第三章国际收支
国际金融—国际收支
理论上讲，自主性交易的收入大于支出，即 为国际收支盈余；反之，则为国际收支赤字；收入 等于支持或自主性交易差额为零，则为国际收支平 衡。需要通过补偿性交易才达到的平衡，是形式上 的国际收支平衡和实际上的国际收支不平衡。
一、国际收支的盈余、赤字与平衡 国际收支的盈余、
国际收支账户汇总表
项目
1 商品 2 服务 3 收入 4 经常转移 5 资本转移 6 直接投资 7 证券投资 8 其他投资 9 储备资产 总计 2307 3+60 800 100 100 100+6+40+48 1000 40 3+800 48 2307
借方（万元） 借方（万元）
1000+50
贷方（万元） 贷方（万元）
一、国际收支的概念
（3） IMF的国际收支定义 IMF的国际收支定义 国际收支是指在一定时期内（一年、一季度、 一月）一国（或地区）居民与非居民之间全部经济 交易的货币价值的系统记录。这是所谓“广义的国 “ 际收支” 际收支”概念。 以交易为基础的“广义的国际收支”概念比以 “广义的国际收支” 支付为基础的“狭义的国际收支”概念更符合二战 “狭义的国际收支” 以来国际经济交易活动的实际状况。
二、国际收支平衡表
1、基本原理 国际收支平衡表是指一国在一定时期内（一 年、一季度、一月）将其国际收支按照特定账户分 类和复式簿记原理进行反映的报表。 根据IMF最新出版的《国际收支手册》第五版， 其账户分类如下：
二、国际收支平衡表
（1）账户分类 A.经常账户：是指对实际资源在居民与非居民之间的 流动进行记录的账户，它包括：商品、服务、收入、 经常转移。 a.商品： 记录商品的进出口，即有形贸易。出口记贷方， 进口记借方，按离岸价格(FOB)计价。 b.服务： 记录运输、旅游、通讯、金融、保险等服务的 输入输出，即无形贸易。输出记贷方，输入记借方。
自考00076国际金融章节详细精讲课件复习资料
第二章国际储备第三章第四章外汇实务第五章第六章第七章第八章国际结算第九章第十章第十一章重点重点重难点重点难点重点重难点第一章国际收支本章重难点分析第一节国际收支与国际收支平衡表一、国际收支1（1（2（3第一节国际收支与国际收支平衡表一、国际收支广义的国际收支是指一个经济体居民与非居民之间发生的所有经济交易活动的汇总。
它以交易为基础，不仅包括贸易收支和非贸易收支，也包括资本的输入和输出；不仅包括已实现的外汇收支交易，也包括未实现的外汇收支交易。
国际货币基金组织建议采用广义的国际收支概念。
一、国际收支2（1（2一、国际收支2（3二、国际收支平衡表二、国际收支平衡表1二、国际收支平衡表二、国际收支平衡表23二、国际收支平衡表4第一节国际收支与国际收支平衡表三、国际收支平衡表的结构（1）经常账户，包括货物、服务、初次收入和二次收入四个子账户。
（2）资本与金融账户，包括资本账户和金融账户两个子账户。
（3）误差与遗漏净额是作为残差项推算的，于轧平账户时使用。
四、国际收支平衡表的内容四、国际收支平衡表的内容1.（1（212个四、国际收支平衡表的内容2.3.四、国际收支平衡表的内容四、国际收支平衡表的内容1.（1（2四、国际收支平衡表的内容2.（1（2（3四、国际收支平衡表的内容（4（5四、国际收支平衡表的内容讲解归纳与举例）A. B./处置C. D.【正确答案：B】/谢谢第二节国际收支平衡表的分析一、分析国际收支平衡表的意义（1（2（3一、分析国际收支平衡表的意义（1（2（3二、国际收支平衡表分析方法（三种）二、国际收支平衡表分析方法（三种）1.二、国际收支平衡表分析方法（三种）2.二、国际收支平衡表分析方法（三种）3./ 4.二、国际收支平衡表分析方法（三种）二、国际收支平衡表分析方法（三种）三、国际投资头寸表三、国际投资头寸表三、国际投资头寸表1.2.三、国际投资头寸表3.4.三、国际投资头寸表5.（1（2（3（4讲解归纳与举例A. B.C. D.【正确答案：B】谢谢第三节国际收支的调节一、国际收支平衡表的平衡与失衡一、国际收支平衡表的平衡与失衡二、国际收支失衡的原因二、国际收支失衡的原因三、国际收支失衡的经济影响（1（2（3（4（1（2四、国际收支调节方法四、国际收支调节方法1.四、国际收支调节方法2.。
