Chapter 3 Balance of Payment
国际金融(英文版)Chapter 1 Balance of Payment[精]
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The trade account and current account
These two accounts derive much of their importance because estimates are published on a monthly basis by most developed countries.
The basic balance
This is the current account balance plus the net balance of long-term capital flows.
The official settlement balance
The official settlements balance focuses on the operations that the monetary authorities have to undertake to finance any imbalance in the current and capital accounts.
1.3 Economic forces and the balance of payments
Conditions for equilibrium
Governments may restrict domestic economic activity to achieve a better overall balance on external accounts. We refer to this restriction as the unemploymentayments surplus and deficit
Balance of Payments(国际金融香港大学,WONG Ka Fu)2.0.ppt
Fixed Exchange Rate Regime
CB promises to exchange at a rate 1 HD = x FD Suppose CA + KA > 0 net demand for home currency CB supplies home currency and receives foreign currency official reserve increases
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Floating Exchange Rate Regime
Initially exchange rate at 1 HD = y FD Suppose, still , CA > 0 and KA > 0 implies net demand for home currency implies 1 HD = z FD and z > y i.e., home currency appreciates .......
15
$/apple
Excess demand for apple will drive up the price of apple, i.e., $/apple.
S
Excess demand
D
Apple
16
JPY/HKD
Excess demand for HKD will drive up the price of HKD, i.e., JPY/HKD.
Balance of Payments
WONG Ka Fu 19th January 2000
1
International Transactions
Goods & services
Balance of payment
6. The capital account
1. Capital account includes the sales of assets to foreigners and purchase of assets from foreigners (1). Foreign direct investment (2). Portfolio investments (3). Other investments
1. Current account records all import and export of goods and services (1). Goods trade (2). Service trade (3). Property income (4). Unilateral transfers
10.若用简单会计分录时应作三笔分录，即： 1．借：生产成本 贷：原材料
25000
25000
若用简单会计分录时应作三笔分录，即：
1．借：生产成本
贷：原材料 2．借：制造费用 贷：原材料 3．借：管理费用
25000
25000 2000 2000 3000
贷：原材料
3000
Please offer your valuable suggestions.
Official reserve assets includes gold, foreign currency, SDRs and reserve position in IMF.
9. Debits and credits A balance-of-payment account requires that each international transaction be entered as a credit or a debit
chapter4 balance of payment
China’s Balance of Payments (cont’d)
Sub-account (二级账户)
A. current account a. goods and services b. income c. current transfers B. capital and financial account a. capital account b. financial account C. reserve asset D. net errors and omissions
Concept of the Balance of Payments by IMF
Balance of Payments Manual, 5th
edition, 1993, by IMF
The Balance of Payments is a statistical
statement that systematically summarizes, for a specific time period, the economic transactions of an economy with the rest of the world.
e.g. the export of merchandise, goods such as trucks, machinery, computers is an international transaction e.g. the imports such as French wine, Japanese cameras and German automobiles are international transactions e.g. the purchase of a gate ticket to the Summer Palace in Beijing by an American tourist is a US service import
第三章汇款和托收(2)
Documentary bill for exchange can be divided into 跟单托收又分为
(1) D/P; (1)付款交单
(2)D/A (2)承兑交单
D/P can be divided into D/P at sight: 即期付款交单 D/P after sight: 远期付款交单
2.The order of the risks for parties 各种方式的风险排序：
For the buyer: Risks was decreased
(1) ＞ (2) ＞ (3) ＞(4) ＞(5)
对于进口商，风险由大到小 随定单预付＞装运前付款＞装运后付款＞售定＞寄 售
For the seller
1.The definition of cancellation 退汇的定义
It means cancel the remittance before its payment. 退汇就是汇款解付前的撤销
2.Types of cancellation of remittance 退汇的种类
(1)Cancellation of the remitter 汇款人的退汇
A. Credited; 贷记 B. Debited; 借记
C. Increased;
D. Decreased;
14.In the process of mail transfer, remitting bank sent
information to its correspondent bank by _C_, unless
To the seller: (1) low; (2)high;
Balance of Payment
regarded as nonresidents.
Special status is accorded to government personnel and staff members of
international organizations - Canadian government employees stationed abroad are considered residents of Canada no matter how long their overseas posting, while employees of foreign governments posted to Canada are not regarded as residents.
crew members of ships, aircraft, etc., who do not live in Canada and are here for less than a year.
Canadian citizens residing abroad for a period longer than a year are
Persons are considered residents when their stay in Canada is for a period of one year or more.
This definition excludes visitors, seasonal workers, commuter workers,
The purchase of debt securities across borders is classified as portfolio investment because debt securities by definition do not provide the buyer with ownership or control. Portfolio investment is motivated by a search for returns rather than to control or manage the investment.
Balance of payment
Balance of payment (国际收支): 广义的国际收支（本文）IMF：一国(或地区)在一定时期之内，居民与非居民之间的各种经济交易的总和。
狭义的国际收支：一国(或地区)在一定时期之内（通常为1年），居民与非居民之间为清偿到期债务所发生的所有外汇收入和外汇支出的总和国际收支记录是一国居民与非居民之间的交易。
国际收支是一个事后的、流量的概念。
一年, 国际收支是系统的货币记录。
其内容以交易为基础，而不是以字面所表现的以货币收支为基础。
1、。
国际收支包括：经常账户，金融账户，官方结算账户。
2、Official reserve asset （）：3、外汇市场包括：中央银行、外汇经纪人、外汇银行、顾客。
中央银行：外汇市场的管理者、参与者和实际操纵者。
外汇经纪人：是指介于外汇银行之间、外汇银行和外汇其它参加者之间进行联系、接洽外汇买卖的经纪人公司或个人。
外汇银行：也称外汇指定银行，是指经过本国中央银行批准，可以经营外汇业务的商业银行或其它金融机构。
顾客：进出口商、外汇交易商、外汇投机商、跨国公司、贴现公司和其他外汇买卖者。
4、Triangular arbitrage(三角套汇)：也叫三地套汇、多角套汇，是利用三个不同地点的外汇市场上的汇率差异，同时在三地市场上低买高卖，赚取汇率差价的行为。
投机者判断是否有套汇机会的常用方法是：将三个外汇市场上三种外汇的汇率均采用相同的标价法，然后用三个卖出价或买入价相乘，若乘积等于l或者几乎等于l时，说明各市场之同的货币汇率关系处于均衡状态，没有汇率差，或即使有微小的差率，但不足以抵补资金调度成本，套汇将无利可图；如果乘积不等于l，则说明存在汇率差异，套汇交易便是有利可图。
5、Hedging(套期保值)：套期保值是指卖出或买入金额相等于一笔外币资产或负债的外汇，使这笔外币资产或负债以本币表示的价值避免遭受汇率变动的影响。
6、例如，一个农民为了减少收获时农作物价格降低的风险，在收获之前就以固定价格出售未来收获的农作物。
实用国际金融英语参考答案
《实用国际金融英语》参考答案Chapter 1Lead-in Activities1. Balance of payment data serve as record of the flows of goods, services and finance between an economy and the rest of the world. As one of the primary functions of the IMF is to prevent financial crises and assist countries in balance of payment difficulties, the collection of standardized, comparable balance of payment data is seen as a core task.BOP is a statistical statement that summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world. It covers:·All the goods, services, factor income and current transfers an economy receives from or provides to the rest of the world;·Capital transfers and changes in an economy’s external financial claims and liabilities.2. When a country has a surplus in its current account, i.e. when its exports exceed its imports, there will probably be a surplus in the balance of payment because the current account forms a very large proportion in the balance of payment. The surplus means the supply of foreign exchange exceeds demand. The monetary authority has to increase the purchase of the foreign currency and the stock of its international reserve. Meanwhile, the supply of domestic currency adds at an accelerated speed, which may lead to further issue of the local currency and cause inflation.3. When there is a long-lasting surplus in the balance of payment, particularly in the current account, there will also be excessive demand for its currency. The country’s exchange rate will rise, unless the central bank is willing to provide its currency to the market in exchange for foreign currencies. For example, when the export of the United States exceeds much more than import, a large quantity of US dollars are wanted by those importers to pay for the US goods. Thus, the exchange rate of US dollars rises.When the balance of payment has a long-lasting deficit, the payable debts denominated in foreign currencies are more than receivable claims; there will be a considerable demand for foreign currencies over the supply. As a result, the foreign currencies wanted appreciate, and the domestic one devalues.4.Temporary drop of surplus or moderate short-term deficit does not seriously affect a country’s economy or foreign trade. On one hand, deficit means larger amount of import than export in current account; on the other hand, it more likely shows an increasing demand of foreign currencies to pay for the imported goods. In other words, deficit may cause the raise of exchange rate of foreign hard currencies, which is conducive to the investors from the issuing countries of these appreciating currencies. This is surely good news to those that are in need of foreign investment. Temporary drop of surplus helps cool off the national economy and serves as a brake stopping ongoing inflation.5.The stock of international reserve should be neither more or less than necessary. The International Exchange Reserves are kept in the debit entry in BOP statements in that the monetary authority has to pay in exchange for the foreign hard currencies. Therefore, the amount and composition of exchange reserves are to be decided by taking the following factors into consideration.(1) The duration of the government’s external debt should be related to the duration of thereserves, with emphasis on the interest rate exposure risk.(2) High-risk-return assets should be limited within a safe range.(3) One of the most important issues raised in the context of investing the reserves of a centralbank is the choice of a reference basket.It is well recognized that the lowest level of the stock of international reserve should be no less than the amount payable for a 3-month import. And, the stronger an economy is, the less international reserve is to be kept.6. C7. CExercisesI. True or False1. F2. F3. F4. F5. F6. F7. F8. F9. F 10. F11. F 12. T 13. F 14. F 15. TII．Translation Task1.在与国际货币基金组织的技术援助使团于2000年上半年进行了磋商之后，国家外汇管理局吸取了国际通行的经验，以提高其国际收支报告的及时性。
