国际金融(双语)Chap 3
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国际金融英文版CH3
Chapter 3
Foreign Exchange Market and Foreign Exchange Rate
Foreign Exchange Market
Foreign exchange is another country’s money. The dynamic meaning of the foreign exchange refers to the act of trading different country’s currencies.
Foreign exchange market structure
Customers buy $ with ￥
Local banks
Foreign exchange brokers
Major banks Interbank markets
Local banks
Customers buy ￥ with $
The foreign exchange market is an informal, over-the-counter and around-the-clock market.
It has no centralized meeting-place and no formal requirements for participation.
A spot exchange rate is the current market price, the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.
Convertibility means a currency can be freely exchanged for another currency. This is the most important characteristic of the foreign exchange.
Foreign Exchange Market and Foreign Exchange Rate
Foreign Exchange Market
Foreign exchange is another country’s money. The dynamic meaning of the foreign exchange refers to the act of trading different country’s currencies.
Foreign exchange market structure
Customers buy $ with ￥
Local banks
Foreign exchange brokers
Major banks Interbank markets
Local banks
Customers buy ￥ with $
The foreign exchange market is an informal, over-the-counter and around-the-clock market.
It has no centralized meeting-place and no formal requirements for participation.
A spot exchange rate is the current market price, the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.
Convertibility means a currency can be freely exchanged for another currency. This is the most important characteristic of the foreign exchange.
国际金融学第三讲课件
国际金融学第三讲
• 例：某日纽约银行报出英镑与美元、美元与德国马克的汇率，套 算英镑与德国马克的汇率： GBP1=USD1.6808/1.6816 USD1=DM1.6917/1.6922 可得：GBP1=DM2.8434/2.8456
国际金融学第三讲
（3）从汇率是否适用于不同用途的角度分： • 单一汇率：是指在一个国家内，在所有的国际经 济活动之中两种货币之间只有一个比价，即汇率。 • 复汇率：是外汇管制的产物，曾被很多国家采用 过。我国在1981年－1993年实行的外汇双轨制就 是复汇率的一种主要形式。
USD1＝JPY110.43 • 则GBP1＝JPY1.4×110.43＝JPY154.60。
国际金融学第三讲
• 某日纽约银行报出美元与瑞士法郎、美元与德国马克的汇率，套 算德国马克和瑞士法郎之间的汇率： USD1=CHF1.3894/1.3904 USD1=DM1.6917/1.6922 可得：DM1=CHF0.8211/0.8219
国际金融学第三讲
（4）从外汇买卖的交割期限分：
• 即期汇率：又称现汇汇率，是买卖双方成交后，在两个营业日之 内办理外汇交割时所使用的汇率。
• 远期汇率：又称期汇汇率，是买卖双方成交后，在约定的未来某 个日期按成交时商定的汇率办理交割。
• 一般地，当远期汇率高于即期汇率时，称之为远期汇率升水，反 之称为贴水。
遍接受性除了与各国的外汇管理制度有关外，还与一国货币价格 的稳定
• 货币名称 • 人民币 • 美元 USD • 日元 JPY • 欧元 EUR • 英镑 GBP
• 德国马克
• 瑞士法郎
英文简写 货币名称 英文简写
RMB
爱尔兰镑
IEP
意大利里拉 ITL
• 例：某日纽约银行报出英镑与美元、美元与德国马克的汇率，套 算英镑与德国马克的汇率： GBP1=USD1.6808/1.6816 USD1=DM1.6917/1.6922 可得：GBP1=DM2.8434/2.8456
国际金融学第三讲
（3）从汇率是否适用于不同用途的角度分： • 单一汇率：是指在一个国家内，在所有的国际经 济活动之中两种货币之间只有一个比价，即汇率。 • 复汇率：是外汇管制的产物，曾被很多国家采用 过。我国在1981年－1993年实行的外汇双轨制就 是复汇率的一种主要形式。
USD1＝JPY110.43 • 则GBP1＝JPY1.4×110.43＝JPY154.60。
国际金融学第三讲
• 某日纽约银行报出美元与瑞士法郎、美元与德国马克的汇率，套 算德国马克和瑞士法郎之间的汇率： USD1=CHF1.3894/1.3904 USD1=DM1.6917/1.6922 可得：DM1=CHF0.8211/0.8219
国际金融学第三讲
（4）从外汇买卖的交割期限分：
• 即期汇率：又称现汇汇率，是买卖双方成交后，在两个营业日之 内办理外汇交割时所使用的汇率。
• 远期汇率：又称期汇汇率，是买卖双方成交后，在约定的未来某 个日期按成交时商定的汇率办理交割。
• 一般地，当远期汇率高于即期汇率时，称之为远期汇率升水，反 之称为贴水。
遍接受性除了与各国的外汇管理制度有关外，还与一国货币价格 的稳定
• 货币名称 • 人民币 • 美元 USD • 日元 JPY • 欧元 EUR • 英镑 GBP
• 德国马克
• 瑞士法郎
英文简写 货币名称 英文简写
RMB
爱尔兰镑
IEP
意大利里拉 ITL
《国际金融》3
investment banker
firm
Indirect Transfer using Investment Banker funds
investment banker securities
firm
Indirect Transfer using Investment Banker funds saver
Financial Markets
Financial Market: a market in which financial assets (securities) such as stocks and bonds can be purchased or sold Provide for financial intermediation--financial savings (Surplus Units) to investment (Deficit Units) Provide payments system Provide means to manage risk
Money (Financial) Market Government
Government issues government bonds, notes and treasury bills to finance government activities.
