ANALYSIS OF SUCRE’S BENEFITS FOR THE BOLIVIAN EXTERNAL SECTOR

摘要

After the Second World War, the US dollar had become the world's dominant paymentmechanism for international trade transactions; in Latin America, politicians developed analternative to replace this method of payment: SUCRE (Unified System for RegionalCompensation).These politicians promote SUCRE mentioning the benefits it has, thisthesis verifies whether these politicians tell the truth or lie.But nevertheless, the mainpurpose of this thesis is to analyze quantitatively if SUCRE brings or not benefits for theBolivian External Sector during 2012; the process to achieve this goal is carried out bycollecting the exiting data and information, using accounting interpretation, statistics,equation solving and arithmetical calculations; in this way, it will be measured whetherSUCRE improved or worsened the Reserve Assets, the seigniorage level (US dollarseigniorage will be calculated with the Standard Method), and the procedures for theimporter.Summarizing the content, throughout the thesis; it will be understood howSUCRE works; the benefits it has for the Bolivian External Sector; the challenges andrecommendations for the Regional Monetary Council, Bolivian government, exporters andimporters; and the resulting positive conclusion.

目录

声明

Abstract

ACKNOWLEDGEMENT

Contents

CHAPTER 1：INTRODUCTION

1．1 Research Background

1．1．1 Brief Context of Bolivian Economy

1．2 Objective of this study

1．3 Research question

1．4 Statement of hypothesis

1．5 Significance of this study

1．6 Methodology

1．6．1 Thesis Outline

1．7 Scope and Limitations

1．8 Definition of Terms

1．8．1 External Sector

1．8．2 Payment

1．8．3 Compensation

1．9 Abbreviations and symbols

CHAPTER 2：LITERATURE REVIEW

2．1 SUCRE：a monetary tool toward economic complementarity

2．2 Bretton Woods and the Forgotten Concept of International Seigniorage by Dix Sandbeck

2．2．1 Calculation of the Seigniorage，Standard method

2．3 Guidelines for a data template for International Reserves and Foreign Currency Liquidity by the IMF

2．4 International Clearing Union Plan(by J．M．Keynes)

CHAPTER 3：WHAT IS SUCRE?

3．1 Technical origin of SUCRE：the ICU

3．2 Valuation and assignment of the "sucre"

3．3 Steps to perform transactions through SUCRE

3．3．1 The importer and exporter agree the transaction

3．3．2 Commercial Agreement is signed

3．3．3 The importer reports to BOA and the exporter

3．3．4 The exporter performs shipping and sends the documentation

3．3．5 The importer receives the goods and instructs to BOA to make payment

3．3．6 The importer Central Bank records the operation

3．3．7 Exporter Central Bank gets credit in "sucres"

3．4 Benefits of SUCRE

CHAPTER 4：SUCRE BENEFITS FOR BOLIVIAN EXTERNAL SECTOR

4．1 Protection of the region from global financial shocks through liquidity provision

4．1．1 Increase of the Official Reserve Assets(USD)

4．1．2 Increase of the account：Other Reserve Assets

4．2 Avoidance of international seigniorage tax

4．2．1 Seigniorage Payment Rate

4．2．2 Significance of avoidance of International Seigniorage Tax in the Bolivian Reserve Assets

4．3 Reduction of procedures for the importer

4．3．1 Decrease in costs for the Importer by not buying dollars in the exchange market

4．3．2 Decrease in costs for the Importer by not paying Financial Transactions Tax(FTT)

CHAPTER 5：CHALLENGES

5．1 Challenges for the CMR

5．1．1 SUCRE is used only by few Latin American countries

5．1．2 The Compensation Period is made in the next year

5．2 Challenges for the Bolivian government

5．2．1 Bolivian most important trade partners are not members of SUCRE

5．2．2 Deterioration of diplomatic relations with US government

5．2．3 Instability in the business climate

5．3 Challenges for Bolivian Importers and Exporters

CHAPTER 6：RECOMMENDATIONS AND CONCLUSION

6．1 Recommendations

6．1．1 Recommendations for the CMR

6．1．2 Recommendations for the Bolivian government

6．1．3 Recommendations for Bolivian Importers and Exporters

6．2 Conclusion

References

References