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the Analysis of influence of external factors on pricing in banks of commerce


Practical pricing in the Russian banks of commerce quite often ignores external factors, including their less significant, minor. Nevertheless, their influence is shown even when by a method of realisation of a price banking policy is selected zatratnyj a method.
Finally orientation only on internal factors deforms the price of banking services.
The monetary mechanism and condition of its elements in bolshej to a measure, than any other factors, influence a price level in economy/cxxix, clvi, clviii/. Influence of the given factor on pricing in a banking sector can be estimated through purchasing capacity of money and the rate of exchange. As a rule, speaking about pricing in banks, we mean an order of definition of interest rates on the involved and placed resources/ccxxxiv/. Means, through studying of degree of influence of corresponding elements of monetary sphere on interest rates of banks it is possible to estimate influence of the given factor on pricing.
Monetary stock change has direct influence on a level of interest rates (first of all on size of a discount rate of Bank of Russia (see enc. 5) which in turn influence on consumer both production costs and an aggregate demand. The bank of Russia supervises a monetary stock which co-operates with demand for money, and through this process influences a national economy.
Schematically as a whole it is possible to present influence of monetary sphere on economy graphically (fig. 2.6 see).

\"\"
\"\"
Supervises
The offer
Money
\"\"
The market
Capitals
\"the Scheme
Bank
Russia
Increase of interest rates on consumer loans or loans to the enterprises lowers expenses on the goods and services
Increase of incomes (expenses) increases demand for money and lifts interest rates

Fig. 2.6. The scheme of influence of a monetary stock on economy
At studying of a condition of the monetary mechanism and its influence on pricing in banks of commerce the important role is played by demand for money. The primary factors defining demand for money, the interest rate, a price level and real earnings are.
The interrelation of demand for money with a level of interest rates reflects that fact, that people prefer to hold a part of the assets in monetary, instead of in any other form. As a rule, the usual person practically always has money either on bank accounts, or in the pocket. In process of reduction of this sum in the course of an expenditure of money, their stock replenishes. One of sources of replenishment of money incomes of the population is the percent on the bank deposit. As investors finance bank, having placed in it the deposit, they have the right to count on interest earnings reception.

Let's notice, that the general level of interest rates under deposits constantly changes. It occurs because interest rates on separate kinds of deposits, under the influence of various factors, increase or decrease on the absolute values (see enc. 6).
According to A.Marshalla, the interest on loan capital size is defined exclusively by a supply and demand parity: “the Percent, being the price paid in any market for using by the capital, aspires to such equilibrium level at which the aggregate demand on the capital in this market at the given norm of percent is equal to the cumulative fund arriving on the market at the same norm of percent”/cxxiv/.
In the following table (tab. 2.1 see) dynamics of the average interest rates under deposits of physical persons, otrytym in the Russian banks of commerce/lii/is given.
Table 2.1
Deposit rates of physical persons on operations of the credit organisations for all terms till 1 year
The period The interest rate
1998
March 11,5
June 19,2
September 25,8
December 28,0
1999
March 18,9
June 11,0
September 9,7
December 8,5
2000
March 7,6
June 7,1
September 4,6

Purchasing capacity of money is measured by the sum of the goods and services which can be bought on them. From practice it is known, when there is an increase in the prices at the goods and services, and also nominal incomes, an amount of money which people wish to have also grow increases that an effective cost of money, that is, their purchasing capacity has not changed.
Nominal monetary Real monetary _ weight in circulation Weight in circulation the Price level
From the given formula it is visible, that the real monetary stock can change both because of change of size of a nominal monetary stock, and because of price level change. If to assume, that the size of a nominal monetary stock has increased, and the real monetary stock remained without change, it is necessary to draw a conclusion that growth of a nominal monetary stock has in circulation caused price level increase. Means, the gain of quantity of active money can serve as the rise in prices reason, and, hence, and inflations/ccxliii/.
In any modern economy the inflation phenomenon is outwardly shown in the form of a rise in prices for the goods and services which is caused by imbalance vosproizvodstvennogo process and a money turnover and leads to native currency depreciation/cxxv/.
It is necessary to make a reservation, that in the Russian practice money growth trends not always reflect corresponding growth rates of inflation. More likely on the contrary, inflation decrease in the country have allowed Bank of Russia to increase currency of money, thereby, considerably to lower it is artificial the created "pressure for money" caused by a rigid monetary and credit policy.
Against growth of a nominal monetary stock (tab. 2.3 see) we see decrease in interest rates under deposits (tab. 2.1 see) and credits (the tab. see
2.2.).
Comparing data of the tables characterising dynamics of a monetary stock and a consumer price index (see enc. 7), it is possible to draw a conclusion that against the general decrease in rates of a gain of a consumer price index, the real monetary stock has the steady tendency to growth (see enc. 8).
Table 2.2
Rates under credits to the enterprises and the organisations in russian rubles/lii/
The period The interest rate
1998
March 38,8
June 47,7
September 44,8
December 40,5
1999
March 47,5
June 32,1
September 37,9
December 32,1
2000
March 29,5
June 22,8
September 20,2

