

Abstract-In July 2011, the European Commission said it would open a consultation on the definition of SMEs in 2012. In Europe, there are three broad parameters which define SMEs:

• micro-entities are companies with up to 10 employees • Small companies employ up to 50 workers • Medium-sized enterprises have up to 250 employees [START_REF] Jonker | Survival Kit for Small and Medium Businesses -Profit from Your Business Risks[END_REF].

The European definition of SME follows: "The category of micro, small and medium-sized enterprises (SMEs) is made up of enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding 50 million euro, and/or an annual balance sheet total not exceeding 43 million Euro.

EU member states have had individual definitions of what constitutes an SME. For example, the definition in Germany had a limit of 255 employees, while in Belgium it could have been 100. The result is that while a Belgian business of 249 employees would be taxed at full rate in Belgium, it would nevertheless be eligible for SME subsidy under a European-labelled programme.

Keywords-small and medium business, external trade, economic policy, World Trade organization.

I. INTRODUCTION

N order to understand the role of small and medium practices (SMPs) in providing business support to small and medium-sized enterprises it is important to set out the general context within which this key role operates. SMEs are now crucial to most developed and developing countries. For example, in the European Union, SMEs contribute to over 99% of all enterprises and 100 million jobs, representing 67.1% of private sector employment. Extant theory and evidence demonstrates that owners and managers of SMEs utilize external sources of advice and support services primarily because of a gap in their internal resource base. SMEs need to have competencies in order to survive in a changing environment and buying-in resources, in terms of advice and support, is a dominant approach for their survival and development. It is this resource gap and changing environment faced by SMEs that creates a role for SMPs as key business advisers [START_REF] Brunnermeier | Market Liquidity and Funding Liquidity[END_REF].

The external trade and economic policy of Republic Armenia was generated and carried out on liberal bases. Armenia was included in the list of the countries showing a Koryun Atoyan is with the Armenian State University of Economics, Yerevan, 0025. Armenia (phone: +37491-211917, fax: +37410-593422. Email: Prof_Mkhitaryan@yahoo.com). high level of economic freedom and in 2011 having bypassed France, has taken 36-th place, according to results of the annual researches which have been carried out by fund Wall Street Journal and Heritage.

The main and preferential directions of external trade and economic policy are integration of Republic of Armenia into economic, stimulation of export, involving of investments, creation of the favorable environment for development of external economic activities, reduction of negative balance of trading balance, development of interstate economic cooperation with other countries, development of the corresponding infrastructures raising productivity of external trade and economic activity, etc.

From the point of view of acceleration of integration process for Republic of Armenia very important to develop the multilateral economic cooperation and qualitatively new bases, as within the limits of the CIS /Commonwealth of Independent States/ without an output of a zone of free trade and in business of formation of the general market, and behind its frameworks. Foreign trade in Armenia adjusted by a mode, established legislative and statutory acts, and also bilateral both multilateral international and intergovernmental agreements of RA. The World Trading Organization is the unique international organization which is engaged in an establishment of rules of trade between people which purpose is the help to manufacturers of the goods and services, to exporters and importers in realization of the business [

I

Armenia. The agreement was desire of two parties in an establishment of close cooperation and creation of a legal basis for multilateral political and economic cooperation.

The basic purposes of the agreement on partnership and cooperation are:

• Maintenance of cooperation of EU-Armenia, developing political mutual relations,

• Maintenance of respect the principles of democracy, leadership of the law over human rights and transition to market economy,

• Stimulation of trading communications between the parties, and also legal, social, financial, scientific, civil cooperation.

Within the limits of policy of the European neighborhood Armenia has the program of actions which is called to support trade of EU and integration of economy. Realization of the program of actions will enable the state gradually to be ready to cooperation, to carry out from EU and to keep universality of a free trading zone. The conclusion of the agreement of universal free trade will promote occurrence of Armenia on the European market and to stimulate the further European investments in Armenia.

Armenia has signed agreements on free trade with the countries of the Commonwealth of Independent States, except for Azerbaijan and Uzbekistan. Armenia operates in a mode of free trade with Belarus, Georgia, Moldova, Kazakhstan, Russian Federation, Ukraine, Tajikistan and Republic of Kirghizia. According to agreements mutual non-use of taxes and duties were provided.

Armenia together with Albania, Bulgaria, Georgia, Greece, Moldova, Romania, the Russian Federation, Serbia, Turkey and Ukraine is a member of the organization of the Black Sea Economic Cooperation (BSEC). The purpose of multilateral economic initiative BSEC is encouragement of cooperation in Black Sea region. All three South Caucasian countries used the generalized system of privileges of EU. According to position about the generalized system of privileges which operates from June, 1st, till December, 1st, 2011, all have entered into the list developed and well operated, that suggests to enter on the market of EU on favorable conditions. The system of the generalized privileges of EU is the trading arrangement on which 176 countries and to regions of EU the preferential input in the market of the European Union is given, lowering cost of the goods, at an input on the market of EU.

The especial purpose of the agreement on steady development and the management, offering reduction of additional tariffs, assistance to developing states in the given spheres is in processes of ratification and application of the international conventions.

