中职教育-国际金融英语课件:Unit 4 BALANCE OF PAYMENTS.ppt
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Balance of Payments(国际金融香港大学,WONG Ka Fu)2.0.ppt
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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
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
19
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
国际金融英语International Finance 课件
If, revenues > expenditures If, revenues < expenditures
fiscal surpluses fiscal deficits
Hence, governments usually use two methods to cover fiscal deficits. One is raise tax rate (it may cause dissatisfaction from the public directly), another is to issue treasury bonds to cover deficits (it means the government will borrow money from the public and guarantee to repay principal with interests to the public in the future).
D. Finance (from personal perspective) is money management, in Chinese means “个人金融(理财)”.
It’s about how to allocate your personal incomes for consumption and investments, such as savings, buying financial products (T/B, housing, stocks, insurance, futures, mutual funds, foreign exchanges, and so on) from financial institutions to earn more money, but there is a risk for any investment.
中职教育-国际经济英语课件:Unit 4 Production.ppt
• The term oligopoly means "few sellers.” • The important feature of oligopoly is that each individual firm
can affect the market price.
Examples of Oligopoly
Monopoly -----Price Discrimination
• Because they lack competition, monopolies can engage in price discrimination to make it difficult for other firms to do business.
• Price discrimination is the ability to charge different customers different prices for the same good or service.
• For example, a railroad monopolist could charge different rates to different customers for carrying the same amount of freight. Today, thanks to the Clayton Antitrust Act, price discrimination for the most part is i. what are the advantages and disadvantages of parterships?
• 2. can you give some examples of each form of business organizations?
can affect the market price.
Examples of Oligopoly
Monopoly -----Price Discrimination
• Because they lack competition, monopolies can engage in price discrimination to make it difficult for other firms to do business.
• Price discrimination is the ability to charge different customers different prices for the same good or service.
• For example, a railroad monopolist could charge different rates to different customers for carrying the same amount of freight. Today, thanks to the Clayton Antitrust Act, price discrimination for the most part is i. what are the advantages and disadvantages of parterships?
• 2. can you give some examples of each form of business organizations?
国际金融PPT课件课件
《国际金融》PPT课件
2、外汇价格
E=S$/US$
SUS$
1.50 1.40 1.30
0
100 200
《国际金融》PPT课件
D US$ 300 US$
2、外汇价格
a)代理商供应或需求 $:
– 商品交易者:出口商向外国人出售商品,得 到$;同时进口商从海外购买商品,并支付$。
– 投资者:外国投资者用$换购S$,去购买SIA 发行的股票。新加坡的投资者用S$兑换成$, 去购买IBM的股票。
资本流入
$供给曲线外移
– S$的预期
投机资本
《国际金融》PPT课件
$供给曲线外移
3、外汇对冲、投机与套利
1)对冲与投机
由于汇率的波动,外汇市场的参与者因为汇 率的不确定性就可能使“未平仓交易”盈利 或亏损。面对汇率风险有两种表现: a)风险回避者:进行对冲来避免汇率风险, 或者将未平仓交易平仓。 b)风险获得者:进行投机,或不平仓。
《国际金融》PPT课件
2、外汇价格
2)固定、完全浮动和管理浮动汇率
a)固定汇率: – 管理当局将汇率固定在某一特定水平,不在
市场上进行操作。所以货币受到控制,不可 自由兑换。黑市交易盛行。
– 金本位或金汇兑本位制:汇率固定与黄金价 格挂钩。如1880-1914,1947-1971
– 贬值(升值):管理当局审慎地提高(降低) 汇率水平
3、外汇对冲、投机与套利
i)对销套利:
国际资本流动是无汇率风险的。这得益于风 险回避者进行的对冲。例如: S$对US$的即期汇率是:E=US$/S$1=US$ 即,S$1=(1/E) US$ 30天的远期汇率是: E30=US$/S$1=US$ 现在投资者想要购买US T-bill(30天)
