国际经济学英文PPT

Double-entry
o IBM sells $25 million worth of computers to a German importer. o Payment is made by a bill of exchange, which increases the balances of New York banks at their Bonn correspondents’ bank. o Because the export involves a transfer of U.S. assets abroad for which payment is to be received, it is entered in the U. S. balance of payments as a credit transaction. o IBM’s receipt of payment held in the German bank is classified as a short-term financial movement because the financial claims of the United States against the German bank have increased.
16.6
-68.2
$-541.8
US Balance
Capital & financial account
Capital account transactions, net -3.1 Financial account transactions, net 579.0 Statistical discrepancy -34.1 Balance on capital & financial account $541.8
Double-entry
o debit – payment to foreign source o merchandise imports o transportation & travel expenditures o gifts to foreign residents o foreign investment by U.S. residents
Double-entry
o Even though the entire balance of payments must numerically balance by definition, it does not necessarily follow that any single subaccount or subaccounts of the statement must balance.
Double-entry
o A surplus occurs when the balance on a subaccount (subaccounts) is positive;
o A deficit occurs when the balance is negative.
US Balance of Payments, 2003 ($ bill.)
-549.4
59.2 -490.2
US Balance of Payments, 2003 ($ bill.) Current account
Income receipts & payments investment income, net 21.9 employee compensation -5.3 All income, net Unilateral transfers, net US Government grants -21.8 US Government pensions -5.3 Private remittances -41.1 All unilateral transfers Balance on current account
Current account
Merchandise trade exports $713.8 imports -1,263.2 Net Services Travel & transport, net -9.3 Military transactions, net -10.9 Royalties & license fees 28.0 other services, net 51.4 All services, net Balance on goods & services
Balance of Payments
Chapter 10
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Balance of Payments
o definition – a record of the economic transactions between the residents of one country and the rest of the world . o Nations keep record of their balance of payments over the course of a one-year period; o the United States and some other nations also keep such a record on a quarterly basis.
o All transactions are either debit or credit transactions
o Credit transactions result in receipt of payment from abroad o Merchandise exports o Transportation and travel receipts
o aid given by U.S. government
Double-entry
o Every international transaction involves an exchange of assets and so has both a credit and a debit side. o Each credit entry is balanced by a debit entry, and vice versa, so that the recording of any international transaction leads to two offsetting entries. o In other words, the balance-of-payments accounts utilize a double-entry accounting system.
Balance of Payments
o what is meant of resident? o Residents include businesses, individuals, and government agencies that make the country in question their legal domicile. o Although a corporation is considered to be a resident of the country in which it is incorporated, its overseas branch or subsidiary is not. o Military personnel, government diplomats, tourists, and workers who emigrate temporarily are considered residents of the country in which they hold citizenship.
Double-entry
o Income received from investments abroad
o Gifts received from foreign residents o Aid received from foreign governments o Local investments by overseas residents
Current Account
o definition – monetary value of transactions in goods, services, income flows and unilateral transfers o merchandise trade balance – includes all goods that U.S. exports or imports o surplus (positive balance) implies exports > imports o deficit (negative balance) implies imports > exports o goods and services balance – services added to merchandise trade balance
o For instance, total merchandise exports may or may not be in balance with total merchandise imports.
o When reference is made to a balance-of-payments surplus or deficit, it is particular subaccounts of the balance of payments that are referred to, not the over all value.