Armenia since January, first up to the end of 2011 is beneficiary of systems total privileges. Beneficiaries of systems total privileges should ratify also and productively apply 27 international conventions, characteristic to spheres of human rights, the cores criteria of work, steady development and management.

The trading mode with some countries is defined by bilateral interstate agreements, proceeding from principles of trade and economic cooperation.

Thus, on May, 27th, 1992 between the governments of Republic Armenia and the Arabian Republic of Egypt in Cairo the agreement ,,About the economic, scientific and technical agreement" has been signed. According to positions of the given convention between Armenia and Egypt with the purpose of development of economic, scientific and technical cooperation, according to decision N 222 from May, 24th 1993, the Armenian-Egyptian intergovernmental commission which purpose is development of projects of programs of cooperation in spheres of the industry, agriculture, power, transportation, education, sports and other spheres, and also granting of the information and consultations, control of execution of positions of the agreement has been created.

The Belarus intergovernmental commission concerning economic cooperation has been based according to the agreement " Between governments of Armenia and Belarus about free trade ".

The Ukrainian intergovernmental commission concerning economic cooperation has been based according to the agreement, Between the governments of Armenia and Ukraine about free trade". On February, 25th, 2002 the new structure of the Armenian part of the intergovernmental commission has been approved. After that it has been reached a number of arrangements concerning directions of cooperation. In particular, opportunities of cooperation in spheres of the industry, transport, tourism, taxes and the customs duties, public health services, a science and information, culture are discussed the present condition of trade and economic relations.

The Austrian intergovernmental commission has been created between governments RA and Austria on the basis of a bilateral agreement about external economic relations on April, 26th, 1994. The commission has presented discussion such questions representing bilateral interest, as a condition and prospects of economic cooperation, prospect of investment cooperation, the further development of bilateral standard-legal base, etc.

Works in a direction of development of cooperation with direct neighbors of Armenia -Islamic Republic of Iran, both bilateral cooperation, and creation of the favorable environment for the organization of trade between the parties are conducted.

Above specified countries are the basic trading partners of Armenia. Last years on a level of volumes of trade to them have come nearer some more.

The leading partner of Armenia is Russia, however in difference from the beginning of 90-s' continues to remain, commodity circulation Armenia-Russia has fallen a low level. Except Turkmenistan, with other states trading balance RA was and remains negative.

Despite of influence of World financial crisis in 2009, export to Armenia tends to growth. In 2013 export has grown on 28 % in comparison with the last year. As to 2013, the basic countries of export are EU (45.7 %), the CIS (19.8 %), the Russian Federation (16.8 %), Bulgaria (11.5 %), Iran (8 %), the USA (7.6 %). In 2013 the investment have grown on 10.7 % in comparison with the last year. As to 2013, the countries importers are the CIS (29.1 %), EU (28.2 %), the Russian Federation (21.5 %), China (9.8 %), Germany (5.9 %) and Turkey (5.8 %).

Our study revealed that 47.6% of SMEs are engaged in trade, 34.4% of SMEs provide services 15.5% are in manufacturing and 2.2% are in construction industries. For the purposes of this research, SMEs have been defined pursuant to the Republic of Armenia Law on "State Support of Small and Medium Entrepreneurship." It is worth noting that Armenia's micro businesses are more involved in trade (55.2 %) than small and medium enterprises [START_REF]National Statistic Service Republic of Armenia: Main Statistical Data[END_REF].

Small and Medium Enterprises in Armenia deal with banks mostly for their transfer and loan needs. According to research, timely and quick service by a bank is of utmost importance for SMEs. The decisive factor here is how fast they can get a loan or the transfer needed.

"

III. CONCLUSION

Development and functioning of the program of expansion and assistance to volumes of export of small and medium business demands the decision of three general questions:

1. Absence of potential of export of small and average business in Armenia. The Export potential should contain that list of the goods and services which will be based on priorities of absolute and relative advantage of RA, opportunities and ways of their realization with the instruction (according to a kind, time scales, an estimation of the markets of realization, etc.). We shall note also, that in Republic the certain works in this direction are spent. In particular, the Armenian agency of Development carries out the program "Export and development ".

2. Assistance to promotion of an export potential of small and average business РА.

Assistance of Government RA to process экпорта should contain институциональное reforming of potential and the control over resources (with the instruction of all possible mechanisms and tools of influence -credit, tax, bank, visa, etc.). After development of the program it is necessary to provide preconditions for realization of the program in the form of problems and actions presented below:  Elimination of the administrative and technical barriers (interdictions) interfering export, simplification of customs procedures and improvement of system of standardization.  Formation of infrastructures of development and expansion of export, ordering of activity, creation of agency of assistance to export, to which functions should be studying of foreign markets, development of projects of trading contracts, granting of information and advertising services, electronic trade, the organization of the international exhibitions and fairs.  Formation of system of financing of foreign trade and insurance.  Creation of insurance bank of export-import in RA.  Formation of works of an industrial infrastructure, including system of leasing activity, in particular creation, perfection and ordering of services transport, communications, packing's, storages, quality checks.  Formation of information systems, and also improvement of system of granting of technical and consultative services, introduction the Internet and other information systems, assistance to the consultative companies.  Development of human resources, preparation and improvement of professional skill of managers, designers, designers, experts of maintenance of quality of marketing and other experts.  Creation of institute of sales representatives of Armenia in abroad. 3. The Organization of works on assistance and expansion of export of small and average business. For the decision of main problems it is necessary to create corresponding working group for scientifically-practical maintenance of the program.