跨国商业金融第十四版第三章国际收支平衡
C HAPTER 3T HE B ALANCE OF P AYMENTS1. Balance of Payments Defined. What is the balance of payments?The measurement of all international economic transactions between the residents of a country and foreign residents is called the balance of payments (BOP).2. BOP Data. When central banks publish data about BOP, what other analytical data do central bankspresent?Central banks are responsible for managing their countries’ balance of payments. Central banksperiodically publish data about the performance of the BOP. In addition to its importance topolicymakers, this data can provide some important signals for MNEs and foreign investors. Central bankers have to provide analysis of the reasons behind persistent deficits/surpluses in the current account. Central banks have also to explain the methods by which they solve the deficits or surpluses (through foreign debt, drawing on foreign reserves or transfers). Central banks may also mention impending or future policies that they may fo llow, such as changes in the country’s foreign exchange rate.3. Importance of BOP. Business managers and investors need BOP data to anticipate changes in hostcountry economic policies that might be driven by BOP events. From the perspective of business managers and investors, list three specific signals that a country’s BOP data can provide.▪The BOP is an important indicator of pressure on a country’s foreign exchange rate and thus on the potential for a firm trading with or investing in that country to experience foreign exchangegains or losses. Changes in the BOP may predict the imposition or removal of foreign exchangecontrols.▪Changes in a country’s BOP may signal the imposition or removal of controls over payment of dividends and interest, license fees, royalty fees, or other cash disbursements to foreign firms orinvestors.▪The BOP helps to forecast a country’s market potential, especially in the short run. A country experiencing a serious trade deficit is not likely to expand imports as it would if running a surplus.It may, however, welcome investments that increase its exports.4. Managing BOP Deficits. How does a central bank manage BOP deficits?BOP accounting uses a double-entry accounting system, where debits and credits must theoretically correspond or balance out; that is, current account transactions must be cancelled out by capital and financial account transactions. But in reality, many factors make this impossible. For one thing,fluctuations in exchange rates make inflow and outflow transactions change value, causing excess payments or receipts during the one-year period. Moreover, temporary periods of recession could cause a slowdown in exports. Another reason for a temporary BOP imbalance may be because of the importation of capital goods and inputs to serve an industrial or construction boom. In short, BOPdeficits are not necessarily a bad phenomenon in their own right, but must be analyzed within the broader macroeconomic picture.5. Economic Activity. What data can a nation’s BOP provide about a country’s economy?Reading through the BOP can provide detailed information about the performance of the country on international markets and the economic competitiveness of its forms. If a country is experiencing recurrent current account deficits, this may be an indication of the lack of competitiveness of the country’s industries. Recurrent capital account deficits may signal increasing public expenditures and fiscal budget deficits. It can also signal protectionist policies that the government may be following.6. Balance. If the BOP always “balances,” then how do countries run a BOP deficit or surplus?The cumulative international economic transactions of the BOP should balance. These include the three main component accounts: current account, capital account, and financial account, in addition to the statistical discrepancies and official reserves. But each of the three component accounts can either show a deficit or a surplus. Countries run BOP deficits when their outflows are higher than their inflows and vice versa. A BOP deficit can be supported by drawing on reserve holdings or byborrowing from abroad. Conversely, an overall BOP surplus is absorbed by adding to the central bank’s reserve holdings or by making foreign loans.7. Official Reserve Account. Why does the central bank of a nation hold official reserve assets? Whatare its major components?Official reserve assets are financial assets held by monetary authorities such as central banks. These should be highly liquid assets in the form of foreign currencies, gold, precious metals, specialdrawing rights (SDRs), and reserve positions with the IMF. The most important foreign currency reserves are the US dollar and the euro, followed by the British pound and the Japanese yen. Official reserves are used as international means of payments to finance trade imbalances, determine the exchange rate of the domestic currency, and influence the money supply.8. Current Account Surpluses. Explain the main causes behind the current account surpluses thatAsian emerging economies have maintained during the last two decades.Asian emerging economies have maintained a current account surpluses for the last two or three decades. This is mainly due to the fact that their economic growth strategies are dependent onexport-oriented policies. These policies include a devaluated domestic currency that provides more competitiveness for local industries and restricts imports. At the same time, the relatively closed nature of Asian emerging ma rkets hampers foreigners’ exports. These protectionist policies have created a continuous current account surplus. But it may not be favorable to maintain in the long-run since they will eventually lead to exchange rate appreciation and deterioration in the terms of trade.9. BOP Accounting Deficits. BOP Accounting Deficits. A deficit in the BOP is not necessarily a badthing, but must be analyzed in relation to the business cycle and economy. Explain.BOP deficits arise when the total level of outflows exceeds inflows. In the short run, central banks take out loans in order to make the BOP balance out. But long-term remedies to correct a balance of payment disequilibrium lies in adopting monetary, institutional, and fiscal policy changes to earn more foreign exchange from boosting exports and/or reducing imports.10. Current Account. Is the current account the same as the balance of trade (BOT)? Give debit andcredit examples of current account and BOT transactions by a German automobile MNE.The current account is one of the sub-component accounts of the BOP. It comprises the goods trade account (exports and imports of tangible goods); services trade account (exports and imports of intangible services); income account (current investment income as well as wages/salaries of non-resident workers; and current transfers account (personal or corporate financial settlements and inter-country gift and grant transfers. The largest sub-account of the current account is the Balance of Trade (BOT), which makes up the goods and services trade balances. It is generally the most quoted of all BOP accounts.The following are examples of transactions of an automobile MNE headquartered in Germany and operating in many countries.11. Negative Net International Investment Position. What does a country’s consistent nega tive netinternational investment position indicate?The net international investment position (NIIP) is the difference between the accumulated stock of the country’s claims on foreigners and the accumulated stock of foreign claims on domestic residents.The NIIP can be thought of as a nation’s international balance sheet. The accumulated stock and liabilities include assets such as shares, bonds, private assets, direct investment (such as subsidiaries and branches in foreign countries), bank loans, trade credits, official reserve assets, and government assets (such as foreign treasury bills).When claims of foreigners on the country are greater than domestic claims on foreigners, thisrepresents the net foreign indebtedness of the country. One reason for this deficit is foreignborrowings, mainly to service debts