These are promissory notes issued by the government when it borrows money.
Securities in the Financial Market
Highly liquid, low risk Treasury Bills (T-Bills) Certificates are short-term securities •T-Bills of Deposit (CDs) issued by the Commercial Paper Federal government. •After initial sale, they have an active Eurodollars secondary market. Banker抯 Acceptances •They are bought at a discount and at maturity the investor receives the full face value.
国际金融英语Part Three Foreign Exchange and Foreign Exchange Market
E.g. To a Japanese, u.s. dollar is foreign exchange, and to an American, Japanese Yen is foreign exchange.
B. The foreign exchange market is a market for converting the currency of one country into that of another country. The major participants in the foreign exchange market are large commercial banks that operate at two levels-retail and interbank:
II. Quotation Methods of Exchange Rates
A. Direct Quotation Method
It reflects the amount of home currency that is required to buy the foreign currency. And China uses Direct quotation.
Unit 6. Foreign Exchange Market
I. Definitions of Foreign Exchange & Foreign Exchange Market
A. Foreign exchange is defined as the currency of another country.
A. Currency Conversion
• Currency speculation (short-term movements of funds from one currency to another one in the hopes of profiting from the fluctuations in exchange rates) is another use of foreign exchange markets. E.g. A US company has $ 10 m to invest for 3 months. Suppose the company suspects that US dollar is overvalued against franc. That is the company expects the value of the dollar to depreciate against franc. The current dollar/franc exchange rate is $1=FFr 6, the company exchange its $ 10 m into francs and receive FFr 6o m. In 3 months, $1=FFr 5 (dollar depreciate against franc), then the company exchange its FFr 60 m into $ 12 m. Thus, the company gets profits = $12 m-$10 m = $ 2 m.
B. The foreign exchange market is a market for converting the currency of one country into that of another country. The major participants in the foreign exchange market are large commercial banks that operate at two levels-retail and interbank:
II. Quotation Methods of Exchange Rates
A. Direct Quotation Method
It reflects the amount of home currency that is required to buy the foreign currency. And China uses Direct quotation.
Unit 6. Foreign Exchange Market
I. Definitions of Foreign Exchange & Foreign Exchange Market
A. Foreign exchange is defined as the currency of another country.
A. Currency Conversion
• Currency speculation (short-term movements of funds from one currency to another one in the hopes of profiting from the fluctuations in exchange rates) is another use of foreign exchange markets. E.g. A US company has $ 10 m to invest for 3 months. Suppose the company suspects that US dollar is overvalued against franc. That is the company expects the value of the dollar to depreciate against franc. The current dollar/franc exchange rate is $1=FFr 6, the company exchange its $ 10 m into francs and receive FFr 6o m. In 3 months, $1=FFr 5 (dollar depreciate against franc), then the company exchange its FFr 60 m into $ 12 m. Thus, the company gets profits = $12 m-$10 m = $ 2 m.