Ultimate goal of realization of the program is creation of favorable conditions for all subjects of enterprise activity, the only stipulation for which is presence of an export direction of the goods and services.

"

  support new tools and programs, the SME Development National Center of Armenia cooperates with Numerous international organizations and agencies. Within the framework of the Black Sea Basin Joint Operational Programme 2007-2013, SMEDNC of Armenia constitutes the "Local/Regional Economic Development Network as decisive leverage point for enhanced competitiveness in the Black Sea Basin regions (Black Sea LRED-Net)" program coordinator. The partners of the program are organizations providing business services of Greece, Bulgaria, Moldova and Georgia, as well as the Gegharqunik Chamber of Commerce. The program started in July 2013, the duration of the program is 24 months. Support to SME Development in Armenia" SME Development National Center / UNDP joint project has started its activities in September 2004. Main objective of the Project is provision of support to small and medium enterprises at central and regional levels directly and through strengthening the capacities of SME Development National Center of Armenia. The support is provided through implementation of Project Annual Work plans developed in line with SME Annual State Support programs with resources allocated from SME Development National Center and UNDP funds.

  Small and Medium Entrepreneurship Development National Centre" Fund (SME Development National Centre of Armenia) was established by Government of Armenia in 2002. SME Development National Centre is authorized to provide state support to small and medium entrepreneurship (SME) in the country. The support is provided through implementation of annual SME State Support Programs with resources allocated from State budget. SME Development National Centre of Armenia is governed by Board of Trustees headed by the Minister of Economy. SME Development National Centre of Armenia carries out its activities through the well developed network of regional branches and representative offices covering all regions of Armenia coordinated by the central office in Yerevan. As of July 1, 2013 in the frameworks of SME State Support Program 2013, 9409 start-up and operating SMEs have received support from SME Development National Centre of Armenia in the directions of loan guarantees provision, startup businesses support, sales and export promotion, training, information and consulting programs.

	Since 2002 thousands of SMEs benefited from various
	support programs designed for start-up and operating
	companies.
	SME Development National Center of Armenia's activities
	are targeted at:
	• Ensuring a dialogue between SMEs and state
	• Increasing efficiency and competitiveness of SMEs
	• Ensuring availability of business development services
	for SMEs
	• Expanding the financial opportunities for SMEs
	• Promoting innovations and R&D activities of SMEs
	• Assistance for establishment of new SMEs
	• Supporting internationalization of SMEs' activities [5].

Support direction Number of support applications satisfied as of 01.07.2013

  SMEs operate in Yerevan, and 93.8% in the marzes of Armenia, mostly in remote an bordering regions.In order to expand the scope of activities stipulated by implementing program directions, as well as to elaborate SME

	TABLE III
	SUPPORT DIRECTIONS AND NUMBER OF SUPPORT APPLICATIONS
	IN ARMENIA
	Business information and consulting	8589
	Training	274
	Start-up businesses	233
	Financial support	102
	Loan guarantees	18
	Support provided in the framework of Enterprise Europe Network Correspondence	141
	Center activities
	Local Economic Development Programmes	10 communities
	Sectoral support programmes	52
	Total	9409
	6.2% of


market in Republic of Armenia is one of the main components of market economy.

For now securities market in Armenia is in a stage of development and the most important issue became attraction of available money resources /cash assets/.

One of the basic characteristics resulted in legislation of RA is that the securities testifies to presence of property attitudes and, that the owner has the certain rights fixed in them. When securities is in circulation, the owner of the rights concedes to their new owner, and transferring the securities, the rights fixed in it and are transferred all to a duty.

The securities market is the major component of the financial market of any country. The pace and extent of development indicate the degree of economic development of the country, as well as the whole society. This is also evidenced by published market indexes more or less developed countries, which in its content are characteristic of the economic development.

Keywords-Securities market, shares, public bonds, market capitalization, issuer.

I. INTRODUCTION

HE issue of improvement securities market regulation is one of the basic directions of development of a securities market. Experience of the countries with the developed financial markets shows that issue of state regulation as a whole cannot separately develop from depth and a level of development of market attitudes.

The securities market of the developed countries had no principles of restricted regulation and high-grade management from the state. Operations on securities market were more often perceived as gambling, the prices and profits of dealers as exclusively speculative phenomenon, and participation of the state was reduced to a minimum. In due course volumes of securities in circulation have considerably grown and have started to influence economy considerably.

Since 1996 cooperation between RA and Agency for International Development (USAID) has begun. In this period of time in the Republic of Armenia initiated unification of public policy formation stock. A major principle of the first Koryun Atoyan is with the Armenian State University of Economics, Yerevan, 0025. Armenia (phone: +37491-211917, fax: +37410-593422. Email: Prof_Mkhitaryan@yahoo.com.

program was maintenance of economic growth of the country on means of centralization of financial assets, their productive distribution and rational use, and also maintenance of a legal protection for residents and non-residents. Steps in a direction of attraction of investments, economic interests of the state, attraction of shareholders, protection of the rights of shareholders and investors, creations of conditions for a diligent competition and restriction of monopoly have been undertaken [START_REF] Beck | Finance and the Sources of Growth[END_REF].

