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UHOD LLOHFXDOWHVLVWHPHPRQHWDUH.
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GHQXPLUHD XQLW LL PRQHWDUH QD LRQDOH; PRGXO GH HPLWHUH L LQVWLWX LLOH GHVHPQDWH FX
HPLWHUHD PRQHGHL QD LRQDOH L VXSUDYHJKHUHD FLUFXOD LHL PRQHWDUH; organizarea
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valutar-ILQDQFLDUHLQWHUQD LRQDOHVHGLVWLQJvQSULPXOUkQG1HZ<RUN/RQGUDL7RNLR
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Angeles, Boston, Vancouver.
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LQWHUQD LRQDO
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Principiile pe care s-a structurat sistemul monetar-financiar n acei ani au fost:
Universitatea, respectiv sistemul instituit a fost conceput ca un sistem
deschis, nediscriminatoriu, putnd adera la el orice stat;
Etalonul monetarDFFHSWDWvQFRQWLQXDUHDIRVWDXUXOFUXLDLV-DDOWXUDWL
dolarul SUA;
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GHILQLWGUHSWFRQYHUWLELO;

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ce au trecut de atunci, sistemul gndit a suferit DQXPLWH PRGLILFUL, reflectate n
DPHQGDPHQWHOHDGXVH6WDWXWXOXL)0,vQL$FHVWHDSULYHVF:
UHQXQ DUHD OD HWDORQXO PRQHWDU DXU L GRODU 68$ L adoptarea sistemului
denumit aranjament valutar, n definirea valorii unei monede;
trecerea la cursuri fluctuante,SULQUHQXQ DUHDODREOLJDWLYLWDWHDVWDWHORUGHD
PHQ LQHYDULD LDFXUVXOXLPRQHGHLQD LRQDOHvQDQXPLWHOLPLWH;
UHGHILQLUHDFRQYHUWLELOLW LLvQVHQVXOXQHLFRQYHUWLELOLW LGHSLD ;
crearea unui nou activ monetar, drepturile speciale de tragere, cu scopul de a
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Q QRXO FRQWH[W vQ GHVIXUDUHD UHOD LLORU YDOXWDU-ILQDQFLDUH LQWHUQD LRQDOH
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nVDXDSUXWQRLHQWLW LFDUHLPSXQvQDQXPLWHVSD LLJHRJUDILFH8QLXQHD(XURSHDQ
sau n anumite probleme cum sunt:VXSUDYHJKHUHDEDQFDUVXSUDYHJKHUHDPLFULORUGH
FDSLWDOLQWHUQD LRQDOLRSHUD LRQDOHSHHXURSLD %DQFD5HJOHPHQWULORU,QWHUQD LRnale
prin Acordurile de la Basel), QRL UHJOHPHQWUL FDUH vQ SDUWH VXQW SUHOXDWH L GH DOWH
ULLDUUROXOLIXQF LLOH)0,DXHYROXDWSULRULWDUvQSURPRYDUHDXQRUSROLWLFLGHOLPLWDWH
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WUDQ]L LH
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Instrumentele monetare care sunt acceptate pentru lichidarea unei datorii,
FUHDQ HLQWHUQD LRQDOHL]YRUkWHGLQRSHUD LXQLFXUHQWHVXQWFXQRVFXWHVXEGHQXPLUHD
JHQHULFGHPLMORDFHGHSODWLQWHUQD LRQDOHGHUHJXOGHEQFLOHFHQWUDOH
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OXQJXOWLPSXOXLDXFXQRVFXWLPSRUWDQWHPRGLILFUL8QHOHDFWLYHFXPHVWHDXUXOL-au
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GUHSWXULOHVSHFLDOHGHWUDJHUHQHWDSDDFWXDOPLMORDFHOHGHSODWLQWHUQD LRQDOVXQW
formate din valute, nscrisuri financiare denominate n valute L drepturi speciale de
tragere (D.S.T.).
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LQWHUQD LRQDOH 'RODUXO 68$ SHQWUX XQ FHW HDQ DPHULFDQ HVWH PRQHG QD LRQDO
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calitatea GH LQWRUXOXLHLUH]LGHQWVDXQHUH]LGHQWLORFXOSO LLvQVWULQWDWHGHL

DVSHFWXO FRQYHUWLELOLW LL DUH LPSRUWDQ  GHRVHELW vQ VWDWXWXO LQWHUQD LRQDO DO XQHL
monede.
Din punct de vedere al SRVLELOLW LL SUHVFKLPEULL unei monede pe alta,
YDOXWHOHVHvPSDUWvQYDOXWHFRQYHUWLELOHLYDOXWHQHFRQYHUWLELOH
Prin YDOXWFRQYHUWLELOVHvQ HOHJHvQVXLUHDOHJDOSHFDUHRDUHRPRQHGGH
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YDOXWDUIUQLFLXQIHOGHUHVWULF LL
Prin YDOXW QHFRQYHUWLELO VH vQ HOHJ DFHOH YDOXWH FDUH QX SRW IL XWLOL]DWH FD
PLMORFGHSODWGHUHJXOGHFkWvQFDGUXOJUDQL HORUVWDWXOXLHPLWHQW
QUHOD LLOHGHSO LLQWHUQD LRQDOHVHXWLOL]HD]YDOXWHOHFRQYHUWLELOHDSDU LQkQG
vQ JHQHUDO ULORU FDUH DX DGRSWDW FRQYHUWLELOLWDWHD GHSOLQ  UHVSHFWLY IU UHVWULF LL
VDX FX UHVWULF LL QHVHPQLILFDWLYH D FURU YDORDUH HVWH UHODWLY FRQVWDQW vQ WLPS LDU
statul emitent prin nivelul de dezvoltare economico-ILQDQFLDUSRDWHVXV LQHFLUFXOD LD
PRQHGHLVDOHODQLYHOLQWHUQD LRQDO'LQDFHVWHFRQVLGHUHQWHGHLSHVWHGH ULL-au
GHFODUDWPRQHGDFRQYHUWLELOGLQGH ULPHPEUH)0,QXPDLXQQXPUUHODWLY
redus de valute (10-VXQWXWLOL]DWHUHOD LLOHGHSO LLQWHUQD LRQDOH'DUFKLDULGLQ
UkQGXO DFHVWRUD VH GHWDHD] SUHIHULQ D SHQWUX: dolar SUA, euro, yen japonez, franc
HOYH LDQ GRODU FDQDGLDQ OLU VWHUOLQ LDU SkQ vQ  L SHQWUX PDUFD JHUPDQ Q
HVHQ DFHVWHDVXQWPRQHGHQD LRQDOHXWLOL]DWHvQUHOD LLGHSO LLQWHUQD LRQDOH
Din punct de vedere a HYROX LHLSHWHUPHQPHGLXLOXQJDFXUVXOXLLLPSOLFLW
DSR]L LHLSHSLD  a unei valute, acestea sunt definite ca valute tari sau forte n cazul
XQHL YDOXWH VWDELOH L FXUV DVFHQGHQW GH vQWULUH D SXWHULL GH FXPSUDUH L valute
slabe FHOH FX HYROX LL LQVWDELOH GH PDUH DPSOLWXGLQH FX WHQGLQ  GH GHSUHFLHUH
GLPLQXDUHDSXWHULLGHFXPSUDUH).
Q JUXSD YDOXWHORU FRQYHUWLELOH XQ ORF DSDUWH vO GH LQ YDOXWHOH GH UH]HUY.
9DOXWHOHGHUH]HUYVXQWPRQHGHOHQD LRQDOHDOHXQRU ULGH LQXWHSVWUDWHGHDOWH UL
vQ UH]HUYD ORU RILFLDO Q VWUXFWXUDUHD UH]HUYHL YDOXWDUH RILFLDOH ILHFDUH DU HVWH
pUHRFXSDW V-i asigure o ct mai mare stabilitate prin valutele care o compun, drept
FDUHSHUPDQHQWSURFHGHD]ODDGPLQLVWUDUHDHLHILFLHQWSULQSODVDPHQWHPRGLILFDUHD
structurii (vnzare-FXPSUDUHYH]L7HPD
 Q IXQF LH GH modul n care sunt utilizatevQUHOD LLOHGHSO LLQWHUQD LRQDOH
valutele pot fi valute n cont FDUH VH SUH]LQW VXE IRUPD XQXL GLVSRQLELO vQ FRQW OD R
EDQFVLWXDWvQ DUDGHSXQWRUXOXLVDXvQDOW DULvalute efective, n numerar, sub
IRUPDEDQFQRWHORULDPRQHGHORUGLYL]LRQDUHSVWUDWHGHSRVHVRUXOORU
Valutele de cliring constituie o categorie aparte de valute, ele fiind n principal
PRQHGHGHVRFRWHDOGHHYLGHQ 9DOXWDGHFOLULQJSRDWHILPRQHGFRQYHUWLELOVDX
PRQHG QHFRQYHUWLELO DVXSUD FUHLD SDUWHQHULL dRX ULVDXPDLPXOWH UL unui
DFRUGGHFOLULQJDXFRQYHQLWV-L LQHYLGHQ DOLYUULORUUHFLSURFH3ULQGHILQL LHXQ
DFRUG GH FOLULQJ SUHVXSXQH VWLQJHUHD REOLJD LLORU GH SODW UHFLSURFH SULQ OLYUUL GH
PUIXULFRPSHQVDUHODQLYHOGH UL
2. nscrisuri financiare denominate n valute. Q VWLQJHUHD REOLJD LLORU
ILQDQFLDUH LQWHUQD LRQDOH SRW IL XWLOL]DWH L vQVFULVXUL vQ SULQFLSDO VXE IRUPD
LQVWUXPHQWHORUGHSODWLGHFUHGLWcum sunt cambia, biletul la ordin, cecul, exprimate
n valute sau cu locXO SO LL vQ VWULQWDWH 3RWULYLW OHJLVOD LLORU QD LRQDOH DFHVWH
vQVFULVXULVXQWGHQXPLWHGHYL]HVDXPLMORDFHGHSODWVWULQH7HUPHQXOGHdevize,
DUHRPDLODUJFLUFXOD LHLvQDFHVWFDGUXvLVXQWGDWHGRXDFFHS LXQLXQDUHVWUkQV
care se refHU VWULFW OD LQVWUXPHQWHOH GH SODW L FUHGLW DPLQWLWH L R DFFHS LXQH PDL
ODUJ SULQ FDUH VH vQ HOHJ RULFH LQVWUXPHQW GH SODW L FUHGLW L KkUWLL GH YDORDUH
DF LXQL REOLJD LXQL GHQRPLQDWH vQYDOXWHLQFOXVLYYDOXWDHIHFWLYLYDOXWDGHFRQW

