北大金融学课件(英文版)第2章(4课时)
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CHAPTER 2
PAYMENTS AMONG NATIONS
2008 all copy rights reserved.
00-2
What’s the Balance of Payment?
• A set of accounts recording all flows of value between a nation’s residents and the residents of the rest of the world during a period of time. • The balance of payments is a statistical statement that systematically summarizes, for a specific period of time, the economic transactions of an economy with the rest of the world. (IMF definition)
2008 all copy rights reserved.
• Capital outflow (debit)
00-11
Transaction 2
• Some Brazilian tourists spend $6 mn in U.S., paying for their hotels and meals through New York bank deposits.
2008 all copy rights reserved.
00-6
Principles for Double-Entry
• Credit entries:
Exports of goods and services Capital inflow Income being paid
• Debit entries:
2008 all copy rights reserved.
00-4
Six Categories
• • • • • Merchandise trade flows (goods flows) Service flows Income flows Unilateral transfers (gifts) Private capital flows (nonofficial flows of financial assets) • Official reserve asset flows
2008 all copy rights reserved.
00-15
A Simple Balance of Payment Account
Flows & Balance Merchandise trade flows Service flows Income flows Unilateral transfers Private capital flows Official reserve asset flows Credit(+) Debit(-)
(19+3)=22 6 15 3 (54+15)=69 6 19 54
Net
-32 6 -15 -3 63 -19 0
Grand balance of credits minus debits
2008 all copy rights reserved.
00-16
Six Key Balances
Net surplus or deficit
2008 all copy rights reserved.
00-5
Double-entry Bookkeeping
• Each transaction enters the accounts twice: as a credit and a debit of the same value at the same time. • A credit(+) is a flow for which the country is paid. • A debit(-) is a flow for which the country must pay.
Debit(-)
2008 all copy rights reserved.
00-14
Transaction 5
• U.S government gives $3 mn in foreign aid to the government of Egypt in the form of wheat.
$ mn Credit(+) Merchandise exports (wheat) Unilateral transfers $3 $3 Debit(-)
2008 all copy rights reserved.
00-19
Six Categories
• • • • • Merchandise trade flows (goods flows) Service flows CA Income flows Unilateral transfers (gifts) Private capital flows (nonofficial flows of KA financial assets) OR • Official reserve asset flows
Income payment (interest paid) Private Capital inflow (increase in banks liabilities to foreigners) $15
Debit(-)
$15
2008 all copy rights reserved.
00-13
$ mn Credit(+)
Service exports (tourism) $6
Debit(-)
$6
Private capital outflow
(reducing bank’s deposit liability to a foreign residents)
2008 all copy rights reserved.
2. Foreign assets previously obtained -
Bank of Vancouver
2008 all copy rights reserved.
00-10
Capital flows
• Capital inflow (credit)
Reduction in an economy’s foreign assets Increase in assets held by foreigners Reduction in foreign liabilities to domestic residents Increase in liabilities to foreigners
2008 all copy rights reserved.
00-17
Capital outflow Capital inflow
2008 all copy rights reserved.
00-18
Some Concepts (1)
• Trade balance : net balance of trade in goods and services • Current account balance (CA): balance on goods, services, income and gifts • Private capital account balance (KA): net flows of financial assets and similar claims • Overall balance (B) =current account balance + private capital account balance = (negative of) the official reserve balancgovernment sells $19 mn worth of wheat to Russia, being paid with $19mn in gold by the Russian government.
$ mn Credit(+)
Merchandise exports (wheat) Increase in official reserve assets (gold) $19 $19
00-8
Payments through Banking
Importer in U.S.
Bank’s liability
Exporter in Canada
1. Bank’s liability to foreigners +
Bank of New York
2. Assets held by foreigners +
2008 all copy rights reserved.
00-9
Payments through Banking
Importer in U.S. Exporter in Canada
Bank’s liability
1. Foreign liability to domestic residents -
Credit(+)
Merchandise imports (natural gas)
Debit(-)
$54
Private capital inflow
$54
(increasing bank’s deposit liability to a foreign residents)
2008 all copy rights reserved.
Merchandise trade balance -32 Goods and services balance -26 Goods, service and income balance -41 Current account balance -44 Private capital flows 63 Overall balance 19 (current account (-44) + private capital flows (63))
00-12
Transaction 3
• U.S Treasury pays $15 mn in interest on its past borrowing from Japanese investors, paying with checks on a New York bank.
$ mn Credit(+)
Increase in an economy’s foreign assets Reduction in assets held by foreigners Increase in foreign liabilities to domestic residents Reduction in liabilities to foreigners
Imports of goods and services Capital outflow Income paid to foreigners
2008 all copy rights reserved.
00-7
Transaction 1
• An U.S utility company buys $54 mn in natural gas from a Canadian firm. It pays by writing a check on its deposits in a New York bank. $ mn
2008 all copy rights reserved.
00-3
Who sets the standard?