The decision of such questions, as increments of the list of financial tools for trade (first of all, connected with privatization) concentration of the financial markets for increase in volume of real transactions at trading platforms was necessary. The securities market should become transparent; clearing center of transactions of sale and purchase of securities between all participants should become constantly operating system for all kind of calculations and estimations.

Subsequently, measures were taken settlement, which were aimed at protecting the rights of shareholders, investors and the protection of property, providing dynamic control, as well as in the direction of becoming a productive and competitive market, which could accumulate funds for innovative development and promote the long flow of financial capital in the country [START_REF] Conrad | Capital Markets in Central Asia‖[END_REF]. Have been solved such problems, as 1.

Creating the necessary conditions for increasing volumes of investment and domestic savings, mainly focus on in collective forms of investment (investment funds, not public pension funds and insurance companies).

2. While raising funds, the introduction of incentive mechanisms to exit the stock market subjects of economic activity 3. Development state and market mechanisms of the control over emitters for prevention of infringements of interests of investors, 4. Preservation and encouragement of demand on a securities market through preservation of the rights of investors, 5. Encouragement of a corresponding level of preservation of corporate management and disclosing of the information.

It is necessary to note, that the securities market existed and during Soviet Union's time in the form of trade credits. However during this period the securities market had the limited character, carried out more likely functions of redistribution, than mobilization of financial assets as the stock exchange and the market did not exist where securities were and on sale.

Occurrence of a securities market, formation and the beginning of functioning of a stock exchange and the exchange tenders, are logic continuation of privatization of a state ownership. In Armenia in consequence of mass privatization of the state enterprises were generated new economic-legal relations, and also following institutional structures

• Corporate sphere of economy,

• A stock exchange of corporate securities and OTC markets,

• A group of large proprietors and a wide spectrum of fine proprietors.

On the securities market of Armenia as the basic emitters acting the open joint-stock companies and the government.

According to Civil Code of RA bonds, the cheques, simple and translation bills, shares, the consignments, the bank certificates, simple warehouse certificates and other documents which according to the law on securities concern to securities. The following securities are classified in the general groups

• Shares and bonds are investment securities,

• The cheques, promissory notes and transfer notes are payment securities,

• The consignments, double warehouse certificates and simple warehouse certificates are title securities.

In circulation РА there are also other securities -The future contract is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality for a price agreed upon today (the futures price) with delivery and payment occurring at a specified future date, the delivery date. The contracts are negotiated at a futures exchange, which acts as an intermediary between the two parties. The party agreeing to buy the underlying asset in the future, the "buyer" of the contract, is said to be "long", and the party agreeing to sell the asset in the future, the "seller" of the contract, is said to be "short". • The forward contract, which one party undertakes (usually on the securities) when due hereunder, under the fixed price at present transactions to get or sell to other party any goods, including the securities or currency, -The forward contract or simply a forward is a nonstandardized contract between two parties to buy or to sell an asset at a specified future time at a price agreed upon today. [START_REF] Beck | Finance and the Sources of Growth[END_REF] This is in contrast to a spot contract, which is an agreement to buy or sell an asset today. The party agreeing to buy the underlying asset in the future assumes a long position, and the party agreeing to sell the asset in the future assumes a short position. The price agreed upon is called the delivery price, which is equal to the forward price at the time the contract is entered into.

-The option contract, An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer." An option contract is a type of contract that protects an offeree from an offeror's ability to revoke the contract. Consideration for the option contract is still required as it is still a form of contract. Typically, an offeree can provide consideration for the option contract by paying money for the contract or by providing value in some other form such as by rendering other performance or forbearance.

It is necessary to note, that the priority role of Armenia on a securities market from year to year grows. The volume of the market of the public bonds considerably exceeds the sizes of the market of corporate securities. Now currently in our country most actively are in turnover process short-term and intermediate term public bonds. Release of bonds has been begun in August, 1995 then periodically new releases from Government of RA and Ministries of Finance were carried out. We shall note also, that for now distribution of bonds is carried out also through " NASDAQ OMX ARMENIA ".

On a bond market the Central bank of Armenia carries out registration of the property right to bonds, executes functions of the decision of mutual duties in the operations which are carried out by bonds, cheques and the account of duties at supply of bonds. It means that the Central bank, actually, on a bond market carries out functions of clearing bank.

As of 2012 in the market of the state bonds, the subject, the carried out transactions, from professional persons, became short-term state bonds, the state bonds of intermediate term repayment, and also release and distribution of the state longterm credits.

Government bonds are issued by the Ministry of Finance of RA on behalf of the Republic of Armenia and are insured by the whole property of the country. Government bonds are issued for the purpose of financing state deficit. The Ministry issues state (treasury) T-bills for 1 year period, medium term coupon notes (MTCN) from 15 months to 5 year and long term coupon bonds (LTCB) from 6 to 30 years maturity period. Saving bonds from 3 months to 25 year maturity period as well issued, which are non commercial bonds and may be sold only to individuals through the Treasury Direct. The rest are commercial bonds, which can be acquired by legal entities. Government bonds are allocated through close auctions only with the participation of previously elected major dealers who satisfy certain criteria. Here you can find frequently updated information on upcoming yield, maturity period and issue of bonds.