Astfel, H[SUHVLDSODWDvQGHYL]HGHILQHWHSULRULWDUGHQRPLQDUHDSO LLvQWU-RYDOXW

LPDLSX LQIRUPDvQFDUHVHPDWHULDOL]HD]H[SULPDUHDVXPHLGHSODWEDQLvQFRQW
VDXvQVFULVILQDQFLDUQPVXUDvQFDUHSDUWHQHULLDFFHSWVWLQJHUHDXQHLREOLJD LLGH
SODWVHSRDWHUHDOL]DLSULQWUDQVPLWHUHDGHREOLJD LXQLDF LXQLFHUWLILFDWHGHWH]DXU
HWFSULPUDQJLGHQRPLQDWHvQWU-RYDOXWIRUWH
3. Drepturile speciale de tragere (DST) sunt un instrument monetar creat de
FMI prin 1969. Ideea care a stat la baza emiterii sale a fost cea privind necesitatea
VSRULULLOLFKLGLW LLLQWHUQD LRQDOH
DST sunt o PRQHG GH FRQW IU R H[LVWHQ  PDWHULDO UHVSHFWLY SH VXSRUW
KkUWLH FL GRDU FD SUH]HQW HOHFWURQLF IRUP GHPDWHULDOL]DW D PRQHGHL OD QLYHOXO
departamenWXOXLVSHFLDOL]DWvQRSHUD LXQLFX'67DO)0,
(PLVLXQHD GH '67 VH UHDOL]HD] GH )0, LDU YROXPXO HPLVLXQLORU DUH vQ
vedere: FRPHU XO LQWHUQD LRQDO UH]HUYHOH YDOXWDUH DOH ULORU OLFKLGLWDWHD
LQWHUQD LRQDOVWDUHDEDODQ HORUGHSO LD ULORUHWFQ prezent, valoarea unui DST se
VWDELOHWHSHED]DXQXLFRVSRQGHUDWGHYDOXWH: USD-39%, euro-32%, JPY-18%, GBPLHVWHSXEOLFDW]LOQLFGH)0,'HODFUHDUHDVDDXDYXWORFGRXHPLVLXQLL-$ORFDUHD'67 ULORUPHPEUHVHHIHFWXHD]JUDWXLWSURSRU LRQDO
FX FRWD VXEVFULV OD )RQG D ULL SULQ DSOLFDUHD XQXL SURFHQW GH H[HPSOX OD XOWLPD
emisiune procentul de alocare stabilit a fost de 10,1%, care s-DDSOLFDWODFRWDGHSXV
GHILHFDUH DUYH]LL7HPD
2 DUFUHLDLV-au alocat DST le poate utiliza pentru:PULUHDUH]HUYHLYDOXWDUH
oficiale cu valoarea cotei respective; RE LQHUHD GH YDOXW FRQYHUWLELO GH OD R DOW DU
PHPEUD)0,SULQSUHVFKLPEDUHDODFXUVXOSLH HLD'67SHYDOXWDVROLFLWDW; la plata
GHGREkQ]LLFRPLVLRDQHFWUH)0,&LUFXOD LD'67HVWHOLPLWDWODQLYHOXODXWRULW LORU
PRQHWDUHDOHVWDWHORUPHPEUH)0,)0,LDD-QXPL LORUDO LGH LQWRULFDUHVXQWPDUL
LQVWLWX LL ILQDQFLDU-bancare  %DQFD 0RQGLDO %DQFD 5HJOHPHQWULORU ,QWHUQD LRQDOH
Fondul MoneWDU $UDE VDX EQFL DOH XQRU UL FXP HVWH %DQFD &HQWUDO D (OYH LHL DU
FDUHQXHVWHPHPEU)0,
'67DDFXPDIRVWFRQFHSXWvQGHSOLQHWHIXQF LDGHDFWLYGHUH]HUYPLMORF
GH SODW LQWHUQD LRQDO L SRDWH IL XWLOL]DW FD HOHPHQW GH UHIHULQ  vQ FDGUXO
DUDQMDPHQWHORUYDOXWDUHSHQWUXGHILQLUHDPRQHGHORUQD LRQDOH
'HL PRGHVWH FD YROXP vQFHSkQG FX DQLL  DX vQFHSXW V VH HIHFWXH]H
RSHUD LXQLFXKkUWLLGHYDORDUHGHQRPLQDWHvQ'673DUWLFXODULWDWHDDFHVWRURSHUD LXQL
FRQVW vQ QHFHVLWDWHD XWLOL]ULL XQHL YDOXWH GH WUDQVPLVLH (YROX LD LQWHUQD LRQDO vQ
plan valutar n ultimii 15- GH DQL HYLGHQ LD] DQXPLWH OLPLWH vQ IXQF LRQDUHD
VLVWHPXOXLLGHDLFLUROXOPRGHVWQHJOLMDELODO'67vQDQVDPEOXOPLMORDFHORUGHSODW
LQWHUQD LRQDOH
4. ConvertibilitatHD PRQHWDU $FFHS LXQHD WHUPHQXOXL GH FRQYHUWLELOLWDWH D
suferit de-DOXQJXOWLPSXOXLLPSRUWDQWHPRGLILFUL: convertibilitatea aur-monedeSkQ
vQ  VH UHIHUHD OD GUHSWXO GH LQWRUXOXL XQHL EDQFQRWH GH D SULPL GH OD EDQFD GH
emisiune, echivalentul n aur al valorii paritare a bancnotei, convertibilitatea aur
lingouri (1920-DVLJXUDFRQYHUWLUHDvQDXUDEDQFQRWHORUGHODRDQXPLWVXPvQ
sus sau la nivelul valorii echivalente a unui lingou standard aur (444 uncii);
convertibilitatea aur-devize (1947-1971) asigura convertirea n aur a unei monede
GHILQLWHvQDXUSULQLQWHUPHGLXOXQHLWHU HPRQHGHGRODUXO68$DXWRULW LOHPRQHWDUH
americane angajndu-VH ID  GH EQFLOH FHQWUDOH DOH DOWRU UL GH D OH SUHVFKLPED
GRODULL GH LQX L vQ DXU OD SUH XO IL[ DO DXUXOXL GH  GRODUL 68$XQFLD DSRL  L
respectiv 42 dolari SUA/uncia).
$EDQGRQDUHD FRQYHUWLELOLW LL vQ DXU D GRODUXOXL  WUHFHUHD OD FXUVXUL
fluctuante (1973-1976); demonetizarea aurului (1978) etc. toate reflectate direct sau

indirect n amendamentele aduse Statutului FMI din 1978, au condus la modificarea

UDGLFDO D FRQFHSWXOXL GH FRQYHUWLELOLWDWH vQ VHQVXO F FRQYHUWLUHD VH UHIHU OD
SUHVFKLPEDUHDXQHLPRQHGHSHDOWDODFXUVXOSLH HLIUREOLJD LDDXWRULW LLPRQHWDUH
de a preschimba mRQHGDQD LRQDOvQDXUVDXODXQFXUVVWDELOvQUDSRUWFXRPRQHG
VWULQ $VWIHO FRQYHUWLELOLWDWHD PRQHWDU vQ SUH]HQW HVWH GHILQLW FD ILLQG
FRQYHUWLELOLWDWH GH SLD  Q DFFHS LXQHD SUHYHGHULORU GLQ 6WDWXWXO )0, SULQ PRQHG
FRQYHUWLELO VH vQ HOHJH vQVXLUHD OHJDO SH FDUH R DUH R PRQHG GH D SXWHD IL
SUHVFKLPEDW OLEHU SH SLD D YDOXWDU IU QLFL R UHVWULF LH FX SULYLUH OD VXPD GH
preschimbat, la VFRSXOSUHVFKLPEULLSO LSHQWUXWUDQ]DF LLFRPHUFLDOHQHFRPHUFLDOH
financiare) sau calitatea celuLFHVROLFLWSUHVFKLPEDUHDUH]LGHQWVDXQHUH]LGHQW).
Q IXQF LH GH UHVWULF LLOH VWDELOLWH GH ILHFDUH DU L DFFHSWDWH GH )0,
FRQYHUWLELOLWDWHD DGRSWDW UHIOHFW DQXPLWH VWDGLL vQ SURFHVXO OLEHUDOL]ULL YDOXWDUH
Astfel, FRQYHUWLELOLWDWHD JHQHUDO se aSOLF UH]LGHQ LORU L QHUH]LGHQ LORU; tuturor
RSHUD LXQLORU FRPHUFLDOH QHFRPHUFLDOH L ILQDQFLDUH L QX DUH UHVWULF LL GH VXP OD
VROLFLWDUHDSUHVFKLPEULLGHH[HPSOXGRODUXO68$IUDQFXOHOYH LDQGRODUXOFDQDGLDQ
HWF VXQW PRQHGH DOH XQRU UL IU UHVWULF LL VDX FX UHVWULF LL PLQRUH vQ FLUFXOD LD
LQWHUQD LRQDODPRQHGHLORU
&RQYHUWLELOLWDWHD H[WHUQ QHOLPLWDW VH DSOLF GRDU QHUH]LGHQ LORU WXWXURU
RSHUD LXQLORULQXDUHOLPLWGHVXP
&RQYHUWLELOLWDWHDH[WHUQOLPLWDWVHDSOLFQHUH]LGHQ LORUVHUHIHUH[FOXVLYOD
SO LSHQWUXWUDQ]DF LLFXUHQWHFRPHUFLDOHLQHFRPHUFLDOHGHUHJXOQXDUHOLPLWHGH
sume.
&RQYHUWLELOLWDWHD LQWHUQ VH UHIHU OD vQVXLUHD OHJDO D XQHL PRQHGH GH D VH
SUHVFKLPED SH DOWD SH XQ WHULWRULX GHOLPLWDW DO ULL de origine, deci moneda nu are
FLUFXOD LHLQWHUQD LRQDOQJHQHUDODFHVWWLSGHFRQYHUWLELOLWDWHVHDSOLFUH]LGHQ LORU
LQHUH]LGHQ LORUSHQWUXSO LDIHUHQWHWUDQ]DF LLORUFXUHQWHFXVDXIUOLPLWHGHVXPH
LDUPRQHGDQXFLUFXOvQDIDUD ULL$FHVWWLSGHFRQYHUWLELOLWDWHHVWHSUDFWLFDWvQ DUD
QRDVWU: FHW HQLL URPkQL DX GUHSWXO V SUHVFKLPEH PRQHGD QD LRQDO OHX SH PRQHGH
VWULQHSHSLD DYDOXWDUGLQ5RPkQLDUHJLPXOSUHVFKLPEULLILLQGGLIHULWIUOLPLW
GHVXPSHQWUXSHUVRDQHIL]LFHLSHED]DGRFXPHQWHORUFHDWHVWREOLJD LLGHSODWvQ
VWULQWDWH FRPHUFLDOH L QHFRPHUFLDOH SHQWUX SHUVRDQHOH MXULGLFH VFRDWHUHD L
LQWURGXFHUHDvQLGLQ DUILLQGUHVWULF LRQDWHHWF
Tema 3. Cursul valutar. Tipuri. Aranjamente valutare
1. Valori paritare. Aranjamente valutare.3kQvQILHFDUH DUSHQWUX
PRQHGD VD VWDELOHD R YDORDUH SDULWDU FDUH UHSUH]HQWD FRQ LQXWXO YDORULF DO DFHVWHLD
GHILQLW SULQ OHJHD PRQHWDU D ULL HPLWHQWH 1R LXQHD GH YDORDUH SDULWDU D SUHVXSXV
un etalon monetar. Rolul de etalon monetar de-a lungul timpului a fost ndeplinit de o
cantitate de metal (aur, argint), oYDOXWGRODU 68$ IUDQF IUDQFH] L PDL UHFHQWGH
'67'HH[HPSOXYDORDUHDSDULWDUDOHXOXLGHODWUHFHUHDODHWDORQDXUDVLVWHPXOXL
monetar a fost de 1 leu (1890) ) 0,290 gr.Au, 1 leu (1929) ) 0,009 gr. aur; 1 leu (1947)
= 0,00594 gr. Au; 1 leu (1952) = 0,079346 gr. Au; 1 leu (1954) = 0,148112 gr. Au.
&RPSDUDUHD UDSRUWXOXL YDORULF vQWUH GRX PRQHGH DYHD OD ED] SDULWDWHD PRQHWDU
respectiv raportul dintre valorile paritare ale acestora. De exemplu, n 1970 1 USD =
0,888671 gr. Au, iar 1 FRF = 0,160000 gr.Au;GUHSWXUPDUHSDULWDWHDvQWUHGRODUL
franc era de 0,888671/0,0160000 gr. = 5,55, respectiv, 1 USD = 5,55 FRF (paritate
vQVHDPQHFKLYDOHQ 
ncHSkQG FX  RGDW FX GHPRQHWL]DUHD DXUXOXL L JHQHUDOL]DUHD FXUVXULORU
IOXFWXDQWH VLVWHPXO YDORULORU SDULWDUH L D SDULW LORU YDOXWDUH D IRVW DEDQGRQDW Q