\"the Illustration
Real monetary stock
Change of volume of a monetary stock first of all influences interest rates. It is possible to explain this dependence graphically (fig. see
2.7).
oz
AND
And
oz
n
About
3
To
n
To
(U
And
About
amp;
WITH
Fig. 2.7. An illustration of the equilibrium market
The interrelation between demand for a real monetary stock in circulation and interest rates is presented in the form of curve L. From drawing it is visible, the more low the interest rate, the it is more demand for money.
Balance on a money market is reached, when demand for a real monetary stock is equal to their offered quantity (point). If, for example, Bank of Russia increases a nominal and real monetary base (M \'), balance on a money market will be reached in case the interest rate will decrease to i \'. If the real monetary stock is lowered, the equilibrium interest rate will increase to i \'. We distinctly observe process of "following" of the interest rate of size of a monetary base within last decade. The illustration is given it in the following table (tab. 2.3 see).
Table 2.3
Dynamics of a parity of a monetary stock and the interest rate under credits/lii/
The period Monetary stock, billion rbl. The percentage
The rate
1999
January 444,2 24,2
February 463,9 22,7
March 473,8 18,9
April 509,6 14,6
May 542,4 14,7
June 567,7 11,0
July 583,3 12,6
August 590,8 8,8
September 597,4 9,7
October 625,1 9,0
November 646,5 9,4
December 704,7 8,5
2000
January 695,0 13,4
February 726,6 7,9
March 751,4 7,6
April 787,9 5,4
May 831,6 7,3
June 892,2 7,1
July 931,2 6,4
August 960,1 5,1
September 992,4 4,6

Distinctions between a real and nominal monetary stock, and also that fact, that demand for money is defined by requirement for money, are solving for understanding of communication between money and inflation. Purchasing capacity of money as the influential factor of pricing in a banking sector, reflects the inflationary developments occurring in a national economy. It is known, that as inflation actuates influence of such macroeconomic indicator, qualitatively and quantitatively changes many economic categories and processes.
Social and economic consequences of inflation are obvious: depreciation of results of social activities, savings of citizens and assets of legal bodies, destruction of a monetary and credit system of the country, acceleration of process of "flight" of the capital, native currency replacement in an internal turn and so on/ccl/.
The decision of a problem of domestic pricing cannot occur is isolated from the analysis of a condition of inflation with which the Soviet economy has got acquainted in 80th in the form of "creeping" - to 10 % a year, "galloping" - to 100 % in 1991 and since 1992 of a hyperinflation - over 100 % of a gain of an inflationary index/cxlix, clxxvii, ccxxvi/.
The condition of the Russian economy, the markets, including the market of banking services is that, that change of other factors did not render so appreciable influence on the price of banking services. Direct dependence between a rate of inflation and the price is traced. The development of inflation is accompanied by a rise in prices for banking services and on the contrary, inflation decrease led to reduction of prices.
In domestic practice inflation is defined as consumer price index change. Consumer price index calculation is carried out according to formula Laspejresa:
j = PqQqXPi / P0 P0 Q0
Where: Q0 - quantity of the goods (cases of reception of service) in a consumer set of the basic period;
p. - a price per unit (services) in a consumer set of the accounting period;
Р0 - A price per unit (services) in a consumer set of the basic period.
In the conditions of transitive inflationary economy of Russia price control by indexing with consumer price index use should be considered as the tool of a price policy of banks of commerce/cx, cxlvii/. It is possible to compare dynamics of a consumer price index and the prices for such banking service as delivery of loans legal persons and visually to estimate correlation/clxxvii/(tab. 2.4 see)
Table 2.4
Parity of dynamics of rates under credits of the Savings Bank of Russia and a consumer price index
The period Bank credit rates, in percentage Consumer price index in percentage by last month
January, 1993 130,0-260,0 126,0
January, 1994 260,0-180,0 118,0
January, 1995 200,0-120,0 118,0
January, 1996 120,0-90,0 104,1
January, 1997 90,0-28,0 102,3
January, 1998 28,0-36,0 101,5
January, 1999 36,0-63,0 108,4
January, 2000 45,0-27,0 102,3

From the resulted table follows, that process of change of the prices in bank branch appreciably reflects process of decrease in consumer ability of money or a development of inflation. Current prices of banking services closely correlate with inflation and can be defined under the following formula/ccxix/:
Pi+1 = kxp; Xjp
Where: R % target price in previous (i-м) the period (month, quarter, year);
Jp - predicted (federal or regional) a price index on branch;
To - factor of correlation of a consumer price index and the chosen price index on banking services.
Considering, that in bank practice by the important element there is a market condition, calculation of current prices can be made and by their updating on concrete services, by multiplication of the base (current) price for an index of expenses on concrete groups of services:
X JslxYsl pr = rehnd —