Market makers are important players in the marketplace, as they support the liquidity of securities by providing continuous bid and ask quotations. Holders of securities that have appointed market makers can be confident that they can sell their holdings at any time. Through enhancing the liquidity of securities, market makers contribute to the maintenance of an efficient and orderly market.

The market maker concept was introduced on the Armenian Stock Exchange, now NASDAQ OMX Armenia, in December 2006. Market making status can be obtained by any exchange member who complies with the provisions of NASDAQ OMX Armenia Market Maker Rules. Market makers on NASDAQ OMX Armenia are required to:

• provide continuous two-sided quotations for their appointed issue(s) from starting within 10 minutes after the opening of the trading session up until the close of trading;

• within three minutes after the matching of buy and/or sell order, place new two sided quotations;

• ensure the minimum quotation volume defined for their appointed securities, with partial execution stated as a condition (minimum quotation value is defined according to the procedure outlined in Market Maker Rules, depending on the market capitalization of the issuer);

• provide two-sided quotations within the spread limits envisaged by NASDAQ OMX Armenia rules;

• conclude at least one transaction per every three changes in two-sided quotations for each class of their appointed issues occurred during the same trading session.

II. THE GOVERNMENT INTERMEDIATE TERM COUPON BONDS WITH PARTIAL REPAYMENTS

Currently on the market of securities in circulation are mainly issued bonds, and their prevailing part has been let out because of privatizations of the state enterprises.

The securities which are being in circulation in Armenian securities market are shares of joint-stock companies. We shall note, that the resulting figures, even in developing countries is very low.

Moreover, at a very low level is the approximate market capitalization (taken to calculate the state of a particular component of the day-on the basis of the formation of market prices of stocks throughout the day). Correlation coefficient of GDP for the last 4 years not exceeding 4.5%. In the theoretical part of the work carried out calculations related to stock market capitalization, which is an important indicator in terms of economic growth. Now calculate the figure for the Republic of Armenia and Georgia. As we see, the percentage parity between gross national product and exchange capitalization has made in Georgia -154, 9 %, and in Armenia -104, 3 %.

The difference between the indices of Armenia and Georgia are manifest in question both in absolute and relative terms. The reason is that Armenia is hardly surviving. But this phenomenon has its justification. The fact that the Republic of Armenia is at a disadvantage in terms of political and international relations -surrounded by enemies, which is a recurring problem of political and military nature. Considering the set forth above reasons, and also new developing financial structures, the Republic Armenia moves ahead with small steps.

In comparison with 2008, showing fivefold growth of volumes of transactions, double growth of quantity of transactions, Насдак Оэмекс Armenia remains to one of the most active markets of corporate bonds [3].

During 2009, in exchange Bbond list included six bond issues, of which only four entered the lists, and the two moved from the free market Cbond. Apparently from the schedule, since 2013 number of securities in RA, has changed slightly, and their total sum is so small, that it is impossible to compare to parameters of developing countries. Now we shall present top five Armenian companies issuing shares under capitalization [START_REF]National Statistic Service Republic of Armenia: Main Statistical Data[END_REF]. As we see, at present on parameters of capitalization in the market leader is Open Company Pure Iron Plant.

Thus, trade in actions at stock exchange is not developed. However, the stock exchange has a number of opportunities for regulation and developments of the given sphere.

III. CONCLUSION

Armenia's economic freedom score is 69.7, making its economy the 36th freest in the 2013 Index. Its overall score increased by 0.5 point from last year. Armenia is ranked 19th freest among the 43 countries in the Europe region, and its score puts it above the world and regional averages.

Armenia receives high marks in eight of the 10 economic freedoms. Over the past decade, market liberalization and privatization have recharged the economy. Despite the economic slowdown in recent years, a macroeconomic policy environment supported by low taxes and stable government spending has promoted steady economic growth. The regulatory framework is sound, and an open trade regime with low tariffs facilitates the free flow of goods.

Further growth in economic freedom in Armenia will require deeper institutional reforms that include better protection of property rights and strengthening of the judicial system. Corruption remains widespread in many sectors of the economy. Despite relatively low tax rates, tax evasion has become a growing concern [5].

Armenia has accelerated the pace of legal and regulatory reform to restructure its financial sector. Regulatory reforms have included adoption of international accounting standards, and many banks have closed or merged. The state no longer has a stake in any bank, and banks are all privately owned. Financial-sector infrastructure has been enhanced through improved market transparency. However, the banking sector, which accounts for over 90 percent of total financial-sector assets, still suffers from insufficient long-term funding and market segmentation. Capital markets and insurance are not fully developed. The securities market has a legal framework in place but remains small. Due to the limited external exposure of local banks, the global financial turmoil has not had a direct adverse impact on the financial system's stability.

Fig. 1

 1 Fig. 1 Trade of Public Bonds in 2011-2014 During 2014, the corporate bond market has been concluded 719 transactions volume of 10.55 billion AMD, became the subject of trading corporate bonds 2,912,958 in 2012th 10 and 401,171. Below we present a market capitalization in 2005 to 2014.