SUH]HQW YDORDUHD XQHL PRQHGH VH VWDELOHWH SH ED]D aranjamentelor valutare, care
pot include:
-PHQ LQHUHDGHFWUHR DUDXQHLYDORULSHQWUXPRQHGDVDH[SULPDWvQ'67
VDXDOWQXPLWRUFRPXQDOWXOGHFkWDXUXODOHVGH DUDUHVSHFWLY;
- DUDQMDPHQWH YDOXWDUH GH FRRSHUDUH SULQ FDUH ULOH PHPEUH PHQ LQ YDORDUHD
monedelor lor n raport cu valoarea PRQHGHLDOWHL ULVDXPRQHGHOHDOWRU ULFXPD
fost SME);
- alte aranjamente valutare.
Sintetiznd DUDQMDPHQWHOH YDOXWDUH SH ED]D FURUD VH VWDELOHWH YDORDUHD
GLIHULWHORUPRQHGHFRQVWLWXLHXQDQVDPEOXGHPVXULSHILHFDUH DUPHPEUD)0,vO
practic vQ VFRSXO DVLJXUULL XQHL HYROX LL FkW PDL GLVFLSOLQDWH D FXUVXOXL YDOXWDU DO
monedei lor.
n prezent, principalele aranjamente valutare sunt: monede legate de o DOW
YDOXW (de USD, GBP etc.); monede legate de un cos valutar sau de DST; aranjamente
valutare de grup  ULOH8QLXQLL(XURSHQH;PRQHGHDFURUYDORDUHHVWHDMXVWDW, n
IXQF LH GH XQ JUXS GH LQGLFDWRUL; PRQHGH FDUH IOXFWXHD] OLEHU (de exemplu, dolarul
68$OLUDVWHUOLQGRODUXOFDQDGLDQIUDQFXOHOYH LDQ5RPkQLDLQWUvQJUXSXO ULORU
FXPRQHGDOHJDWGHGRODUXO68$
Q FRQVHFLQ  SRWULYLW SUDFWLFLORU DFWXDOH YDORDUHD XQHL PRQHGH HVWH GDW GH
UDSRUWXOYDORULFvQFDUHVHDIOFXDOWDUHVSHFWLYGHFXUVXOIRUPDWSHSLD 'LQDFHDVW
SHUVSHFWLY YDORDUHD PRQHGHORU QX VH PDL UDSRUWHD] la un element fix sau stabil
FXP HUD GH H[HPSOX DXUXO FL HYDOXHD] SHUPDQHQW L vPEUDF IRUPD FXUVXOXL
valutar aflat ntr-RSHUPDQHQWPLFDUHSHSLD 
2. Cursul valutar HVWH SUH XO XQHL XQLW L PRQHWDUH H[SULPDW vQ DOWH XQLW L
monetare. De exemplu, SUH XO XQXL GRODU 68$ H[SULPDW vQ OHL HVWH  86'  
ROL, iar n alt moment, 1 USD = 32.000 ROL etc.
Din punct de vedere a VWDELOLW LLUHODWLYHFXUVXOYDOXWDUDvPEUFDWIRUPD:
cursului punctelor aur, caracteristic sistemului aur-monede, cursul valutar
RVFLODvQMXUXOSDULW LLH[SULPDWHvQDXUDPRQHGHORUvQOLPLWHOHSXQFWHORUDXUXOXLGH
LQWUDUHLLHLUHGLQ DU;
cursului stabil DSUXW GXS  SULQ FDUH ULOH PHPEUH DOH )0, HUDX
REOLJDWH FD SULQ LQWHUYHQ LL SH SLD D YDOXWDU V PHQ LQ HYROX LD FXUVXOXL PRQHGHORU
ORUvQDQXPLWHOLPLWHLQL LDOSkQvQLDUDSRL 2,25% n raport cu paritatea
YDOXWDU;
cursului fluctuant DSUXW vQ SHULRDGD - FDUH GXS  V-a
JHQHUDOL]DW L HVWH SUDFWLFDW L vQ SUH]HQW $FHVWD VH IRUPHD] L HYROXHD] SH SLD D
YDOXWDUIUOLPLWHSUHVWDELOLWHvQIXQF LHGHFHUHUHDLRIHUWDGHYDOXWH
Q HWDSD DFWXDO VH vQWkOQHVF GLIHULWH SUDFWLFL L WHUPLQRORJLL legate de
utilizarea cursurilor fluctuante sau flotante sub forma aranjamentelor valutare:
IORWDUH SXUFXUDW HVWH GDW GH VLWXD LD vQ FDUH FXUVXO XQHL PRQHGH VH
IRUPHD]SHSLD DYDOXWDUvQPRGVSRQWDQFXUDWvQVHQVXOFDXWRULW LOHPRQHWDUH
nu intervin pentru a-OVXV LQHIRDUWHUDUvQWU-RRDUHFDUHPVXU68$;
flotare impuUPXUGDUVDXIORWDUHDGPLQLVWUDWVHPQLILFVLWXD LDvQFDUH
GHL DXWRULWDWHD PRQHWDU D XQXL VWDW D DGRSWDW FXUVXO IOXFWXDQW LQWHUYLQH SH SLD 
pentru a-LLPSULPDRDQXPLWWHQGLQ vQHYROX LHGHXUFDUHVFGHUHPHQ LQHUHODXQ
anumit nivel), proFHGHXSUDFWLFDWGHPDMRULWDWHD ULORUGH]YROWDWH;
IORWDUH FRQFHUWDW vQ JUXS VH ED]HD] SH XQ DUDQMDPHQW vQFKHLDW vQWUH XQ
QXPU GH VWDWH FDUH FRQYLQ FD vQWUH HOH V H[LVWH FXUVXUL VWDELOH FDUH HYROXHD] vQ
FDGUXO XQHL PDUMH SUHVWDELOLWH vQV vQ UDSRUW FX DOWH PRQHGH FXUVXULOH V IORWH]H