F XY.
/ J si
Where: pR - a controlled price;
To - base settlement or an actual price;
Jsi - growth rate of expenses on i - j to article of accounting of the cost price of services, in
%;
P - relative density i-й accounting articles in the cost price of services.
In interactions with creditors, borrowers and other clients, banks address to the nominal interest rate which, in turn, considers the inflationary factor. If to present, that the bank ignores inflation influence on the prices: Owing to a development of inflation the negative effect from placing of deposits in bank will be shown and the investor will move the means to other assets; The inflationary factor will lower in the beginning efficiency of bank assets, and then and at all will lead negative percentage marzhe.
Investigating interrelation of norm loan and a market interest, D.Rikardo wrote: “References to bank behind loans of money depend on comparison of rate of return which can be received by means of this money, and norms of percent on which the bank lends this money. If the bank is raised by smaller percent, than its market norm there is no limit to that sum which it could spend thus but if this percent above market norm unless only rastochiteli and squanderers would agree to borrow capital”/lxxiii/.
There is a direct dependence between the nominal and real interest rates operating in bank practice and inflation. It is accepted to name this dependence Fisher's dependence/ccxix/. Dependence as follows is expressed:
Real Nominal Inflationary
Percentage _ percentage - the extra charge the rate the rate
At absolute or relative growth of the nominal interest rate the definite purpose - indemnification of possible losses of the creditor, caused by inflationary developments is pursued. During the periods when rates of inflation are especially high, nominal interest rates can be expressed by three-value figures/xliii, clxxvii/(tab. 2.5 see).
Table 2.5
Parity of inflation and interest rates under population deposits (on a contribution example "Urgent" the Savings Bank of Russia)
Years Inflation to previous year, in percentage The percentage
The rate
1991 100,0 9,0
1992 2510,0 50,0
1993 840,0 120,0
1994 215,0 60,0
1995 131,0 50,0
1996 21,8 30,0
1997 11,0 11,0
1998 84,4 11,0
1999 34,8 11,0
2000 20,2 11,0

Absence of real earnings on the investment (fig. 2.8 see) will be result of coincidence of size of the interest rate and inflation (i_h). In a case when inflation exceeds the interest rate (ilt; h), the investor incurs real losses as inflation does not become covered by incomes of placing of resources. If the declared interest rate exceeds inflation for the same period (igt; h), it is possible to speak about reception by the investor of real earnings. Fisher's dependence, and also interrelation of inflation and the interest rate (fig. see Describe a basic essence of influence of inflation on a condition of the prices in a bank of commerce. Means, inflation should be considered as the most essential factor of monetary sphere having basic influence on change of the prices.

3
h
To it
TO
\"Dependence
Fig. 2.8. Dependence of inflation and the interest rate
«
To it
X
X
ch
To it
X
To it
X
ABOUT
ju
It
To
With

