ch01 Keeping Up with a Changing World 国际货币与金融经济学英文版课件
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• A system of accounts which is a subset of the National Income and Production Accounts.
• A double-entry system. • Debit Entries: Transactions that generate a payment
• Includes:
– Goods – Services – Income Receipts and Payments – Unilateral Transfers
15
Current Account
• Goods: Exports and imports of tangible items. • Services: Exports and imports of services, for
Netherlands
Electronics
Industry Mining Media Machinery and Equipment Food and Beverages Tobacco
Electronic Equipment Food and Beverage
Mining Pharmaceuticals Electronic Equipment
10
An Example
• General Electric, a U.S. TNC, ranks second on the list of the world’s largest non-financial TCS based on foreign assets.
• Foreign assets are 159,188, total assets 437,006, foreign sales 49,528, total sales 129,853, foreign employment 145,000 and total employment 313,000.
SOURCE: International Monetary Fund, Economic Outlook, and authors’ estimates.
4
Selected Nation’s Trade
The global market for goods and services has become more important for individual nations. The percentage shown reflects each nation’s trade as a share of its overall economic activity.
SOURCE: Bank for International Settlements, International Financial Statistics, and authors’ estimates.
7
Top Twenty Globalized Nations
1. Ireland 2. Switzerland 3. Singapore 4. Netherlands 5. Sweden 6. Finland 7. Canada 8. Denmark 9. Austria 10. United Kingdom
Copyright © South-Western, a division of Thomson Learning. All rights reserved.
Growth of World Exports
During the past thirty years, world trade in goods and services has exhibited positive growth rates for all but two years.
13
Balance of Payments Accounting
• To understand how economists measure international transactions in the real and financial sectors of an economy, and how these sectors are linked, we turn to the balance of payments (BOP) accounting system.
• Its TNI is only 40.3 and it does not appear on the list of the top ten TNCs by TNI.
11
Calculation
15 ,1988 4,5 928 14 ,0500
43 ,0701 62 ,8953 31 ,0300 3
6
Cross-Border Transaction in Bonds and Equities
In Germany, the United States, and the United Kingdom, international transactions in bonds and equities have grown by more than 3,000 percent, 1000 percent, and 700 percent respectively.
1989
190.0
3.1
61:1
1992
252.0
4.7
54:1
1995
297.5
5.0
60:1
1998
372.5
5.4
69:1
2001
300.0
6.6
45:1
2004
367.2
பைடு நூலகம்
7.0
52:5
SOURCES: Held, David, Anthony McGrew, David Goldblatt and Jonathan Perraton, Global Transformations, p. 209; Bank for International Settlements, Central Bank Survey of Foreign Exchange and Derivatives Market Activity, 1998, p. 5; International Monetary Fund, World Economic Outlook, 1998, p. 200, and authors’ estimates.
INTERNATIONAL MONETARY AND
FINANCIAL ECONOMICS Third Edition
Joseph P. Daniels David D. VanHoose
Chapter 1
Keeping Up with a Changing World
Trade Flows, Capital Flows, and the Balance of Payments
8
The Top Global Companies
Ranked by Foreign Assets
Rank
Company
Home Country
Industry
1
Vodaphone
United Kingdom Telecommunication
2
General Electric United States
FOREIGN EXCHANGE TURNOVER AND WORLD EXPORTS
Foreign Exchange
World Exports of Goods
Turnover
($ trillion)
($ trillion)
1979
$17.5
$1.5
Ratio 12:1
1986
75.0
2.0
38:1
Switzerland
5
British American United Kingdom
Tobacco
6
Electrolux
Sweden
7
Interbrew
Belgium
8
Anglo American United Kingdom
9
Astrazeneca United Kingdom
10
Phillips
4.3 0%
12
The Top Global Companies
Based on Transnationality
Ranking 1 2 3
Company Rio Tinto Thomson
ABB
Home Country U.K. / Australia
Canada Switzerland
4
Nestlé
example:
– Typical business services such as banking and financial services, insurance, and consulting.
– Tourism
16
Current Account
• Income Receipts: Includes items such as
Source: Foreign Policy
11. Norway 12. United States 13. France 14. Germany 15. Portugal 16. Czech Republic 17. Spain 18. Israel 19. New Zealand 20. Malaysia
outflow (e.g., import). • Credit Entries: Transactions that generate a payment
inflow (e.g., export).
14
Balance of Payments
• The current account is the broadest measure of a nation’s real sector trade.
• A transnationality index measures this. • It is calculated by averaging the ratios of
– Foreign assets to total assets – Foreign sales to total sales – Foreign employees to total empolyees.
Petroleum
7
BP
United Kingdom
Petroleum
8
Toyota Motor
Japan
Motor Vehicles
9
Telefónica
Spain
Telecommunications
10
Fiat
Italy
Motor Vehicles
9
Transnationality
• Are the activities of the world’s largest firms really spread out globally?
SOURCE: International Monetary Fund, International Financial Statistics, various issues, and authors’ estimates.
5
Growth of Trade and Foreign Exchange Transactions
– Investment income on US-owned assets abroad. – Receipts of income on US direct investment abroad. – Government income receipts
• Income Payments: Includes items such as
Electrical
3
ExxonMobile
United States
Petroleum
4 Vivendi Universal
France
Diversified
5
General Motors United States
Motor Vehicles
6 Royal Dutch/Shell United Kingdom / Netherlands
– Investment income on foreign-owned assets in the United States.
