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manufactured products and kinds of production specialization at any period of time. Hence, MEandIR is adapted for corporate structures of the machine manufacturing industry. Using the developed approach to analysis and evaluation of risks arising in machine manufacturing in the form of MEandIR for further management of them and insurance from them as the most effective applicable instrument of re-
search, one can successfully solve the tasks of management of the entire machine manufacturing. The effectiveness of production activity after the implementation of improved and adapted method of evaluation and insurance from risks for machine manufacturing enterprises increases by 35-40 % at average and the profit grows by 15 % as minimum [1, 112].
References:
1. Gorodetskaya O. S. Analysis and optimization of risk management system of commercial enterprises (by the example of machine manufacturing industry): Monograph. - M.: Published by Nobel Press, - 2012. - 169 p.
2. Gorodetskaya O. S. Evaluation of entrepreneurial risks of machine manufacturing enterprises//Guidelines of an entrepreneur. Scientific and practical publication: Collection of scientific works. Issue XIV - M.: Russian Academy of entrepreneurship. Printing agency «Science and education», - 2012, - P. 46-52.
3. Gorodetskaya O. S. Entrepreneurial risks of machine manufacturing enterprises//Scientific notes: Role and place of civilized entrepreneurship in the economy of Russia: Collection of scientific works. Issue XXX - M.: Russian Academy of entrepreneurship. Printing agency «Science and education», - 2012, - p. 100-108.
4. Gorodetskaya O. S. Risks of machine manufacturing enterprises//University Herald (GUU), - 2011, - № 25 - Р. 106-107.
5. Yakovlev A. Insurance of financial guarantees. - M.: Voenizdat, - 2003. - 357 p.
6. [Electronic resource]. - Mode of access: http://www.gks.ru
7. [Electronic resource]. - Mode of access: http://www.i-mash.ru
8. [Electronic resource]. - Mode of access: http://www.inzona.ru
9. [Electronic resource]. - Mode of access: http://megaresearch.ru
Zhelezkova Polina Evgenyevna, Admiral Makarov State University of Maritime and Inland Shipping, Ph. D student, Economics and Industrial Company Management department E-mail: ver1tas@mail.ru
Characteristic aspects of the Northwest Baltic Region Sea basin
Abstract: This work covers the characteristic features of the port infrastructure development in the Northwest of the Baltic basin. The ports specialization is emphasized. Following the results, a need to build multimodal terminal and logistic complexes (hubs) was found.
Keywords: port infrastructure, economic development, multimodal transport corridor.
Maritime transport is a central link between the Baltic crossborder transformational region and the experience of networking interaction gained in the sector is used in the future for the working out trans-national programs and development projects for other types of transport represented in the Baltic region.
Meanwhile the development of the ports of the Baltic Sea Region (BSR) is still dependent on the availability of the Russian cargo volume that these ports have to involve using the existing competitive advantages and creating new ones.
Today the BSR ports seek to reduce the cargo delivery time, reduce the cost of transportation, improve the service quality and expand the range of services [3, 3].
North West is the only region of Russia which borders the countries of the European Union. This is the widest passage in the West for Russia. In 2010, about 30 % of the country’s
foreign trade cargo was transported through the territory of the Northwestern Federal District. Such large Russian ports as Primorsk and Big Port Saint-Petersburg are located in the Gulf of Finland, Ust-Luga port is expanding (is expected to be the largest cargo port in the Russian Federation).
Here the entrance into the inner Russian marine system is located. The networks of auto roads and railway lines, pipelines and airlines are sufficiently developed, although are in need of modernization.
Russia’s North West is characterized by ports, the specialization of which is multidirectional. In order to understand and evaluate the specialization of the ports in the region, a table is presented where both service regions and the vessels which can serve in these ports, are consolidated as well as a list of cargo the ports process (Table 1).
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Table 1. - Russian ports specialization
Port Port railway station Port specialization and the list of cargo processed The regions served The limited length and draft of vessel, m.
