 700 million
Environment The project falls under the requirements of Annex 1 of the EU Directive 97/11 and
al aspects: requires full EIA with public consultation.
Procuremen The project has been procured as a Public Private Partnership to design, build, finance
t: and maintain the infrastructure based on combination of shadow toll revenues and
availability and performance payments to the concession company during a 35-year
concession.
Status: Signed - 28/07/2005
Cursul 2: Componentele SFI 31
Budapest Central Waste Water Treatment Plant Project
Date of
16/09/2004
Entry:
Beneficiary:

Municipality of Budapest

Location: Hungary - European Union.

Budapest.
Description:
The project concerns the design, construction, operation and maintenance of the
BCWWTP and ancillary investments. It includes the following main investments:

Objectives: The project represents a cost-effective solution to wastewater collection, treatment and
sludge disposal in central Budapest to meet EU and Hungarian environmental
standards. It is expected that there will be indirect benefits to the city through reduced
pollution of the Danube and greater tourism potential of the riverfront.
Sector: Water, sewerage.
Environment sector.
Proposed
Up to EUR 147 million.
EIB finance:
Total cost: Approximately EUR 529 million.
Environment The project has been designed in full compliance with national and relevant EU
al aspects: environmental directives. Upon completion and successful start of operation wastewater
generated by more than 90% of Budapest population (for the time being some 1.8
million) will be treated biologically.
Cursul 2: Componentele SFI 32
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
promoted by small and medium sized enterprises (SMEs) and local
municipalities/authorities/associations.
Sector: Global loans.

Proposed EIB
Up to EUR 20 million
finance:
Total cost: EIB finances up to 50% of total project cost
Environmental The financial intermediary will be requested to ensure compliance of the sub-projects with relevant
aspects: 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
Cursul 2: Componentele SFI 33
Grupul Băncii Mondiale

Cursul 2: Componentele SFI 34

 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

countries—the 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.

Cursul 2: Componentele SFI 35

 World Bank Group Organization
•The 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 Governors of 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 Kingdom and 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. Cursul 2: Componentele SFI 36
•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 (Central
government administration) (3%)
Law and justice and public administration (Sub-national
government 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

Cursul 2: Componentele SFI 37

• 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 of
transportation.

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 TRANSPORT
Implementing Agency NAT'L ADM OF ROADS AND STATE RAILWAYS CFR-INFRA

Cursul 2: Componentele SFI 38

• 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 likely
become 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

Cursul 2: Componentele SFI 39

• Electricity Market Project: The development objective of the Electricity Market Project
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 regulatory framework 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

Cursul 2: Componentele SFI 40

• Energy Community of South East Europe Project: A strategy paper for energy
trade in South East Europe outlines the Bank's vision for regional energy market
development, and defines its role in supporting the evolution of regional energy trade. The
framework elaborates the Bank's role in supporting policy reform, institutional development,
and lending for power generation, transmission, distribution.

Approval Date 27-JAN-2005

Closing Date 30-JUN-2010
Total Project Cost ** 112.3
Region Europe And Central Asia
Major Sector (Sector) (%) Energy and mining (Power) (100%)
Old Major Sector N/A
Old Sector N/A
Environmental Category F
Bank Team Lead Nyman, Kari J.
Borrower COUNTRIES OF SOUTH EAST EUROPE
Implementing Agency UTILITIES IN SOUTH EAST EUROPE

Cursul 2: Componentele SFI 41

Instituţii financiare private

Cursul 2: Componentele SFI 42

Activele şi pasivele intermediarilor financiari
Tipul intermediarului Sursa fondurilor Destinaţia fondurilor

1. Instituţii depozitare:

- Bănci comerciale Depozite Business and consumer loans,

Municipal Bonds, T-Bonds
- Bănci de economii şi Depozite Credite ipotecare
asociaţii de credit
- Bănci mutuale de economii Depozite Credite ipotecare

- Uniuni de credit Depozite Credite de consum

2. Instituţii de economisire pe baze contractuale

- Companii de asigurare de Prime din poliţe de asigurare Corporate Bonds and Mortgages
viaţă
- Companii de asigurări de Prime din poliţe de asigurare Municipal Bonds, corporate Bonds,
bunuri Treasury securities

- Fonduri de pensii Contribuţii ale angajatorilor şi angajaţilor Corporate bonds and stock

3. Instituţii de investiţii

- Companii de finanţare Hârtii comerciale, acţiuni, obligaţiuni Consumer and business loans

- Fonduri mutuale Acţiuni Stocks, Bonds

- Fonduri mutuale în Acţiuni Money market instruments

instrumente
monetare
Cursul 2: Componentele SFI 43
Structura intermediarilor financiari pe piaţa SUA

US Financial Institutions Com m ercial Banks

4.95%
Savings and loan associations,
m utual banks
13.04%
26.14% Credit unions

Life Insurance Com panies

4.98%
Fire and casualty insurance
com panies
Pension Funds
9.63%
5.74%
State and local governm ent
1.81% retirem ent funds
Finance com panies

12.43% Mutual Funds

16.82%
4.46%
Money m arket funds

Cursul 2: Componentele SFI 44

Instrumentele financiare

• Un instrument financiar este un contract între investitor şi debitor;

• Acest contract stabileşte:
• mecanismul finanţării;
• rolul fiecărei instituţii implicate în mecanism;
• suma împrumutată;
• scadenţa;
• moneda în care se face împrumutul;
• costul finanţării (rata de dobândă) şi modalitatea de plată a ei;
• alocarea riscului între părţile implicate;
• condiţiile de rambursare a împrumutului;
• Alte aspecte (clauzele speciale din contractul de finanţare).

Cursul 2: Componentele SFI 45

Instrumentele financiare

Cursul 2: Componentele SFI 46

Instrumentele pieţelor monetare (cazul SUA)
• Titlurile de stat;
• Certificate de depozit;
• Hârtii comerciale;
US Money Market Instruments - 1996
• Efecte de comerţ; 8.10%
3.90% Treasury Bills

• REPO; 1.02%
32.97%
Negotiable bank
certificates of deposit

• Fonduri monetare federale. Com m ercial papers

Banker’s acceptances

33.05% Repurchase Agreem ents

Governm ent Funds

20.96%

Cursul 2: Componentele SFI 47

Instrumentele pieţelor de capital
• Acţiuni;
• Creditele ipotecare;
• Obligaţiuni guvernamentale;
• O. municipale;
US Capital Market Instruments
• Obligaţiuni corporative 5.49%
3.73%

Corporate stocks
3.54%

4.87% Mortgages

Corporate bonds
45.22%
11.95% T-Bonds

Municipal Bonds

Bank Com m ercial Loans

6.27%

Consum er Loans

Com m ercial and Farm

18.92% Mortgages

Cursul 2: Componentele SFI 48

Clasificarea instrumentelor financiare în funcţie de risc

Cursul 2: Componentele SFI 49