Fig. 2

 2 Fig. 2 Market capitalization 2005-2014 (US dollars) In this scheme, we can notice that Armenia has the highest market capitalization 2011, amounting to U.S. $ 176,021,427, and the lowest in 2005-10.200.106 dollars. The latter was due to the influence of the financial crisis in 2009, unfortunately, this crisis has shown that the system of governance of Economyimperfect. Though number of developing countries have exceeded their prezhdnemu indicators.

Fig. 3 .

 3 Fig.3. Securities fixed in lists of NASDAQ OMEX ARMENIA 2013-2014

  The Basic Analyze of Formation and Current Condition of Securities Market in Republic of Armenia

	Koryun Atoyan

T International Conference on Trends in Economics, Humanities and Management (ICTEHM'15) March 27-28, 2015 Singapore http://dx.doi.org/10.15242/ICEHM.ED0315109

TABLE I PERCENTAGE

 I PARITY BETWEEN GROSS NATIONAL PRODUCT AND EXCHANGE CAPITALIZATION IN 2014

International Conference on Trends in Economics, Humanities and Management (ICTEHM'15) March 27-28, 2015 Singapore http://dx.doi.org/10.15242/ICEHM.ED0315109


Influence of the International Labour Migration on a National Economy of Armenia



Abstract-Migration for employment is an important global issue, which now affects most countries in the world. Two major labour market forces are in operation today that result in increased migration for workmany people of working age either cannot find employment or cannot find employment adequate to support themselves and their families in their own countries, while some other countries have a shortage of workers to fill positions in various sectors of their economies. Other factors include demographic change, socio-economic and political crises, and widening wage gaps within, as well as between, developed and developing countries. There is consequently much movement across borders for employment, with women independently migrating for work in considerably greater numbers than in the past and now comprising about half of all migrant workers.

One important feature of modern globalization involves migration. The world has seen recent growth in immigration to developed countries. The number of working-age individuals born in one country and living in another country increased from 42 million in 1990 to 59 million in 2000, or 1.7 million per year, on average. According to Massey and Taylor (2004), contemporary international migration unfolds in a context of the globalization of markets. The United States is by far the world's largest immigrant destination. The global financial crisis that took place in the third quarter of 2008 creating a strong negative impact for many countries, companies and employees that worked in many developing countries. The ILO (International Labour Organization) provided a quick reaction by looking at the consequences related to the employment and job conditions. It was estimated that by 2009, 50 million jobs would be lost [START_REF]ILO Multilateral Framework on Labour Migration Non-binding principles and guidelines for a rights-based approach to labour migration[END_REF]. This is the reason why it is a fact that the ILO has paid exacting concentration to policies consequences which gave them an enough chance to study the matter in detail. The ILO passed a declaration of global jobs pact which allowed companies and the employees to make use of their complete potential of their productive resources. Therefore, all the issues related to International Labour Migration will be discussed in detail.

Keywords-Migration, labour market, international migrants, labour migration, global employment.

I. INTRODUCTION

IGRATION for employment is an important global issue, which now affects most countries in the world. Two major labour market forces are in operation today that result in increased migration for workmany people of working age either cannot find employment or cannot find Koryun Atoyan is with the Armenian State University of Economics, Yerevan, 0025. Armenia. (Corresponding author's phone: +37491-211917 ; e-mail: Prof_Mkhitaryan@yahoo.com). employment adequate to support themselves and their families in their own countries, while some other countries have a shortage of workers to fill positions in various sectors of their economies. Other factors include demographic change, socioeconomic and political crises, and widening wage gaps within, as well as between, developed and developing countries. There is consequently much movement across borders for employment, with women independently migrating for work in considerably greater numbers than in the past and now comprising about half of all migrant workers [START_REF]ILO Multilateral Framework on Labour Migration Non-binding principles and guidelines for a rights-based approach to labour migration[END_REF].

The international migration renders economic influence on the countries accepting a labour, and on the countries delivering it. All over the world population shift is more and more perceived as a resource on which productive use depends economic development of the country essentially.

The analysis of interactions of economic development of the country and population shift contains following components • Migration and macroeconomic processes, mutual communication of a total internal product and migration, a wage level, inflationary processes, investment of activities, demand of the goods, volumes of raised taxes and other macroeconomic parameters, influence of remittances of migrants on the balance of payments of the country, • Migration and a labour market, influence of migratory processes on a rate of unemployment, a supply and demand of a labour, on a competition of workplaces between local residents and migrants, • Migration and employment of the population, structural changes in sphere of employment of the population (according to qualification, spheres of performance of works, branches of economy), influence of migration on quantity of manpower, • Migration and macroeconomic processes, an estimation of productivity of trips, influence of migratory processes on house facilities, a standard of living. Migration and the latent processes, influence of migration on shadow economy, volumes of illegal employment, • Migration and social policy, the state expenses directed on acceptance of migrants and social adaptation, social security of migrants, creation of an additional infrastructure, a role of migration in business of reforming of pension system.

Simultaneously migratory currents have turned to the global phenomenon which influences all aspects of a life of the world community. Migratory currents are formed in conditions of change of a population of a planet. Thus, during with 1900-2000 population size has increased from 1,6 billion up to 6 billion, and according to calculations of experts of the United Nations in 2050 number will reach 9 billion.

