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1、1 1PART 4The Balance of Payments,Foreign Exchange Markets,and Exchange Rates2 2Chapter 10Balance of Payments3 3Contentsn n1 10.1 Introduction0.1 Introductionn n10.2 Balance-of-payments:Definition and Use 10.2 Balance-of-payments:Definition and Use n n10.3 Balance-of-payments Accounting Principles10.
2、3 Balance-of-payments Accounting Principlesn n10.4 Double-Entry Bookkeeping10.4 Double-Entry Bookkeepingn n10.5 The International Transaction of China10.5 The International Transaction of Chinan n10.6 Accounting Balances and Disequilibrium in 10.6 Accounting Balances and Disequilibrium in Internatio
3、nal TradeInternational Traden n10.7 Measuring Deficits or Surplus in the Balance of 10.7 Measuring Deficits or Surplus in the Balance of PaymentsPaymentsn n10.8 The international Investment Position10.8 The international Investment Position4 410.1 Introductionn nThe monetary aspects of international
4、 economy international finance 5 510.2 Balance-of-payments:Definition and Use n nThe balance of payments provides a record The balance of payments provides a record of international transactions between of international transactions between residents of one country and the rest of the residents of o
5、ne country and the rest of the world.world.n nThe purposeThe purpose GovnGovn t,banks,firms,individualst,banks,firms,individualsn nA summary statementA summary statement Transaction cannot appear individuallyTransaction cannot appear individually Not directly involved transactionsNot directly involv
6、ed transactions6 6International Transactionn nInternational transactions include exchanges of goods,services or assets b/w the residents of one nation and the residents of other nations.n nGifts and certain no payment transfers7 7Who is a resident?n nResidents means businesses,individuals and govern
7、ment agencies,including citizens temporarily living abroad but excluding local subsidiaries of foreign corporationsn nTime dimension8 810.3 Balance-of-payments Accounting Principles:Credits and Debitsn nCredit transactions(+)Transactions that involve receipt of Transactions that involve receipt of p
8、ayments from foreign sources.payments from foreign sources.Major typesMajor typesn nExports of goods and servicesExports of goods and servicesn nCapital inflowsCapital inflows Increases in foreign assets in a nationIncreases in foreign assets in a nation Decreases in a nationDecreases in a nation s
9、assets abroads assets abroad9 9Debitsn nDebit transactions(-)Transactions that involve payment to Transactions that involve payment to foreign sources.foreign sources.Major typesMajor typesn nImports of goods and servicesImports of goods and servicesn nCapital outflowsCapital outflows Increases in a
10、 nationIncreases in a nation s assets abroads assets abroad Decreases in foreign assets in a nationDecreases in foreign assets in a nation101010.4 Double-Entry Bookkeepingn nDouble-Entry BookkeepingEvery international transaction Every international transaction automatically enters the balance of au
11、tomatically enters the balance of payments twice:once as a credit(+)and payments twice:once as a credit(+)and once as a debit(-).once as a debit(-).n nEach credit transaction has a balancing debit transaction,and vice versa,so the overall balance of payments is always in balance.1111Double-Entry Boo
12、kkeepingn nCredit transactions result in receipt of payment from abroadMerchandise exportsMerchandise exportsTransportation and travel receiptsTransportation and travel receiptsIncome received from investments Income received from investments abroadabroadGifts received from foreign residentsGifts re
13、ceived from foreign residentsAid received from foreign governmentsAid received from foreign governmentsLocal investments by overseas residentsLocal investments by overseas residents1212Double-Entry Bookkeeping(contd)n nDebit transactions lead to payments to foreignersMerchandise importsMerchandise i
14、mportsTransportation and travel expendituresTransportation and travel expendituresIncome paid on investments of foreignersIncome paid on investments of foreignersGifts to foreign residentsGifts to foreign residentsAid given by home governmentAid given by home governmentOverseas investments by home c
15、ountry Overseas investments by home country residentsresidents1313Double entry bookkeepingn nIn balance of payment In balance of payment accounting,each accounting,each international international transaction is recorded transaction is recorded twice twice once as a once as a credit,once as a debit.