Big Port Saint-Petersburg Avtovo, Noviy Port, Antropsh, Predport, Kupchi- no, Shushary ore, coal, mineral fertilizers, grains, timber, general, containers, ferry cargo, petrochemicals Northern Europe, India, the countries of the American continent, the Baltic Sea, Southeast Asia, the Mediterranean, Indonesia, Malaysia, North Africa, South Africa Length - 320 m., draft of vessel - 11,0 m.
Vyborg Vyborg coal, mineral fertilizers, timber, general, food and chemical in bulk Northern Europe, the Mediterranean, the Baltic Sea Length - 130 m., draft of vessel - 7,8 m.
Visotsk Visotsk coal, petrochemicals Northern Europe, the Mediterranean, the Baltic Sea, United States Length -250 m., draft of vessel - 13,2 m., Length L - 185 m., draft of vessel - 9,3 m.
Kaliningrad Kaliningrad-Sor- tirovochnaya, coal, mineral fertilizers, grains, general, containers, ferry cargo, oil, petrochemicals, food and chemical in bulk Northern Europe, the Baltic Sea, Mediterranean Sea, North and South America, Australia Length - 200 m., draft of vessel - 9,4 m.,
Baltles Length L - 175 m., draft of vessel - 9,4m.
Primorsk Primorsk oil, petrochemicals Northern Europe, the United States, Trinidad and Tobago, Canada, the Baltic Sea, Portugal Morocco Length - 307 m., draft of vessel - 15,85 m.
Ust-Luga Ust-Luga (эксп.), Luzhskaya (эксп.) coal, sulfur, timber, general, containers, ferry cargo, oil, petrochemicals Northern Europe, the United States, the Baltic Sea, Brazil, Mexico, Turkey Length -230 m., draft of vessel - 12,2 m.
Analyzing the table above, it can be concluded that the following dominates in cargo structure:
- Crude oil and petrochemicals;
- Container transport.
The most technically equipped ports in the North West region of the Russian Federation are the ports of St. Petersburg, Primorsk and Ust-Luga. In recent years, much attention has been paid to the development and technical equipment of Vysotsk port.
The transport system of the North West plays an important role in ensuring international transit between countries in East and South-East Asia, the states of the Indian Ocean and the European Union [4, 27].
Several international transport corridors (ITC) pass through the North West:
- Two Eurasian corridors - “Transsib" and “North-South”;
- The Northern Sea Route;
- Pan-European (Cretan) corridors #1 and #9.
The matters of the transport and energy cooperation of the North West of Russia in the Baltic region should be reflected in the new Partnership and Cooperation Agreement between Russia and the EU [2, 74].
Special attention should be paid to the Russian North West as the only macro-region, bordering the EU in the framework of EU-Russia dialogue in the field of transport and infrastructure, and of the EU-Russia Energy Dialogue.
At the global scale, the transport infrastructure of the Russian North West should be considered in the context of
the global project on the integration of transport infrastructures in Europe and Asia to serve the international transit in the routs “East - West” and “North - South”
It should be borne in mind that the routes and transport corridors Europe — Asia that bypass the Baltic region are proposed. These, for example, the projects T^ASECA and “New Silk Road”.
If these projects are implemented, the cargo that can pass through and already are on the way through the Baltic region, will head the southern route. In this case, both Russia and other countries of the Baltic region loose [1,1].
Only through joint effort of all the countries in the Baltic region it is possible to preserve and strengthen the economic and political importance of the shortest Baltic Transport Corridor.
Disordered competition on the brink of trade and transit wars should be replaced by cooperation in the international legal framework. Cargo will be enough for everybody, and the main task will be, above all, to improve the logistics.
Thus, the states of the Baltic region, including Russia, should work together to create a multi-modal Europe — Asia transport corridors. Such corridors should be the same from the places of cargo traffic formation to the place of delivery of cargo, logistics solutions with a through rate should be used and no extra work and long delays at borders and complicated customs procedures should be involved.