In the economy dependent on a parity of national and foreign currencies, pricing is under construction according to the Central bank rate of exchange. The bank branch of Russia is not an exception to the rules. Here too influence of dynamics of a rate of national currency is felt in all activity of banks of commerce.
The policy of the rate of exchange in the country is carried out by Bank of Russia and is a monetary and credit policy integral part. An overall objective of a policy of the rate of exchange - deduction of a rate of national currency from sharp fluctuations and inflation decrease/li/.
Since 1992 the mode of the rate of exchange has undergone a number of changes. To the middle of 1995 the mode of the floating rate of exchange was applied. From the middle of 1995 as a result of strengthening budgetary and a monetary and credit policy the order of a unilateral binding of rouble to dollar has been entered. From the middle of 1996 till November, 1997 the so-called inclined currency corridor which essence was reduced to smooth holiday of the native currency operated. The policy of an inclined currency corridor has ended with sharp growth of free money resources in a banking system and substantial increase of demand for a foreign currency. From the end of 1997 the Bank of Russia is compelled to apply a policy of intervention in the internal currency market. The essence of a new order of formation of the rate of exchange was reduced to introduction of a central rate and admissible limits of deviations. It was supposed, that within the limits of currency policy of Bank of Russia for 1998-2000 The rouble average rate should make 6,2 roubles for US dollar, and limiting deviations from it should not exceed 15 %/l/. As the Bank of Russia has not kept a parity of currencies at prospective level, the policy of the rate of exchange has been changed. In 2000 it was spent with use of a mode of the floating exchange rate. Thus, the Bank of Russia within the limits of developing economic realities corrected approaches to the rate of exchange taking into account necessity to limit scope of its deviations from some conditional size.
We find indirect acknowledgement of correctness in actions of the main bank of the country at M.Fridmena. In work “Capitalism and freedom” he writes: “to Support the fluctuating rate of exchange does not mean to support the astable rate of exchange. If we support is free-market price system, it does not mean, that we like system, at which the prices skip upwards and downwards, as mad. We support system, at which the prices fluctuate freely, however tsenoobrazujushchie factors are stable enough, that the prices fluctuated in any moderate range. Same concerns and system of fluctuating rates of exchange. Instability of rates of exchange is a symptom of instability of corresponding economic structure. Removal of this symptom by administrative freezing of the rate of exchange does not cure fundamental issues and only does the adaptation to them even more painfully”/ccxx/.
Such factor as a competition from the moment of development in Russia of market relations has got appreciable influence on the processes occurring practically in all areas of economic relations. The analysis and an estimation of a condition of a competition in the country confirms that fact, that economic rivalry, in process of strengthening in a national economy of market relations, amplifies, gets into all spheres and segments of relations between subjects of the market/cvi, cxxx, clxvii, ccxxxiii, ccxlviii/. Character and competition degree, and also level of influence on the prices in bank branch define a number of factors (fig. 2.9 see).
The model of the Malt liquor-sherera developed as the universal scheme of the analysis of character and degree of a competition in separately taken branch became a basis of definition of the factors influencing development of a bank competition. Owing to certain conditions and the reasons, competition influence is not so considerable, as it means the market. “The certain reasons” are understood as a market situation - oligopolija, as the market type, differing by a small number of sellers. This "small number" means, that decisions on definition of the prices and manufacture volumes is interdependent. Each firm tests on itself influence of the decisions accepted by its competitor and should consider these decisions in own behaviour in the field of pricing and manufacture scoping/cxxii, clxxxiii/.
\"Classification
Fig. 2.9. Classification of the factors defining a bank competition
It is important to notice, that the prices at oligopolii under the influence of competitive relations change less often, than in the conditions of a pure, monopolistically competition and in some cases, pure monopoly.
The credit organisations support and develop as price, and netsenovuju as use Examples netsenovoj in the field of rendering of banking services can serve consulting (financial, legal, business consultation), help services of banks, services in transfer of money resources of physical persons, settlement-cash servicing of bank - legal bodies, elements of trust services.
To services where price competition methods are applied, services in delivery of loans, leasing, attraction of available assets physical and legal bodies concern. For an estimation of influence of a competition as pricing factor, we will take advantage of a matrix characterising lines of market models/cxxii/(fig. 2.10 see).

Characteristic line

Market models
The pure
Competition
monopoli
sticheskaja
Competition
oligopolija Pure monopoly
Number of firms Very big It is a lot of A little One
Product type standartiziro
The bathing
differentsi
rovannyj
Standardised and differentiated Unique substitutes not having relatives
The control over the price No Some, but in enough narrow frameworks Limited to interdependence; considerable at secret arrangement The considerable
Conditions of the introduction into branch Very easy, obstacles are absent Rather
Lungs
Presence of essential obstacles It is blocked
netsenovaja No Considerable, an emphasis on advertising, trademarks, marks Typical, especially at differentiation of a product Mainly advertising of communication of firm with public organisations

