(国际经济学课件)ch12 NIA and the BP

» Financial inflow (capital inflow)
A loan from the foreigners with a promise that they will be repaid
» Financial outflow (capital outflow)
A transaction involving the purchase of an asset
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☺The National Income Accounts
Gross national product (GNP) – The value of all final goods and services produced by a country’s factors of production and sold on the market in a given time period – It is the basic measure of a country’s output.
✓ Official foreign exchange intervention Central banks often buy or sell
international reserves in private asset markets to affect macroeconomic conditions in their economies.
Y = C + I + G + EX – IM
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➢Capital and Financial Account
① The Capital Account
It records asset transfers .
② The Financial Account
It measures the difference between sales of assets to foreigners and purchases of assets located abroad.
Chapter 12
National Income Accounting and the Balance of Payments
Introduction
Two essential tools for studying the macroeconomics of open, interdependent economies. National income accounting
from foreigners
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➢The Statistical Discrepancy or (Net Error and
Omissions) Overall balance
The payment gap of current account +The payment gap of capital and financial account +omneitsseirornosr and
T is the government's “income” (its net tax revenue) Sg is government savings (T-G)
– Government budget deficit (G – T) »It measures the extent to which the government is borrowing to finance its expenditures.
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Saving and the Current Account CA = I – S=If(net foreign investment) An open economy can save either by building
up its capital stock or by acquiring foreign wealth, but a closed economy can save only by building up its capital stock (p304)
---9 86.3 13.7 10.1
- - - -98 31.3 67.5 82.5
---97.6 178. 155. 169.
175
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
- -148 -119 - 78
165.
4Байду номын сангаас.6
＞0 Surplus of Balance of Payment
＜0 Deficit of Balance of Payment
Basic Payment =current account payment
+capital account payment
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讨论：我国的误差与遗漏 单位(亿美元)
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
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184. 270 -168 -130 164 -261 -435 2
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➢Official Reserve Transactions
✓ Official international reserves Foreign assets held by central banks as a cushion against national economic misfortune
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☺The macro meaning of Current Account Balance
Current Account Balance CA = EX – IM
The Current Account and Foreign Indebtedness Y – (C+ I + G) = CA
– CA measures the size and direction of international borrowing. »A country’s current account balance equals the change in its net foreign wealth.(p302)
Records all the expenditures that contribute to a country’s income and output Balance of payments accounting
Helps us keep track of both changes in a country’s indebtedness to foreigners and the fortunes of its export- and import-competing industries
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Private and Government Saving – Private saving (Sp) »The part of disposable income that is saved rather than consumed Sp = I + CA – Sg = I + CA – (T – G) = I + CA + (G – T)