国际金融 托马斯A普格尔(著)第14版chapter2

Each credit transaction has a balancing debit transaction, and vice versa, so the overall balance of payments is always in balance
贷方项目=外国居民向本国居民支付的交易 =引起外汇供给的交易
Include: Gold Foreign Exchange Assets reserve position at the IMF Special Drawing Rights (SDRs) Other Creditor
1.3.4 Statistical Discrepancy (Error and omissions)
1.2 Accouting principles
Any exchange automatically enters the balance-ofpayments accounts twice: as a credit (+) and as a debit (-) of the same value. This is just an international application of the fundamental accounting principle of double-entry bookkeeping. • A credit (+) is a flow for which the country is paid • A debit (–) is a flow for which the country must pay
• Even the international flow of humans shows up in the balance of payments, when the migrants make purchases or send money back home
Key Terms
• Balance of Payments (BOP) 国际收支 • Double-Entry Accounting Principle 复式记帐法 • Credit and Debit Transactions 贷方交易与借方交易 • Current Account, Financial Account, Statistical Discrepancy 经常账户、金融账户、统计误差 • International Investment Position 国际投资头寸
ቤተ መጻሕፍቲ ባይዱ
1.3 The structure of BOP Account
1.3.1 Current Account
Records the values of goods and services sold and purchased abroad, plus net interest and other factor payments and net unilateral transfers and gifts. A current account surplus shows that a country has positive net foreign investment.
1.3.3 Official International Reserves
Assets held by a nation’s monetary authorities as a kind of “war chest” to enable them to intervene in the foreign exchange market if and when they decide to do so.
• Why can we use double-entry bookkeeping to record a transaction?
Credits (+) (leading to the receipt of payments from foreigners)
Debits (-) (Leading to payments to foreigners)
借方项目=本国居民向外国居民支付的交易 =引起外汇需求的交易 复式账法的三大规则： 1） 任何一笔交易发生，必然涉及借方和贷方两个 方面：有借必有贷，借贷必相等 2） 借方：不论实际资源还是金融资产，都表示持 有量的增加 3） 贷方：不论是实际资产还是金融资产，都表示 持有量的减少
借方用-表示，贷方用+表示 1. 出口（贷），进口（借） 2. 本国常住者为外国人提供劳务或者从外国取得投资 及其他收入（贷）；而外国人为本国常住者提供劳 务或从本国取得收入（借） 3. 本国常住者获得（指购买）外国资产（借），外国 常住者获得本国资产（贷） 4. 外国人偿还债务（贷），本国居民偿还外债（借） 5. 本国常住者收到国外单方面转移（贷），本国常住 者对外国单方面转移（借） 6. 官方储备减少（贷），官方储备增加（借）
(1) The data statistics is not complete (2) Statistics calculate repetitively and lapse
(3) Something is calculate
Six balances
Merchandise (goods) trade balance Goods and service balance (trade balance) Goods, service, and income balance Current account balance (net foreign investment) Financial account balance Overall balance (official settlement balance)
Six categories of flows
• • • • • • Merchandise trade flows Service flows Income flows Unilateral transfers Private capital flows Official international reserve flows
1.1 Balance of payment
A country’s balance of payments is a systematic （系统的 ）account （账户） of all the exchange of
value between residents（居民） of that country
and the rest of the world （世界其他地区） during a given time period （一段时间内）.
Something must be clarification
BOP is a flow not a stock
BOP is a record between domestic residents and non-residents. BOP is on the base of economic transactions
案例*：
例1．一家中国公司向法国出口计算机，法国进口商用他在中国 的 银行存款120万元支付。 借：对外国私人的短期负债 120万元 贷：商品出口 120万元 例2. 中国人去瑞士旅游，支付10万元食宿等费用。中国人在瑞士银 行用人民币旅行支票换成瑞士法郎，瑞士银行反过来把人民币支 票存入中国银行的户头上。 借：劳务进口 10万元 贷：对外国私人的短期负债 10万元 例3. 中国政府动用官方储备50万元向墨西哥提供无偿援助，同时， 还提供相当于50万元的食品、药物援助。 借：官方无偿援助 100万元 贷：官方储备 50万元 商品出口 50万元
Include: （1）Merchandise trad flows – visible trade （2）Service flows – invisible trade (3) Income flows a. Investment Income b. Compensation of employees
Merchandise imports Service imports Income paid on investments of foreigners Gifts to foreign residents Aid given by the home country’s government Overseas investment by home country’s residents Official reserve asset added
Payments among Nations
Lecture 1
Why do we need to learn this chapter?
• can help you to understand the connection between macro-economic activities and microeconomic behaviors • is also the key to understand how people use one kind of currency to exchange another one
Merchandise exports Service exports Income received from investments abroad Gifts received from foreign residents Aid received from foreign governments Investments in the home country by overseas residents Official reserve asset reduced
• Double-entry bookkeeping（复式记帐法）
means that each international transaction is recorded twice, once as a credit and once as a debit of an equal amount
(4) Unilateral transfer (gift) (Current transfer) a. Goverment grants b. Private individuals
1.3.2 Financial Account
Records the values of financial assets purchased and sold abroad by private residents (not monetary authorities) of the home country. A financial account surplus indicates that, on net, financial capital has flowed into the country Include: Direct investment 直接投资 Portfoli investment 证券投资 Other investment 其他投资
• Capital inflow:Either an increase in the nation’s
assets abroad, or a reduction in foreign assets in the nation. Credit items
• Capital outflow:
Either an increase in foreign assets in the nation, or a reduction in the nation’s assets abroad Debit items