The following information was submitted:
Transactions: WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS
Transactions ID Number: 53-443
Full Name: Milorad Bejatovic
Position: Associate Professor
Age: ON
Sex: Male
Address: Cvecarska 1, Novi Sad, Serbia
Country: YUGOSLAVIA
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E-mail address: ivanka.spasic@sbb.rs
Other E-mails: bejatovic@pravni-fakultet.info
Title of the Paper: A Review of Specificities and Economic Functions of Instruments of Payment in International Trade
Authors as they appear in the Paper: Ivanka Spasic,Marijana Dukic Mijatovic
Email addresses of all the authors: ivanka.spasic@sbb.rs,marijana.dukic.mijatovic@gmail.com
Number of paper pages: 12
Abstract: Goal of all instruments of international payment is to meet the practical needs of business people in the payment system and to unify their way of issuance, use and interpretation. The authors analyze the characteristics and functions of economic instruments of international payments in the economic reality, comparing them to each other. Methodological work is conceived in teleological comparison of instruments of international payments from theoretical aspects, and current legislation, national and international levels, as well as a review of their application in everyday business practice. Conclusions, which resulted in the landmark analysis of a specific macro-economic level, since they point to the legislature on the shortcomings of existing legal provisions, but also at the micro level through instructions for business people in selecting appropriate instruments of payment in individual cases, that will improve their operations. The authors point out the legis!
lature on a number of legal gaps in this area, which should be standardized in an appropriate way if we are willing to wait for completion of a global recession and the penetration of the transitional national financial flows to global financial flows, bearing in mind that the global financial market operates through joint vessels ( Dukic – Mijatovic, 2010 ).
Keywords: bank guarantee, documentary letter of credit, encashment, assignation.
EXTENSION of the file: .doc
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