Fig. 2.10. Characteristic lines of the basic market models
Practice shows, that the state of the art of competitive relations in sphere of banking services is characterised by prevalence of not price methods of struggle. Frameworks in which limits the bank has possibility to maneuver interest rates on credit and depositary operations, are limited by consumer preferences. For example, the low interest rates declared by banks of commerce under investments in to a foreign currency have led to that the most part of means domohozjajstv (by estimations this sum makes of various sources from 40 to 80 bln. dollars of the USA) is not on accounts in banks, and on hands at the population. In turn and increase of depositary rates for the purpose of "withdrawal" of available assets of the population for banks - the undesirable action as it is inefficient from the point of view of further use of expensive foreign currency credit involved resources. Result of imbalance of interests of banks and domohozjajstv in the market of deposits, as a rule, is extending a market of speculative tradings with a foreign currency.
Decrease in rates under bank contributions, undoubtedly, will promote outflow of contributions and, probably, losses of bank liquidity/ccii, cciii/. In force endogennyh and ekzogennyh factors of possibility of price competition are limited.
First, in process of development and perfection of bank branch, for the first roles there are the large banks of commerce possessing considerable financial possibilities to conduct long price struggle against competitors.
As shows world experience price fights between big banks quite often lead to self-destruction of the basic figurants of struggle and, accordingly, reduces interest to a price method/clxxxii, cxc, cxci, ccxxxvii, ccxxxix/.
Secondly, the correct approach of banks to the organisation netsenovoj promotes more to an effective utilisation of resources.
Thirdly, inquiries of consumers of banking services have become complicated, economic rivalry of banks is concentrated not only to the price, but also on such not price factors as quality of service, advertising, image, a corporate style, reliability, a transparency of results of activity.
Fourthly, at oligopolii price competition is less effective, as reduction of prices on services of one or banking groups will immediately lead to similar steps from competitors.
Some possible approaches to an estimation and development of reciprocal measures from firms-competitors are given more low/cxi/(fig. 2.11 see).
As quite often alternative of price competition other strategy of pricing act: a price leadership, appointment of the prices, agreements, arrangement.
Fifthly, price competition is limited by the Russian legislation/iii, iv/.
Studying of the basic lines of price competition allows to draw a conclusion that the given method of pricing assumes some decrease in expenses of bank and the prices for banking services. However, also it is the important negative characteristic of a method, it does not encourage growth of quality and a variety of assortment of services. At a price method the bank combats on an exhaustion of resources, not receiving thus a clear advantage before competitors.
\"Possible
Fig. 2.11. Possible measures on action of competitors on reduction of prices
Thus, speaking about influence of a competition on an establishment and change of the prices of banking services, it is necessary to notice, that methods price and netsenovoj are actively used in the processes of pricing occurring in the market of banking services. However price competition as a method, by degrees loses the influence, giving way to not price methods.
In turn, not price methods are poorly mastered by the Russian banks of commerce and yet do not render any serious influence on process of an establishment of the prices on banking services.
Process of rendering of services can be considered from a position of marketing game when each participant of the act of purchase and sale of service, pursuing (the size of a prize, profit, economy on time and so on) aspires to limit own interests requirements each other.
Change in price on a banking service has on demand volume double influence/xv, lx, cxvi, cxx, ccxiii, ccxxv/(fig. 2.12 see).
\"Double
Fig. 2.12. Double influence of change in price on volume of requirements
Market laws provide, that in the conditions of formation, development, perfection and domination of a free enterprise of the price for the goods and services are defined according to an optimum parity bid-asked/cliii/. Their influence by that more than more close the economy has promoted to a free enterprise.
In the conditions of the Russian economy in bank pricing it is impossible to name influence of factors of a supply and demand defining, nevertheless, the given factors in a certain measure establishments of the prices for banking services influence 10 times.
The graphic model displaying dependence bid-asked on a conditional banking service/cliii, clxiii/(fig. 2.13 see), allows to give presentation to this process.
At volumes of rendered services from Qmin to Qmax the optimum price (Popt) urged to provide balance of interests and prizes of both parties, both sellers of services, and buyers. At the optimum price for the parties (Popt) the optimum volume of required service (Popt) is established also.
\"Interaction
Fig. 2.13. Interaction of curves of demand (DD) and offers (SS) in the market of banking services
As an example by definition of the price dependent on a supply and demand, it is possible to consider operations on delivery of bank loans.
Before to speak about pricing under the influence of a supply and demand, we will consider process of movement of money resources in a bank of commerce.
It is known, that banks function as institutes of attraction and placing of temporarily free money resources. The difference between the price of attraction and placing of resources represents bank percentage marzhu.
Thus, it is necessary for bank to organise movement of money resources under the offered scheme (fig. 2.14 see).
\"the Scheme
Fig. 2.14. The scheme of the organisation of movement of money resources in bank
The sequence of the operations connected with movement of money resources is that. The depositary division of bank involves free money resources physical and legal bodies and accumulates them on bank accounts.
Further borrowed funds take places in loans. In process of clearing of loans money resources come back to their owners - to investors of bank. Thus the price of placing of money resources (P1) should be above the attraction price (Po) on a certain size (AP), representing a bank prize.