16、credit,once as a debit.n nExamplesExamples$500 in exports to be$500 in exports to be paid in 3 months timepaid in 3 months timeCreditCredit(+)(+)DebitDebit(-)(-)Goods Goods exportexport$500$500Capital Capital outflowoutflow$500$5001414Double entry bookkeepingn nExamplesExamples$200 spent by a US$200
17、 spent by a US tourist in London on tourist in London on servicesservicesCreditCredit(+)(+)DebitDebit(-)(-)Service Service importimport$200$200Capital Capital outflowoutflow$200$2001515Double entry bookkeepingn nExamplesExamples$100 in US$100 in US government foreign government foreign aid given to
18、the aid given to the government of a government of a developing nationdeveloping nationCreditCredit(+)(+)DebitDebit(-)(-)Unilateral Unilateral transfertransfer$100$100Capital Capital outflowoutflow$100$1001616Double entry bookkeepingn nExamplesExamples$400 in foreign$400 in foreign stocks paid for b
19、y stocks paid for by increasing foreign increasing foreign bank balances in bank balances in the U.S.the U.S.CreditCredit(+)(+)DebitDebit(-)(-)Capital Capital outflow outflow(stock)(stock)$400$400Capital Capital inflow inflow(bank(bank balancebalance)$400$4001717The Statistical Discrepancy n nData a
20、ssociated with a given transaction Data associated with a given transaction may come from different sources that differ may come from different sources that differ in coverage,accuracy,and timing.in coverage,accuracy,and timing.This makes the balance of payments accounts This makes the balance of pa
21、yments accounts seldom balance in practice.seldom balance in practice.Account keepers force the two sides to balance Account keepers force the two sides to balance by by adding to the accounts a statistical adding to the accounts a statistical discrepancydiscrepancy.It is very difficult to allocate
22、this discrepancy It is very difficult to allocate this discrepancy among the current,capital,and financial among the current,capital,and financial accounts.accounts.1818The Statistical Discrepancy(contd)n nStatistical Discrepancy records of the transitions in incomplete,most of the errors are in the
23、 financial account,cause financial flows are intangible and is the hardest one to measure accurately.Money launderingMoney launderingIllegal drug tradeIllegal drug trade191910.6 Accounting Balances and Disequilibrium in International Transactionn nCurrent Account the link b/w the nations internation
24、al transaction and its national income.n nDefinition all current(non-capital)transactions b/w a nation and rest of the world./The international flow of goods and services,and capital during a one-year period.2020Capital Accountn nDefinition:the primary record of the international flow of financial c
25、apital and other assets.n nCapital Account measures the change in the stock of all nonreserve financial assets.(personal assets;transfer of real estate;fixed assets etc.)212110.7 Measuring Deficits or Surplus in the Balance of Paymentsn nCurrent account balance+Capital account Current account balanc
26、e+Capital account balance+Statistical discrepancy=Balance balance+Statistical discrepancy=Balance of paymentsof paymentsn nDeficit in the balance of payments/Surplus Deficit in the balance of payments/Surplus in the balance of paymentsin the balance of payments A A deficitdeficit in the balance of p
27、ayment can be in the balance of payment can be measured by the excess of debits over credits in measured by the excess of debits over credits in the current and capital account/the excess of the current and capital account/the excess of credits over debits in the official reserve account.credits ove
28、r debits in the official reserve account.A A surplussurplus2222Autonomous Transactions n nAutonomous Transactions/the item above the line-all transactions in the current+capital account,for business/profit motives,independently of balance-of-payments considerations.2323Accommodating Transactionsn nA
29、ccommodating transactions/below-the-line item transaction in official reserve assets,to balance international transactions.n nOfficial reserve accountn nOfficial settlement balance the balance on the official reserve account.2424Official settlements balance(balance of payments)n nThe bookkeeping off
30、set to the balance of official reserve transactionsn nThe autonomous transaction balance+the accommodating transaction balance=0252510.8 The international Investment Positionn nBalance of payment a flow conceptn nInternational investment position/the balance of international indebtedness a stock con
31、ceptThe total amount and the distribution of a The total amount and the distribution of a nationnation s assets abroad and foreign assets s assets abroad and foreign assets in the nation at the end of the year.in the nation at the end of the year.2626International investment positionn nThe statement
32、 of a nations international investment position can be used to project the future flow of income or earning from the foreign investments and the flow of payments on foreign investments in the nation.2727International investment position(contd)n nBenefit:A Benefit:A IIP attracts foreign investments;a
33、+IIP attracts foreign investments;a+IIP is often a primary mechanism for transferring IIP is often a primary mechanism for transferring technology and spreading new techniques.Thattechnology and spreading new techniques.That s s quite important for developing courtiers.quite important for developing
34、 courtiers.n nCost:A Cost:A IIP gives foreign corporations and IIP gives foreign corporations and governments too much domestic economic power,governments too much domestic economic power,and this is particularly the case in countries where and this is particularly the case in countries where the le
35、gal system are less transparent.the legal system are less transparent.n nBesides the national sovereignty,national security Besides the national sovereignty,national security might be the other potential cost.might be the other potential cost.2828Tow conceptsn nSpecial drawing rights-SDRs/Special dr
36、awing rights-SDRs/paper goldpaper gold International reserves created on the books of International reserves created on the books of the IMF and distributed to member nations the IMF and distributed to member nations according to the importance in international according to the importance in interna
37、tional trade.trade.n nThe reserve position in the IMFThe reserve position in the IMF The reserve paid in by the nation upon joining The reserve paid in by the nation upon joining the IMF,which the nation can then borrow the IMF,which the nation can then borrow automatically.automatically.2929Assignmentsn nProblems 1,2,3,4(p275)