Anyhow, by estimations of international experts, the aggregate number of the international migrants in 2006 has made 190,6 million person from which 115,4 million live in the developed countries (60,5 %), 75,2 million in developing countries (39,5 %), including 10,5 million in more developed regions (5,5 %). In 1990-2012 number of migrants in the world has grown up to 56 million. Rates of growth of migrants have grown from 1,4 % in 1990-2000 up to 2.4% in 2000-2012. In the developed countries quantity of migrants during 1990-2011 has increased on 33 million, and in developing countries on 3 million. As a result, the increasing of the international migrants concentrates in the developed regions of the world (Table I). quantity of the international migrants (more than 64 million people has been concentrated), then in Asia and Northern America. In the European countries there are 33,6% of the international migrants, in Asia 28 %, Northern America 23,3 %. In Africa 9 % of the international migrants, in Latin America and in the countries of Caribbean basin less than 4 %, Oceania less than 3 % are concentrated.

In 1996 75 % of total of migrants have been concentrated in 30 countries, and in 2012 in 28 countries. In this group on leading positions were the USA where in 1990 were concentrated 15 % of migrants and in 2012 more than 30 %.

75% of all international migrants during 1995-2012 were concentrated in 17 countries of the world. The quantity of migrants in the USA has grown on 15 million people, in Germany and Spain more than 4 million. At the same time, quantity of migrants was reduced in 72 countries. The greatest reduction of quantity of migrants has been registered in Iran and Pakistan which has been connected with homecoming the Afghani refugees [START_REF] Bartram | International Labor Migration: Foreign Workers and Public Policy[END_REF].

Migrants make more than 20 % of the population of 41 countries of the world from which in 31 countries it is registered less than 1 million populations. The centralized countries of migrants are members of Cooperation Council for the Arab States of the Gulf, also Hong Kong, Israel, Jordan, Singapore and Switzerland. In Australia and Saudi Arabia where the total of the population exceeds 10 million person, migrants make 1/5 part of the population. In Canada their share less than 18,9 %, in the USA -12,9 %, in the Russian Federation -8,4 %.

For example, at the turn of 20-21 centuries the Russian Federation was the second host country / after USA/ and the first in the Europe nearbywith 13,3 million or 7.6 % of migrants in the world. In 2010 on a constant place for residence has arrived to the Russian Federation about 182,4 thousand people, has left the country 54,1 thousand At the same time, it is necessary to consider, that today the international migration, as before, closely connected with social and economic development of the countries, both importing and exporting a labour, and has both positive, and negative consequences.

Considering influence of the international migration on a level of economic development of the states, it is possible to allocate the certain advantages which are provided with migration on the countries-exporters. First of all, in the country-exporter of a labour unemployment and charges of social security of unemployment is reduced, the citizens working abroad, sending regularly a part of their income to the hometown for raising a standard of life of the population and improving the balance of payments. Besides the labour which is being in abroad, getting as a rule, higher qualification, raising an educational level and returning back home with some monetary or non-material capital. Besides labour migration has the negative parties influencing to the economy of the country-exporter. First of all, the labour for which reproduction a national resource have been spent, leaving abroad, creates result of a total internal product not in own, and in a host country. Secondly, remittances of migrants usually are unpredictable and having not constant character. Thirdly, to abroad are moving usually the best experts -scientists, art workers, the sportsmen with high qualification, that unequivocally weakens both national economy, and scientific potential. And fourthly, departing abroad on a long time or for a constant place the residences, the big capital owners deprives a private sector and the state budget of financial assets, reduces economic, social at cultural base of financing.

In the developed countries the State expenditure of the social help make a significant part of budgetary charges, hence, presence of social guarantees for the poor countries are stronger stimulus, than a difference in wage levels [START_REF]The Labour Markets of Emerging Economies: Has growth translated into more and better jobs[END_REF].

The foreign citizens working in those or other countries, have an opportunity to use social services -the state public health services, formation, social security, etc.

It is natural, that the basic payments in the budget are carried out by local tax bearers for that simple reason, that as a rule, them it is more, than the foreigners working in the country.

Migrants-employers are paying taxes -first of all the profit tax, and also the tax to property, the tax for money transfers, etc. Besides, the salary of migrants includes all those taxes that paying organization for social insurance, assignments in a pension fund, the road tax, the tax to property, etc. Thus, that price which is created by the migrant "works" in favor of a society of a host country.

Illegal foreign workers do not pay direct taxes; however on means of the payments which are carried out by the enterprise in favour of the state, they also promote growth of public finances of a host country. If employers will not use illegal work of migrants, they will be unable to pay official state taxes. At the same time, illegal migrants in consequence of the illegal status have no rights to use the state programs of social support that called by P.Lindertom " pure tax bearers " [START_REF]Recovering from a second jobs dip[END_REF].

Concerning workers-migrants, it is possible to make a conclusion, that the taxes paid by them during their stay exceed the price of the public blessings which they use during their stay in the country. It is the most actual in case of with formed and having high qualification of migrants. Formation is the most necessary and valuable service which is given by the state to citizens and having received formation and qualification of the expert in own country /for the account of tax bearers of the country/, migrants use the knowledge in a host country where they works and pay taxes. If they receiving rather high salary, the taxes paid by them are high enough and exceed the price of those public blessings which they use.