In the given research we already said that percentage marzha (AP) covers administration expenses of bank and participates in profit formation. In turn, P0 is the price which the bank is compelled to pay for the right of use of free money resources of clients.
The banking policy in the field of pricing in this case represents process of definition of a necessary parity between the price of placing and by attraction of resources.
Thus it is necessary to consider that The price, on which the bank involves resources (the rate under the deposit) will satisfy requirements of the investor; The price on which the bank places resources (interest on loan capital), will satisfy requirements ssudozayomshchika; The bank prize (percentage marzha) will provide a part covering
Overhead charge and a normal profit.
The market financial, first of all banking services, from the point of view of integration into the competitive environment has the specificity.
On the one hand, the banking capital is connected with the market tovarnodenezhnymi relations, and banks are really operating market institutes and should be placed in struggle conditions for a survival.
On the other hand, banks of commerce are socially necessary establishments, and would be an error to give them on an arbitrariness of market elements/lvii, ccxxxii/.
As activity of banks of commerce is subject to supervision and regulation from the state, the same influence appears on process of pricing of banking services/lxxxiii, xc/.
Initial principle of pricing in the Russian Federation is position that all prices are declared as free and are established on the basis of the agreement of the buyer and the seller.
However the state reserves the right to itself to interfere with price control to certain services that corresponds to foreign practice of pricing/cxxxv, cxxxvii, clxx, ccxxxvi/.
Set of methods of price regulation the various. Following methods practise: Macroeconomic regulation.
Indirect methods. Development of principles and the pricing policies and pricing concept; Legislative and is standard-legal maintenance of a price policy and state regulation of the prices; Carrying out of a flexible monetary policy for the purpose of overcoming of inflation and a price stabilisation in sphere of credit-and-monetary relations/clxxvi/; Carrying out of the effective budgetary policy promoting a price stabilisation, its social orientation; Exchange rate adjustment and a mode of the reference of a foreign currency in sphere of interaction of internal and external pricing. Microeconomic regulation.
Indirect methods. Formation and maintenance of competitive pricing and unfair competition restriction in the market of banking services; Formation, assistance and protection of contract-contract crediting; Use of the state business for influence on formation of the prices for the purpose of structural reorganisation of economy and influence on a supply and demand; Development of system of insurance of banking services, legal regulation of transactions by the state bodies.
Methods of direct regulation. Establishment of the fixed prices for separate banking services; Application of the excise taxation; Purposeful protection of lower-income strata; Application of specifications at definition of the prices; Indexation of the prices.
It is necessary to recognise, that state regulation of activity of banks of commerce through Central bank of Russia in bolshej degree concerns questions of liquidity, sufficiency of the capital, conformity of certain indicators of assets and liabilities to the established norms and specifications.
The purpose of a state policy concerning a banking system and an economy financial sector is maintenance of system stability and creation of necessary conditions for development of the market of banking services on the basis of a healthy intrabranch and interbranch competition.
The state policy concerning bank sector is based on preservation and strengthening of the market beginnings of activity of the credit organisations and use of mainly indirect methods of influence on the processes occurring in a banking sector.
Concerning bank sector the state Guarantees non-interference of the third parties to operational activity of the credit organisations, except for the cases directly provided by the legislation; Does not suppose any privileges for the separate credit organisations or their clients; Provides strict observance of legislatively established principles of antimonopoly regulation and competition encouragement in the financial markets, the markets of retail banking services; Provides development of legislative bases of system of supervision of activity of the credit organisations, no less than the legislative norms interfering use of bank sector for carrying out of illegal operations and queer transactions, including washing up of criminal incomes.
At the same time methods of direct and indirect regulation the state in the name of Bank of Russia, the ministry under the tax and tax collection carries out influence on the prices of banking services. Degree of influence of direct and indirect factors on pricing in banks is various and tends to constant changes.
At the heart of direct influence on the prices and pricing in banks of commerce there are Russia established by Bank of the price, tariffs, quotations, rates, rates and so forth. As the financial intermediary a bank of commerce, carrying out operations, leans against them as on price reference points.
As an example it is possible to result activity of banks of commerce in the currency market and a bullion market.
In this area influence of the state on pricing process is extremely great. In the absence of the course policy from Bank of Russia activity of banks in these markets is impossible. Moreover, in the absence of price reference points of Bank of Russia of operation with a foreign currency, precious metals are simply illegal/clxxxvii/.
The bullion market still was more recently practically inaccessible to banks of commerce. Now it actively accustoms, that promoted to no small degree by legislative process of the state and a price banking policy of Russia.
The scheme offered more low (fig. 2.15 see) gives some representation about market participants of gold in Russia.
\"\"
Counterparts
The key role in the given market is taken away to the state in the name of Bank of Russia. This participant of a turn of gold, other precious metals sets the general price level both regarding sale, and regarding purchase. The monopoly of Bank of Russia on an establishment of the prices for precious metals is fixed legislatively and reflects not so much world experience in the given question, how many earlier put in pawn principles and the approaches defined in the conditions of a planned economy.
Gohran
Sale
The retail Sale і To Sale State funds
Clients
W
Territories