or to finance current account deficits. Another reason could be that domestic investors prefer to include foreign financial instruments in their portfolio because of higher rates of return on assets held abroad in comparison to domestic rates of return. Negative NIIP could be the result of fluctuations in asset prices and/or exchange rates.12. BOP and foreign exchange. The Swiss franc was officially unpegged from the euro in January 2015.Explain the reason behind this decision with reference to the Swiss BOP.The Swiss National Bank (SNB) pegged the Swiss franc against the euro in 2011 amid shaky global financial markets. Exports had already boomed, making up almost 70% of GDP. As the currentaccount enjoyed a substantial surplus, the SNB accumulated massive foreign reserves. As the euro kept weakening due to the sovereign debt problems of Greece and Spain, the franc automatically depreciated, raising alarm bells that it would no longer be a safe and stable currency. In response, the SNB decided to unpeg the franc, causing an instant appreciation. The stronger franc will help reduce the current account surplus.13. Classifying Transactions. Classify the following as a transaction reported in a sub-component of thecurrent account or the capital and financial accounts of the two countries involved:a. A U.S. food chain imports wine from Chile. Debit to U.S. goods part of current account, credit toChilean goods part of current account.b. A U.S. resident purchases a euro-denominated bond from a German company. Debit to U.S.portfolio part of financial account; credit to German portfolio of financial account.c. Singaporean parents pay for their daughter to study at a U.S. university. Credit to U.S. currenttransfers in current account; debit to Singapore current transfers in current account.d. A U.S. university gives a tuition grant to a foreign student from Singapore. If the student isalready in the United States, no entry will appear in the balance of payments because payment is between U.S. residents. (A student already in the United States becomes a resident for balance of payments purposes.)e. A British Company imports Spanish oranges, paying with eurodollars on deposit in London. Adebit to the goods part of Britain’s current account; a credit to the goods part of Spain’s currentaccount.f. The Spanish orchard deposits half the proceeds in a eurodollar account in London. No recordingin the U.S. balance of payments, as the transaction was between foreigners using dollars already deposited abroad. A debit to the income receipts/payments of the British current account; a credit to the income receipts/payments of the Spanish current account.g. A London-based insurance company buys U.S. corporate bonds for its investment portfolio. Adebit to the portfolio investment section of the British financial accounts; a credit to the portfolio investment section of the U.S. balance of payments.h. An American multinational enterprise buys insurance from a London insurance broker. A debit tothe services part of the U.S. current account; a credit to the services part of the British currentaccount.i. A London insurance firm pays for losses incurred in the United States because of an internationalterrorist attack. A debit to the services part of the British current account; a credit to the services part of the U.S. current account.j. Cathay Pacific Airlines buys jet fuel at Los Angeles International Airport so it can fly the return segment of a flight back to Hong Kong. Hong Kong keeps its balance of payments separate from those of the People’s Republic of China. Hence a debit to the goods part of Hong Kong’s current account; a credit to the goods part of the U.S. current account.k. A California-based mutual fund buys shares of stock on the Tokyo and London stock exchanges.A debit to the portfolio investment section of the U.S. financial account; a credit to the portfolioinvestment section of the Japanese and British financial accounts.l. The U.S. army buys food for its troops in South Asia from vendors in Thailand. A debit to the goods part of the U.S. current account; a credit to the goods part of the Thai current account.m. A Yale graduate gets a job with the International Committee of the Red Cross working in Bosnia and is paid in Swiss francs. A debit to the income part of the Swiss current account; a credit to the income part of the Bosnia current account. This assumes the Yale graduate spends her earnings within Bosnia; should she deposit the sum in the United States, then the credit would be to the income part of the U.S. current account.n. The Russian government hires a Dutch salvage firm to raise a sunken submarine. A debit to the service part of Russia’s current account; a credit to the service part of the Netherlands’s current account.o. A Colombian drug cartel smuggles cocaine into the United States, receives a suitcase of cash, and flies back to Colombia with that cash. This would not get captured in the goods part of the U.S. or Colombian current accounts. Assuming the cash was “laundered” appropriately, from the point of view of the smugglers, bank accounts in the United States or somewhere else (probably notColombia, possibly Switzerland) would be credited. This imbalance would end up in the errors and omissions part of the U.S. balance of payments.p. The U.S. government pays the salary of a Foreign Service Officer working in the U.S. embassy in Beirut. Diplomats serving in a foreign country are regarded as residents of their home country, so this payment would not be recorded in any balance of payments accounts. If or when the diplomat spent the money in Beirut, at that time a debit should be incurred in the goods or services part of the U.S. current account and a contrary entry in the Lebanon balance of payments. It is doubtful that the goods or services transaction would get reported or recorded, although on a net basis changes in bank balances would reflect half of the transaction.q. A Norwegian shipping firm pays U.S. dollars to the Egyptian government for passage of a ship through the Suez Canal. If the Norwegian firm paid with dollar balances held in the United States and the Suez Canal Authority of Egypt redeposited the proceeds in the United States, no entry would appear in the U.S. balance of payments. Norway would debit a purchase of services, and Egypt would credit a sale of services.r. A German automobile firm pays the salary of its executive working for a subsidiary in Detroit.Germany would record a debit in the income payments/receipts in its current account; the U.S.would record a credit in the income payments/receipts in its current account.s. An American tourist pays for a hotel in Paris with his American Express card. A debit would be recorded in the services part of the U.S. current account; a credit would be recorded in theservices part of the French current account.t. A French tourist from the provinces pays for a hotel in Paris with his American Express card. A French resident most likely has a French-issued credit card, issued by the French subsidiary of American Express. In this instance, no entry would appear in either country’s balance ofpayments. If, later, the French subsidiary of American Express paid a dividend back to the United States, that would be recorded in the income part of the current accounts.u. A U.S. professor goes abroad for a year and lives on a Fulbright grant. The current transfers section of the U.S. current account would be debited for the salary paid to a foreign resident.(Even though an American, the professor is a foreign resident during the time he lives abroad.) The current transfers section of the host country’s current account would be credited.14. Current Account Deficits. A deficit on the current account increases foreign liabilities. Explain whythis is more of a concern to the Eurozone than a country like Brazil.Brazil is one of the fastest growing emerging market economies. It is a newly industrialized nation where a substantial volume of its imports consists of inputs and intermediate goods needed formanufacturing. This results in a deficit in its current account. This is of little concern to Brazil since it anticipates continuous GDP growth as well as future growth of its exports. In order to restore its competitiveness on international markets, the Brazilian government occasionally resorts to devaluing the Brazilian real. On the other hand, the Eurozone’s current account deficits are causing highconcerns. One reason is that these economies have been growing at sluggish rates since the financial meltdown. Also, since Eurozone countries have a common currency, they are unable to individually devalue the euro to restore their competitiveness.15. Twin Surpluses. Why is China’s twin surpluses—a surplus in both the current and financialaccounts—considered unusual?China’s surpluses in both the current and financial accounts—termed the twin surplus in the business press—is highly unusual. Ordinarily, countries experiencing