LQGHSHQGHQW VLVWHP SUDFWLFDW GH ULOH 8QLXQLL (XURSHQH vQ GLIHULWHSHULRDGHSkQvQ

2002);
cursuri fixe, vQ SUH]HQW WHUPHQXO HVWH XWLOL]DW SHQWUX D GHVHPQD VLWXD LD vQ
FDUHR DUvLGHILQHWHPRQHGDSULQWU-XQUDSRUWIL[ID GHDOWDLDUvQUDSRUWFXWRDWH
FHOHODOWH YDOXWH FXUVXO IOXFWXHD] vQ DFHODL VHQV FX YDOXWD OD FDUH V-a raportat, de
UHJXO vQ IRVWHOH FRORQLL IUDQFH]H PRQHGD HUD OHJDW GH IUDQFXO IUDQFH] GH H[HPSOX
IUDQFXO&)$LDUGXSOHJDWGe euro;
SDULWDWHJOLVDQWFXUVXOPRQHGHLQD LRQDOHHVWHVWDELOLWvQUDSRUWFXXQHWDORQ
 GH UHJXO DQXPL L LQGLFDWRUL HFRQRPLFL L HVWH PRGLILFDW GH DXWRULWDWHD PRQHWDU
SHULRGLFXQHRULVSWPkQDO%UD]LOLD;
XQLUHPRQHWDUPRQHGDQD LRQDOHVWHvQORFXLWFXPRQHGDDOWHL UL (n
3HUX(FXDGRUPRQHGDQD LRQDOvQORFXLWFXGRODU68$;
consiliul monetar  EDQFD FHQWUDO DF LRQHD] FRRUGRQDW FX R LQVWLWX LH
FRQVLOLXO PRQHWDU HPL kQG PRQHG GRDU OLPLWDW vQFRQWUDSDUWLGDVWRFXOXLGHDFWLYH
e[WHUQH DO ULL UHVSHFWLYH &XUVXO YDOXWDU HVWH IL[DW SULQ OHJH vQ UDSRUW FX R DOW
PRQHG%XOJDULD consiliul monetar -OHYDODSDULWDWHFXPDUFDJHUPDQ
Tipuri de cotare. &RWDUHD YDOXWHORU UHSUH]LQW RSHUD LXQHD WHKQLF SULQ FDUH
VH VWDELOHWH H[SULP FXUVXO XQHL PRQHGH ([LVW vQ SUH]HQW GRX WLSXUL GH FRWDUH:
FRWDUHD GLUHFW SUDFWLFDW GH PDMRULWDWHD ULORU L GH DUD QRDVWU SRWULYLW  FUHLD
XQLWDWHD PRQHWDU VWULQ    FDUH UPkQH FRQVWDQW HVWH H[SULPDW vQ
XQLW L 52/ PRQHWDUH QD LRQDOH FDUH YDULD]  86'   52/  (852 
27.000 ROL, etc.); FRWDUHD LQGLUHFW LQGLF FkWH XQLW L PRQHWDUH VWULQH D FURU
QXPUYDULD]FRUHVSXQGXQHLXQLW LPRQHWDUHQD LRQDOHVLVWHPSUDFWLFDWGLQ0DUHD
Britanie (1 GBP = 1,40 USD; 1 GBP = 3,14 SFR etc.).
QIXQF LHGHautoritatea sau loculXQGHVHVWDELOHWHVDXVHIRUPHD]FXUVXO
YDOXWDUVHLGHQWLILFXUPWRDUHOHWHUPLQRORJLL:
curs oficial WHUPHQ XWLOL]DW vQ FD]XO vQ FDUH DXWRULWDWHD PRQHWDU XQLODWHUDO
VWDELOHWH FXUVXO YDOXWDU LQGHSHQGHQW GH UDSRUWXULOH YDORULFH UHDOH GH SH SLD ; n
SUH]HQW WHUPHQXO vQ XQHOH FD]XUL VH UHIHU OD FXUVXO publicat oficial de o autoritate
PRQHWDUFXPDUILFXUVXOGHUHIHULQ SXEOLFDWGHEDQFDFHQWUDO
curs bursier VH IRUPHD] OD EXUVD YDOXWDU vQ IXQF LH GH FHUHUHD RIHUWD GH
YDOXWILLQGGHIDSWXQFXUVGHSLD GDUUHIOHFWSUDFWLFDGLQXQHOH UL$XVWULD;
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la nivel interbancar, iar n sens larg cursul caUH VH IRUPHD] SH SLD D YDOXWDU vQ
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12

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13

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valutelor (aerian, cale

14

Criterii de clasificare

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Caracteristici
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echivalente n cont;

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de credit pe valute n cont,
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echivalente n cont sau
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pe valute n cont sau efective
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vedere, virarea n conturi,
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conturi la termenul convenit (1,
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GRX YDOXWH OD PRPHQWH
diferite;
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de aplatizare sau evitare a
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15

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16

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lor, n calitate de beneficiar, le poate vinde - sconta -ODREDQFFRPHUFLDOvQDLQWHGH
VFDGHQ DWLWOXOXLQDFHVWPRGvLSRDWHUHFXSHUDIRQGXULOHLQYHVWLWHvQPDUIvQDLQWHGH

17

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investitori, cu scopul atragerii de fonduri pe termen scurt. Aceste efecte comerciale, n
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eurocertificatele de depozit care sunt similare certificatelor de depozit, dar
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18

&HOH PDL LPSRUWDQWH FHQWUH DOH HXURSLH HL VXQW /RQGUD pentru eurodolari;
Paris pentru eurosterline; Zrich, Frankfurt, New York (ncepnd cu 1981),
Luxemburg, Singapore.
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19

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atunci, mprumutul obligator poate fi montat, ntr-R DOW DU FDUH DUH IRQGXUL
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termen lung (peste 5 ani); din punct de vedere a debitorului; SXEOLF DXWRULW L
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statul; din punct de vedere a creditorului FUHGLWXO EDQFDU DFRUGDW GH EQFL FUHGLWXO
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de vedere a RELHFWXOXLVFRSXOXLFUHGLWULL:VHGLVWLQJFUHGLWHSHQWUXSURGXF LHSHQWUX
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export, pentru import etc.; din punct de vedere a JDUDQWULL: credite garantate,
QHJDUDQWDWHPDLUDULFUHGLWHOHLSRWHFDUHJDUDQWDWHSULQLPRELOHFDVHSPkQWGLQ
punct de vedere a dobnzii: credite acordate la rate din dobnzi fixe, la rate de
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GLIHUHQ D ILLQG VXSRUWDW GH VWDW GH UHJXO FX VFRSXO SURPRYULL H[SRUWXOXL VDX
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UHOD LL:
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FRPHUFLDOH FUHGLWH GH SUHILQDQ DUHD H[SRUWXULOor, credite de export, credite prin
FHVLXQHGHFUHDQ HFUHGLWHGHVFRQWOLQLLGHFUHGLWFUHGLWHvQGHVFRSHULULGHFRQW;
UHOD LL GH FUHGLW OD QLYHO LQWHUQD LRQDO vQ FDGUXO FURUD UHOD LD GH FUHGLW VH
VWDELOHWH vQWUH H[SRUWDWRU L LPSRUWDWRU SULQ YkQ]area pe credit comercial D PUILL
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24

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multe exporturi, respectiv importuri. Ca WHKQLFLDOWHUQDWLYHGHILQDQ DUH a schimburilor
LQWHUQD LRQDOHVHPDLSUDFWLF:IDFWRULQJXOIRUIHWDUHDLOHDVLQJXO-GLQFRPHU XO
LQWHUQD LRQDO
Eurocreditele reprH]LQW vPSUXPXWXULOH HIHFWXDWH vQ HXURYDOXWH D FURU
GXUDW HVWH PDL PDUH GH XQ DQ 3DUWLFXODULWDWHD DFHVWRU FUHGLWH HVWH IDSWXO F QX
depozitele n eurovalute constituie sursa fondurilor, ci mprumuturile n eurovalute pe
termen scurt, rennoite, de reguO GLQ  vQ  OXQL 'H DFHHD GREkQGD OD HXURFUHGLWH
HVWHYDULDELODYkQGFDED]/,%25UDWDGREkQ]LORULQWHUEDQFDUHSHSLD D/RQGUHL
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credit; liniilor de credit rennRLELOHUHYROYLQJFDUHVHSDUWLFXODUL]HD]SULQIDSWXOF
pe perioada pentru care s-a acordat linia de credit, 3-5 ani, debitorul poate rambursa
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JUXSXUL EDQFDUH FRQVWLWXLWH vQ VLQGLFDW GH vPSUXPXW SHQWUX GLVSHUVLD ULVFXOXL L
diminuarea efortului financiar. Q DFHODL WLPS HXURFUHGLWHOH SRW IL PRELOL]DWH SULQ
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efectundu-VH GH SH SLD D HXURYDOXWHORU la 3 sau 6 luni (LIBOR baza); IDFLOLW L GH
mprumut garantate bancar (denumite RUF revolving underwriting facility sau NIF
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seriile, emisiunile fiind rennoite permaQHQW vPEUFkQG DVWIHO IRUPD XQXL HXURFUHGLW
pe termen mijlociu (3-5 ani).
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lor.
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utiliza mai multe tehnici, denumite politici: plafonarea creditelor FRQVW vQ VWDELOLUHD

25

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comerciale, indiferent de resursele lor nu pot acorda credite dect ntr-un anumit
YROXP 8Q SODIRQ ULGLFDW SHUPLWH DFRUGDUHD XQXL YROXP PDL PDUH GH FUHGLWH L
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crend un aflux de bani n economie. Politica open marketSLH HLOLEHUHVHED]HD]
SH XQ DQVDPEOX GH RSHUD LXQL GH YkQ]DUHFXPSUDUH GH LQVWUXPHQWH ILQDQFLDUH
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VWDELOLUHD XQXL FXDQWXP SURFHQWXDO ID  GH GHSR]LWHOH GH LQXWH GH EQFLOH FRPHUFLDOH
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monetare;
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au probleme financiare;
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temporar nu au fonduri lichide disponibile pentru a face fa FHUHULORUGHUHWUDJHUHGH
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sub denumirea efectul de domino;
rolul de EDQFDEQFLORUVHPDQLIHVWSULQIDSWXOFDF LRQHD]FDEDQFKHUDO
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26

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de unde pot fi mobilizate fonduri pentru nevoile datoriei publice interne sau externe.
- DVLJXU OHJWXUD vQ FDOitate de reprezentant al statului cu diferite organisme
valutar-ILQDQFLDUHLQWHUQD LRQDOH:)0,%,5'%5,HWF)XQF LLOHvQGHSOLQLWHGHEQFLOH
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credit. $VWIHO PDWHULD SULP D DFWLYLW LL EDQFDUH VXQW EDQLL Q PRG trDGL LRQDO,
EQFLOHvQGHSOLQHVFWUHLIXQF LL: atragerea de depozite, transferul fondurilorLacordarea
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financiare cum sunt: HPLWHUHD VXEVFULHUHD L ODQVDUHD XQXL vPSUXPXWXULORU SH ED] GH
REOLJD LXQL DFWLYLW L GH EURNHUDM GH GHDOHU PDQDJHPHQWXO SRUWRIROLLORU LQYHVWL LRQDOH
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denumirea de DFWLYLWDWHEDQFDUGHLQYHVWL LLILQDQFLDUH (investment banking).
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27

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financiar n activitatea lor;
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pe termen luQJLGHDVHPHQHDDXXQUROLPSRUWDQWSHSLD DVHFXQGDUDDFHVWRUD;
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asociate tranzac LLORUFRPHUFLDOHLQWHUQHLVDXLQWHUQD LRQDOHHIHFWXDWHGHFOLHQ LLORU
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DJULFROHEQFLSHQWUXFRPHU EQFLSHQWUXLQGXVWULHEQFLSHQWUXPLFDLQGXVWULH etc.,

28

FDUHRIHUvQWUHDJDJDPGHVHUYLFLLEDQFDUHSUHGRPLQDQWvQGRPHQLXOGHQXPLULLFDUH
le definesc;
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29

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30

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31

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DSDUL LHL L VFDGHQ HLSHGDWHFDOHQGDULVWLFHLQWUULOHGHIRQGXULLLHLULOHGHIRQGXUL
DOHILUPHL&RPSDUDUHDGLVSRQLELOXOXLGHIRQGXULFXQHYRLOHGHIRQGXULODRGDWVDX
ntr-RSHULRDGVSWPkQFRQVWLWXLHED]DLGHQWLILFULLPRPHQWHORUGHSODVDPHQWVDX
atrageri de fonduri.