Sale Sale
nedrapolzovateli > Investors

Fig. 2.15. The scheme of a turn of gold in the Russian Federation
Similar influence renders the state on the price of a banking service in case of carrying out of operations with a foreign currency. Here as a price basis on operations of purchase-sale of a foreign currency the official rate of a foreign currency which establishes Bank of Russia/xl/acts.
Parity of rates of the foreign currencies established by Bank of Russia and banks of commerce
If to address to tab. 2.7., it is possible to estimate degree of influence of the price (rate) of the foreign currency established by Bank of Russia on a total price of service, given by a bank of commerce.
Table 2.7
Rate, lips - Purchase rate, moustache - Sale rate
The name novlennyj tanovlennyj The established
Currencies Bank of Dews - The commercial The commercial
These, roubles Bank, roubles Bank, roubles
1 US dollar 28,48 28,10 29,00
100 Japanese yens 25,02 21,34 25,10
1 DM 13,56 11,73 13,80

In a lump of banking services, speculative tradings with gold, other precious metals, a foreign currency, and also bank transactions similar to them, as a rule, take an insignificant place. Bank priorities nevertheless are concentrated in the field of ssudno-depositary operations where process of formation and change of the prices has no so powerful influence from the state.
In some cases the state has direct influence on the prices of banking services through taxation system. For example, incomes on some intermediary services which do not have the status of banking services, are taxed on a valueadded, and the price of sale of a cash foreign currency is corrected on size of the tax established for cash
Operations of the population with a foreign currency.
If to speak about indirect influence of the state on formation of the prices this influence slightly and almost completely is in area of the taxation of bank incomes, expenses, profit and separate bank transactions.
Besides, services of banks of commerce concern services, the prices on which in bolshej degrees depend not on regulation from the state, and from market mechanism functioning.
At the same time it at all does not mean, that the given market segments of banking services are deprived exclusive influence of those or other credit organisations and banks of commerce. It is enough to result as an example the Savings Bank of Russia which, having concentrated in the passives over 75 % of all means of the private persons involved with the Russian banks, occupies dominating, actually a monopoly position in the market of private deposits.
It is possible to allocate other markets on which exclusive presence of separate banks is marked. It is necessary to specify in the market of investments in the branches having raised appeal (petrochemistry, gold mining, processing of nonferrous metals and so on), the market of services with use of microprocessor cards, non-cash currency transactions.
Monopolistically tendencies in the market of banking services are characteristic as for federal, and regional level that promoted to no small degree by a banking policy of Russia on reduction of number of the credit organisations (see enc. 10).
By analogy the factor of monopolistically price control is present that the state influences the prices in branches of natural monopolies through price control and tariffs, and also by introduction and development of elements of a competition/1, cxlviii, ccxvi/in a banking sector also.
Competition protection in the market of financial services, besides the ministry of an antimonopoly policy and business support, is carried out by Bank of Russia, the authorised state body.
For struggle against unfair competition displays in the market of financial services the antimonopoly law provides restriction of actions of banks of commerce on an establishment unreasonably high or low prices and tariffs for services at the conclusion of contracts, contracts, and also at the auctions. Thereby to Bank of Russia the right of direct influence to the credit establishments which are pursuing a policy in the field of pricing which is directed on use of the leading position on certain market segments is granted.
As example of control of an establishment and change of the prices the system of regular checks of a condition of the prices can serve in currency exchange points. Besides the bank of Russia the means carries out planned checks of an order of an establishment of exchange rates of foreign currencies, clients of banks are involved in this process. Even unitary action of bank on an establishment of the underestimated rate of purchase or the overestimated rate of sale of foreign exchange can form the basis for a recognition of action of bank illegal and acceptances to it of corresponding measures of influence.
Practice shows, that the given factor of monopolistically price control does not render solving influence at pricing in banks and, hence, is considered as the auxiliary factor at realisation of a price policy.
If to estimate influence of factors of microlevel, unfortunately, their participation in process of pricing less significant. Recently from clients of banks higher demands are made to quality and the nomenclature of services/cxxviii/. The condition of the market of banking services, low level of a competition among the credit organisations encourage dictatorship of banks in relation to the client.
Probably, that such position will last and further as preconditions for basic change of approaches of banks to questions of pricing are not present.
The preference is even more often given to the banks rendering complex service, applying the European standards, modern banking technologies/clxxii/. However the banks answering raised requirement today, are faster an exception, than a rule. Choosing bank, the client forms a number of characteristics which, in its opinion, are inherent in good bank and have (in comparison with other banks) advantages. Advantages can be real, universal, virtual and standard.
Criteria of the Russian consumers differ from the criteria accepted in the western practice a little. According to marketing researches in the market of consumers of banking services the basic criterion is reliability of bank/cxii, cxxiii, cxli, cxcix/.
On fig. 2.16 the rating of the basic criteria of an estimation of the bank, revealed is resulted at studying of the Russian consumer market.
Estimation of clients - legal bodies
\"the Rating
Estimation of clients - physical persons
60/

40-g
20/
0
41 %
32 %
15 %
12 %
2
U

Term and convenience of drawing interest
Cost
The bank
Services
The size Reliability
Paid bank
Percent

Fig. 2.16. A rating of the basic criteria at a choice of bank of service
It is necessary to notice, that similarity of approaches physical and legal bodies in a choice of the major criterion at considerable divergences in the subsequent estimations of the importance of other criteria.
Let's bring results on section and we will draw conclusions. Formation of the prices in banks of commerce represents the many-sided, dynamical process, called to provide to bank correct orientation in the market of services, and is carried out under the influence of set of factors. When the complex of various factors creates a certain total vector of influence on pricing process in a banking sector, concrete factors differently influence the prices. Eventually influence of those or other factors can either weaken, or amplify. Degree of their influence depends on many, first of all external (in relation to bank), the reasons: a level of development of economy, a monetary and credit policy, depth of integration into the market and development of competitive relations, conditions of state regulation of bank activity and others. Ignoring of a role of those or other factors leads to errors at an establishment of the prices. In the course of research of a question on degree of influence of those or other factors on pricing it is found out, that the greatest influence on dynamics and an order of the prices in modern Russian economy renders a condition of monetary sphere.
At pricing in banks of commerce there is influential enough a factor of industrial costs. Practice shows, that management of the prices in banks in the majority cases is reduced to management of the cost price of services and profit whereas influence of the market environment is considered in the second turn. Thus the special place is taken away to calculation of not percentage expenses, in particular so-called obshchebankovskih or an overhead charge (see enc. 11).
Marketing Critically estimating a pricing condition, we will notice, that the working model appreciably reflects approaches of planned pricing and in modern conditions of development of market relations, according to the author of work, is unsuitable (fig. 2.17) see.
Studying The analysis Planning
The solvent -> The industrial —> Sales volume
Demand Possibilities Services