large current account deficits fund these deficits through equally large surpluses in the financial account, and vice versa.China has experienced a massive current account surplus and a sometimes sizable financial account surplus simultaneously. This is rare and an indicator of just how exceptional the growth of theChinese economy has been. Although current account surpluses of this magnitude would ordinarily create a financial account deficit, the positive prospects of the Chinese economy have drawn such massive capital inflows into China in recent years that the financial account too is in surplus.16. Treasury bonds. After the Global Financial Crisis especially sovereign and portfolio investors fromemerging market economies have purchased significant volumes of European treasury bonds. Discuss the impact on the European BOPs in both the short run and the long run.As foreigners purchase European treasury bonds, European BOP will improve in the short run. But in the long run, the BOP may deteriorate because European nations should make interest and principal payments to foreigners. However, if the European governments use these funds prudently andproductively, the long-term effect would be favorable to GDP and may even contribute to European firms’ competit iveness, eventually leading to long-run BOP improvements.17. Capital Mobility — The Eurozone. Low interest rates should normally lead to capital outflows toother countries and currencies in the search for higher interest rates. Explain why the opposite has occurred in the Eurozone.In spite of the remarkably low interest rates paid by the euro, capital has not flowed out of the Euro zone. In fact, the opposite has occurred as a result of high levels of productive innovation andperceived political stability. Moreover, the advanced level of financial services, technology,infrastructure and purchasing power are attractive to investors. All of these factors have made the Euro zone an attractive investment hub.18. BOP Transactions. Identify the correct BOP account for each of the following transactions.a. A German-based pension fund buys U.S. government 30-year bonds for its investment portfolio.Financial account: portfolio investment liabilitiesb. Scandinavian Airlines System (SAS) buys jet fuel at Newark Airport for its flight to Copenhagen.Current account: Goods: Exports FOBc. Hong Kong students pay tuition to the University of California, Berkeley.Current account: Services: creditd. The U.S. Air Force buys food in South Korea to supply is air crews.Current account: Goods: Importse. A Japanese auto company pays the salaries of its executives working for its U.S. subsidiaries.Current account: Services: creditf. A U.S. tourist pays for a restaurant meal in Bangkok.Current account: Services: debitg. A Colombian citizen smuggles cocaine into the United States, receives cash, and smuggles thedollars back into Colombia.Unrecorded but should be a current account item.h. A U.K. corporation purchases a euro-denominated bond from an Italian MNE.Does not enter the U.S. balance of payments19. BOP and Inflation. What are the direct and indirect relationships between the balance of paymentsand inflation?The current account and the level of imports have the potential to lo wer or raise a country’s inflation rate. If the inflation rate in the exporting country rises, then imported inflation will result. Moreover, if the domestic currency devalues, imported goods and services will become more expensive. On the other hand, imports of cheaper goods and services place pressures on domestic competitors to reduce the prices of comparable goods and services. Thus, the components and price levels of the imports (as appearing on the current account) can substantially impact prices, especially in import-orientedeconomies.20. J-Curve Dynamics. What is the J-Curve adjustment path?A country’s trade balance may change as a result of an exchange rate change in the shape of aflattened “j.” International economic analysis characterizes the trade balance adjustment process as occurring in three stages: (1) the currency contract period, (2) the pass-through period, and (3) the quantity adjustment period. Assuming that the trade balance is already in deficit prior to thedevaluation, a devaluation may actually result in the trade balance first worsening before improving as a result of the three distinct commercial periods.21. Pass Through. Explain the exchange rate pass through and whether it always holds true.Exchange rate pass through indicates the degree to which importers and exporters adjust the prices of goods and services according to exchange rate changes. Theoretical research such as the theory of PPP stipulates that all exchange rate changes are passed through by equivalent changes in prices to trading partners. However, empirical research has challenged this long-held postulation. For example, the sizable current account deficits of the United States and some European nations in the 1980s and 1990s did not show responses to changes in the exchange rate values.22. Restrictions on Capital Mobility. What factors seem to play a role in a government’s choice torestrict capital mobility?There is a spectrum of motivations for capital controls, with most associated with either insulating the domestic monetary and financial economy from outside markets or political motivations overownership and access interests. Capital controls are just as likely to occur over capital inflows as they are over capital outflows. Although there is a tendency for a negative connotation to accompany capital controls (possibly the bias of the word “control” itself), the impossible trinity requires that capital flows be controlled if a country wishes to maintain a fixed exchange rate and an independent monetary policy.23. Dutch Disease. Can controls of capital inflow solve the Dutch Disease in resource-rich countries?The economies of resource-rich countries can suffer from serious problems in the case of excessive capital inflows. In freely floating foreign exchange systems, massive capital inflows can lead toconsiderable currency appreciation. This phenomenon has come to be known as the Dutch Disease as it was first witnessed by the Netherlands in the 1970s after the discovery of the Groningen natural gas field. A stronger domestic currency may harm exporters as it lowers price competitiveness. Many oil-rich nations in Africa and Asia that have export sectors suffer from this problem. To tackle thisproblem, the government can place restrictions and controls on capital inflows. Another solution that some Gulf nations in the Arab peninsula resort to is to peg their currencies.24. Globalization and Capital Mobility. How does capital mobility typically differ betweenindustrialized countries and emerging market countries?Emerging market countries, by definition, have relatively small and undeveloped financial systems and sectors. Outside of some potential foreign direct investment opportunities, they offer few choices for capital to flow in of substance. Industrialized countries, however, typically have large andsophisticated financial sectors that offer a multitude of financial investment options and assets, which on occasion may attract large capital inflows (and in other periods, may suffer large capital outflows).。
Payment(国际金融国家级课程上海金融学院)
time
时点
国际 原 a point of
借贷 因
time
流量 flow
存量 stock
IMF’s Definition
国际收支：在一定时期内，一个经济实 体的居民同非居民所进行的全部经济交 易的系统记录和综合。
二，国际收支问题的重要性
ResideBiblioteka t•在本地居住一年以上的政府，个人，企业和事业单位。
International Finance
国际金融学
研究对象：货币和资金的国际运动。
领域：(1) 理论：国际收支，外汇和汇率，
国际储备，国际金融市场，
国际货币体系和金融机构。
(2) 实务：外汇交易，国际结算，国际
信贷，国际证卷投资和国际
银行业务。
Teaching Approach
Objective → Simpler;
“错误与遗漏项目”累计高达1082·4亿美元。
从年度规模看，1994年到1998年我国国际收 支平衡表中的“误差与遗漏项目”则分别高 达98亿美元、178亿美元、156亿美元、169亿 美元、166亿美元。巨大的资本外逃不仅影响 到我们对国际收支形势的正确把握，影响对
宏观经济走势的准确分析，而且也反映出资 本外逃问题的加剧。
Balancing / Settlement Account
平衡或结算项目 1. 错误与遗漏/Error and Omissions 2. 分配的特别提款权/Allocation of SDR 3. 官方储备/Official Reserve
Error and Omission-1
在一国国际收支平衡表的编制过程中，尽 管国际收支统计过程中总会存在各种各样 的误差，作为平衡性项目的“错误与遗漏
金融英语术语