For example, in Russia, for foreign employer is obliged to calculate surtax for the first half a year, however not at a rate of 13 % as Russians, but 30 %. Subsequently, if the employee remains for longer term, unduly paid taxes should be returned to it. Except for high taxing, from non-residents the uniform social tax is raised, thus deduction from the salary of the migrant reaches 56 %.

It is necessary to note, that a foreign currency received due to remittances by the countries -exporters are major "indemnification" for time or constant losses of the highly skilled staff.

If the migrant goes without family or on the Native land living his parents and other relatives, the part of the income was transferring through banking system or through other intermediary financial institutions. For migrants is typical the high norm of savings and cost savings. International researchers marked, that in parallel growth of staying duration of migrants in the country, the sizes of money transfers were reduced. The migrants, who were staying in abroad together with families, usually transferring to the relatives less money resources, than those persons, who live without family.

In structure of redistribution of monetary funds existed total differences between the countries. Thus, migrants from Asian countries have modest needs and less expenses of money resources, hence the most part of the earned means send home.

What about migrants from European countries, we should constant, that their operational expenditure exceed the sums which transferring to hometowns.

In a context of the above-stated, it is obvious, that the international migration is the disputable and ambiguous phenomenon and demands concrete measures for the decision which should be realized through-legal regulation of migratory processes, considering global interests of the international community, objective opportunities of the separate countries and specificity of development of the population in modern conditions.

In conditions of globalization the major factor sociallyeconomic development of the majority of the countries becomes the international population shift which promotes formation of a flexible labour market, adaptations of achievements scientific and technical progress of new developing countries, to more rational use of a manpower, interaction and mutual enrichment of world civilizations.

Formation of the international labour market testifies that the international integration processes proceed not only in economic and technological spheres, and also include more complex spheres of social and labour attitudes and have global character.

III. CONCLUSION

International labour migration is defined as the movement of people from one country to another for the purpose of employment. Today, an estimated 105 million persons are working in a country other than their country of birth. Labour mobility has become a key feature of globalization and the global economy with migrant workers earning US$ 440 billion in 2011, and the World Bank estimating that more than $350 billion of that total was transferred to developing countries in the form of remittances. However, despite the efforts made to ensure the protection of migrant workers, many remain vulnerable and assume significant risks during the migration process.

When properly managed, labour migration has far-reaching potential for the migrants, their communities, the countries of origin and destination, and for employers. While job creation in the home country is the preferred option, demographic, social and economic factors are increasingly the drivers of migration. As a result, a growing number of both sending and receiving countries view international labour migration as an integral part of their national development and employment strategies. On one hand, countries of origin benefit from labour migration because it relieves unemployment pressures and contributes to development through remittances, knowledge transfer, and the creation of business and trade networks. On the other hand, for destination countries facing labour shortages, orderly and well-managed labour migration can lighten labour scarcity and facilitate mobility.

The number of international migrants has more than doubled since 1965. According to the United Nations Population Division, 191 million people -that is about 3% of the world population -lived and worked outside their country of birth in 2005, as opposed to 75 million (2.3%) in 1965 [START_REF] Lavoie | Wage-led Growth: An equitable strategy for economic recovery[END_REF]. Given the global demographic transition -shrinking and aging populations in the developed world juxtaposed with quickly expanding populations in the developing world -and given the economic gaps between the developed and the developing world, international migration is bound to increase in the future.

  . The quantity of arrived to Russia has exceeded to quantity of left on 128,3 thousand people. This parameter has exceeded parameters of the last 5 years (in 2009 -107,4 thousand person, 2008 -39,4 thousand person, 2007 -35,1 thousand, 2006г.-72,3 thousand.), however considerably below, than parameters of the middle of 1990. In comparison with 2010, in 2012 a migratory level person has made 19,4 % or 20,9 thousand. It is caused by reduction of quantity leaving of the country, begun with the beginning of 1990, and also growth of number registered. In 2010, 95 % immigrated to the Russian Federation were from the CIS countries. The quantity emigrated of Russia in 2009 has decreased in comparison with the last years. On the whole, in 2010 to the CIS and the Baltic's has arrived 36,0 thousand person (in 2009 -36,8 thousand, in 2008 -37,8 thousand, 2007 -47,0 thousand, 2006 -53,0 thousand, 2005 -62,6 thousand), and to other countries of the world 18,1 thousand person (accordingly -33 thousand, 42 thousand, 53,7 thousand and 58,6 thousand).

TABLE I TEN

 I STATES ON NUMBER OF IMMIGRANTS IN CONDITION ON JANUARY 1, 2013*

			For immigrants in
	The country	Number of immigrants	an aggregate number of the
			population of %
	USA	38,4	12,9
	Russia	12,1	8,5
	Germany	10,1	12,2
	Ukraine	6,8	14,4
	France	6,5	10,7
	Saudi Arabia	6,4	26
	Canada	6,1	18,9
	India	5,7	0,5
	Great Britain	5,4	9
	Spain	4,8	11
	Source ` http // ww2.unhabitat.org/programmes/guo/
	II. INTERNATIONAL LABOUR MIGRATION: ISSUES AND
		PROBLEMS
	As to the basic geographical regions of the world in 2010 in
	the Europe the greatest