32

2. Fonduri disponibilH L QHYRL GH IRQGXUL SH WHUPHQ PLMORFLX L OXQJ Q

JHQHUDO DFHVWHD VXQW DVRFLDWH SURFHVXOXL GH GH]YROWDUH UHWHKQRORJL]DUH HWF L IDF
parte din strategia firmei.
Fondurile disponibile destinate a fi utilizate ntr-XQ YLLWRU PDL vQGHSUWDW
(peste un an) pot fi fructificate:
- prin FRQVWLWXLUHD VXFFHVLY GH FRQWXUL EDQFDUH OD WHUPHQ L FDSLWDOL]DUHD
GREkQ]LORU VDX SULQ UHLQYHVWLUHD VXFFHVLY vQ WLWOXUL ILQDQFLDUH VSHFLILFH SLH HL
monetare;
- FXPSUDUHD GH REOLJD LXQL JXYHUQDPHQWDOH FD LQYHVWL LL SH Wermen lung,
VLJXUHLFXXQUDQGDPHQWULGLFDW;
- FXPSUDUHDGHXQLW LGHYDORDUHODVRFLHW LILQDQFLDUHVSHFLDOL]DWHFDUHDGXF
DQXDOYHQLWXULYDULDELOHPDLULGLFDWHFDDOWHSODVDPHQWHGDUFDUHLQFXPELXQDQXPLW
risc;
- LQYHVWLUHD vQ DF LXQL VDX REOLJD LXQL FRWDWH OD EXUVD GH YDORUL VDX SH SLD D
H[WUDEXUVLHU DSDU LQkQG XQRU HPLWHQ L FX VLWXD LH ILQDQFLDU EXQ L IRDUWH EXQ
DVWIHOFDYHQLWXODGXVVILHVLJXULDUvQPRPHQWXOYkQ]ULLORUFkQGYDILQHYRLHGH
IRQGXULVSHUPLWUHFXSHUDUHDVXPHLLQYHVWLWHVDXVVHRE LQXQSUH PDLEXQGHFkW
ODFXPSUDUHDORU;
Nevoile de fonduri pe termen lung pot fi acoperite prin:
FUHGLWH EDQFDUH SH WHUPHQ PHGLX GH LQYHVWL LL care presupun constituirea
XQRU JDUDQ LL IHUPH OD GLVSR]L LD EQFLORU SULYLQG rambursarea lor; costul acestor
credite este relativ ridicat;
ILQDQ DUH SULQ OHDVLQJ WHKQLF FDUH SRDWH IL XWLOL]DW vQ FD]XO DFKL]L LLORU GH
EXQXULLXWLODMHGHYDORULPDULSULQLQWHUPHGLXOILUPHORUVSHFLDOLVWHGHOHDVLQJFDUH
vnd astfel de produVHSHFUHGLWILQDQ kQGRSHUD LXQHDvQDQVDPEOXOVXGDUQXWRDWH
PDLQLOHLXWLODMHOHWHKQRORJLFHSRWILDFKL]L LRQDWHSULQOHDVLQJ;
- HPLWHUHDGHDF LXQLSHQWUXPDMRUDUHDFDSLWDOXOXLLDWUDJHUHDGHQRLDF LRQDUL
GDFVRFLHWDWHDHVWHSHDF LXQLLDUHRSR]L LHEXQSHSLD SHQWUXDSUH]HQWDLQWHUHV
GLIHUL LORULQYHVWLWRULH[LVWkQGvQVULVFXOPRGLILFULLFRQWUROXOXLDVXSUDILUPHL;
- HPLWHUHD GH REOLJD LXQL pentru mobilizarea unui mprumut obligatar, este o
VROX LH SHQWUX FRPSDQLL PDUL L vQ FD]XO XQHL SLH H VHFXQGDUH D REOLJD LXQLORU ELQH
structurate, etc.
3. 'LVSRQLELOLW LLQHYRLGHIRQGXULH[SULPDWHvQYDOXWHVWULQHVHUHJVHVFOD
QLYHOXOILUPHORUFDUHGHVIRDUVFKLPEXULFRPHUFLDOHLQHFRPHUFLDOHFXVWULQWDWHD
'LVSRQLELOLW LOH vQ YDOXW  SRW DYHD FD VXUV SODWD FRQWUDYDORULL PUIXULORU
H[SRUWDWH GH ILUP VDX VFKLPEXO YDOXWDU UHVSHFWLY FXPSUDUHD FRQWUD PRQHGHL
QD LRQDOHDXQHLDVDXPDLPXOWRUYDOXWHVWULQH'HUHJXOvQPDMRULWDWHD ULORUOXPLL
H[LVWUHVWULF LLvQPDWHULHILUPHOH fiind solicitate ca ntr-un interval dat, de exemplu o
OXQ V SUHVFKLPEH YDOXWD vQFDVDW vQ PRQHG QD LRQDO VDX V R XWLOL]H]H vQ DFHVW
LQWHUYDO SHQWUX SODWD LPSRUWXOXL 'LQ DFHVWH FRQVLGHUHQWH H[SRUWDWRULL GLQ ULOH FX
PRQHGFRQYHUWLELORSWHD]SHQWUXSODWDPUIXULORUORUvQPRQHGDQD LRQDO
'LVSRQLELOLW LOH vQ PRQHG QD LRQDO SURYHQLWH GLQ H[SRUW L GHVWLQDWH D IL
SUHVFKLPEDWHvQYLLWRUGLQQRXvQYDOXWSHQWUXSURFXUDUH9DOXWDLPSXQHRIUXFWLILFDUH
VLPLODURULFURUIRQGXULGLVSRQLELOHOXkndu-se n considerare posibilitatea deprecierii
VDX UHSUHFLHULL ID  GH PRQHGD VWULQ 3HQWUX D VXUPRQWD ULVFXULOH GH FXUV YDOXWDU
firmele pot apela la diferite tehnici:
- FRUHODUHD SO LL L vQFDVULORU vQ DFHHDL YDOXW vQ WLPSSH DFHHDL SHULRDG
deUXOHD]vQSDUDOHOGRXFRQWUDFWHXQXOGHH[SRUWLXQXOGHLPSRUWLvaloric ct mai
apropiate;

33

- SDUDOHO FX GHUXODUHD FRQWUDFWXOXL FRPHUFLDO SULQ VHULYLFLLOH XQHL EQFL

LQL LD]RRSHUD LXQHYDOXWDU la termen sau de hedging valutar;
- n anumite limite de timp, JUEHVF vQFDVULOH VDX vQWkU]LH SO LOH pentru a
vQFDVDRPRQHGvQFQHGHSUHFLDWVDXSHQWUXDvQFDVDRYDOXWPDLDSUHFLDW;
NHYRLOH GH IRQGXUL H[SULPDWH vQ YDOXWH VWULQH PDL DOHV vQ FD]XO VXV LQHULL
H[SRUWXULORUvQWRDWH ULOHOXPLLFunosc o mare diversitate de forme prin care pot fi
RE LQXWH;
- FUHGLWHGHSUHILQDQ DUHDH[SRUWXULORUDFRUGDWHGHEQFLFRPHUFLDOHVDXEQFL
VSHFLDOL]DWHvQED]DGRFXPHQWHORUFHDWHVWFRPDQGDIHUPGHH[HPSOXGHVFKLGHUHD
acreditivului) pe perioada dintUHvQFHSHUHDSURGXF LHLSkQvQPRPHQWXOOLYUULL;
- creditele de export, ED]DWH SH DFHOHDL SULQFLSLL VH DFRUG GH EQFL
SURGXFWRULORUH[SRUWDWRULORUGHODOLYUDUHDPUILLSkQODvQFDVDUHDHLGHODSDUWHQHUXO
extern;
- FUHGLWXO FXPSUWRU, creditul acorGDW GH R EDQF GLQ DUD H[SRUWDWRUXOXL
LPSRUWDWRUXOXLSHQWUXFDDFHVWDVSOWHDVFPDUIDLQWHJUDOODOLYUDUHUHOD LDGHFUHGLW
UPkQkQGvQWUHLPSRUWDWRULLEDQFDH[SRUWDWRUXOXL;
- ILQDQ DUHDSULQIRUIHWDUH, apare n cazul n care vnzarea pe credit comercial
LQWHUQD LRQDO V-D PDWHULDOL]DW vQ FDPELL LVDX ELOHWH OD RUGLQ ([SRUWDWRUXO VH SRDWH
UHILQDQ D SULQ YkQ]DUHD DFHVWRU WLWOXUL XQRU EQFL VDX FDVH GH IRUIHWDUH FDUH OH GDX
FRQWUDYDORDUHDWLWOXULORUYkQGXWHUH LQkQGX-LWD[DGHIRUIHWDUH;
- creditul de scontDFRUGDWGHEQFLvQED]DVFRQWULLLQVWUXPHQWHORUGHFUHGLW
denominate n valute;
- ILQDQ DUHD SULQIDFWRULQJ permite firmelor exportatoare ca n baza facturilor
DIHUHQWHPDLPXOWRUH[SRUWXULUHDOL]DWHvQDFHLDL DUGLQVWULQWDWHVEHQHILcieze de
VSULMLQXO ILQDQFLDU DO XQHL FDVH GH IDFWRU GH UHJXO R EDQF FDUH OH FUHGLWHD] vQ
SURSRU LH GH PD[LPXP  GLQ YDORDUHD IDFWXULORU XUPkQG FD GLIHUHQ D V ILH
SULPLWGXSvQFDVDUHDDFHVWRUDGHODLPSRUWDWRULLVWULQL
4. 0RGDOLW LOH GH VWUkQJHUH D REOLJD LLORU GH SODW FX VWULQWDWHD impun
DQXPLWH FULWHULL GH VHOHF LH FDUH DX vQ YHGHUH UDSLGLWDWHD FRVWXULOH SO LL VLJXUDQ D
vQFDVULLFRQWUDYDORULLPUIXULORUJDUDQ LLOHSHFDUHOHLPSXQLvQFUHGHUHDFDUHH[LVW
ntre parteneri. Astfel:
- RUGLQXO GH SODW HVWH PRGDOLWDWHD FHD PDL VLPSO LHIWLQ GDU L ULVFDQW
vQWUXFkWH[LVWULVFXOUHYRFULLOXLGHHPLWHQW;
- ncasorul documentarFRQIHUVLJXUDQ DvQWUXFkWGRFXPHQWHOHVXQWWUDQVPLVH
pe canal bancar, este relativ ieftin din punct de vedere a comisioanelor bancare, dar
SODWDHVWHODODWLWXGLQHDLPSRUWDWRUXOXLFDUHRSRDWHvQWkU]LDIRDUWHPXOWVDXFKLDUV
QX SOWHDVF GH DFHHD XWLOL]DUHD VD SUHVXSXQH DQXPLWH LQVWUXPHQWH GH JDUDQWDUH D
SO LLVDXvQFUHGHUHvQWUHSDUWHQHUL
- acreditivul documentar SUH]LQW VLJXUDQ D SU LORU HVWH FHO PDL VFXPS GLQ
punct de vedere a comisioanelor, dar formalismul acestuia poate constitui un
impediment;
- FRPSHQVD LD FRQVWLWXLH R WHKQLF XWLOL]DW vQ VSHFLDO GH ILUPHOH FDUH QX DX
disponibil valutar sau, vQ JHQHUDO QX DX IRQGXUL L vQ DFHVW VFRS FX DFRUGXO
SDUWHQHUXOXLvLDFKLWREOLJD LDGHSODWSULQH[SRUWGHPUIXULVDXVHUYLFLLvQYDORDUH
HFKLYDOHQWYDORULLLPSRUWXOXL
'H DVHPHQHD VH SRW XWLOL]D L LQVWUXPHQWH GH SODW L FUHGLW SUHFXP FDPELD
biletul la ordin sau cecul.
&HOHSUH]HQWDWHUHSUH]LQWQXPDLRSDUWHGLQYDULHWDWHDSURGXVHORULVHUYLFLLORU
financiar-EDQFDUH RIHULWH GH GLIHULWH SLH H GDU IRUPHD] R LPDJLQH GH DQVDPEOX D