2、外汇价格
E=S$/US$
SUS$
1.50 1.40 1.30
0
100 200
《国际金融》PPT课件
D US$ 300 US$
2、外汇价格
a)代理商供应或需求 $:
– 商品交易者:出口商向外国人出售商品,得 到$;同时进口商从海外购买商品,并支付$。
– 投资者:外国投资者用$换购S$,去购买SIA 发行的股票。新加坡的投资者用S$兑换成$, 去购买IBM的股票。
资本流入
$供给曲线外移
– S$的预期
投机资本
《国际金融》PPT课件
$供给曲线外移
3、外汇对冲、投机与套利
1)对冲与投机
由于汇率的波动,外汇市场的参与者因为汇 率的不确定性就可能使“未平仓交易”盈利 或亏损。面对汇率风险有两种表现: a)风险回避者:进行对冲来避免汇率风险, 或者将未平仓交易平仓。 b)风险获得者:进行投机,或不平仓。
《国际金融》PPT课件
2、外汇价格
2)固定、完全浮动和管理浮动汇率
a)固定汇率: – 管理当局将汇率固定在某一特定水平,不在
市场上进行操作。所以货币受到控制,不可 自由兑换。黑市交易盛行。
– 金本位或金汇兑本位制:汇率固定与黄金价 格挂钩。如1880-1914,1947-1971
– 贬值(升值):管理当局审慎地提高(降低) 汇率水平
3、外汇对冲、投机与套利
i)对销套利:
国际资本流动是无汇率风险的。这得益于风 险回避者进行的对冲。例如: S$对US$的即期汇率是:E=US$/S$1=US$ 即,S$1=(1/E) US$ 30天的远期汇率是: E30=US$/S$1=US$ 现在投资者想要购买US T-bill(30天)
国际金融英语International Finance 课件
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
机械工业出版社。 6、《经济学原理》,Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》,李若谷、张燕铃、 和广北等,新华出版社。 8、《金融市场与机构》,Jeff Madura, 北京大学出版社。
Recommended Media for Learning
II. Functions of Money
A. Medium of Exchange (流通手段)— basic function B. Standard of Value (价值尺度)— basic function C. Store of Value (价值储藏) D. Standard of Deferred Payment (延期支付标准) F. World Currency (世界货币)
职高英语unit04课件
Listening and speaking
1
Dialogue A Dialogue B
2
3
Everyday English
Dialogue A
Welcome to our party!
1 2
Activity 2 Activity 3 Activity 4
3
4
Activity 5
Activity 2
From: Allen [tommo@] To: Wang Yang [yangyang@] Subject: Welcome to my birthday party! Hi, Wang Yang, Would you like to come to my birthday party at 6 pm next Saturday? At the party, we can play games, tell jokes, and sing songs. I also want to invite some other classmates and some friends to the party. And you will find a big surprise at the party. Would you like to come? Regards, Allen
学习策略提示 在听英语对话时,有时我们只需要了 解内容大意,有时需要了解详细信息, 听对话前我们要明白任务要求,才能 更轻松自如地完成听力任务。
(
) friends
(
) teacher and student
(
) host and guest
Activity 7
Listen and judge. 再听录音,判断下列句子的正误。
中小学优质课件The Balance of Payment课件.ppt
• list some reasons why U.S. asked China to appreciate RMB.
Activity 2 the structure and main ideas of the text
• The text is cited from a foreign textbook. In the text, the author tells us
(alternative topic:
the international institutions)
Pre-reading activities Activity 1 Brainstorming
• make a list of questions and use them to interview entrepreneurs about the revaluation of RMB;
Components
Coverage
I. Current Account II. Capital Account III. Balance Account
Goods Services (incomes) Current transfers
Long term investment Short term investment
• Note:
• For the purposes of BOP reporting, the subsidiaries of a multinational are treated as being a resident in the country in which they are located.
• Net capital outflow increases are debit (-), i.e. capital outflows, eg. Domestic residents import foreign assets
Activity 2 the structure and main ideas of the text
• The text is cited from a foreign textbook. In the text, the author tells us
(alternative topic:
the international institutions)
Pre-reading activities Activity 1 Brainstorming
• make a list of questions and use them to interview entrepreneurs about the revaluation of RMB;
Components
Coverage
I. Current Account II. Capital Account III. Balance Account
Goods Services (incomes) Current transfers
Long term investment Short term investment
• Note:
• For the purposes of BOP reporting, the subsidiaries of a multinational are treated as being a resident in the country in which they are located.