金融英语术语time deposits/demand deposits 定期存款/活期存款Commodity money/ money in kind 实物货币Medium of exchange 交换媒介a unit of account 价值尺度a store of value 价值储备a standard of deferred payment 延期支付Representative money 代用货币gold standard/silver standard 金本位/银本位legal tender 法偿货币fiat money 法定货币Simple interest/Compound interest 单利/复利Nominal interest rate/Real interest rate 名义利率/实际利率discount rate 贴现率savings accounts 储蓄账户commercial paper 商业票据telegraphic transfer (TT) 电汇mail transfer （MT）信汇demand draft 即期汇票Foreign bonds 外汇债券Foreign bank notes 外币钞票spot transaction 即期交易spot exchange rate 即期汇率Forward exchange rate 远期汇率Forward transaction 远期交易Swap transaction 掉期交易Over-the-counter 场外交易Direction quotation 直接标价法Indirection quotation 间接标价法U.S. dollar quotation 美元标价法value date / delivery date交割日foreign exchange futures外汇期货foreign exchange option外汇期权open outcry 公开喊价call option看涨期权put option 看跌期权exercise price / strike price行权价option premium 期权费European style 欧式期权American style 美式期权Daily cash settlements 日终结算Balance of Payment(BOP) 国际收支portfolio investment证券投资，间接投资double-entry system复式记账体系credit entry/debit entry贷记分录/借记分录The trade balance 贸易平衡unrequited transfer单向转移capital account 资本项目/账户current account经常项目/账户non-financial service非金融服务monetary gold 货币黄金Net errors and omissions 净错误与遗漏International monetary system 国际货币体系macroeconomic policies 宏观经济政策the gold standard 金本位制the Bretton Woods System 布雷顿森林体系the Jamaica System牙买加体系mint parity铸币平价Sound monetary order稳健的货币秩序Par value 面值Payment imbalance 收支不平衡Favorable payments balance 国际收支顺差financial instruments金融工具public offering公募private placement私募open market operations 公开市场操作primary market一级市场secondary market二级市场spot market即期市场forward market远期市场stock exchange证券交易所inter-bank market 银行同业拆借市场Treasury bills国库券par(face) value 面值competitive bidding竞争性出价negotiable certificate of deposit可转让大额定期存单account receivable 应收账款initial public offering (IPO)首次公开发行Commercial paper 商业票据Repurchase agreement 回购协议Reserve repo 逆回购Term repo 定期回购Over-the-counter markets 场外交易市场Labor force 劳动力Chapter1 moneydeposit balance 存款余额via electric transfer wire 通过电子转账方式checking account 支票账户Full-bodied money 足值货币foreign exchange 外汇depreciate/appreciate贬值/ 升值Official interest rate /Market interest rate 官方利率/市场利率hire purchase (HP) 租购Leasing/lease arrangement 租赁安排the ratio of the interest …to the principal…利息与本金的比例opportunity cost 机会成本credit risk 信用风险economic variable 经济变量volatility in inflation 通货膨胀的波动性inter-bank interest rate 银行同业拆借利率liquidity of money 货币的流动性measures of money supply 货币供应量指标monetary base 基础货币；货币基数；强力货币transaction balances 交易余额rate of return 收益率life insurance policies 人寿保险单Intermediate policy target 货币政策中介指标monetary authorities 货币当局Quasi money 准货币；亚货币或近似货币Hard currency/strong currency 硬通货The system of Currency Board 货币局制度regulations of China’s foreign e xchange administration中国外汇管理条例Chapter2 foreign exchangebanker’s d raft银行汇票commercial draft 商业汇票international payment 国际支付discharge international obligations清偿国际债务international finance 国际金融Swiss franc 瑞士法郎Eurodollar 欧洲美元Eurodollar market欧洲美元市场foreign currency外币foreign exchange dealer 外汇交易员unrestricted convertibility自由兑换partial convertibility 部分可兑换current payment 经常项目支付forward operation远期业务swap agreement掉期协议swap rate掉期率arbitrage套汇；套利bank failure银行倒闭quote currency标价货币base currency基准货币euro zone / eurozone欧元区settlement date 结算日payment system支付系统premium/ discount升水/ 贴水straight date整日期interpolation插值bid-asked spread买卖价差interbank trading银行同业交易basis point 基点standardized contract标准化合约marked-to-market 逐日结算initial margin 初始保证金maintenance margin维持保证金cash settlement 现金结算clearinghouse清算所portfolio position投资组合头寸short position / long position空头/ 多头price discovery价格发现total turnover总成交额Chapter 3 BOPbalance of payment statement国际收支平衡表equilibrium of BOP国际收支均衡assets and liabilities资产与负债credits and debits 贷方与借方sources and uses 来源与运用capital inflow/capital outflow资本流入/资本流出home country母国foreign subsidiary外国子公司parent firm母公司unilateral transfer单方面转移the International Monetary Fund国际货币基金组织financial account金融项目/ 账户direct investment直接投资manufactured goods制成品movable goods动产personal articles私人物品investment income投资收入interest and dividends利息和红利earnings per share (EPS) 每股收益non-distributed earnings未分配盈利/ 利润bond债券debenture信用债券；无担保债券voting right投票权joint venture合资公司non-negotiable instruments 不可转让工具special drawing rights （SDRs）特别提款权the special drawing right特别提款权reserve position储备头寸surplus / deficit 顺差;盈余/ 逆差；赤字counterpart items对等项目monetization of gold 黄金货币化demonetization of gold黄金非货币化distribution and cancellation of SDRs特别提款权的分配与撤销floating exchange rate system浮动汇率制度statistical error统计错误incomplete figures数据不完整Chapter 4 international monetary systemcompetitive disadvantage竞争劣势official parity法定平价reserve currency储备货币fluctuation margin波动界限the General Agreement on Tariffs and Trade (GATT)关税与贸易总协定adjustable pegged-rate system 可调整的钉住汇率制度fixed exchange rate system固定汇率制度par value平价adjustable peg可调整钉住troy ounce金衡制盎司international debt国际债务Triffin Paradox/ dilemma 特里芬难题paper gold纸黄金floating exchange rate/flexible exchange rate浮动汇率free floating 自由浮动managed float/dirty float有管理的浮动/肮脏浮动financial deregulation放松金融管制financial liberalization金融自由化monetary policy 货币政策fiscal policy 财政政策。
国际贸易实务双语教程课后题答案
KeyChapter1I. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarilyfor financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products and services and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitme nt and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力11 经济复苏；恢复2 潜在销售量12 经济衰退3 加价，涨价13 间接投资4 国内市场14 有形货物5 制成品15 有形进出口6 边际利润16 收入及支出；岁入及岁出7 市场占有率17 超额能力8 贸易歧视18 贸易中间人（商）；经纪人9 时机选择19 全部包建的工程承包方式10 经销周期20 许可证协定IV Translate the following into English1. Trade is often the ‘engine’ of growt h. However oversimplified this metaphormay be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs.Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s imp ort needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.I. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets;9.joint, venture; 10.subsidiaryIII.Translate the followings into English1). Economic activity began with the cavemen, who was economicallyself-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economic world, neither individuals nor nations areself-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar. Third, one nation can sell some items at a lower cost than other countries. Japanhas been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrant remittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.I. Translate the followings from Chinese into English:1 terms of payment2 written form of contract3 execution of the contract4 sales contract5 purchase confirmation6 terms of transaction7 trading partners 8 the setting up of a contract9 trade agreement 10 consignment contract11 the contract proper 12 extension of the contract13 the contracting parties 14 special clause15 general terms and conditionsII. Answer the following questions in English:1 A contract is an agreement which sets forth bind obligations of the relevant parties. And any part that fails to fulfill his contractual obligations may be sued and forced to make compensation.2 There are two parties of business contract negotiations: oral and written. The former refers to direct discussions abroad; written negotiations often begin with enquiries made by the buyers.3 A written contract is generally prepared and signed as the proof of the agreement and as the basis for its execution. A sales or purchase confirmation is less detailed than a contract, covering only the essential terms of the transaction. It is usually used for smaller deals or between familiar trade partners.4 The setting up of a contract is similar to that of a trade agreement or any othertype of formal agreements. It generally contains: 1) the title. The type of the contract is indicated in the title; 2) the contract proper. It is the main part of a contract; 3) the signature of the contracting parties indicating their status as the seller or the buyer; 4) the stipulations on the back of the contract and are equally binding upon the contracting parties.5 It generally contains the time of shipment, the mode of payment described in addition to an exact description of the goods including the quantity, quality, specifications, packing methods, insurance, commodity inspection, claims, arbitration and force majeure, etc.III. Translate the following into Chinese:合同是在双方达成协议的基础上制定的，而协议又是双方进行商务谈判的结果。
1.the balance of payment
1-1 பைடு நூலகம்he concept of the B.P
3.Double-entry bookkeeping
Each transaction has both a credit and a debit item . A credit or positive item is the flow for which the country is paid—it sets up a claim on the foreign resident, so that funds (or "money") flow into the country. For example: exports; capital inflows A debit or negative item is the flow that the country must pay for—it sets up a foreign claim on a resident of the country, so that funds (or "money") flow out of the country. For example: imports; capital outflows e.g. a 10-year loan of $1 million is made to China. the loan is funded by creating a $1 million deposit for China in a U.S. bank. (how to book in China’s B.P?) debit: deposit in U.S. bank $1 million . credit: long-term capital $1 million .
chapter3(第一课)
Lesson 5 General Enquiry & Reply 1
Specimen Letter 1 An Enquiry for Sports Shoes
Lesson 5 General Enquiry & Reply 1
At present, we are particularly interested in sports shoes. We would appreciate it if you could send us your 2015 catalogue of sports shoes in various colors, sizes and styles. Please advise us the details of your terms of payment and any special discount you are offering. And also we shall be grateful if you would send us some sample cuttings of the vamp material for our reference.
Introduction and Writing Skill
3. Indicate terms of payment, shipment, packing, quantity ,etc. Example: Terms of payment: L/C at sight.
Shipment: During September and October. 4. State validity of the offer. Example: This offer is valid for a week from today.
