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第二章 国际收支 Balance of Payments

第二章 国际收支 Balance of Payments

作者: 旋律sama | 来源:发表于2018-05-30 09:18 被阅读0次

Balance of payments ( BOP )

  • BOP The record of the economic and financial flows that take place over a specified time period between residents and non-residents of a given country.
  • BOP reflects economic and financial flows which are the international transaction in goods, services and financial assets or liabilities.
  • Resident is defined to include all economic units domiciled in the reporting country.
    • More than 1 year.
    • Subsidiaries located in local, foreign students studying in local
  • Non-resident not domiciled
    • Less than 1 year.
    • IMF, World Bank, United Nation, Foreign embassies, Military bases

Accounts of the Balance of Payments

  • Debit entry 借方 records a transaction that results in a domestic resident making a payment aboard ( paid foreign currency )
  • Credit entry 贷方 receiving a payment form abroad
  • Double-entry bookkeeping two separate and offsetting entries

Current Account

The current account ( CA ) is used to mark the inflow and outflow of goods and services into a country.

  • Goods Trade ( BIGGEST BULK OF BOP)
  • Services Trade
  • Investment Income
  • Unilateral Transfer

Capital and Financial Account

KA are where all international capital transfer are recorded
Capital account now refer the acquisition or disposal of financial and non-financial assets and non-produced assets which are needed for production but have not been produced, like a mine used for the extraction of diamonds.
Financial account records the net value of flo of financial assets and similar claims.

  • Direct investment ( between affiliated enterprises, 为了所有权)
  • Portfolio investment ( 为了卖掉盈利 )
  • Other investment
  • Net errors an omissions

Official Reserves Account

Official reserves are financial assets that could be used to settle international debts and claims.

  • Reserve transaction

Interpratation of BOP

  • CA + KA > 0 BOP surplus
  • Basic balance = CA + KA
  • BOP surplus a country can make more foreign currencies than spend them or the country’s income from the rest of the world exceeds its payments to the rest of the world.
  • Trade balance measures a country’s merchandise exports and imports.
  • CA surplus means that the country as a whole is increasing its stock of claims on the rest of the world.
  • KA surplus implies that the country has a net capital inflows.
    1. Has CA deficit, and it has to borrow from abroad to finance its current consumption.
    2. Foreign think the country’s economic environment is good for investment.
  • balance of international indebtedness , a record of the international investment position on the country financial account balance.
  • net creditor \ debtor

CA and the macroeconomics

CA = If
CA = If = S - Id
CA = Y - ( C + Id + G ) = Y - E

CA and KA

CA = If = S - Id - ( G - T )

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