Financial Mechanisms of Foreign Economic Activity Regulation in Top Trading Countries

DOI

10.2991/smtesm-19.2019.50How to use a DOI?

Keywords

foreign economic activity, regulations, international trade, financial mechanism, financial methods, tariff regulations

Abstract

The subject of the study is the theoretical background, practical aspects and current state of using financial mechanisms of foreign economic activity regulation in the countries which are leading exporters and importers of goods and commercial services. The purpose of the work is to reveal patterns of using the elements of financial mechanism in foreign economic activity regulation of the world leading countries in international trade in the conditions of globalization and international economic integration. Methodology: system-structural approach, induction method, statistical method, method of logical analysis, method of comparative analysis, methods of observation and generalization. Results of the work. The article presents an analysis of financial methods and instruments used for state financial regulation of foreign economic activity in the countries leaders in international trade: the USA, the EU as a customs union, China, Japan, and South Korea. The functioning of financial mechanism of foreign economic activity regulation in these countries is shown, taking into account their integration priorities and involvement into the processes of economic globalization. The peculiarities of using certain financial methods in foreign economic activity regulation are identified, depending on the key objectives of the states in the field of foreign economic activity. The field of application of results. The investigation results can be used in the research dedicated to the problems of foreign economic activity, financial regulation, international trade and financial policy. They can also be used in educational process, especially in preparation of the relevant sections of textbooks and tutorials for courses “Finance”, “Foreign Trade”. Conclusions. Analyzing the methods of foreign economic activity regulation one can see that it is economic and financial methods that are preferred for using by countries in international trade, and it is quite consistent with WTO recommendations. Besides, the financial mechanisms used by countries for foreign trade regulation fit into the international context by harmonizing their national legislation with WTO norms. Among the financial methods of foreign trade regulation the tariff regulations are most comprehensively used and legally well-developed. Besides, financial, credit and tax methods of export stimulation are also used. The instruments of foreign economic activity regulation applied by the countries under analysis depend greatly on signing various trade agreements, integration priorities of the countries and global economic trends.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Valentyna Tropina
AU  - Tetiana Rybakova
PY  - 2019/09
DA  - 2019/09
TI  - Financial Mechanisms of Foreign Economic Activity Regulation in Top Trading Countries
BT  - Proceedings of the 6th International Conference on Strategies, Models and Technologies of Economic Systems Management (SMTESM 2019)
PB  - Atlantis Press
SP  - 257
EP  - 261
SN  - 2352-5428
UR  - https://doi.org/10.2991/smtesm-19.2019.50
DO  - 10.2991/smtesm-19.2019.50
ID  - Tropina2019/09
ER  -