It is important to take as much advantage of the so-called “1520 gauge” as possible, it is a network of railways with
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a width of 1520 mm., connecting the ports on the Baltic Sea to the Pacific Ocean. Given that the railways of the Baltic countries (Lithuania, Latvia and Estonia), Finland and a part of Poland are physically located within the area of the Russian railways, the rail gage of which is 1520 mm., and legally are within the European Union, they can play a unifying role and serve as a bridge between the East and the West.
It is necessary to increase the number of high-speed container trains running on the route “East — West” (including shuttle train which runs at a fixed schedule).
A Federal law on transit is required for the development of Euro-Asian transit (including via the Baltic region). Public policy should be established to attract transit cargo that would promote the development of national transit infrastructure.
It is also advisable to create a permanent body at the level of the Russian government to coordinate the transit policy, customs, logistics terminals creation with the help of international companies, etc.
It may be necessary to create a special structure that would coordinate the Eurasian transit, and within the EU. To maintain the Eurasian transit in the region of the Baltic Sea it is necessary to set up joint logistics companies and to form powerful agent network in the West and East to attract cargo. Large companies (including joint ones) are needed, which could provide transit with container park [5, 77].
In key areas of distribution of cargo traffic and near major international transport corridors (especially in St. Petersburg and Kaliningrad) building of multimodal terminal and logistics centers (hubs) is required. Work in this direction is already underway. It is necessary to create a unified system of satellite tracking of the goods transition along the transit corridors.
Development of modern information systems that will receive data on all traffic and manage the transportation process functioning with the terminals is needed.
Northwest of Russia should pay attention to the promising way of industrial transit processing, i. e. follow the “Flem-ish-Dutch” macroeconomic model of specialization, which Belgium and the Netherlands have successfully applied.
The lack of coordination of national transport programs in the Baltic region may lead to a significant (according to some estimates, 2-3 fold by 2020) excess supply of port and transport services over the real demand. The consequence of this would be enormous waste of capital costs and undermining stability in the Baltic Sea region.
Therefore, it is necessary to coordinate and streamline certain national investment programs, to set up large transnational projects and programs designed to provide a decent position and a high competitiveness of the Baltic Sea transport route as a whole.
Unification of Russian export, import and domestic railway tariffs within two years after Russia’s accession to the WTO will be important for the integration of transport systems in Russia and the Baltic countries.
Unification of the Russian railway tariffs will have the most favorable impact on the increase in cargo handling in the Baltic countries ports. It will also make the Russian ports improve the quality of services provided, as well as to reduce their costs due to increased competition. Among road projects that contribute to the integration of transport of North West of Russia in the Baltic region, the following are essential:
- to complete of the Branch A of Pan-European transport corridor # 1 (the so-called Via Hansetica) St. Petersburg -Tartu - Riga - Kaliningrad - Gdansk - Szczecin - Rostock -Lubeck;
- to create a branch in the Kaliningrad region from the motorway Via Baltica (E67) Tallinn — Warsaw; to continue creation and improvement of the infrastructure of checkpoints (including EU funds).
Short distance maritime transport (short-sea-shipping) may make an important contribution to overload reduction of the land transport network and the integration of the Russian North West in the Baltic Sea region. These are, in particular, the “sea corridor” between Hamburg/Lübeck and St. Petersburg. We should try to increase the number of ferry lines connecting St. Petersburg, Ust-Luga and Kaliningrad (Baltiysk) with the ports in other countries of the Baltic region. It is necessary to increase the number of flights from St. Petersburg, Kaliningrad and Murmansk to the airports in the Baltic region (taking into account the actual demand) [5].
For the cooperation development of the fuel and energy sector in North West of Russia in the Baltic region, the following are the most important:
- In view of the intention to build a new nuclear power plant in Lithuania, Poland, Belarus and the Kaliningrad region, to carry out a more effective regional coordination in the energy sector;
- To implement the idea of laying the energy bridge to the West of the Kaliningrad region of Russia.
- To complete construction of the second gas pipeline — “Nord Stream”.
- To complete construction of the pipeline of the Baltic Pipeline System-2 with an output to the oil terminal in the commercial port of Ust-Luga.