• IMF BOP Manual • International standard for conceptual framework underlying balance of payments statistics. • 1948, 1950, 1961, 1977, 1993
PAYMENTS AMONG NATIONS
2008 all copy rights reserved.
00-2
What’s the Balance of Payment?
• A set of accounts recording all flows of value between a nation’s residents and the residents of the rest of the world during a period of time. • The balance of payments is a statistical statement that systematically summarizes, for a specific period of time, the economic transactions of an economy with the rest of the world. (IMF definition)
2008 all copy rights reserved.
• Capital outflow (debit)
00-11
Transaction 2
• Some Brazilian tourists spend $6 mn in U.S., paying for their hotels and meals through New York bank deposits.
2008 all copy rights reserved.
00-6
Principles for Double-Entry
• Credit entries:
Exports of goods and services Capital inflow Income being paid
• Debit entries:
2008 all copy rights reserved.
00-4
Six Categories
• • • • • Merchandise trade flows (goods flows) Service flows Income flows Unilateral transfers (gifts) Private capital flows (nonofficial flows of financial assets) • Official reserve asset flows
2008 all copy rights reserved.
00-15
A Simple Balance of Payment Account
Flows & Balance Merchandise trade flows Service flows Income flows Unilateral transfers Private capital flows Official reserve asset flows Credit(+) Debit(-)
(19+3)=22 6 15 3 (54+15)=69 6 19 54
Net
-32 6 -15 -3 63 -19 0
Grand balance of credits minus debits
2008 all copy rights reserved.
00-16
Six Key Balances
Net surplus or deficit
2008 all copy rights reserved.
00-5
Double-entry Bookkeeping
• Each transaction enters the accounts twice: as a credit and a debit of the same value at the same time. • A credit(+) is a flow for which the country is paid. • A debit(-) is a flow for which the country must pay.
Debit(-)
2008 all copy rights reserved.
00-14
Transaction 5
• U.S government gives $3 mn in foreign aid to the government of Egypt in the form of wheat.
$ mn Credit(+) Merchandise exports (wheat) Unilateral transfers $3 $3 Debit(-)
2008 all copy rights reserved.
00-19
Six Categories
• • • • • Merchandise trade flows (goods flows) Service flows CA Income flows Unilateral transfers (gifts) Private capital flows (nonofficial flows of KA financial assets) OR • Official reserve asset flows
Income payment (interest paid) Private Capital inflow (increase in banks liabilities to foreigners) $15
Debit(-)
$15
2008 all copy rights reserved.
00-13
$ mn Credit(+)
Service exports (tourism) $6
Debit(-)
$6
Private capital outflow
(reducing bank’s deposit liability to a foreign residents)
2008 all copy rights reserved.
2. Foreign assets previously obtained -
Bank of Vancouver
2008 all copy rights reserved.
00-10
Capital flows
• Capital inflow (credit)
Reduction in an economy’s foreign assets Increase in assets held by foreigners Reduction in foreign liabilities to domestic residents Increase in liabilities to foreigners
2008 all copy rights reserved.
00-17
Capital outflow Capital inflow
2008 all copy rights reserved.
00-18
Some Concepts (1)
• Trade balance : net balance of trade in goods and services • Current account balance (CA): balance on goods, services, income and gifts • Private capital account balance (KA): net flows of financial assets and similar claims • Overall balance (B) =current account balance + private capital account balance = (negative of) the official reserve balancgovernment sells $19 mn worth of wheat to Russia, being paid with $19mn in gold by the Russian government.
$ mn Credit(+)
Merchandise exports (wheat) Increase in official reserve assets (gold) $19 $19
00-8
Payments through Banking
Importer in U.S.
Bank’s liability
Exporter in Canada
1. Bank’s liability to foreigners +
Bank of New York
2. Assets held by foreigners +
2008 all copy rights reserved.
00-9
Payments through Banking
Importer in U.S. Exporter in Canada
Bank’s liability
1. Foreign liability to domestic residents -
Credit(+)
Merchandise imports (natural gas)
Debit(-)
$54
Private capital inflow
$54
(increasing bank’s deposit liability to a foreign residents)
2008 all copy rights reserved.
Merchandise trade balance -32 Goods and services balance -26 Goods, service and income balance -41 Current account balance -44 Private capital flows 63 Overall balance 19 (current account (-44) + private capital flows (63))
00-12
Transaction 3
• U.S Treasury pays $15 mn in interest on its past borrowing from Japanese investors, paying with checks on a New York bank.
$ mn Credit(+)
Increase in an economy’s foreign assets Reduction in assets held by foreigners Increase in foreign liabilities to domestic residents Reduction in liabilities to foreigners
Imports of goods and services Capital outflow Income paid to foreigners
2008 all copy rights reserved.
00-7
Transaction 1
• An U.S utility company buys $54 mn in natural gas from a Canadian firm. It pays by writing a check on its deposits in a New York bank. $ mn
2008 all copy rights reserved.
00-3
Who sets the standard?
• IMF BOP Manual • International standard for conceptual framework underlying balance of payments statistics. • 1948, 1950, 1961, 1977, 1993