国际金融课件第3章4课时
2008 All copy rights reserved.
5
Market Size
Main FX market average daily turnover, 1988 - 2007, in billions of USD
Source: Bank for International Settlements (December 2007)
Buying53
USD
682.69
CHF
603.48
JPY
6.3568
CAD
638
AUD
549.56
EUR
962.95
Cash Buying Rate
1175.15 86.83 677.22 590.75 6.2228 624.55 537.97 942.65
Suppose that bank in London may be unwilling to continue holding the pounds… • The top-tier inter-bank market accounts for 53% of all
transactions. • Participants in inter-bank market: commercial banks
CHAPTER 3
THE FOREIGN EXCHANGE MARKET
2008 All copy rights reserved.
2
Foreign Exchange
• Foreign exchange is the act of trading different nations’ moneys.
1 U.K. Pound = 1.762 188.9974 1.2463 1.8816
5
Market Size
Main FX market average daily turnover, 1988 - 2007, in billions of USD
Source: Bank for International Settlements (December 2007)
Buying53
USD
682.69
CHF
603.48
JPY
6.3568
CAD
638
AUD
549.56
EUR
962.95
Cash Buying Rate
1175.15 86.83 677.22 590.75 6.2228 624.55 537.97 942.65
Suppose that bank in London may be unwilling to continue holding the pounds… • The top-tier inter-bank market accounts for 53% of all
transactions. • Participants in inter-bank market: commercial banks
CHAPTER 3
THE FOREIGN EXCHANGE MARKET
2008 All copy rights reserved.
2
Foreign Exchange
• Foreign exchange is the act of trading different nations’ moneys.
1 U.K. Pound = 1.762 188.9974 1.2463 1.8816
国际金融英文课件3
Introduction to Foreign Exchange Market
An international network of dealers - It consists of a limited number of major dealer institutions that are particularly active in foreign exchange, trading with customers and (more often ) with each other. Most are commercial banks and investment banks - Although geographically dispersed in numerous financial centres around the world, these dealer institutions are linked to each other through telephones, computers, and other electronic means.
Introduction to Foreign Exchange Market
The World's Largest Market It is by far the largest and most liquid market in the world. The estimated worldwide turnover of reporting dealers, at around $2 trillion a day (in 2004). – 7 times the level of turnover in the US Government securities market. The breadth, depth, and liquidity of the market are truly impressive. ($200 ~ $500 million per individual trade; 20 times a minute, 18,000 changes per day) The five major centers of Forex trading, are based in London, New York, Zurich, Frankfurt and Tokyo.
国际金融英文版(全)
2.研究对象
（1）国际货币及借贷资本运动 规律 （2）国际货币经营和管理的各 种业务及组织机构 （3）国际货币信用制度及政策 措施
一 国际金融的概念﹑重要性及特点
4.国际金融的特点
（1）是一种全球性的货币信用活动 （2）不仅是货币信用空间的相对简单的扩大，其所涉及的范围更广，影响因素 更为复杂。 （3）必须借助于国际支付手段 （4）国际货币信用活动要涉及不同的语言文字和风俗习惯 （5）不仅受各国法律约束，而且受各种国际协议，国际准则及惯例的l Equities
Currency futures and options
Interest rate futures and options
一 国际金融的概念﹑重要性及特点
1.概念
国际金融一般是指与国际间的货 币流通和银行信用有关的一切业 务活动
3.重要性
Non-bank
Public international financial institutions public global financial institutions regional public national public Private international financial institutions global private regional private national private
Eurocurrency markets
International Debt Markets-long-term
Short-and Medium-term Debt Markets International Equities
国际金融课件chap03-The Foreign Exchange Market-1.
Chap 3 The Foreign Exchange Market
3.1 Basics of Currency Trading 3.2 Foreign Exchange Market Activity 3.3 Demand and Supply for Foreign
Exchange 3.4 Foreign Exchange Trading
Second, where?
The global business was distributed in 2007 :
United Kingdom
34%
United States
17
Switzerland
6
Japan
6Байду номын сангаас
Singapore
6
Hong Kong
4
Australia
4
France
3
Germany
The US dollar was used in seven of the ten most heavily traded currency pairs, partly due to its use as a vehicle currency for cross-trading between other currencies.
Case study: Brussels sprouts a new currency
P34
Knowledge about the Trading
What is being traded in the global foreign exchange market?
Where is the trading done? Who are the traders?
3.1 Basics of Currency Trading 3.2 Foreign Exchange Market Activity 3.3 Demand and Supply for Foreign
Exchange 3.4 Foreign Exchange Trading
Second, where?