34

SUREOHPHORU SH FDUH OH ULGLF PDQDJHPHQWXO ILQDQFLDU DO ILUPHL L, implicit,
marketingul financiar.
7HPD  %DODQ D GH SO L H[WHUQH 5H]HUYD PRQHWDU L OLFKLGLWDWHD
LQWHUQD LRQDO
1. %DODQ D GH SO L HVWH XQ GRFXPHQW VLQWHWLF vQ FDUH VXQW FXSULQVH
WRWDOLWDWHDSO LORULvQFDVULORUGHFXUJkQGGLQWUDQ]DF LLFRPHUciale, necomerciale
L ILQDQFLDUH DOH XQHL UL FX UHVWXO ULORU OXPLL SH R SHULRDG GHWHUPLQDW GH
WLPSGHUHJXOXQDQ
%DODQ DGHSO LSRWULYLWPHWRGRORJLHL)0,FXSULQGHGRXPDULFDSLWROH: contul
FXUHQWLFRQWXOFDSLWDOLILQDQFLDU
Contul curent include:
EDODQ DFRPHUFLDOvQFDVULGLQH[SRUWSO LSHQWUXLPSRUW;
EDODQ DVHUYLFLLORUSO LLvQFDVULSULYLQGWXULVPXOWUDQVSRUWXULOHDVLJXUULOH
LQWHUQD LRQDOHvQWUH LQHUHUHSUH]HQWDQ HGLSORPDWLFHHWF;
EDODQ DYHQLWXULORU (dobnziLGLYLGHQGHDIHUHQWHFDSLWDOXULORUSODVDWHvQ DU
VDXVWULQWDWHYHQLWXULGLQPXQFVDXGLQGUHSWXOGHSURSULHWDWHLQWHOHFWXDO;
EDODQ D WUDQVIHUXULORU XQLODWHUDOH L D GREkQ]LORU XQLODWHUDOH WUDQVIHUXUL L
GREkQ]LXQLODWHUDOHGRQD LLOHSXEOLFHVau private);
&RQWXOFDSLWDOLILQDQFLDUFXSULQGHGRXSU L:FDSLWDOLUH]HUYH
ODSR]L LDcapital sunt incluse
PLFULOH GH FDSLWDO SH WHUPHQ OXQJ (peste 1 an) respectiv
LQWUULLLHLULGHFDSLWDOSXEOLFSULYDWVXEIRUPDLQYHVWL LLORUGLUHFWH a
LQYHVWL LLORUGHSRUWRIROLXIUDILFXSULQVHFUHGLWHOH FMI;
PLFULOH GH FDSLWDO SH WHUPHQ VFXUW (sub 1 an), includ:
UHSDWULHUHDDFWLYHORUFUHGLWHOHSHWHUPHQVFXUWSULPLWHLDFRUGDWH
SR]L LDPLFDUHDDFWLYHORUGHUH]HUYUHIOHFWrezerva moneWDULQWHUQD LRQDO
D ULL L FXSULQGH PDMRUUL VDX PLFRUUL vQ UH]HUYHOH ULL  DXU YDOXW '67 L
creditele FMI.
%DODQ HOH GH SO L FDUH VH GDX SXEOLFLW LL VXQW EDODQ H H[HFXWDWH UHIOHFWkQG
VLWXD LDODGHFHPEULHDDQXOXLUHVSHFWLY
Criterii metodologice. (YLGHQ LHUHD vQFDVULORU L SO LORU vQ EDODQ  VH
UHDOL]HD]DWkWvQIRUPVLQWHWLFSHWRWDOFkWLSH ULVDXJUXSHGH UL
 Q EDODQ  VXQW FXSULQVH WRDWH WUDQ]DF LLOH FRPHUFLDOH QHFRPHUFLDOH L
financiare are au loc n anul respectiv, LQGLIHUHQW GDF SODWD VDX vQFDVDUHD DUH ORF vQ
DFHODLDQ
 &ULWHULXO GH vQUHJLVWUDUH vQ EDODQ  D WUDQ]DF LLORU FX PUIXUL L VHUYLFLL HVWH
cel DO VFKLPEULL SURSULHW LL LQWHUQD LRQDOH respectiv a avut loc actul de
YkQ]DUHFXPSUDUHLQWHUQD LRQDO
3UH XULOHODFDUHVHvQUHJLVWUHD]H[SRUWXULOHLLPSRUWXULOHVXQWSUH XUL)2%
sau franco-IURQWLHU DUDH[SRUWDWRDUH
 %DODQ D FRPHUFLDO VH vQWRFPHWHvQPRQHGDQD LRQDO, iar pentru statistici
LQWHUQD LRQDOH vQ GRODUL 68$ VDX '67 vQ ED]D FXUVXULORU GH SLD  GH UHIHULQ  VDX
GXSFD]UHSUH]HQWDWLYH
 $WkW SH FDSLWROH FkW L SH VXEFDSLWROH L SR]L LL ILHFDUH DU XUPUHWH
DVLJXUDUHDHFKLOLEUXOXLvQWUHSO LOHLHLULOHLvQFDVULOHLQWUULOHYDOXWDUH

35

%DODQ D FRPHUFLDO, pentru majoritatea ULORU OXPLL HVWH SDUWHD FHD PDL
LPSRUWDQW D FRQWXOXL FXUHQW $LFL VXQW HYLGHQ LDWH QXPDL RSHUD LXQL FRPHUFLDOH
reflectndu-se volumul valoric DO H[SRUWXULORU L LPSRUWXULORU XQHL UL SH SDUFXUV GH
XQDQLQGLIHUHQWGDFVXQWFXSODWDLPHGLDWVDXSHFUedit.
3HQWUX PDMRULWDWHD ULORU vQFDVULOH GLQ H[SRUW UHSUH]LQW SULQFLSDOD VXUV GH
IRQGXUL YDOXWDUH Q VLWXD LD vQ FDUH vQFDVULOH GLQ H[SRUW VXQW PDL PDUL GHFkW SO LOH
SHQWUXLPSRUWEDODQ DFRPHUFLDOHVWHH[FHGDUVDXDFWLY. Excedentul poate fi utilizat
SHQWUXDFRSHULUHDGHILFLWXOXLODDOWHSR]L LLGLQEDODQ GHH[HPSOXUDPEXUVDUHDXQRU
vPSUXPXWXUL H[WHUQH SODVDPHQWH GLUHFWH VDX GH SRUWRIROLX vQ VWULQWDWH VDX
PDMRUDUHDUH]HUYHLYDOXWDUH'DFYDORDUHDSO LORUSHQWUXLPSRUWHVWHPDLPDUHGHct
vQFDVULOH GLQ H[SRUW EDODQ D HFRQRPLF HVWH GHILFLWDU sau SDVLY. Deficitul se
DFRSHU GLQ H[FHGHQWHOH UHDOL]DWH OD DOWH SR]L LL GH H[HPSOX WUDQVSRUWXUL
LQWHUQD LRQDOHVDXWXULVPLQWHUQD LRQDOVHDFRSHUGLQFUHGLWHH[WHUQHVDXGLQUH]HUYD
valutDU PLFRUDUHD UH]HUYHL ([FHGHQWXO FRPHUFLDO vQ JHQHUDO UHIOHFW PUIXUL
FDQWLWDWLY L FDOLWDWLY VROLFLWDWH SH SLD D H[WHUQ FRPSHWLWLYH R VLWXD LH EXQ vQ
GRPHQLXO SURGXF LHL L FRPHUFLDOL]ULL PUIXULORU HWFGDUSRDWHUHIOHFWDLUHGXFHUHD
PUIXULORU GHVWLQDWH SLH HL LQWHUQH VDX GLPLQXDUHD GUDVWLF D LPSRUWXULORU 'HILFLWXO
FRPHUFLDOPDLDOHVGDFHVWHvQUHJLVWUDWSUHOXQJLWSHPDLPXO LDQLUHIOHFWOLSVDXQRU
PUIXUL FRPSHWLWLYHRVLWXD LHHFRQRPLFGHWHULRUDWSURGXFWLYLWDWHUHGXVVWUXFWXUi
VRUWLPHQWDOHQHVROLFLWDWHSHSLD DH[WHUQVDXQHFKLE]XLQ vQSROLWLFDLPSRUWXULORU
%DODQ DVHUYLFLLORU JUXSHD]vQFDVULOHLSO LOHvQYDOXWGLQRSHUD LXQLFDUH
QX LPSOLF VFKLPE GH PDUI 6H FXYLQ VXEOLQLDWH FkWHYD SR]L LL: turism, transporturi,
vHQLWXUL L FKHOWXLHOL GLQ LQYHVWL LL GH FDSLWDO /D SR]L LD WXULVP LQWHUQD LRQDO sunt
HYLGHQ LDWHvQFDVULOHUH]XOWDWHGLQSUHVWD LLOHWXULVWLFHSHWHULWRULXQD LRQDOvQIDYRDUHD
WXULWLORU VWULQL YkQ]UL GH PUIXUL FX SODWD vQ YDOXW SXQW UL SUHFXP: Grecia,
6SDQLD(OYH LDHWFvQFDUHYHQLWXULOHGLQWXULVPGH LQRSRQGHUHUHPDUFDELOvQFRQWXO
FXUHQW/DSO LVXQWHYLGHQ LDWHFKHOWXLHOLOHFXUHFODPDWXULVWLFvQFKLULHULGHDYLRDQH
SHQWUX WXULWL HWF /D SR]L LD WUDQVSRUW LQWHUQD LRQDO L DVLJXUUL LQWHUQD LRQDOH sunt
FXSULQVH SO LOH L vQFDVULOH JHQHUDWH GH WUDQVSRUWXO L DVLJXUDUHD PUIXULORU vQ WUDILF
LQWHUQD LRQDO FOWRUL EDJDMH WUDQ]LWXO GH PUIXUL SH WHULWRULXO ULL VDX DO DOWRU UL
exploatarea mijloacelor de transport n trafic inteUQD LRQDOHWFQFD]XOvQFDUHR DU
QX GLVSXQH GH PLMORDFH GH WUDQVSRUW VXILFLHQWH DSHOHD] OD FRPSDQLL VWULQH SOWLQG
SHQWUX DFHVW VHUYLFLX ([LVW UL GHQXPLWH FUXLL OXPLL FDUH vQ VSHFLDO vQ
GRPHQLXO WUDQVSRUWXOXL PDULWLP UHDOL]HD] venituri importante ca: Grecia, Japonia,
Panama, Liberia etc.
9HQLWXULOHLFKHOWXLHOLOHGLQLQYHVWL LLOHGHFDSLWDO la vQFDVULUHIOHFWSURILWXO
LGLYLGHQGHOHvQFDVDWHGLQLQYHVWL LLGLUHFWHHIHFWXDWHvQVWULQWDWHLDUODLHLUL profitul
L GLYLGHQGHOH SOWLWH SHQWUX LQYHVWL LL GLUHFWH HIHFWXDWH vQ DUD UHVSHFWLY L
nereinvestite. Tot aici sunt reflectate GREkQ]LOH L FRPLVLRDQHOH OD FUHGLWHOH H[WHUQH
FDUHVXQWRSODWLHLULGHIRQGXUL, asociate creditelor externe anterior primite de DUD
UHVSHFWLY L vQFDVUL GH GREkQ]L L FRPLVLRDQH SHQWUX FUHGLWHOH DFRUGDWH DQWHULRU GH
DUD UHVSHFWLY DOWRU UL $FHVW SRVW GLQ SXQFW GH YHGHUH DO PLFULL IRQGXULORU HVWH
OHJDWGHFRQWXOFDSLWDOLILQDQFLDU
Q FD]XO vQ FDUH vQFDVULOH GLQ RSHUD LXQL QHFRPHUFLDOH VXQt mai mari dect
SO LOHSHQWUXRSHUD LXQLQHFRPHUFLDOHEDODQ DVHUYLFLLORUDUHVROGexcedentar sau activ
L UHIOHFW SRWHQ LDOXO ULL GH UHJXO vQWU-un domeniu: WXULVPWUDQVSRUWXULDVLJXUUL
LQWHUQD LRQDOH HWF VDX R SROLWLF UHVWULFWLY SULYLQG SO LOH vQ DFHVW GRPHQLX FWUH
VWULQWDWHQFD]XOvQFDUHSO LOHGHSHVFvQFDVULOHEDODQ DVHUYLFLLORUHVWHSDVLY
GHILFLWDU FHHD FH SRDWH UHIOHFWD R VLWXD LH SUHFDU vQ WXULVP OLSVD PLMORDFHORU GH