– Payments of income on foreign direct investment in the United States
• A double-entry system. • Debit Entries: Transactions that generate a payment
• Includes:
– Goods – Services – Income Receipts and Payments – Unilateral Transfers
15
Current Account
• Goods: Exports and imports of tangible items. • Services: Exports and imports of services, for
Netherlands
Electronics
Industry Mining Media Machinery and Equipment Food and Beverages Tobacco
Electronic Equipment Food and Beverage
Mining Pharmaceuticals Electronic Equipment
10
An Example
• General Electric, a U.S. TNC, ranks second on the list of the world’s largest non-financial TCS based on foreign assets.
• Foreign assets are 159,188, total assets 437,006, foreign sales 49,528, total sales 129,853, foreign employment 145,000 and total employment 313,000.
SOURCE: International Monetary Fund, Economic Outlook, and authors’ estimates.
4
Selected Nation’s Trade
The global market for goods and services has become more important for individual nations. The percentage shown reflects each nation’s trade as a share of its overall economic activity.
SOURCE: Bank for International Settlements, International Financial Statistics, and authors’ estimates.
7
Top Twenty Globalized Nations
1. Ireland 2. Switzerland 3. Singapore 4. Netherlands 5. Sweden 6. Finland 7. Canada 8. Denmark 9. Austria 10. United Kingdom
Copyright © South-Western, a division of Thomson Learning. All rights reserved.
Growth of World Exports
During the past thirty years, world trade in goods and services has exhibited positive growth rates for all but two years.
13
Balance of Payments Accounting
• To understand how economists measure international transactions in the real and financial sectors of an economy, and how these sectors are linked, we turn to the balance of payments (BOP) accounting system.
• Its TNI is only 40.3 and it does not appear on the list of the top ten TNCs by TNI.
11
Calculation
15 ,1988 4,5 928 14 ,0500
43 ,0701 62 ,8953 31 ,0300 3
6
Cross-Border Transaction in Bonds and Equities
In Germany, the United States, and the United Kingdom, international transactions in bonds and equities have grown by more than 3,000 percent, 1000 percent, and 700 percent respectively.
1989
190.0
3.1
61:1
1992
252.0
4.7
54:1
1995
297.5
5.0
60:1
1998
372.5
5.4
69:1
2001
300.0
6.6
45:1
2004
367.2
பைடு நூலகம்
7.0
52:5
SOURCES: Held, David, Anthony McGrew, David Goldblatt and Jonathan Perraton, Global Transformations, p. 209; Bank for International Settlements, Central Bank Survey of Foreign Exchange and Derivatives Market Activity, 1998, p. 5; International Monetary Fund, World Economic Outlook, 1998, p. 200, and authors’ estimates.
INTERNATIONAL MONETARY AND
FINANCIAL ECONOMICS Third Edition
Joseph P. Daniels David D. VanHoose
Chapter 1
Keeping Up with a Changing World
Trade Flows, Capital Flows, and the Balance of Payments
8
The Top Global Companies
Ranked by Foreign Assets
Rank
Company
Home Country
Industry
1
Vodaphone
United Kingdom Telecommunication
2
General Electric United States
FOREIGN EXCHANGE TURNOVER AND WORLD EXPORTS
Foreign Exchange
World Exports of Goods
Turnover
($ trillion)
($ trillion)
1979
$17.5
$1.5
Ratio 12:1
1986
75.0
2.0
38:1
Switzerland
5
British American United Kingdom
Tobacco
6
Electrolux
Sweden
7
Interbrew
Belgium
8
Anglo American United Kingdom
9
Astrazeneca United Kingdom
10
Phillips
4.3 0%
12
The Top Global Companies
Based on Transnationality
Ranking 1 2 3
Company Rio Tinto Thomson
ABB
Home Country U.K. / Australia
Canada Switzerland
4
Nestlé
example:
– Typical business services such as banking and financial services, insurance, and consulting.
– Tourism
16
Current Account
• Income Receipts: Includes items such as
Source: Foreign Policy
11. Norway 12. United States 13. France 14. Germany 15. Portugal 16. Czech Republic 17. Spain 18. Israel 19. New Zealand 20. Malaysia
outflow (e.g., import). • Credit Entries: Transactions that generate a payment
inflow (e.g., export).
14
Balance of Payments
• The current account is the broadest measure of a nation’s real sector trade.
• A transnationality index measures this. • It is calculated by averaging the ratios of
– Foreign assets to total assets – Foreign sales to total sales – Foreign employees to total empolyees.
Petroleum
7
BP
United Kingdom
Petroleum
8
Toyota Motor
Japan
Motor Vehicles
9
Telefónica
Spain
Telecommunications
10
Fiat
Italy
Motor Vehicles
9
Transnationality
• Are the activities of the world’s largest firms really spread out globally?
SOURCE: International Monetary Fund, International Financial Statistics, various issues, and authors’ estimates.
5
Growth of Trade and Foreign Exchange Transactions
– Investment income on US-owned assets abroad. – Receipts of income on US direct investment abroad. – Government income receipts
• Income Payments: Includes items such as
Electrical
3
ExxonMobile
United States
Petroleum
4 Vivendi Universal
France
Diversified
5
General Motors United States
Motor Vehicles
6 Royal Dutch/Shell United Kingdom / Netherlands
– Investment income on foreign-owned assets in the United States.
– Payments of income on foreign direct investment in the United States