• Net capital outflow increases are debit (-), i.e. capital outflows, eg. Domestic residents import foreign assets
国际金融学完整版课件最全电子教案
III. The Contents & Analysis of BOP
3.1 The Standard Components of BOP (IMF)
1. The steps of compiling BOP -- 设置项目( Items); -- 对各个项目进行分类,使其分属于不同的两个或
多个账户(Accounts); -- 项目与账户的排列。
• Institutional unit • Economic territory • Center of economic interest
1. Institutional unit – 机构单位
(1)家庭和组成家庭的个人 (2)法定的实体和社会实体,如公司和准公司,非
盈利机构和该经济体中的政府。 (3)国际组织等。
1. Price – 价格的确定
• 交易的计价基础是市场价格。
• 市场价格:在自愿基础上买方从卖方手中获取某 种物品而支付的货币金额;
• 不等同于市场报价、国际市场价格等总体价格;
• 不等同于自由市场价格:即不一定是在纯粹的竞 争市场环时候,如易货贸易、税收支 付,企业的分支机构与母公司的交易,附属企业 的交易,转移等时,习惯的做法是利用同等条件 下形成的已知市场价格推算需要的市场价格。交 易双方独立。
4. Net Error and Omissions
3.3 Accounting Principle – 记账原则
1. Double-entry accounting system(复式记账).
• This means that every recorded item should have a debit (借) and a credit (贷), and there should be a net balance of zero.
国际金融英语PPT
grammar
• Para3.p13 nothing more than 只不过 ,仅 仅是
• With collective action doing nothing more than devaluing money by causing inflation.
Sentence.p13
• It was this realization that inspired the blueprint for the post war international monetary system, the_____________.
• 1.What did the UK face in the 1920s?
• 2. What is the gold exchange standard and when did it come to an end?
The End of the Gold Standard Era and its Return
The Causes of the Collapse
Lack of an adequate adjustment mechanism
The huge destabilizing capital flows The outbreak of the Great Depression
This also was a period when nations imposed very high tariffs and other serious import restrictions.
The Automatic Adjustment Mechanism
Chapter 2
• para.1-4 the background • para.5-6 goals and structure of the IMF • para.7-18 the Bretton Woods System
International finance chapter 4(国际金融英文版课件)
of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged.
EXCHANGE RATE RISK
You
take a vacation in Japan and bring RMB along with you to convert into yen as needed to pay for your expensed and purchases.
Economic exposure
In accounting statement, remaining balance is 1million dollars, $1= ¥ 8.7 $1= ¥ 8, dollar , lost700,000 RMB.
Transaction exposure
Transaction exposure: the risk that exchange rates will change after a contract is agreed, but before it is completed (or after borrowing/lending agreements are established but before repayments have been made), and that major losses will occur as a result. This is a problem frequently faced by companies working in international markets. £1=SF 3.2 £1=SF 2.9 hold 1million pounds $1= ¥ 5.8 $1= ¥ 8 borrow 1 million dollars for one year
国际金融英语International Finance 课件
C. Finance (from corporate perspective), in Chinese means “公司财务”.
For a company, its assets are composed of equity (所 有者权益/自有资金)and liabilities (负债).
Assets = Equity + Liabilities
b) In the past, many things have served their turn as money, such as decorative shells, beads, stone axes, bronze, gold and silver.
c) Nowadays, for our daily point of view, money refers to notes, coins, checks, traveling checks and deposits.
机械工业出版社。 6、《经济学原理》,Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》,李若谷、张燕铃、 和广北等,新华出版社。 8、《金融市场与机构》,Jeff Madura, 北京大学出版社。
Recommended Media for Learning
Unit 1. Money
I. Money
A. Definition of money and review of money’s history.
a) Money is defined as anything that is generally acceptable in payment for goods and services, or in discharge of debts.
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(b) Services Balance
(c) Net Property Income Balance
(d) Current Transfers Balance
The Components of the BOP Account
• The capital account records all movement of capital from both private sources as well as official government sources between a country and the rest of the world.
• It must be noted that when the balances of both sections are added there can be a surplus or a deficit.
• The account must therefore show the treatments of any of these two situations as well as the item to “balance off” the account. This is strictly for accounting purposes. All surplus or deficits must be dealt with.
• It may consist of transfer of ownership of a fixed asset, direct investments, portfolio investments, other investments and reserve assets.
The Components of the BOP Account
balance on the current account.
The Components of the BOP Account
• The Current Account generally comprises four main items: (a) Merchandise Trade Balance
• Any item which gives rise to the purchase of foreign exchange (an outflow) is recorded as a debit item (-) in the accounts e.g imports of goods and services.
An economic transaction is an exchange of value. It involves a receipt and a payment of money in exchange for economic goods and services.