The global business was distributed in 2007 :
United Kingdom
34%
United States
17
Switzerland
6
Japan
6Байду номын сангаас
Singapore
6
Hong Kong
4
Australia
4
France
3
Germany
The US dollar was used in seven of the ten most heavily traded currency pairs, partly due to its use as a vehicle currency for cross-trading between other currencies.
Case study: Brussels sprouts a new currency
P34
Knowledge about the Trading
What is being traded in the global foreign exchange market?
Where is the trading done? Who are the traders?
国际金融英文版
From 1934 to the end of the War, countries adopted paper standard, the gold standard was virtually abandoned.
The international trade and investment declined to a historical low level with the protectionist policies adopted by many countries.
Commodity-backed money refers to the bank notes which are backed by gold or silver. The bank notes can be freely converted into gold or silver.
Fiat money is inconvertible money that is made legal tender by government decree. The only thing gives the money value is the faith placed in it by the people that use it.
Exports decline Imports increase
Money supply up Prices up
Performance of the gold standard
Long-term price stability (lower inflation rate) 0.1% (1880 – 1914), 4.2% (1946 – 1990)
Chapter 4
International Monetary System
The international trade and investment declined to a historical low level with the protectionist policies adopted by many countries.
Commodity-backed money refers to the bank notes which are backed by gold or silver. The bank notes can be freely converted into gold or silver.
Fiat money is inconvertible money that is made legal tender by government decree. The only thing gives the money value is the faith placed in it by the people that use it.
Exports decline Imports increase
Money supply up Prices up
Performance of the gold standard
Long-term price stability (lower inflation rate) 0.1% (1880 – 1914), 4.2% (1946 – 1990)
Chapter 4
International Monetary System
国际金融学3章-PPT精品文档68页
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§3.1 外汇与汇率概述
国家或地区 中国 香港 美国 日本 欧元区 瑞典 瑞士 英国 澳大利亚 加拿大
货币 人民币 港元 美元 日元 欧元 瑞典克朗 瑞士法郎 英镑 澳元 加元
符号 RMB¥ HK$ US$ ¥ € SKr SF £ A$ Can$
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ISO标准代码 CNY HKD USD JPY EUR SEK CHF GBP AUD CAD
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§3.1 外汇与汇率概述
• ④ 我国外汇的规定： – 外国货币：外币钞票、铸币等； – 外币有价证券：政府公债、国库券、公司债券、 股票、息票等； – 外币支付凭证：商业票据、银行存款凭证、邮 政储蓄凭证等； – 其他外汇资金
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§3.1 外汇与汇率概述
第三章 外汇与汇率
第一节 外汇与汇率概述 第二节 汇率的决定及其变动 第三节 西方汇率理论简介
本章学习目的：
第一：认识和了解外汇与外汇汇率的概念及 其种类；
第二：理解和掌握决定影响外汇汇率变动的 因素，以及汇率变动对经济的影响；
第三：熟悉和理解西方汇率理论的基本框架 和内容。
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§3.1 外汇与汇率概述• 按交易对象划分：– 同业汇率(inter-bank rate)：指银行同业之间使用。即中间 价。
– 商人汇率(commercial rate)：指银行对非银行客户时使用。 即买入价和卖出价。
• ⑥按换算标准划分：
– 基础汇率(basic rate)：一国货币同关键货币的比价。 – 套算汇率(cross rate)：又称交叉汇率。即两国货币汇率通
国际金融(英文版)Chapter 3 Macroeconomic Policy in an Open
Figure 3.6 Case 1: fiscal expansion under floating exchange rates
Figure 3.7 Case 2: fiscal expansion under floating exchange rates
A small open economy with perfect capital mt what he called the principle of effective market classification should be used by economic policy-makers in conjunction with Tinbergen’s instruments-targets rule.
Chapter 3
Macroeconomic policy in an open economy
3.1 The problem of internal and external balance
Much of the 1950s and 1960s literature was concerned with how the authorities might simultaneously achieve both internal and external balance.
Figure 3.5 illustrates the case of monetary expansion under floating exchange rates.