Chapter_1__The_Balance_of_Payment
Ⅱ
Slide 1-5
National accounts
国民经济 账户
Result
reflected in a prominent role
Slide 1-6
Balance of payments
国际收支 平衡表
Exchange rate
1.1 Double-Entry Accounting
U.S. credit transaction (+)
Merchandise exports 商品出口 Transportation and travel receipts 运输及旅游收入 Income received from investments abroad 海外投 资所获得的收入 Gifts received from foreign residents外国居民捐赠 Aid received from foreign governments 外国政府 援助 Investments in the United States by overseas residents外国居民在美国的投资
Payment to foreigners
Debit transaction (-) 借方交易
国际收支平衡表中所用记账方法是国际上通行的 借贷复式记账法 ，每一笔国际经济交易都要以同 一数额出现两次，一次在借方，一次在贷方
Slide 1-21
Business School
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IMF(International Monetary Fund) WTO(World Trade Organization ) BIS(Bank for International Settlements) OECD(Organization for Economic Co-operation and Development ) EU(European Union)
国际金融基础认知篇——国际收支与国际收支平衡表
International Finance
——基础认知篇
任务一
国际收支与国际 收支平衡表
一、国际收支 （Balance of Payment）的概念
狭义的国际收支概念：一国一定时期内 的外汇收支，不包括无外汇的交易等。强 调支付基础（on payment basis)。
广义的国际收支概念：根据国际货币基金 组织IMF的解释，一国国际收支是指一国（ 或地区）的居民在一定时期内（一年、一 季度、一月）与非居民之间的经济交易的 系统记录。强调交易基础(on transaction basis)。
IMF的国际收支平衡表的标准格式的简表
二、国际收支平衡表的内容
一、经常账户:也称经常 项目,反映一国与他国之 间实际资产转移,是国际 收支中最重要的账户。
二、资本和金融帐户 ：反映资产所有权在 一国与他国间的转移 ，即国际资本流动， 包括资本流出和资本 流入。
三、储备资产：储备指官方储备（或称国际储备） ，是一国货币当局（主要指中央银行）所拥有的， 可用于满足国际收支平衡需要的对外资产。包括货 币性黄金、特别提款权、在IMF的储备头寸和外 汇储备等官方对外资产。
国际收支平衡表的每个具体账户和科目的借方额和 贷方额往往不相等，该差额被称为局部差额（ Partial Balance），如贸易差额、劳务收支差额 、经常账户差额等。
在国际收支平衡表中的某个位置上划出一条水平线，该水平线 以上的交易被称为“线上交易”；而此线以下的交易被称为“ 线下交易”。当线上交易差额为零时，我们称国际收支处于平 衡状态；当线上交易差额不为零时，我们称国际收支处于失衡 状态。
事后是指定义中“一定时期”是已经过去的一 个会计年度，所以国际收支是对已发生事实的 记录。
国际财务管理课后习题答案chapter 3
CHAPTER 3 BALANCE OF PAYMENTSSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Define the balance of payments.Answer: The balance of payments (BOP) can be defined as the statistical record of a country’s international transactions over a certain period of time presented in the form of double-entry bookkeeping.2. Why would it be useful to examine a country’s balance of payments data?Answer: It would be useful to examine a country’s BOP for at least two reaso ns. First, BOP provides detailed information about the supply and demand of the country’s currency. Second, BOP data can be used to evaluate the performance of the country in international economic competition. For example, if a country is experiencing per ennial BOP deficits, it may signal that the country’s industries lack competitiveness.3. The United States has experienced continuous current account deficits since the early 1980s. What do you think are the main causes for the deficits? What would be the consequences of continuous U.S. current account deficits?Answer: The current account deficits of U.S. may have reflected a few reasons such as (I) a historically high real interest rate in the U.S., which is due to ballooning federal budget deficits, that kept the dollar strong, and (ii) weak competitiveness of the U.S. industries.4. In contrast to the U.S., Japan has realized continuous current account surpluses. What could be the main causes for these surpluses? Is it desirable to have continuous current account surpluses?Answer: Japan’s continuous current account surpluses may have reflected a weak yen and high competitiveness of Japanese industries. Massive capital exports by Japan prevented yen from appreciating more than it did. At the same time, foreigners’ exports to Japan were hampered by closed nature of Japanese markets. Continuous current account surpluses disrupt free trade by promoting protectionistsentiment in the deficit country. It is not desirable especially when it is brought about by the mercantilist policies.5. Comment on the following statement: “Since the U.S. imports more than it exports, it is necessary for the U.S. to import capital from foreign countries to finance its current account deficits.”Answer: The statement presupposes that the U.S. current account deficit causes its capital account surplus. In reality, the causality may be running in the opposite direction: U.S. capital account surplus may cause the country’s current account deficit. Suppose foreigners fin d the U.S. a great place to invest and send their capital to the U.S., resulting in U.S. capital account surplus. This capital inflow will strengthen the dollar, hurting the U.S. export and encouraging imports from foreign countries, causing current account deficits.6. Explain how a country can run an overall balance of payments deficit or surplus.Answer: A country can run an overall BOP deficit or surplus by engaging in the official reserve transactions. For example, an overall BOP deficit can be su pported by drawing down the central bank’s reserve holdings. Likewise, an overall BOP surplus can be absorbed by adding to the central bank’s reserve holdings.7. Explain official reserve assets and its major components.Answer: Official reserve assets are those financial assets that can be used as international means of payments. Currently, official reserve assets comprise: (I) gold, (ii) foreign exchanges, (iii) special drawing rights (SDRs), and (iv) reserve positions with the IMF. Foreign exchanges are by far the most important official reserves.8. Explain how to compute the overall balance and discuss its significance.Answer: The overall BOP is determined by computing the cumulative balance of payments including the current account, capital account, and the statistical discrepancies. The overall BOP is significant because it indicates a country’s international payment gap that must be financed by the government’s official reserve transactions.9. Since the early 1980s, foreign portfolio investors have purchased a significant portion of U.S. treasury bond issues. Discuss the short-term and long-term effects of foreigners’ portfolio investment on the U.S. balance of payments.Answer: As foreigners purchase U.S. Treasury bonds, U.S. BOP will improve in the short run. But in the long run, U.S. BOP may deteriorate because the U.S. should pay interests and principals to foreigners. If foreign funds are used productively and contributes to the competitiveness of U.S. industries, however, U.S. BOP may improve in the long run.10. Describe the balance of payments identity and discuss its implications under the fixed and flexible exchange rate regimes.Answer: The balance of payments identity holds that the combined balance on the current and capital accounts should be equal in size, but opposite in sign, to the change in the official reserves: BCA + BKA = -BRA. Under the pure flexible exchange rate regime, central banks do not engage in official reserve transactions. Thus, the overall balance must balance, i.e., BCA = -BKA. Under the fixed exchange rate regime, however, a country can have an overall BOP surplus or deficit as the central bank will accommodate it via official reserve transactions.11. Exhibit 3.3 indicates that in 1991, the U.S. had a current account deficit and at the same time a capital account deficit. Explain how this can happen?Answer: In 1991, the U.S. experienced an overall BOP deficit, which must have been accommodated by the Federal Reserve’s official reserve action, i.e., drawing down its reserve holdings.12. Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:(1) A Japanese insurance company purchases U.S. Treasury bonds and pays out of its bank account kept in New York City.(2) A U.S. citizen consumes a meal at a restaurant in Paris and pays with her American Express card.(3) A Indian immigrant living in Los Angeles sends a check drawn on his L.A. bank account as a gift to his parents living in Bombay.(4) A U.S. computer programmer is hired by a British company for consulting and gets paid from the U.S. bank account maintained by the British company.Answer:_________________________________________________________________Transactions Credit Debit_________________________________________________________________Japanese purchase of U.S. T bonds √Japanese payment using NYC account √U.S. citizen having a meal in Paris √Paying the meal with American Express √Gift to parents in Bombay √Receipts of the check by parents (goodwill) √Export of programming service √British payment out its account in U.S. √_________________________________________________________________13. Construct the balance of payment table for Japan for the year of 1998 which is comparable in format to Exhibit 3.1, and interpret the numerical data. You may consult International Financial Statistics published by IMF or research for useful websites for the data yourself.Answer:A summary of the Japanese Balance of Payments for 1998 (in $ billion)Credits DebitsCurrent Account(1) Exports 646.03(1.1) Merchandise 374.04(1.2) Services 62.41(1.3) Factor income 209.58(2) Imports -516.50(2.1) Merchandise -251.66(2.2) Services -111.83(3.3) Factor income -153.01(3) Unilateral transfer 5.53 -14.37Balance on current account 120.69[(1) + (2) + (3)]Capital Account(4) Direct investment 3.27 -24.62(5) Portfolio investment 73.70 -113.73(5.1) Equity securities 16.11 -14.00(5.2) Debt securities 57.59 -99.73(6) Other investment 39.51 -109.35Balance on financial account -131.22[(4) + (5) + (6)](7) Statistical discrepancies 4.36Overall balance -6.17Official Reserve Account 6.17Source: IMF, International Financial Statistics Yearbook, 1999.Note: Capital account in the above table corresponds with the ‘Financial account’ in IMF’s balance of payment statistics. IMF’s Capital account’ is included in ‘Other investment’ in the above table.MINI CASE: MEXICO’S BALANCE OF PAYMENTS PROBLEMRecently, Mexico experienced large-scale trade deficits, depletion of foreign reserve holdings and a major currency devaluation in December 1994, followed by the decision to freely float the peso. These events also brought about a severe recession and higher unemployment in Mexico. Since the devaluation, however, the trade balance has improved.Investigate the Mexican experiences in detail and write a report on the subject. In the report, you may:(a) document the tr end in Mexico’s key economic indicators, such as the balance of payments, the exchange rate, and foreign reserve holdings, during the period 1994.1 through 1995.12.;(b) investigate the causes of Mexico’s balance of payments difficulties prior to the peso devaluation;(c) discuss what policy actions might have prevented or mitigated the balance of payments problem and the subsequent collapse of the peso; and(d) derive lessons from the Mexican experience that may be useful for other developing countries.In your report, you may identify and address any other relevant issues concerning Mexico’s balance of payment problem.Suggested Solution to Mexico’s Balance-of-Payments ProblemTo solve this case, it is useful to review Chapter 2, especially the section on the Mexican peso crisis. Despite the fact that Mexico had experienced continuous trade deficits until December 1994, the country’s currency was not allowed to depreciate for political reasons. The Mexican government did not want the peso devaluation before the Presidential election held in 1994. If the Mexican peso had been allowed to gradually depreciate against the major currencies, the peso crisis could have been prevented.The key lessons that can be derived from the peso crisis are: First, Mexico depended too much on short-term foreign portfolio capital (which is easily reversible) for its economic growth. The country perhaps should have saved more domestically and depended more on long-term foreign capital. This can be a valuable lesson for many developing countries. Second, the lack of reliable economic information was another contributing factor to the peso crisis. The Salinas administration was reluctant to fully disclose the true state of the Mexican economy. If investors had known that Mexico was experiencing serious trade deficits and rapid depletion of foreign exchange reserves, the peso might have been gradually depreciating, rather than suddenly collapsed as it did. The transparent disclosure of economic data can help prevent the peso-type crisis. Third, it is important to safeguard the world financial system from the peso-type crisis. To this end, a multinational safety net needs to be in place to contain the peso-type crisis in the early stage.。
1.the balance of payment
1-3 The analysis of the B.P
4.Balance of current account 1)The current account indicates whether a country is a net borrower from or lender to the rest of the world 2) surplus: “net lender”. the country earns much in extra assets or reduced liabilities in its dealings with other countries. 3) Deficit: “net borrower”. The country must pay by giving up assets or increasing its liabilities.