The analysis of resource base
The industrial
Planning
1
Working out fi Planning
nansovogo the plan > The industrial
Possibilities

Straight lines
The actual
The percentage
The industrial
Expenses
Expenses


Straight lines The industrial Expenses
The labour The cost price —> The future
Expenses The periods
Waybills
Reserves
Expenses
The coming

Expenses

Planning
Cost prices

Planir ovanie profits
\"\"
The industrial
The cost price
The estimate administratively - economic expenses
\"\"
The percentage Not percentage
Incomes —> Incomes
The percentage
Not percentage
Expenses
Expenses W

Balance profit designing
\"Financial
The balance
Profit

Fig. 2.17. Financial model of a bank of commerce
Owing to that the state to some extent takes part in capitals bolshej parts of banks of commerce, the price policy of banks is same, first of all is subordinated to interests of the monetary and credit policy spent by Bank of Russia. For the sake of justice we will notice, that during an establishment of the prices for some services active application of the marketing approach and following to known strategy of pricing is marked. Frequently such operations carry imidzhevyj character and urged to draw attention to bank/cxxiii/. The risk of financial losses on such operations for bank is not great. According to the author of dissertation pricing processes in the Russian banks are not co-ordinated with the declared target bank programs and in many cases are carried out contrary to that. Absence of forward planning and forecasting of processes in the financial market compel banks “to be reconstructed on a march”, to accept hasty, frequently unreasoned, decisions. In spite of the fact that the competition among domestic banks is shown not so brightly as in the countries with the developed market relations/x, xxxiii/, its attributes: bankruptcies, merges, integration, universalizatsija, regulation liberalisation, breaking onto the market nebankov, are obvious/xii, xiii, xxxix, lviii, lxii, lxviii, lxxi, cvii, cxxx, cxxxix, clv, clix, clxi, clxxxi, clxxxiv, clxxxv, cxcii, cci, ccviii/. Nevertheless, the competition, remains the hardly noticeable factor of pricing and is on supporting parts. Oligopolija as the market type, does not provide rivalry strengthening between subjects of an economy and the right, and, hence, does not encourage advancement to more low prices for a wide spectrum of banking services/xxii, clxxxiii/. By estimations, such factors as a supply and demand yet do not render considerable influence on a price level in the field of banking services. Domestic banks, owing to the malomoshchnosti, not in a condition to satisfy an increasing demand of the enterprises, the organisations, physical persons in reception ssudno-depositary and other, including nonconventional, banking services. The deformed parity when demand considerably advances the offer, creates a preferential mode for banks of commerce. The prices defines and establishes only bank. Question studying has shown, that direct state intervention in process of pricing of banking services slightly and influences not all complex of services, and only on separate of them. In turn, regulating measures prudentsialnogo the supervision, Russia carried out by Bank, are directed not on the prices, and for liquidity, sufficiency of the capital, supervises assets and liabilities of banks/vii, xxx, lvii, cxciii/. In the researches spent by various scientists, in scientific publications influence of monopolistically price control, owing to various, including legal blanks, is estimated modestly enough. Banks of commerce are not included into number of official enterprises - monopolists, and the bank branch does not concern one of branches of the natural monopolies which activity in the market is interfaced to necessity of state regulation of the prices.
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A source: GOJDENKO JURY NIKOLAEVICH. METHODICAL BASES of FORMATION of SYSTEM of PRICING of BANKING SERVICES the DISSERTATION on competition of a scientific degree of a Cand.Econ.Sci. Khabarovsk. 2001

More on topic the Analysis of influence of external factors on pricing in banks of commerce:

  1. Necessity and specificity of pricing for banks of commerce
  2. Chapter 1. THEORETICAL BASES of MARKET PRICING In BANKS OF COMMERCE
  3. Chapter 3. FORMATION of SYSTEM of PRICING of SERVICES In BANKS OF COMMERCE
  4. 1.3. The analysis of theoretical and methodical approaches to research of problems of activity of banks of commerce on a securities market
  5. the analysis of theoretical and methodical approaches to research of problems of activity of banks of commerce on a securities market
  6. 3.1. The concept of pricing of services of a modern bank of commerce
  7. Essence and pricing system in a bank of commerce
  8. Hierarchy of factors of pricing
  9. the General characteristic of factors of pricing in the market of banking services
  10. Essence, necessity and functions of anti-recessionary management by banks of commerce
  11. the Maintenance of system of anti-recessionary management of banks of commerce and its development at the present stage
  12. 3.2 Directions of development of anti-recessionary management in banks of commerce
  13. 4.4. Definition of rational operating modes of the shower mixer on the basis of the analysis of influence of major factors on response function