Accounting Treatment of Items
import and export of merchandise or goods) (b) Invisible balance (balance of invisible trade): primarily
the import and export of services. N.B. The sum of the two balances is referred to as the
Sample BOP Accounts
Sample BOP Accounts
5/9/2020
Sample BOP Accounts
Balance of Payments Disequilibrium
• A deficit or an unfavourable balance exists when the value of autonomous debit items exceeds the value of autonomous credit items.
The Components of the BOP Account
The Current Account generally comprises two sections: (a) Visible balance (balance of visible trade): primarily the
• A surplus or a favourable balance exists when the value of autonomous credit items exceeds the value of autonomous debit items.
Accounting Treatment of Items
• In terms of actual receipts and payments, a country may be faced in any given year with one of two situations. (a) A surplus or favourable balance on the BOP accounts. (b) A deficit or unfavourable balance on the BOP accounts.
• In standard accounting double entry bookkeeping, each transaction will result in a debit and a credit entry of equal size or amount.
• Thus in that sense, a country’s balance of payments accounts for any given year always balances.
Accounting Treatment of Items (Debit and Credit Items)
• Any item which gives rise to a sale of foreign exchange (an inflow) is recorded as a credit item (+) in the accounts e.g. export of goods and services.
The Components of the BOP Account
• The Balance of Payments Account consists of two parts: (i) A current account (ii) A capital (and financial) account
The Components of the BOP Account
• The Capital Account deals primarily with short term and long term flows/movements of capital, that is, it is concerned with international loans and investments.
Unit 4
BALANCE OF PAYMENTS
Defining Balance of Payments
The balance of payments is a record of all ecoБайду номын сангаасomic transactions conducted between a country and the rest of the world for a given time period, usually one year.
(c) Net Property Income Balance
(d) Current Transfers Balance
The Components of the BOP Account
• The capital account records all movement of capital from both private sources as well as official government sources between a country and the rest of the world.
• It must be noted that when the balances of both sections are added there can be a surplus or a deficit.
• The account must therefore show the treatments of any of these two situations as well as the item to “balance off” the account. This is strictly for accounting purposes. All surplus or deficits must be dealt with.
• It may consist of transfer of ownership of a fixed asset, direct investments, portfolio investments, other investments and reserve assets.
The Components of the BOP Account
balance on the current account.
The Components of the BOP Account
• The Current Account generally comprises four main items: (a) Merchandise Trade Balance
• Any item which gives rise to the purchase of foreign exchange (an outflow) is recorded as a debit item (-) in the accounts e.g imports of goods and services.
An economic transaction is an exchange of value. It involves a receipt and a payment of money in exchange for economic goods and services.
Accounting Treatment of Items
import and export of merchandise or goods) (b) Invisible balance (balance of invisible trade): primarily
the import and export of services. N.B. The sum of the two balances is referred to as the
Sample BOP Accounts
Sample BOP Accounts
5/9/2020
Sample BOP Accounts
Balance of Payments Disequilibrium
• A deficit or an unfavourable balance exists when the value of autonomous debit items exceeds the value of autonomous credit items.
The Components of the BOP Account
The Current Account generally comprises two sections: (a) Visible balance (balance of visible trade): primarily the
• A surplus or a favourable balance exists when the value of autonomous credit items exceeds the value of autonomous debit items.
Accounting Treatment of Items
• In terms of actual receipts and payments, a country may be faced in any given year with one of two situations. (a) A surplus or favourable balance on the BOP accounts. (b) A deficit or unfavourable balance on the BOP accounts.
• In standard accounting double entry bookkeeping, each transaction will result in a debit and a credit entry of equal size or amount.
• Thus in that sense, a country’s balance of payments accounts for any given year always balances.
Accounting Treatment of Items (Debit and Credit Items)
• Any item which gives rise to a sale of foreign exchange (an inflow) is recorded as a credit item (+) in the accounts e.g. export of goods and services.
The Components of the BOP Account
• The Balance of Payments Account consists of two parts: (i) A current account (ii) A capital (and financial) account
The Components of the BOP Account
• The Capital Account deals primarily with short term and long term flows/movements of capital, that is, it is concerned with international loans and investments.
Unit 4
BALANCE OF PAYMENTS
Defining Balance of Payments
The balance of payments is a record of all ecoБайду номын сангаасomic transactions conducted between a country and the rest of the world for a given time period, usually one year.