第三章 国际收支账户和国际支付体系
§3 国际收支的会计原理
④本国居民收到的国外的单方面转移， 记入贷方（+） 本国居民对非居民的单方面转移， 记入借方（-）
⑤官方储备减少，记入贷方（+） 官方储备增加，记入借方（-）
§3 国际收支的会计原理
3、凡属于下列情况均应记入贷方： (1)向外国提供商品或劳务(出口)；(2)外国人 提供的捐赠与援助；(3)国内官方当局或私人放 弃国外资产或国外负债的增加；(4)官方储备的 减少。 凡属于下列情况均应记入借方： (1)从外国获得的商品和劳务(进口)；(2)向外 国政府或私人提供的援助、捐赠等；(3)国内官 方当局或私人的国外资产的增加或国外负债的减 少；(4)官方储备的增加。
（其他例题：见书上P96）
国际收支的记帐练习
（注：以下各例中的本国均指美国，编制美国的 BPS分录记帐） [例1]本国企业运用其在国外银行的存款进口50万 美元的设备。 [例2]本国向外国出口60万美元的货物，货款三月 后才能到，但三月后收回债权时正好是下一个 编表年度。 [例3]本国政府动用外汇储备40万美元和70万美元 的药品向外国提供援助 。 [例4]本国企业将其在国外获得的投资利润200万 美元进行再投资，以扩大对外直接投资规模。
问题：以下交易分别属于借方还是贷方项目？ 进口货物；出口货物 非居民向居民提供服务；居民向非居民提供 服务 非居民从本国取得收入；居民从外国取得收 入 居民对非居民提供单方面转移；非居民对居 民提供单方面转移 居民获得外国资产；非居民获得本国资产 居民偿还非居民的债务；非居民偿还居民的 债务 官方储备资产增加；官方储备资产减少
判断居民的小练习
*某中国人移民到美国，属于（ ）居民。 *我国驻美大使或外交人员，属于（ ）非居 民。 *IBM在中国的分公司，属于（ ）居民。 *我国的驻俄罗斯大使馆，属于（ ）居民。 *国际货币基金组织，属于（ ）非居民。
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).。
国际金融名词解释
《国际金融》名词解释第一章外汇与汇率名词解释1)我国对外汇的定义：按照《中华人民共和国外汇管理条例》的定义，外汇是指下列以外币表示的可以用作国际清偿的支付手段和资产，具体包括：（1）外国货币，包括纸币、铸币；（2）外币支付凭证，包括票据、银行存款凭证、邮政储蓄凭证等；（3）外币有价证券，包括政府证券、公司证券、股票等；（4）特别提款权SDRs、欧洲货币单位ECU；（5）其他外汇资产，主要是指各种外币投资收益，比如股息、利息、债息、红利等。
2)直接标价法：又称应付标价法。
指以一定的外国货币为标准，折算为一定数额的本国货币来表示其汇率。
3)间接标价法：又称应收标价法。
指以一定单位的本国货币为标准，折算为一定数额的外国货币来表示其汇率。
4)远期汇率：指买卖双方成交后，在约定的日期办理交割时采用的汇率。
5)自由浮动：或称清洁浮动，是指一国货币当局对汇率的波动不进行任何干预，而完全任由汇率依外汇市场的供求变化而自由波动。
第二章外汇交易名词解释1)外汇期货：外汇期货交易是指交易双方在交易所内通过公开竞价的方式成交后，承诺在未来某一日期以约定的汇率（一般以美元报价）交割特定标准数量某种外汇的活动。
2)套期保值：指在有远期负债/资产的情况下，买进/卖出币种相同、金额相等、期限一样的外汇，避免该货币的汇率变动风险，达到保值的目的。
3)外汇期权交易：指期权购买者向期权出售者支付一定比例的费用（期权费）之后，即可在期权有效期内按协定汇率履行或放弃买卖一定金额某种外汇的一种外汇交易。
4)外汇期权：也称为货币期权，指合约购买方向出售方支付一定期权费之后，所获得的在未来约定日期或一定时间内，按照规定汇率买进或者卖出一定数量外汇资产的选择权。
第三章国际收支名词解释1)国际收支：（狭义）一个国家或地区在一定时期内，由于经济、政治、文化等各种对外交往而发生的，必须立即结清的外汇的收入与支出。
