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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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