國際金融托馬斯A普格爾(著)第14版chapter2ppt課件

1、Lecture 1 Payments among Nations .Why do we need to learn this chapter?can help you to understand the connection between macro-economic activities and micro-economic behaviorsis also the key to understand how people use one kind of currency to exchange another oneEven the international flow of human

2、s shows up in the balance of payments, when the migrants make purchases or send money back home.Key TermsBalance of Payments (BOP) 國際收支Double-Entry Accounting Principle 復式記帳法Credit and Debit Transactions 貸方買賣與借方買賣Current Account, Financial Account, Statistical Discrepancy 經(jīng)常賬戶、金融賬戶、統(tǒng)計誤差I(lǐng)nternational

3、 Investment Position 國際投資頭寸.1.1 Balance of payment A countrys balance of payments is a systematic系統(tǒng)的 account 賬戶 of all the exchange of value between residents居民 of that country and the rest of the world 世界其他地域 during a given time period 一段時間內(nèi). BOP is a flow not a stock BOP is a record between domest

4、ic residents and non-residents.BOP is on the base of economic transactionsSomething must be clarification.Six categories of flowsMerchandise trade flowsService flowsIncome flowsUnilateral transfersPrivate capital flowsOfficial international reserve flows.1.2 Accouting principles Any exchange automat

5、ically enters the balance-of-payments accounts twice: as a credit (+) and as a debit (-) of the same value. This is just an international application of the fundamental accounting principle of double-entry bookkeeping.A credit (+) is a flow for which the country is paidA debit () is a flow for which

6、 the country must pay.Double-entry bookkeeping復式記帳法 means that each international transaction is recorded twice, once as a credit and once as a debit of an equal amount Why can we use double-entry bookkeeping to record a transaction?.Credits (+)(leading to the receipt of payments from foreigners)Deb

7、its (-)(Leading to payments to foreigners)Merchandise exportsService exportsIncome received from investments abroadGifts received from foreign residentsAid received from foreign governmentsInvestments in the home country by overseas residentsOfficial reserve asset reducedMerchandise importsService i

8、mportsIncome paid on investments of foreignersGifts to foreign residentsAid given by the home countrys governmentOverseas investment by home countrys residentsOfficial reserve asset addedEach credit transaction has a balancing debit transaction, and vice versa, so the overall balance of payments is

9、always in balance.貸方工程=外國居民向本國居民支付的買賣 =引起外匯供應的買賣借方工程=本國居民向外國居民支付的買賣 =引起外匯需求的買賣復式賬法的三大規(guī)那么：1 任何一筆買賣發(fā)生，必然涉及借方和貸方兩個方面：有借必有貸，借貸必相等2 借方：不論實踐資源還是金融資產(chǎn)，都表示持有量的添加3 貸方：不論是實踐資產(chǎn)還是金融資產(chǎn)，都表示持有量的減少.借方用-表示，貸方用+表示出口貸，進口借本國常住者為外國人提供勞務或者從外國獲得投資及其他收入貸；而外國人為本國常住者提供勞務或從本國獲得收入借本國常住者獲得指購買外國資產(chǎn)借，外國常住者獲得本國資產(chǎn)貸外國人歸還債務貸，本國居民歸還外債借本

10、國常住者收到國外一方面轉(zhuǎn)移貸，本國常住者對外國一方面轉(zhuǎn)移借官方貯藏減少貸，官方貯藏添加借.案例*：例1一家中國公司向法國出口計算機，法國進口商用他在中國 的 銀行存款120萬元支付。 借：對外國私人的短期負債 120萬元 貸：商品出口 120萬元例2. 中國人去瑞士旅游，支付10萬元食宿等費用。中國人在瑞士銀行用人民幣游覽支票換成瑞士法郎，瑞士銀行反過來把人民幣支票存入中國銀行的戶頭上。 借：勞務進口 10萬元 貸：對外國私人的短期負債 10萬元例3. 中國政府動用官方貯藏50萬元向墨西哥提供無償援助，同時，還提供相當于50萬元的食品、藥物援助。 借：官方無償援助 100萬元 貸：官方貯藏 5

11、0萬元 商品出口 50萬元.1.3 The structure of BOP Account1.3.1 Current Account Records the values of goods and services sold and purchased abroad, plus net interest and other factor payments and net unilateral transfers and gifts. A current account surplus shows that a country has positive net foreign investme

12、nt. .Include:1Merchandise trad flows visible trade2Service flows invisible trade (3) Income flows a. Investment Income b. Compensation of employees (4) Unilateral transfer (gift) (Current transfer) a. Goverment grants b. Private individuals.1.3.2 Financial Account Records the values of financial ass

13、ets purchased and sold abroad by private residents (not monetary authorities) of the home country. A financial account surplus indicates that, on net, financial capital has flowed into the country Include: Direct investment 直接投資 Portfoli investment 證券投資 Other investment 其他投資 .Capital inflow:Either a

14、n increase in the nations assets abroad, or a reduction in foreign assets in the nation. Credit itemsCapital outflow:Either an increase in foreign assets in the nation, or a reduction in the nations assets abroad Debit items.1.3.3 Official International Reserves Assets held by a nations monetary aut

15、horities as a kind of “war chest to enable them to intervene in the foreign exchange market if and when they decide to do so. Include: Gold Foreign Exchange Assets reserve position at the IMF Special Drawing Rights (SDRs) Other Creditor .1.3.4 Statistical Discrepancy (Error and omissions)The data st

16、atistics is not complete Statistics calculate repetitively and lapse Something is calculate.Six balancesMerchandise (goods) trade balance Goods and service balance (trade balance)Goods, service, and income balance Current account balance (net foreign investment)Financial account balanceOverall balan

17、ce (official settlement balance)19.Figure 2.1.1.4 The macro meaning of the current account balanceSome symbols: CA : Current account balanceS : National saving 國民儲蓄I(lǐng)f : Net foreign investment 對外凈投資 Id : Domestic real investment 國內(nèi)直接投資 .Y : Domestic production of G&S 國內(nèi)商品和效力的總產(chǎn)出C : Domestic household

18、 consumption of G&S 本國對商品和效力的私人消費支出G : Government spending on G&S 政府對商品和效力的購買X : Foreing purchases of the countrys exports of G&S 外國對本國商品和效力的購買M : The countrys purchases of imports of G&S from other contries 本國對外國商品和效力的購買 E : National expenditure on G&S 一國對商品和效力的總支出.Financing and international finan

19、cial flows: Net foreign investment (If). CA = If If ： The net accumulation of foreign assets minus foreign liabilities. CA 0 surplus If 0 Net lender凈債務國 CA 0 deficit If 0The country has positive net foregn investment. (A net lender or investor)The country is saving more than it is investing domestic

20、ally.The country is producing more than it is spending on goods and services.FIGURE2.2.FIGURE2.2Continued.1.5 The macro meaning of the overall balanceSymbols: B: Official settlements balance 官方結(jié)算差額 FA: Financial account balance 金融工程差額 OR: Official Reserve 官方貯藏資產(chǎn).The official settlement balance:equal

21、s the sum of the current account balance plus the private capital account balance. B = CA + FABecause all items in the balance of payments must sum to zero, any imbalance in the official settlements balance must be financed (or paid for) through official reserves (OR) flows: B+OR=O.If overall balanc

22、e B is in surplus , it equals an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the countrys assets (that is, a debit in the official reserves account). B 0 OR 0If overall balance B is in deficit (B0), it equals a decrease in the countrys holdings of official reserve assets or an accumulation of foreign official reserve holdings of the countrys assets (that is, a credit in the official reserv