Figure 3.5 A monetary expansion under floating exchange rates
Fiscal expansion under floating exchange rates
国际金融学第三讲课件
个月的远期汇率为1.2903/1.2918。
国际金融学第三讲
（5）从汇率的测算方法来分： • 名义汇率:是指官方公布的本外币之间的汇率 • 实际汇率: • 实际汇率＝名义汇率±财政补贴和税收减免 • 实际汇率＝名义汇率—通货膨胀率 • 有效汇率：是一种加权汇率指数。例如按照贸易 比重加权的有效汇率可以用公式表示为：
HKD
奥地利先令
ATS
芬兰马克
FIM
比利时法郎
BEF
新西兰元
NZD
国际金融学第三讲
• 4、外汇现钞：指境内居民个人持有的外币现钞存款， 主要由境外携带入境，包括外币的纸币和辅币。
• 外汇现汇：指境外汇入的或携带入境的外汇票据， 如支票、汇款等。
• 现钞价格低于现汇价格：由于现钞不能直接用于国 际结算，必须运输到所在国，或者其他金融市场， 存入当地银行才能成为现汇。
国际金融学第三讲
• （2）从制定汇率的不同方法分： • 基本汇率 • 套算汇率：
• ——汇率套算的基本方法： • 汇率的标价方法相同（同为直标或同为间标），
套算方法是交叉相除。 • 汇率的标价方法不同（一个为直接标价法，另一
个为间接标价法），套算方法是同边相乘。
国际金融学第三讲
• 例：已知英国、日本两国基本汇率 GBP1＝USD1.4
国际金融学第三讲
（6）从汇率的政府干预程度来分：
• 固定汇率：是指一国货币当局选择本国货币钉住某基准国际货币 或者某一货币指数，在一定的时期内通过直接的外汇管理措施或 间接的调控措施维持本币对该基准货币汇率不变。
• 浮动汇率（清洁浮动）：是指汇率完全由外汇市场的供求决定， 货币当局不以汇率固定为目标经常干预汇率的波动。
其中： ρ为本币的升（贴）水率 ； i为本国的一年期投资收益； i*为外国同种投资的收益。
国际金融学第三讲
（5）从汇率的测算方法来分： • 名义汇率:是指官方公布的本外币之间的汇率 • 实际汇率: • 实际汇率＝名义汇率±财政补贴和税收减免 • 实际汇率＝名义汇率—通货膨胀率 • 有效汇率：是一种加权汇率指数。例如按照贸易 比重加权的有效汇率可以用公式表示为：
HKD
奥地利先令
ATS
芬兰马克
FIM
比利时法郎
BEF
新西兰元
NZD
国际金融学第三讲
• 4、外汇现钞：指境内居民个人持有的外币现钞存款， 主要由境外携带入境，包括外币的纸币和辅币。
• 外汇现汇：指境外汇入的或携带入境的外汇票据， 如支票、汇款等。
• 现钞价格低于现汇价格：由于现钞不能直接用于国 际结算，必须运输到所在国，或者其他金融市场， 存入当地银行才能成为现汇。
国际金融学第三讲
• （2）从制定汇率的不同方法分： • 基本汇率 • 套算汇率：
• ——汇率套算的基本方法： • 汇率的标价方法相同（同为直标或同为间标），
套算方法是交叉相除。 • 汇率的标价方法不同（一个为直接标价法，另一
个为间接标价法），套算方法是同边相乘。
国际金融学第三讲
• 例：已知英国、日本两国基本汇率 GBP1＝USD1.4
国际金融学第三讲
（6）从汇率的政府干预程度来分：
• 固定汇率：是指一国货币当局选择本国货币钉住某基准国际货币 或者某一货币指数，在一定的时期内通过直接的外汇管理措施或 间接的调控措施维持本币对该基准货币汇率不变。
• 浮动汇率（清洁浮动）：是指汇率完全由外汇市场的供求决定， 货币当局不以汇率固定为目标经常干预汇率的波动。
其中： ρ为本币的升（贴）水率 ； i为本国的一年期投资收益； i*为外国同种投资的收益。
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retirement pensions. • A current account deficit implies that a country is
running a net surplus in capital account and that the country is a net borrower from the rest of the world
– A debit（借方）entry represents a loss of foreign exchange. (outflow)
Surplus - The value of the credits exceed the debits
Deficit - The value of the debits exceed the credits
Only apply to particular area of the balance of payments.
宁波工程学院国商教研室蒋力编
2-3
BPM6 BY IMF
宁波工程学院国商教研室蒋力编
2-4
Components of the BOP
• Current Account • Capital Account • Statistical Discrepancy
宁波工程学院国商教研室蒋力编
2-10
Additional BOP Summary Measures
• Balance of Trade—the value of merchandise exports minus imports. Page68 "Domestic bussiness firm and labor union...., it is popularly cited measures."