（广义）指一国或地区居民与非居民在一定时期内所进行的全部经济交易的系统记录，2)自主性交易：指经济实体或个人出自某种经济动机和目的独自进行的交易。
第3章 国际收支的平衡与调节
古典学派的国际收支自动调节理论-1
1、 特点：该理论是建立在货币数量论基础上，以金 本位制和自由贸易的存在为前提。 调节过程均涉及三个小环节，即黄金量多寡、物价高 低和进出口增减。 2、代表观点：休谟机制(物价-现金流动机制学说) 在金本位制度下，黄金的输出入，使外汇供求得到均 衡，并使汇率在一定范围内波动。但是无论任何国家， 如果其汇率继续维持在黄金输出点上，而黄金不断地 输出时，即使该国有巨额的黄金储备，它的黄金储备 终有枯竭的一天。 休谟认为，任何国家都不会发生黄金持续流出，以致 黄金储备流尽，而不能维持金本位制度的现象。这就 是“物价—现金流动机制”理论。这一思想，从1752 年至1914年间，先后受到亚当· 斯密、穆勒、马歇尔等 古典学派经济学家的发扬，而成为古典学派国际收支 调节理论的核心。
吸收论
评价 吸收分析法是建立在宏观的、一般均衡 的基础上的，比微观的、局部的弹性分析 法有所进步，并强调了政策配合的意义， 不过，它仍有不足之处，表现在： 第一，两点假设（贬值是出口增加的唯一因 素、生产要素转移机制平滑）不切实际； 第二，倾斜地以国际收支中的贸易项目为研 究对象，而忽视日益发挥重要作用的资本 项目，从而使其理论无法完满。
Y＞A， B＞0，国际收支顺差 Y＜A， B＜0，国际收支逆差 Y=A， B＜0，国际收支平衡
2.对策分析 它与弹性分析理论一样都侧重于分析货 币贬值政策对国际收支逆差的影响。 当Y＜A，国际收支逆差时， Y↑或A↓，或两者兼用。
具体应结合国内的经济状况来考虑：
所谓边际吸收倾向，是指每增加的单位 收入中用于吸收的百分比。 在货币贬值而引发价格上涨的情 况下，实际现金余额效应使得人们减少 消费或卖出金融资产。减少支出意味着 支出相对于收入的减少，人们卖出证券 将间接提高利率，抑制了企业投资与居 民消费。
国际收支分析课件
中国国际收支调节政策与实践
总结词
外汇管理、财政政策、货币政策
详细描述
中国国际收支调节政策主要包括外汇管理、财政政策和 货币政策等。外汇管理政策通过调节汇率波动、加强跨 境资金流动监管等措施来平衡国际收支。财政政策通过 调整关税、进口环节税等措施来影响贸易收支。货币政 策通过利率、汇率等工具来调节资本流动和投资收益等。 这些政策相互配合，共同维护国际收支平衡和金融稳定。
2023
PART 04
国际收支理 论
REPORTING
弹性分析法
总结词
详细描述
总结词
详细描述
该理论主要关注汇率变动对贸 易余额的影响。
弹性分析法认为，汇率的变动 会影响一个国家的出口商品价 格和进口商品价格，进而影响 出口额和进口额，最终影响国 际收支。
该理论认为，汇率的贬值可以 改善贸易余额。
总结词
经济全球化、国际产业分工、资本流动
详细描述
中国国际收支失衡的原因主要包括经济全球化背景下国际产业分工的变化、资本流动的 冲击等。国际产业分工的变化使得中国在国际贸易中扮演着重要的角色，出口规模不断 扩大，同时也带来了贸易顺差的问题。资本流动的冲击也可能导致国际收支失衡，例如
外商直接投资、热钱流入等。
外汇政策
外汇政策是指政府通过干预外汇市场、调整 汇率等手段来调节国际收支的宏观经济政策。 在国际收支方面，外汇政策的主要目标是保 持汇率的稳定和调节国际收支。
具体而言，政府可以通过在外汇市场上买卖 外汇来影响汇率。当一国国际收支出现顺差 时，政府可以增加外汇市场上本币的供应量， 使本币贬值，从而增加出口和降低进口，缩 小顺差。相反，当一国国际收支出现逆差时， 政府可以减少外汇市场上本币的供应量，使 本币升值，从而增加进口和降低出口，缩小
第三章 国际收支
当今社会国际间贸易往来相当频繁，当用
货币支付贸易款项时，就产生了国际收支。 除此之外，国际间的经济、 政治、文化、 军事、体育等各个方面的往来也会产生国际收 支。
（二）国际收支的演化