1-3 The analysis of the B.P
2.Goods and services balance The net balance of trade in all goods and services. it’s often called trade balance 3. Goods, services, and income balance the net value of the flows of goods, services and income
balanceofpayment...
Balance of payments and the relationship to national accountsThis section is intended to help users of the Pink Book gain a better understanding of how the data fit within the broader economic accounts framework. It can be read as a stand-alone, although it makes several references to Blue Book tables and so readers are advised to have access to these if possible.IntroductionConceptually, the balance of payments, including the international investment position, form part of the broader system of the UK national accounts. The national accounts provide a comprehensive and systematic set of statistics for the UK economy, with information on economic transactions, other changes in the levels of assets and liabilities, and the levels of assets and liabilities themselves. The UK national accounts have generally been compiled according to the European System of Accounts (ESA95). Linkages between the UK balance of payments and national accounts are reinforced by the fact that the UK balance of payments are compiled at the same time as the national accounts, as a component of the sector accounts and using many common data sources.The national accounts are a closed system in which both ends of every transaction involving a resident economic entity are recorded. A set of accounts is introduced to capture transactions that involve economic relationships with non-resident entities. These accounts are known as the rest of the world accounts and are presented from the perspective of non-residents rather than residents. Consequently, entries in the balance of payments (which show transactions from the perspective of residents) are reversed in the presentation of the rest of the worldaccounts. The accounts for residententities, which consist of the production,income and accumulation accounts, aredescribed in more detail below.Two important accounting differencesoccur when one compares the balanceof payments and the national accounts.First, each transaction is recorded twicein the balance of payments (doubleentry) and four times in the nationalaccounts (quadruple entry). This isbecause in the balance of payments theactivity of only one transactor isrecorded, that of the resident entity(with a non-resident entity), whereas inthe national accounts the activity of bothtransactors is recorded (that is, theactivity of either two residents or aresident and a non-resident). Second, inthe balance of payments, transactionsare shown from the perspective of theresident entity; whereas in the nationalaccounts, transactions are shown fromthe perspective of the resident in theproduction, income and accumulationaccounts, and from the perspective ofthe non-resident in the rest of the worldaccount.Relationship between nationalaccounts and balance ofpayments concepts andclassificationsBecause the balance of payments,including the international investmentposition, forms an integral part of thenational accounts, there is completeconcordance between them in conceptand classification, although the extent ofcross-classifications may differ betweenthe two systems.The balance of payments and nationalaccounts identify resident producers andconsumers identically, and both invokethe same concepts of economic territoryand centre of economic interest. Bothuse market prices as the primary conceptof valuation of transactions and theyadopt identical concepts of accrualaccounting. The systems use identicalconversion procedures to converttransactions which take place in foreigncurrency, to UK currency.While for some purposes it would beconvenient if classifications used in therest of the world accounts and thebalance of payments accounts wereidentical, differences between the twoare justifiable because on occasion theyserve different purposes. For example, inthe balance of payments financialaccount, precedence is given toclassification of transactions by type ofinvestment (that is, direct, portfolio,reserve assets, other), whereas in therest of the world financial account theinstrument of investment is the primaryclassification. More important is the factthat concepts, definitions andclassifications are consistent betweenthe two systems.The production, income andcapital accounts of thenational accountsThe national accounts Tables reflect thebasic aspects of economic life(production, income, consumption,accumulation and wealth). For manyanalysts, Gross Domestic Product (GDP)is the key economic aggregate as itmeasures the total value added for theUK economy in any period. GDP may bemeasured as:•The total value of output less the costof goods and services used in theproduction process (intermediateconsumption). This is referred to as theoutput (or production) approach.•The value of income accruing from theproduction process to each of theThe Pink Book: 2008 edition178The Pink Book : 2008 edition Balance of payments and the relationship to national accounts179factors of production (plus net taxes on production and imports). This is referred to as the income approach .• Total final expenditure on goods and services during the period, referred to as the expenditure approach .Conceptually these measures are equal, but because different and imperfect data sources are used to measure each approach the measures may differ in practice. This difference is reflected in the statistical discrepancy item. The national accounts are regularlybenchmarked to balanced annual supply and use (input-output) Tables. This ensures that, except for the latest year, the three measures of GDP are equal on an annual basis, though there will still be a statistical discrepancy between the quarterly estimates based on the three approaches.Blue Book Table 1.2 presents the Gross Domestic Product Account for the whole economy, the derivation of GDP using the expenditure approach and the income approach. Table 1.7.1, the Production Account , shows thederivation of GDP using the production approach.• The expenditure based measure of GDP is derived as final consumption expenditure by government and households, plus investment in fixed capital formation and changes in inventories, plus exports minusimports of goods and services, plus (or minus) the statistical discrepancy. Exports and imports are the same as the balance of payments components, exports and imports of goods and services.• The income based measure of GDP shows the components of factor income, namely compensation of employees, gross operating surplus and mixed incomes, plus taxes less subsidies on production and imports. • The production based measure of GDP is shown as total gross output at purchasers’ prices less intermediate consumption.For the purpose of discussion here, all values are in current prices.Blue Book Table 1.7.3 presents the National Income and Use of Income Account , showing the derivation of gross national income, gross disposable income and use of gross disposable income. Gross national income isequivalent to GDP plus primary income receivable from non-residents, less primary income payable to non-residents. These primary income items are the same as the balance ofpayments income components which are used in the derivation of gross saving (gross disposable income less consumption) and net saving (gross saving less consumption of fixedcapital). Table 1.7.3 illustrates how the various balance of payments income and current transfers components affect the nation’s saving. To derive gross disposable income, net secondaryincome receivable from non-residents is added to gross national income;secondary income items are equivalent to the net current transfer components in the balance of payments. Thesegment of Table 1.7.3 dealing with use of gross disposable income shows the derivation of gross saving (grossdisposable income less consumption) and net saving (gross saving less consumption of fixed capital).Blue Book Table 1.7.7, the NationalCapital Account , shows the link between gross saving and net lending/ borrowing (to/from the rest of the world). The latter is derived as gross saving plus net capital transfers from non-residents less investment in fixed capital andinventories and the net acquisitions of non-produced, non-financial assets from non-residents. The items net capital transactions and net acquisitions of non-produced non-financial assets are both sourced from the balance of payments capital account. The capital account was introduced into the balance of payments to emphasise this clear relationship between the balance of payments and the national accounts.The financial account and balance sheet of the national accountsNet lending/borrowing is also the balance shown in Blue Book Table 1.7.8, the Financial Account . The financial account shows how the net lending/borrowing is financed through a combination of transactions in financial assets and liabilities. As Table 1.7.8 is a summary account for the economy, transactions between resident sectors are offset and eliminated. Therefore Table 1.7.8 is also equivalent to the balance of payments financial account. However, there are some important differences in classification emphasis between Table 1.7.8 and the balance of payments financial account. In Table 1.7.8 the emphasis is on instrument of investment (currency and deposits, securities, loans, equity, etc.), while in the balance of payments financial account, the emphasis is on type of investment (direct investment, portfolio investment, and other investment). Both presentations give emphasis to the asset and liability classification.It is worth noting that, if Table 1.7.8 were expanded to include the financial transactions taking place between the various resident sectors, it would show the full financial account for theeconomy (which is published monthly in Financial Statistics and quarterly in UK Economic Accounts ).Blue Book Table 1.7.9, the National Balance Sheet , shows the UK’s non-financial assets (fixed assets, inventories, tangible