36

WUDQVSRUW SURSULL V DVLJXUH WUDQVSRUWXO GH PUIXUL L FOWRUL GREkQ]L L FRPLVLRDQH
bancare mari aferente creditelor n curs de rambursare.
&RQWXO FDSLWDO L ILQDQFLDU OD LQWUUL GH IRQGXUL FXSULQGH LQYHVWL LLOH VWULQH
directe HIHFWXDWH SH WHULWRULXO ULL DSRUWXO GH FDSLWDO YUVDW vQ YDOXW VDX vQ QDWXU
SUHFXPLSURILWXULOHUHLQYHVWLWHSURILWXULUHDOL]DWHvQVWULQWDWHLUHSDWULDWH/DLHLUL
GH IRQGXUL VXQW UHIOHFWDWH LQYHVWL LLOH GLUHFWH HIHFWXDWH vQ VWULQWDWH SURILWXULOH
UHDOL]DWHvQVWULQWDWHLUHLQYHVWLWHvQVWULQWDWHSURILWXULUHDOL]DWHvQ DUDUHVSHFWLY
LUHSDWULDWHvQVWULQWDWH
,QYHVWL LLOH GLUHFWH VWULQH SRWULYLW )0, VXQW R FDWHJRULH D LQYHVWL LLORU
LQWHUQD LRQDOH D FURU RELHFWLY SUH]LQW XQ LQWHUHV GXUDELO SHQWUX UH]LGHQWXO XQHL UL
LQYHVWLWRUXOVWULQvQWU-o QWUHSULQGHUHEHQHILFLDUDLQYHVWL LHLORFDOL]DWvQHFRQRPLD
DOWHL UL GHFkW FHD D LQYHVWLWRUXOXL ,QWHUHVXO GXUDELO FD WHUPHQ DVRFLDW LQYHVWL LLORU
GLUHFWHLPSOLFLVXEOLQLD]H[LVWHQ DXQRUUHOD LLSHWHUPHQOXQJ2DVWIHOGHUHOD LH
HVWH FUHDW DWXQFL FkQG LQYHVWLWRUXO VWULQ GH LQH FHO SX LQ  GLQ DF LXQLOH VDX
SXWHUHDGHYRWvQvQWUHSULQGHUHDEHQHILFLDUDLQYHVWL LHL
)OX[XULOHILQDQFLDUHDVRFLDWHLQYHVWL LLORUGLUHFWHLUHIOHFWDWHvQEDODQ DGHSO L
sunt:
DF LXQLSDUWLFLSDUHVHUHIHUODIRQGXULOHLQYHVWLWHvQVXFXUVDOHWRDWHDF LXQLOH
GH LQXWHvQFDGUXOVXEVLGLDUHORULDDOWRUHQWLW LDVRFLDWHDOWHIRUPHGHFRQWULEX LLOD
capital;
reinvestirea veniturilor FRQVW vQ DFHD SDUWH D FkWLJXULORU LQYHVWLWRUXOXL
direct SURSRU LRQDOFXSarticiparea sa la capital FDUHQXHVWHGLVWULEXLWVXEIRUP
GHGLYLGHQWHGHFWUHVXEVLGLDUHVDXFRPSDQLLOHDVRFLDWHSUHFXPLYHQLWXOUHDOL]DWGH
VXFXUVDOHLFDUHQXPDLHVWHUHPLVLQYHVWLWRUXOXLVWULQ
DOWH LQYHVWL LL GH FDSLWDO cuprind mprumutuULOH DFRUGDWH L SULPLWH vQWUH
LQYHVWLWRUXOVWULQLVXEVLGLDUHDWkWFHOHSHWHUPHQVFXUWFkWLFHOHSHWHUPHQOXQJ
La Credite externe vQ EDODQ  FUHGLWHOH VXQW vQUHJLVWUDWH SH WHUPHQH GH
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vQ SHUVSHFWLY GHRDUHFH QXPDL vQ SUH]HQW UHSUH]LQW R LQWUDUH GH YDOXW vQ YLLWRU

37

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- FUHGLWH GH H[SRUW SHVWH XQ DQ SH FDUH LPSRUWDWRULL GLQ DUD GHELWRDUH OH
primesc de la parteneri externi;
- FUHGLWH SHVWH XQ DQ SULPLWH GH OD EQFL SULYDWH GLQ VWULQWDWH L GH OD DO L
creditori privD LH[WHUQL
- vPSUXPXWXUL DFRUGDWH GH  RUJDQL]D LL LQWHUQD LRQDOH %,5' $,' %(5'
BAD etc.;
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UHJXO VH SOWHWH HDORQDW VXE IRUP GH UDWH L GREkQ]L DQXDOH Suma reprezentnd
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(mprumutului). ProcHGXUDSO LLGHFWUHvPSUXPXWDWDDQXLW LLVHQXPHWHVHUYLFLXO

38

datoriei externe.6HUYLFLXOGDWRULHLH[WHUQHUDWHLGREkQ]LUDPEXUVDWHVHFRQVLGHUFD

LHLUHGHILQLWLYGHFDSLWDOSHQWUX DUDGHELWRDUH
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GHILQHVF DQXPL L indicatori precum: rata datoriei externe ca raport ntre serviciul
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macroeconomici.
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unui stoc pentru consum LDXQXLstoc de aur intangibil.5H]HUYHOHGHDXUGHUHJXO
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39

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din export.
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GHVIXUULLDFWLYLW LLVDOHQSUH]HQWDUHSHste 160 de state membre.

40

2ELHFWLYHOH DFWLYLW LL VDOH SULYHVF GH]YROWDUHD DUPRQLRDV L HFKLOLEUDW D

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DFWLYLWDWHD FXUHQW D )RQGXOXL DFHWLD DOHJ XQ SUHHGLQWH FDUH HVWH L Directorul
General al FMI.
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centrale ale unor state membre.
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membre pentru echilibrarea EDODQ HORU GH SO L L DVLJXUDUHD VWDELOLW LL ILQDQFLDUmonetareD ULLvQDFHVWFRQWH[W)RUPHOHGHVSULMLQILQDQFLDUHFDUHvPEUDFIRUPDGH
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de maximum 5 ani, suQW SXUWWRDUH GH GREkQG LDU DFRUGDUHD ORU SUHVXSXQH
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BIBLIOGRAFIE
Moisuc C.
(coordonator)

Brezeanu, P.

-financiare (GLWXUD )XQGD LHL Romnia de Mine,

Capitolele 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 14, 27, 28,

5HOD LL YDOXWDU

%XFXUHWL 

5HOD LL

)XQGD LHL

YDOXWDUH

WHKQLFL

Romnia de Mine

ILQDQFLDUH

, Editura
Capitolele 1, 2, 7, 8,

LQWHUQD LRQDOH

%XFXUHWL 

9,

Bondrea, A.A.,
Stancu, R.

$FWLYLWDWHD

7UDQ]DF LL

EDQFDU 

QHEXUVLHUH

)RQGXUL
FX

YDORUL

GH

LQYHVWL LL

PRELOLDUH

%XUVH

Editura

GH

YDORUL

)XQGD LHL

Romnia de Mine %XFXUHWL  /HJHD QU  /HJHD QU

34/1991, Regulamentul B.N.R. nr. 4/1993, O.G. nr. 8/1993, O.G.
nr. 24/1993, Legea nr. 52/1994
Anghelache, G.

%XUVD L SLD D H[WUDEXUVLHU

2000. Capitolele 1, 2, 6, 12

Basno, C., Dardac, H.,

Floricel C.