狭义国际收支概念的出现： 国际收支概念最早起源于17世纪初。当时它等同 于一个国家的贸易收支差额。这是因为，在资本主义
国际收支衡量报告期内的每一笔对外经济 交易活动。一般以一年为报告期。
第二，国际收支所反映的内容是以货币 记录的经济交易。 4类经济交易：
1。交换 A商品服务与商品服务的交换 B金融资产与商品服务的交换 C金融资产之间的交换 2。转移 A商品服务由一方向另 一方转移 B金融资产由一方向另 一方转移
3。移居 4。其他交易，有些交易并没有发生资金或商品的国际流动 ，但可以根据推论确定居民与非居民之间交易的存在，也需 要在国际收支中记录。
但是，随着世界经济的发展，现有的国际收支概念越来越不 能全面反映一国的国际收支情况。特别是二战后，国际资本流动 规模越来越大，各国间的易货也司空见惯。此外，经常涉及单方 面的经济援助、军事援助、战争赔款等方方面面的转移，尤其是 美国。于是为适应国际经济发展的需要，如实地反映各国对外交 往的实际情况，国际收支的概念的范围和外延被不断扩大，并最 终使国际收支概念的表述建立在类似权责发生制的国际交易的基 础上。以交易为基础，既包括以实现外汇收支的交易，也包括尚 未实现外汇收支的交易，从而形成了广义的国际收支概念。
1。产权关系明晰，所有权和监护权明确，政企分开，有 一个自由竞争的市场环境。
2。经济主体最大限度的追求利益，从而使交换采用市场 交换的方式。企业是经济人，能够对价格信号作出反 应，能以获利为目的进行成本和收益分析。 3。存在健全的保护市场体系运行的法律制度，要有一套 保护市场经济运行的制度保障。 4。资源要素可以自由流动，商品和资本可自由输出入 5。政府在经济系统中扮演守业人角色，政府主要功能是 维护市场经济的有效运行。
第三章国际收支账户
• 官方的短期对外借款或贷款可以缓冲收支不平衡对官方储备变 动的压力。
• 官方结算差额是政府用于平衡自发收支项目总差额的项目，它 衡量了一国货币当局所愿意弥补的国际收支差额。
• 官方结算顺差=官方储备净增额+对外国官方的流动负债净减额 官方结算逆差=官方储备净减额+对外国官方的流动负债净增额
1110 1420
差额
-890 -30 150 -100 -870
925 -40 -30 15 870
0
第四节 国际收支差额分项
一、国际收支平衡表的分析
➢ 纵向比较 ➢ 横向比较 ➢ 表内项目分析
✓ 逐项分析 ✓ 差额分析：商品贸易差额、经常账户差额、资本和金融账户
差额和总差额（总差额＝经常账户差额＋资本和金融账户差 额＋错误和遗漏净值＝储备账户变化）
本节练习题
1、由于一国的国际收支不可能正好收支相抵，因而国际 收支平衡表的最终差额绝不会为零。 错 根据复式记 账法，国际收支平衡表的余额恒为零。
2、经常账户和资本与金融账户都属于自主性交易账户。 错 资本与金融账户中的储备账户主要发生补偿性交易。
3、当一国出现经常账户赤字时，可以通过资本和金融账 户的盈余或者动用国际储备来为经常账户融资，因此无 需对经常账户的赤字加以调节。 错 长期经常账户赤字 表明本国国内实体经济运行存在问题，本国无法在长期 内吸引外国投资，用资本和金融账户盈余来为经常账户 的赤字融资，同时，本国的国际储备是有限的，也无法 无限制地动用国际储备来为经常账户融资，因此对于长 期经常账户赤字，有必要采取主动型的政策加以化解。
6、借记间接投资40万美元，贷记其他投资40万美元
《国际收支》PPT课件
7
二、国际收支的特征—对概念的解释
第一，国际收支是一个流量概念,它与一定的报 告期相对应，一般以一年为报告期。--与国际借 贷的区别
第二，国际收支所反映的内容是以货币记录的经 济交易。4页
第三，国际收支记录的经济交易必须是本国居民 与非居民之间发生的经济交易。
26
（ 二 ） 资 本 与 金 融 帐 户 （ Capital and financial account）
5
一、国际收支与国际平衡表的概念
狭义的国际收支的概念是指一个国家或地区在一定时 期内，由于经济、文化等各种对外交往而发生的，必 须立即结清的外汇收入与支出。--现金基础