and intangible non-produced assets such as land, copyright, etc.), financial assets, and liabilities and net worth at the end of the period. As Table 1.7.9 is a summaryaccount for the economy, financial assets and liabilities only measure financial claims by residents on non-residents and liabilities by residents to non-residents. In otherwords, in this Table the financial assets and liabilities components are the international investment position statement for the UK. Claims and liabilities between resident sectors have been offset and eliminated. Again, there are some importantBalance of payments and the relationship to national accounts The Pink Book: 2008 editionclassification differences between Table1.7.9 and the international investmentposition statement. In Table 1.7.9 theemphasis is on instrument of investment,while in the international investmentposition statement the emphasis is on typeof investment. Both presentations giveemphasis to the asset and liabilityclassification.Rest of the world accounts ofthe national accountsThere are five accounts for the rest ofthe world in the national accountsshown in the Blue Book. These are:•Table 7.1.0, the External account ofgoods and services•Table 7.1.2, the External account ofprimary incomes and current transfers•Table 7.1.7, the External capitalaccount•Table 7.1.8, the External FinancialAccount•Table 7.1.9, the External Balance SheetAccountsThe External Financial Account ispublished quarterly in UK EconomicAccounts. As mentioned earlier, theseaccounts are required to close thesystem of national accounts and, whileessentially the same as the balance ofpayments accounts and internationalinvestment position statement, they arecompiled from the perspective of thenon-resident transactor. Table 7.1.2 isessentially the current account of thebalance of payments, Table 7.1.7 thecapital account, Table 7.1.8 the financialaccount, and Table 7.1.9 the internationalinvestment position. The reader shouldbe able to readily identify thecounterpart entries in all of these tables.Transactions with the EUBlue Book Table 12.1 shows UK officialtransactions with institutions of the EUfrom a UK national accounts perspective.It has been re-created in the Pink Bookas Table 9.9 using balance of paymentsterminology.180。
帅建林版国际贸易实务课后练习答案双语
C h a p t e r1 IYES，Please refer to the1st paragraph of the text.II流动性过剩自给自足经济资源直接投资国际收支易货交易出口退税倾销出口型经济增长东道国贸易差额贸易顺差／贸易逆差欧盟国际收支顺差／国际收支逆差有形贸易无形贸易货物贸易服务贸易excess liquidityself-sufficienteconomic resourcesdirect investmentbalance of paymentsbarterexport tax rebatedumpingexport-driven economic growth host countrybalance of tradefavorable/unfavorable balance of tradeEuropean Unionfavorable/unfavorable balance of paymentsvisible tradeinvisible tradetrade in goodstrade in servicesIIIThe chart above shows the U.S.imports from China,U.S.exports to China and the trade balance.The U.S.has a negative trade balance with China,and it has been growing.During the period from1997to2003, imports from China have grown244%while exports to China have grown 221%,indicating that the trade deficit is increasing.There had already been a sizeable trade balance deficit with China in1996,totaling$39.5 billion at the end of the year.IV1.Export goods are tangible goods sent out of countries.2.Trade in services are international earnings other than those derived from the exporting and importing of tangible goods.3.Import goods are tangible goods brought in.4.International trade is all business transactions that involve two or more countries.5.FDI is one that gives the investor a controlling interest in a foreign company.6.Investment is used primarily as financial means for a company to earn more money on its money with relative safety.V1.International trade is the fair and deliberate exchange of goods and/or services across national boundaries.It concerns trade operations of both import and export and includes the purchase and sale of both visible and invisible goods.2.In today's complex economic world,neither individuals nor nations are self-sufficient.Nations participate in the international trade for many reasons.As to the economic reasons,no nation has all of the economic resources(land,labor and capital)that it needs to develop its economy and culture,and no country enjoys a particular item sufficient enough to meet its needs.As for the preference reasons, international trade takes place because of innovation of style.Besides, every nation can specialize in a certain field and enjoy a comparative advantage in some particular area in terms of trade so that they need to do business with each other to make use of resources more efficiently and effectively.3.In measuring the effectiveness of global trade,nations carefully follow two key indicators,namely,balance of trade and balance of payments.4.FDI,the abbreviation form Foreign Direct Investment,means buying of permanent property and business in foreign nations.It occurs when acquisition of equity interest in a foreign company is trade.The great significance of FDI for China might be that:FDI solve the problem of capital shortage for China so that China may spend the money onimporting advanced equipment and technologies for its infrastructure, national supporting industry,key projects,etc.Chapter2I关税壁垒非关税壁垒从量税配额保护性关税市场失灵幼稚产业许可证制度财政关税政府采购贸易保护主义从价税最低限价本地采购规则增加内需Domestic content Red-tape barriers Export subsidies Tariff barriersnon-tariff barriers specific dutiesquotaprotective tariff market failureinfant industry licensing system Revenue tariff government procurement trade protectionismAd Valorem Dutiesfloor price"buy local"rulesraise domestic demand 国内含量进口环节壁垒出口补贴Binding quota Absolute quotas VERTariff-rate quotas Zero quota"Buy local"rules 绑定配额绝对配额自愿出口限制关税配额零配额本地采购原则II1.Protectionism means the deliberate use or encouragement of restrictions on imports to enable relatively inefficient domestic producers to compete successfully with foreign producers.保护主义是指蓄意使用或鼓励进口限制，以此使本国相对效率低的产品能成功地和外国产品竞争。
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The balance of payments comprises the current account, the capital account, and the financial account.
Together, these accounts balance in the sense the sum of the entries is conceptually zero.
Services----For example:
An American flies to Spain on Delta Airlines, the airline ticket is not within the balance of payments because the transaction is between American citizens. However, the American flies to Spain on Iberia Airlines, the transaction would be entered in the balance of payments since it is a transaction between an American citizen and Iberia, a Spanish airline. In short, the balance of payments measures a country's payments to and its receipts from other countries.
Income Account
The income account accounts mostly for investment income from dividends and interest on credit and payments on foreign taxes.
Unilateral Transfers (unrequited transfers)
3.1 Balance-of-Payments System
The IMF definition: The balance of payments is a statistical statement that summarizes transactions between residents and nonresidents during a period. BOP(P17): the record of the economic and financial flows that take place over a specified time period between risidents and non-residents of a given country.
Capital account (IMF)
According to the IMF's definition, the capital account "records the international flows of transfer payments relating to capital items". It therefore records a country's inflows and outflows of payments and transfer of ownership of fixed assets (capital goods). Examples of such goods could be factories or heavy machinery transferred to or from abroad and so on.
(Double Entry)
credit 387,534,971 365,395,328 8,344,269 13,795,373 128,321,306 0 128,321,306 0 7,794,255
Chapter 3 The Balance of Payments (BOP)
3.1 3.2 3.3 3.4 Balance-of-Payments System Balance-of-Payments Accounts Interpreting the BOP Adjustment Theory of BOP
Trade balance
Imports and exports : ae situation of Trade balance reflects directly competitive power to the country
Period: monthly;
quarterly; yearly.
Residents: government; individuals; private non-profit bodies operated on the territory of that economy. Record: double entry system; market prices.
3.2 Balance-of-Payment Account
3.2.1 The Current Account 3.2.2 The Capital ﹠Financial Account 3.2.3 Official Reserve 3.2.4 Errors and Omissions
3.2.1 The current account
The capital account in the international accounts shows (1) capital transfers receivable and payable; and (2) the acquisition and disposal of nonproduced nonfinancial assets.
consists of the goods and services account, the primary income account and the secondary income account. The current account is the net change in current assets from trade in goods and services (balance of trade), investment income (such as dividends and interest payments from abroad), and net unilateral transfers from abroad (such as foreign aid, grants, gifts, etc).
Financial account
The financial account record the purchase and sale of domestic and foreign investment assets. These assets are divided into categories such as foreign direct investment (FDI), portfolio investment (which includes trade in stocks and bonds), and other investment (which includes transactions in currency and bank deposits).
3.2.3 Official reserves(p25)
The official reserve account records the change in stock of reserve assets at the country's monetary authority . Reserves include official gold reserves, foreign exchange reserves, IMF Special Drawing Rights (SDRs), or nearly any foreign property held by the monetary authority all denominated in domestic currency. Changes in the official reserve account are mostly composed of foreign exchange interventions and deposits into international organizations such as the IMF; the magnitude of these changes will depend upon monetary policy and government mandate.
Balance of Payment
project 一.current account A.goods and service B．Income C．Current transfers 二.capital & finance account A．capital B．finance 三.reserve assets 四.net errors and omissions balance 35,421,969 37,382,671 －14,495,149 12,984,445 32,290,837 －49,631 32,340,468 －75,507,060 7,794,255
3.2.2 The financial & capital account