宁波工程学院国商教研室蒋力编
2-9
Statistical Discrepancy
• Statistical Discrepancy refers to the measurement errors and omissions resulting from problems of incomplete or inaccurate data.
宁波工程学院国商教研室蒋力编
2-6
• How big is the U.S.current account deficit compare to other countries? P64
• How big is the China current account surplus compared to other countries?
宁波工程学院国商教研室蒋力编
2-2
Features of the BOP
• BOP follows the accounting procedure of doubleentry bookkeeping (debits and credits). P59（复式记 账法）
– A credit（贷方）entry records an item or transaction that brings foreign exchange into the country. (inflow)
宁波工程学院国商教研室蒋力编
宁波工程学院国商教研室蒋力编
2-5
Current Account
• The current account includes the value of trade in merchandise, services, income from investments, and unilateral transfers.
• /china/cur rent-account-to-gdp
宁波工程学院国商教研室蒋力编
2-7
$133billion (highest )
宁波工程学院国商教研室蒋力编
$67billion
2-8
Capital Account
• The capital account include: – Direct Investment – Purchases of Equity and Debt Securities – Bank Claims and Liabilities – U.S. Government Assets Abroad – Foreign Official Assets in the U.S.
Chapter 3 The Balance of Payments
宁波工程学院国商教研室蒋力编
Balance of Paymens• Balance of Payments (BOP) - an accounting record of a country’s trade in goods, services, and financial assets with the rest of the world during a particular time period (year or quarter).
• Merchandise—tangible goods. • Services—include travel and tourism, royalties(版权),
transport costs, and insurance. • Income from investments—interest and dividends. • Unilateral transfers—include foreign aid, gifts, and
• Official Settlements Balance—essentially measures the international reserve change, furthermore, it measures the potential pressure on the value of domestic currency relative to foreign exchange
running a net surplus in capital account and that the country is a net borrower from the rest of the world
– A debit（借方）entry represents a loss of foreign exchange. (outflow)
Surplus - The value of the credits exceed the debits
Deficit - The value of the debits exceed the credits
Only apply to particular area of the balance of payments.
宁波工程学院国商教研室蒋力编
2-3
BPM6 BY IMF
宁波工程学院国商教研室蒋力编
2-4
Components of the BOP
• Current Account • Capital Account • Statistical Discrepancy
宁波工程学院国商教研室蒋力编
2-10
Additional BOP Summary Measures
• Balance of Trade—the value of merchandise exports minus imports. Page68 "Domestic bussiness firm and labor union...., it is popularly cited measures."
宁波工程学院国商教研室蒋力编
2-9
Statistical Discrepancy
• Statistical Discrepancy refers to the measurement errors and omissions resulting from problems of incomplete or inaccurate data.
宁波工程学院国商教研室蒋力编
2-6
• How big is the U.S.current account deficit compare to other countries? P64
• How big is the China current account surplus compared to other countries?
宁波工程学院国商教研室蒋力编
2-2
Features of the BOP
• BOP follows the accounting procedure of doubleentry bookkeeping (debits and credits). P59（复式记 账法）
– A credit（贷方）entry records an item or transaction that brings foreign exchange into the country. (inflow)
宁波工程学院国商教研室蒋力编
宁波工程学院国商教研室蒋力编
2-5
Current Account
• The current account includes the value of trade in merchandise, services, income from investments, and unilateral transfers.
• /china/cur rent-account-to-gdp
宁波工程学院国商教研室蒋力编
2-7
$133billion (highest )
宁波工程学院国商教研室蒋力编
$67billion
2-8
Capital Account
• The capital account include: – Direct Investment – Purchases of Equity and Debt Securities – Bank Claims and Liabilities – U.S. Government Assets Abroad – Foreign Official Assets in the U.S.
Chapter 3 The Balance of Payments
宁波工程学院国商教研室蒋力编
Balance of Paymens• Balance of Payments (BOP) - an accounting record of a country’s trade in goods, services, and financial assets with the rest of the world during a particular time period (year or quarter).
• Merchandise—tangible goods. • Services—include travel and tourism, royalties(版权),
transport costs, and insurance. • Income from investments—interest and dividends. • Unilateral transfers—include foreign aid, gifts, and
• Official Settlements Balance—essentially measures the international reserve change, furthermore, it measures the potential pressure on the value of domestic currency relative to foreign exchange