广义的国际收支概念是指一国或地区居民与非居民在 一定时期内全部经济交易的货币价值之和。它是以交 易为基础，既包括贸易收支和非贸易收支，也包括资 本的输出输入；既包括已实现外汇收支的交易，也包 括尚未实现外汇收支的交易。--交易基础
（储备资产减少） (储备资产增加）
（1）货币黄金 （2）特别提款权 （3）在国际基金组织的储备头寸 （4）外汇 （3）其他债权
三、误差与遗漏帐户 15
国际收支的记账方法
以我国为例，列举6笔交易来说明国际收支的记账方法 及各账户之间的相互关系。
[例1]我国企业向美国出口设备100万美元，其出口所获 取收入存入该公司在美国银行的存款账户上。则记
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一、国际收支平衡表的记账原理
国际收支平衡表是根据“有借必有贷、借贷必 相等”的复式簿记原理编制的。
借方表示该经济体资产（资源）持有量的增加， 贷方表示资产（资源）持有量的减少。
具体见５页第２段－从外汇的角度
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国际金融教案
本章要求了解国际结算的基本工具和其功能 考察国际结算的基本方式 区分各类国际结算业务的差别 弄清国际结算中的风险和防范措施 思考现实中的几个实例与本章学习内容的联系 重点与难点： 教学重点：国际结算的基本方式，国际结算中的风险和防范措施 教学难点：各类国际结算业务的差别
国际金融 课程教案
授课题目（教学章节或主题）： 第一章 外汇汇率与国际收支
授课类型 授课时间
理论教学 第周第节
教材分析： 国际收支是衡量一国经济对外开放性的主要工具，它真实地记录了一国与其他国家
间的商品与服务以及资本和劳动力等生产要素的国际流动。外汇汇率的变化受宏观、微
观经济中许多因素的影响，也反过来影响国际收支中各个账户的变化和一国经济的运行。
本章要求了解汇率制度和外汇管制的基本概念 知晓浮动汇率制度和固定汇率制度的优缺点 熟悉外汇管制的内容 掌握各种外汇管制的方法
-2-
重点与难点： 教学重点：外汇管制的内容，各种外汇管制的方法 教学难点：各种外汇管制的方法 教学内容与过程论法、案例法，辅以多媒体教学法
教学内容与过程（设想、方法、手段） 讲授法、参与法、辩论法、案例法，辅以多媒体教学法
思考题、讨论题、作业： 1．简述国际储备结构管理的原则。 2．一国国际清偿能力包括哪些？ 3．国际储备最主要的来源有哪些？
参考资料（含参考书、文献等）： [1]胡东华.国际金融.武汉大学出版社 [2]陈雨露.国际金融第四版.中国人民大学出版社 [3]保罗.克鲁格曼、M.奥伯斯法尔德.《国际经济学》（第 5 版）中国人民大学出 版社
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本章要点：国际收支平衡表及其主要内容； 国际收支不平衡分析；国际收支不平衡的调
节；国际收支理论及中国的国际收支
引例:
• 中国大陆的官方储备从1950年的差不多只有1亿多美元，到 2009年的接近2万亿美元，在短短60年的时间中，增长了2万倍。 外汇储备上扬的背后，是我国经济实力的大幅提高，无论是经 常项目还是资本项目，都进入了良性循环。
2、平衡表的主要内容－经常帐户
• （3）收入income，包括两大类交易收入。 一是职工报酬compensation of employees ，主要是
个人在非居民经济体为该经济体居民工作而得到
工资、薪水和福利。（在大使馆工作的当地 职工所得包括在内）。 • 二是投资收入，指居民与非居民之间有关金融 资产与负债的收入与支出，包括直接投资、证 券投资和其他投资所得。
举例：
• 假设A国某年度一共发生了如下六笔国际经济交易：
• （1）A国某服装厂向英国某公司出口了100万美元的服装，
从而导致该企业在海外银行存款的相应增加。商品出口行 为导致本国外汇收入增加计入贷方，同时在海外银行存款
的增加，应记入借方。
•