In order to obtain economic benefit, it is necessary to use technological advances in the ports, providing resources to gain these achievements. To introduce innovations which are the only reliable way to maintain the competitiveness of the port terminals. All of these, in turn, will create the material basis for the further development of the Baltic region as a whole.
References:
1. Anischenko N. V. “Port economy and its development in a market economy.” («Портовое хозяйство и его развитие в условиях рыночных отношений») Morskiye Porty, - 2011.
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2. Balode I., Paiders Y. «Economic Geography of the Nordic countries.» («Экономическая география государств Северной Европы») - Riga, - 2009.
3. Gumenuk I. S. “Transnational territorial transport system ofthe Baltic region" («Транснациональная территориальная транспортная система балтийского региона») “The Baltic Sea Region” Magazine («Балтийский регион»), - Issue 1, - 2012.
4. Kivikari W. «The economic space of the Baltic region.» - Helsinki: Otava, - 2010.
5. Kokin A. «International Maritime Shipping» («Международная морская перевозка груза»), - Infotropik media, - 2012.
6. The development strategy of maritime activities of the Russian Federation until 2030, Orders of the Russian Federation State #2205-P as of 08.12.2010.
Kats Svetlana Valerievna, Taras Shevchenko National University of Kyiv, Ph.D student, Faculty of Economics E-mail: sveta_kats@bigmir.net
Nature of the basic financial derivatives
Abstract: the article reveals the essence of basic derivatives. Studied by various authors approaches to defining derivatives and their definitions in the legislation and proposed his own definition of the most appropriate for use in accounting practice.
Keywords: derivative financial instruments, derivatives, forward and futures contracts, options and swaps.
Derivative financial instruments (derivatives) got its name from the English term “derivative” — “original.” In French “derivatif” — output, Latin — “derivare” — aside, hold. The name was a derivative of the fact that its value is
derived from the value of the underlying instrument underlying the transaction.
In the scientific literature when considering the nature of derivatives suggest the following concepts (tab.1).
Table 1. - The definition of “derivatives” by various authors
Author Definition
Butynets F. F. Financial derivatives — financial instruments on which payments will be made in the future; whose value is affected by changes in interest rates, equity prices, foreign exchange rate, index of prices, credit rating (index) or other variables that are basic; does not require an initial investment [1].
Zawadzki Y. S., Osovska G. V., Juszkiewicz O. O. Derivative financial instruments and derivatives — a tool, mechanism of release and turnover are related to the sale of certain financial or tangible assets. Prices of derivative financial instruments are set depending on the price of assets that are placed in their base are called the underlying asset. Underlying asset can be securities, interest rates, stock indexes, commodity resources, precious metals, foreign currency, etc. [2].
Zahorodniy A. G., Voznyuk G. L., Smovzhenko T. S. Derivative financial instruments and derivatives are the original contracts to qualifying transactions with financial or real assets (stocks, bonds, exchange commodity, precious metals, currencies, etc.) on the terms specified in those contracts. The main purpose derivatives — to insure against possible losses in the stock market game, and provide safeguards against inflation and economic instability. The main types of derivatives are the options and futures [3].
Habyuk A. A. Derivatives — financial contracts, or financial instrument whose value is derived from the price of something else (the base). The basis of such financial instruments can be active (eg, raw materials, stocks, residential mortgage, real estate, bonds, loans), indexes (such as interest rates, exchange rates, stock indices, consumer price index), or others (such as weather conditions). Credit derivatives are derived from loans, bonds or other forms of credit [4].
Pavlov V. I., Pylypenko I. I., Kryvov’yazyuk I. V. Derivatives — a tool, mechanism of release and turnover are related to the sale of certain financial or tangible assets [5].
Note: Systematized by the author based sources [1; 2; 3; 4; 5]
Despite the fact that the authors interpret the term «derivatives» from different points of view, one can not deny any of the definitions. However, it is inappropriate approach to the definition of derivatives (derivatives) because most
derivatives. You can not define a particular category via the same category.
According to the researcher O. Smolyanskoyi, a feature of derivative financial instruments (derivatives) is that their
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