0RQHG &UHGLW %QFL (GLWXUD

1995. Capitolele 5, 8, 9, 10.

(GLWXUD (FRQRPLFD %XFXUHWL

'LGDFWLF L 3HGDJRJLF %XFXUHWL

%UDQ 3 &RVWLF  ,

5HOD LL ILQDQFLDUH L PRQHWDUH LQWHUQD LRQDOH

BucureWL  &DSLWROHOH      

Barnstein, J.

(GLWXUD (FRQRPLF

York. Institut of Finance, I.R.V.M.,

3LD D FRQWUDFWHORU IXWXUHV 1HZ

(GLWXUD +UHPD %XFXUHWL  &DSLWROX 

Cerna, S.

0RQHGD L 7HRULD PRQHWDU (GLWXUD 0LUWRQ 7LPLRDUD  Vol. I.

Capitolele 5, 6, 7, 8, 9, 10

Dalton, J.

3LD D DF LXQLORU. New-York Institute of Finance, I.R.V.M., Editura

+UHPD %XFXUHWL  &DSLWROHOH  

.LUL HVFX &

5HOD LLOH

YDOXWDU ILQDQFLDUH

LQWHUQD LRQDOH

(GLWXUD WLLQ LILF L

(QFLFORSHGLF %XFXUHWL  &DSLWROHOH     

.LUL HVFX &

 HQFLFORSHGLH (GLWXUD WLLQ LILF L (QFLFORSHGLF

0RQHGD 0LF

%XFXUHWL  (GL LD ,-a)

Munteanu C.,
Vlsan, C.

,QYHVWL LL LQWHUQD LRQDOH (GLWXUD 2VFDU 3ULQW %XFXUHWL 

Capitolele 1, 3

Vosganian, V.

5HIRUPD SLH HORU ILQDQFLDUH vQ 5RPkQLD. Editura Polirom,

%XFXUHWL  &DSLWROHOH  

Zipf, R.

3LD D REOLJD LXQLORU. Institute of Finance, I.R.V.M., Editura Hrema,

%XFXUHWL  &DSLWROHOH  

45

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2. n perioada 1960-1970 un dolar SUA era egal cu 0,888671 gr./aur, iar francul
francez n 1960, era definit cu 0,180000 gr./aur; n 1969 francul francez a fost
UHGHILQLWOD)5) JUDXU/XkQGvQFRQVLGHUDUHDFHVWHGDWHVWDELOL LUDSRUWXO
YDORULFvQWUHFHOHGRXPRQHGHvQFHOHGRXPRPHQWHWLSXOGHSDULWDWHFDOFXODW
modificarea pURFHQWXDODUDSRUWXOXLYDORULFvQWUHFHOHGRXYDOXWHSUHFL]D LVHQVXO
PRGLILFULLFDUHPRQHGV-DDSUHFLDWLFDUHPRQHGV-DGHSUHFLDW'HFH")D GH
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IUDQFH]HUDHJDOFXGHIUDQFL&)$&DUHHVWHSDULWDWHDGLQWUHIUDQFXO&)$LIUDQFXO
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De ce?
QFHSkQGFXSHUkQG ULOHDXWUHFXWODFXUVXULIORWDQWHLDUXQHOHL-au definit
n timp paritatea monedelor n raport cu DST. Astfel, n 1971 un dolar SUA era egal
FX'67vQDIRVWUHGHILQLWUHVSHFWLYOD'67GXSFDUH SUA
DXDQXQ DWWUHFHUHDPRQHGHLDPHULFDQHODFXUVXULIOXFWXDQWHIRUPDWHSHSLD 
([SOLFD LVHQVXODFHVWRUPVXUL&DOFXOD LHYROX LDPRQHGHLDPHULFDQHvQDFHDVW
SHULRDGLWLSXOGHUDSRUWDUHDSDULW LLDOHV
8QFRPHUFLDQWvQFKHLHvQSDUDOHOGRXFRntracte, unul de export ntr-R DUD
8QLXQLL(XURSHQHvQYDORDUHGHHXURLXQFRQWUDFWGHLPSRUWGLQ68$vQVXP
de 100.000 USD. La ncheierea contractelor raportul USD/euro era 1 USD=0,90 euro,
DVWIHOvQFkWFRPHUFLDQWXODVRFRWLWFEDQLLvQFDVD LGLQH[SRUWvLYRUILVXILFLHQ LSHQWUX
SODWDLPSRUWXOXL/DGDWDvQFDVULLH[SRUWXOXLLUHVSHFWLYSO LLLPSRUWXOXLFXUVXOSH

46

SLD vQWUHFHOHGRXPRQHGHDIRVW86' HXUR&DOFXOD LLH[SOLFD LHIHFWXO

DFHVWHLPRGLILFULDVXSUDUHVXUVHORUILQDQciare ale comerciantului.
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SLD 
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WHUPHQXOXLLVFRSXOXL
3. Un exportator, pentru a-LDFRSHULULVFXULOHFHDUUH]XOWDGLQHYROX LDPRQHGHLIUDQFL
HOYH LHQLvQFDUHDvQFKHLDWFRQWUDFWXOFRPHUFLDOFXPSUODWHUPHQGHOXQLVXPDGH
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RSHUD LXQLLODWHUPHQFXPSRDWHILDSUHFLDWRSHUD LXQHD"
&DUHVXQWSULQFLSDOHOHHOHPHQWHFDUHGLIHUHQ LD]RSLD YDOXWDUQD LRQDOGHSLD D
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UROXOSLH HLYDOXWDUHvQUDSRUWFXFHOHODOWHSLH HILQDQFLDUH
7HPD3LD DPRQHWDU(XURSLD D
1. nFHFRQVWLPSRUWDQ DSLH HLPRQHWDUHODQLYHOXOXQHL UL
3UH]HQWD LSULQFLSDOHOHVHJPHQWHDOHXQHLSLH HPRQHWDUHQD LRQDOHLWLSXULOHGH
instrumente financiare negociate.
2ILUPDUHXQGLVSRQLELOWHPSRUDUGHPLOOHLFDUHSHVWHWUHLOXQLvi va utiliza
SHQWUXDFKLWDUHDXQHLGDWRULL/XkQGvQFRQVLGHUDUHPRGXOGHRUJDQL]DUHLIXQF LRQDUH
DSLH HLPRQHWDUHFXPSRWILIUXFWLILFDWHPDLDYDQWDMRVDFHVWHIRQGXUL3HQWUXILHFDUH
VROX LHDOHDVSUH]HQWD LFULWHULLOHGHSODVDPHQW'DFREDQFDUILvQDFHDVWVLWXD LH
ce variante apar?
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2EDQFDUHSRVLELOLWDWHDVDFRUGHXQvPSUXPXWGHPLO86'SHWUHLOXQLFXR
UDWDGREkQ]LLGHLVVHUHILQDQ H]HOXQDUODUDWHGHSULPDOXQOXQDD
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DSDU LQH
7HPD3LD DGHFDSLWDOLQWHUQD LRQDO
3UH]HQWD LPRGXOGHHPLWHUHLSODVDUHDXQXLvPSUXPXWREOLJDWDU'HVFULH LSLH HOH
pe carHDXORFPRELOL]DUHDIRQGXULORULWUDQ]DF LRQDUHDWLWOXULORU
&DUHDXIRVWIDFWRULLFHDXGHWHUPLQDWGLYHUVLILFDUHDWLSXULORUGHREOLJD LXQLLFDUH
GLQWUHHOHPHQWHOHFDUDFWHULVWLFHXQHLREOLJD LXQLDXIRVWPRGLILFDWH"([HPSOLILFD L
&HVXQWDF LXQLOHLSULQFHSURFHGHHWHKQLFHSRWILHPLVHLSODVDWH"
3UH]HQWD LSHVFXUWSLH HOHSHFDUHVHSRWWUDQ]DF LRQDWLWOXULOHILQDQFLDUHL
LQWHUPHGLDULLILQDQFLDULFDUHIDFLOLWHD]DFHVWHWUDQ]DF LL
&HVHvQ HOHJHSULQLQVWUXPHQWHILQDQFLDUHGHULYDWHLSHFHSLH HVXQWHIHFWXDWH
WUDQ]DF LLFXSURGXVHGHULYDWH"

47

7HPD3LD DLQWHUQD LRQDODFUHGLWXOXLLUROXODFHVWHLDvQVFKLPEXULOH

FRPHUFLDOHLQWHUQD LRQDOH(XURFUHGLWHOH
&RQFHSWXOGHFUHGLWLSULQFLSDOHOHHOHPHQWHSHFDUHOHSUHVXSXQHUHOD LDde credit.
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GHVWLQDWHSURPRYULLH[SRUWXULORU
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EQFLORUFRPHUFLDOH7HQGLQ H
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RSHUD LXQLOHGHDFWLYLFHOHGHSDVLY
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&ULWHULLGHDERUGDUHDRSHUD iunilor asociate fondurilor disponibile sau nevoilor de
fonduri ale firmei.
3DUWLFXODULW LvQPDQDJHPHQWXOILQDQFLDUDOILUPHLSULYLQGGLVSRQLELOLW LOHL
QHYRLOHGHIRQGXULH[SULPDWHvQYDOXWHVWULQH
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7HPD%DODQ DGHSO LH[WHUQH5H]HUYDPRQHWDULOLFKLGLWDWHDLQWHUQD LRQDO
6WUXFWXUDEDODQ HLGHSO LLSULQFLSDOHOHFULWHULLPHWRGRORJLFHGHHYLGHQ LHUHD
vQFDVULORULSO LORUYDOXWDUH
6HGDXXUPWRDUHOHGDWHSULYLQGEDODQ DGHSO LDXQHL UL
3000
Export
5000
Import
100
QFDVULGLQWXULVP
300
3O LSHQWUXWXULVP
60
QFDVULGLQWUDQVSRUWXUL
10
3O LSHQWUXWUDQVSRUWXUL
50
Dobnzi ncasate
100
'REkQ]LSOWLWH
30
Credite acordate
800
Credite primite
200
Rate ncasate
100
Rate rambursate
/XkQGvQFRQVLGHUD LHSRVWXULOHSUH]HQWDWHVVHVWDELOHDVFVLWXD LDSHFDSLWROH
VWDUHDEDODQ HLGHSO LSHDQVDPEOXSRVLELOHGHVWLQD LLDOHH[FHGHQWHORULPRGDOLW LOH
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utiliza LvQDSUHFLHUHDJUDGXOXLGHvQGDWRUDUHDXQHL UL

48

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,PSRUWDQ DDFWLYLW LL%(5'SHQWUX ULOH(XURSHL&HQWUDOHLGH(VW

49