借：在外国银行的存款 100万美元
•
贷：商品出口
100万美元
• C 其他投资other invenstment，未包括在其他三 项目（直接投资、证券投资和官方储备）中的投 资，包括贸易信贷、贷款、货币和存款、一级其 他资产和负债（如各种应收款和应付款）。
2、平衡表的主要内容－资本和金融帐户
• D 储备资产reserve assets，货币当局可以随时动用且控 制在手的外部资产，包括货币黄金、外汇、在国际货币基 金组织中的储备头寸和特别提款权。
• 官方储备为负，则储备增加，为正则储备减少。 • 2006年1－6月中国官方储备＝－139－122234＋270＝－
122112 • 特别提款权是国际货币基金组织创设的记帐单位，是按会
员国份额比例无偿分配的“纸黄金”，只能在基金组织范 围内用于某些特定用途，如清偿的基金组织的债务、交纳 份额、以划帐形式获取其他可兑换货币等，未动用的特别 提款权构成一国的储备资产。
• 借：商品进口
50万美元
•
官方储备
50万美元
•
对外长期投资 100万美元
•
贷：海外投资利润收入 200万美元
பைடு நூலகம்
• （6）A国居民动用其在海外存款50万美元，用以购买外国 某公司的债券。这笔交易可记录为：
• 借：证券投资
50万美元
•
贷：在外国银行的存款 50万美元
2、平衡表的主要内容－经常帐户
• 记录实质资源在国际间的流动，包括商品、 劳务、收入和经常性转移。
• （4）经常转移 current transfer，不涉及回报
的资源所有权变更，不论这种变更是自愿还是非
自愿。可以分为两大类，
• 一是各级政府和其他部门转移，如政府间 的经济援助、捐赠、战争赔款等；
• 二是个人之间、非政府机构之间的转移， 如侨汇、继承、捐赠、资助性汇款。
2、平衡表的主要内容－资本和金融帐户
bookkeeping），每个帐户分借贷两方
• （1）凡引起本国外汇收入的项目，亦称正号项目，记入贷方， 记为“＋”（通常省略） ；
• （2）凡引起本国外汇支出的项目，亦称负号项目，记人借方， 记为“－”。
• （3）每一笔交易都同时被记录一个帐户的借方或另一帐户的 贷方，金额相等，因此平衡表全部项目的借方总额与贷方总 额总是相等的，其净差额为零。每个项目的借贷双方的金额 并不一定相等。
• 广义：指一国和地区居民与非居民在一定 时期内全部经济交易的货币价值之和。
• 以交易为基础，遵循会计上的权责发生制， 包括已收支及未收支的交易。
1、国际收支定义
• 国际货币基金组织在《国际收支手册》中给国际收支 下的定义是“国际收支是一定时期的统计报表，它 着重反映：
• ①一国与其他国家之间商品、劳务和收入的交易； • ②该国货币、黄金、特别提款权以及对其他国家债
• 二、资本和金融帐户 capital and financial account
• 1.资本帐户 capital account
• 2.金融帐户 financial account
•
直接投资 direct investment
•
证券投资 portfolio investment
•
其他投资 other investment
变化，有直接投资、证券投资、其他投资 和储备资产等四部份构成。
• A 直接投资direct investment：指一国的非居民 到该国开厂、采矿、办企业、设公司以及收买拥 有外国企业的股权达到一定的比例。（IMF规定 这一比例最低为10％）
• B 证券投资 portifolio invenstment，包括股本证 券和债务证券
产转移（如，投资捐款，增加受援国购置固定资 产的能力） ； • 债权人不索取任何回报而取消的债务（如，某些 发达国家免除发展中国家对其的债务）。各种无 形资产如专利、版权、商标、租赁和其他可转让 合同的交易。
2、平衡表的主要内容－资本和金融帐户
• （2）金融帐户 • 反映居民与非居民之间投资与借贷的增减
二、国际收支平衡表（balance of payments statement）
• 1、概念：也称国际收支帐户，是一国国家 或地区在一定时期内以货币形式表示的对 外经济、政治及文化往来的系统记录和总 结的一种统计表。见资料1
• 编制步骤：设置 帐户――对帐户进行归类――帐
户的排列
• 编制原理：复式簿籍（double-entry
• （4）中国国家机关（含中国驻外使馆）、团体、部队。
2、国际收支的特征
• （4）是事后概念。交易已发生，与会计学 科同。
讨论:
• 以下经济交易是否应列入我国国际收支，为什么？ • （1）美国通用电器公司在中国子公司与母公司的
业务往来。 • （2）一日本来我国观光游客在我国的花销。 • （3）某国驻中国大使馆一年的外交礼仪费用。 • （4）在我国工作5年的外国专家在我国的开支。 • （5）亚洲开发银行在我国的楼宇、办公费用 • （6）世界银行在我国的办公费用 • （7）花旗银行上海分行的办公费用
权、债务的所有变化和其他变化； • ③无偿转移支付，以及根据会计处理的需要，平衡
前两项没有相互抵消的交易和变化的对应记录”。 • 可见也是广义的概念
具体看包括如下交易:
• 1．金融资产与商品和劳务之间的交换，即以货币 为媒介商品和劳务的买卖；
• 2．商品和劳务与商品和劳务之间的交换，即物物 交换；
• 记录资产所有权在国际间的流动状况，指 资本帐户下的资本转移、非生产、非金融 资产交易以及其他所有引起一经济体对外 资产和负债发生变化的金融帐户。
2、平衡表的主要内容－资本和金融帐户
• （1）资本帐户 • 包括资本转移和非生产、非金融资产的收买和放
弃。资本转移有三种： • 固定资产所有权的资产转移； • 同固定资产收买或放弃相关的或以其为条件的资
• 转移：一交易者向另一交易者提供了经济价值，但是没有 得到任何补偿。
• 移居：一个人把住所从一经济体搬迁到另一经济体的行为， 由此导致的对外资产、债务关系的变化；
• 其他交易：某些情况下可以根据推论确定交易的存在，尽 管没有发生实际流动，也需要记录在一国的国际收支中。
2、国际收支的特征
• （3）本国居民与非居民之间的交易； • 居民与非居民是以居住地为划分标准的，居
• （4）对于资产负债而言，资产增加记借方负责增加记贷方。
2、主要内容及格式
2010年中国国际收支报 告公布.doc
帐户
借方 贷方
• 一、经济帐户current account
• 1.商品 goods
• 2.服务service
• 3.收入 income
• 4.经常转移current transfer
民指一个国家的经济领土内具有经济利益的经济 单位和自然人，在一国居住超过1年以上的法人和
自然人军属于该国的居民，而不管该法人和自 然人的注册的和国籍。但有例外，如外交 使节、驻外军事人员、留学生和出国就医 者。国际性机构是任何一国的非居民。
注意:居民和公民的区别
• 我国在自1996年1月1日起实施的《国际收支统计申报办 法》中规定：
• （2）A国居民到外国旅游，共花费10万美元，该笔花费从
该居民的海外存款账户中扣除。这笔交易可记录为：
•
借：服务
10万美元
•
贷：在外国银行的存款 10万美元
• （3）接受某外商以价值2000万美元的设备为对价的一项
投资，其在A国设立独资企业。这笔交易可记录为：
•
借：商品进口
2000万美元
•
贷：外国对A国的直接投资 2000万美元
“十二五”规划纲要明确提出，国际收支趋向基本平衡是“十二五”时 期经济社会发展的主要目标之一。
第一节 国际收支概念
• 一、概念(conception)
• 1、定义
• 国际收支（balance of payments），直译为支付 差额，有狭义和广义两种理解
• 贸易收支————外汇收支————国际收支
• 3．金融资产和金融资产之间交换； • 4．无偿的、单向的商品和劳务转移； • 5．无偿的、单向的金融资产转移。
2、国际收支的特征
• （1）是一个流量概念，通常以年为报告期；
2、国际收支的特征
• （2）反映以货币记录的经济交易，包括交换、转移、移 居和其他交易四方面
• 交换：一交易者向另一交易者提供一宗经济价值（如实际 资源、金融资产）并从对方得到价值相等的回报。