国际金融托马斯A普格尔(著)第14版chapter2

Lecture1PaymentsamongNationsWhydoweneedtolearnthischapter?•canhelpyoutounderstandtheconnectionbetweenmacro-economicactivitiesandmicro-economicbehaviors•isalsothekeytounderstandhowpeopleuseonekindofcurrencytoexchangeanotherone•Eventheinternationalflowofhumansshowsupinthebalanceofpayments,whenthemigrantsmakepurchasesorsendmoneybackhomeKeyTerms•BalanceofPayments(BOP)国际收支•Double-EntryAccountingPrinciple复式记帐法•CreditandDebitTransactions贷方交易与借方交易•CurrentAccount,FinancialAccount,StatisticalDiscrepancy经常账户、金融账户、统计误差•InternationalInvestmentPosition国际投资头寸1.1BalanceofpaymentAcountry’sbalanceofpaymentsisasystematic（系统的）account（账户）ofalltheexchangeofvaluebetweenresidents（居民）ofthatcountryandtherestoftheworld（世界其他地区）duringagiventimeperiod（一段时间内）.BOPisaflownotastockBOPisarecordbetweendomesticresidentsandnon-residents.BOPisonthebaseofeconomictransactionsSomethingmustbeclarificationSixcategoriesofflows•Merchandisetradeflows•Serviceflows•Incomeflows•Unilateraltransfers•Privatecapitalflows•Officialinternationalreserveflows1.2AccoutingprinciplesAnyexchangeautomaticallyentersthebalance-of-paymentsaccountstwice:asacredit(+)andasadebit(-)ofthesamevalue.Thisisjustaninternationalapplicationofthefundamentalaccountingprincipleofdouble-entrybookkeeping.•Acredit(+)isaflowforwhichthecountryispaid•Adebit(–)isaflowforwhichthecountrymustpay•Double-entrybookkeeping（复式记帐法）meansthateachinternationaltransactionisrecordedtwice,onceasacreditandonceasadebitofanequalamount•Whycanweusedouble-entrybookkeepingtorecordatransaction?Credits(+)(leadingtothereceiptofpaymentsfromforeigners)Debits(-)(Leadingtopaymentstoforeigners)MerchandiseexportsServiceexportsIncomereceivedfrominvestmentsabroadGiftsreceivedfromforeignresidentsAidreceivedfromforeigngovernmentsInvestmentsinthehomecountrybyoverseasresidentsOfficialreserveassetreducedMerchandiseimportsServiceimportsIncomepaidoninvestmentsofforeignersGiftstoforeignresidentsAidgivenbythehomecountry’sgovernmentOverseasinvestmentbyhomecountry’sresidentsOfficialreserveassetaddedEachcredittransactionhasabalancingdebittransaction,andviceversa,sotheoverallbalanceofpaymentsisalwaysinbalance贷方项目=外国居民向本国居民支付的交易=引起外汇供给的交易借方项目=本国居民向外国居民支付的交易=引起外汇需求的交易复式账法的三大规则：1）任何一笔交易发生，必然涉及借方和贷方两个方面：有借必有贷，借贷必相等2）借方：不论实际资源还是金融资产，都表示持有量的增加3）贷方：不论是实际资产还是金融资产，都表示持有量的减少借方用-表示，贷方用+表示1.出口（贷），进口（借）2.本国常住者为外国人提供劳务或者从外国取得投资及其他收入（贷）；而外国人为本国常住者提供劳务或从本国取得收入（借）3.本国常住者获得（指购买）外国资产（借），外国常住者获得本国资产（贷）4.外国人偿还债务（贷），本国居民偿还外债（借）5.本国常住者收到国外单方面转移（贷），本国常住者对外国单方面转移（借）6.官方储备减少（贷），官方储备增加（借）案例*：例1．一家中国公司向法国出口计算机，法国进口商用他在中国的银行存款120万元支付。借：对外国私人的短期负债120万元贷：商品出口120万元例2.中国人去瑞士旅游，支付10万元食宿等费用。中国人在瑞士银行用人民币旅行支票换成瑞士法郎，瑞士银行反过来把人民币支票存入中国银行的户头上。借：劳务进口10万元贷：对外国私人的短期负债10万元例3.中国政府动用官方储备50万元向墨西哥提供无偿援助，同时，还提供相当于50万元的食品、药物援助。借：官方无偿援助100万元贷：官方储备50万元商品出口50万元1.3ThestructureofBOPAccount1.3.1CurrentAccountRecordsthevaluesofgoodsandservicessoldandpurchasedabroad,plusnetinterestandotherfactorpaymentsandnetunilateraltransfersandgifts.Acurrentaccountsurplusshowsthatacountryhaspositivenetforeigninvestment.Include:（1）Merchandisetradflows–visibletrade（2）Serviceflows–invisibletrade(3)Incomeflowsa.InvestmentIncomeb.Compensationofemployees(4)Unilateraltransfer(gift)(Currenttransfer)a.Govermentgrantsb.Privateindividuals1.3.2FinancialAccountRecordsthevaluesoffinancialassetspurchasedandsoldabroadbyprivateresidents(notmonetaryauthorities)ofthehomecountry.Afinancialaccountsurplusindicatesthat,onnet,financialcapitalhasflowedintothecountryInclude:Directinvestment直接投资Portfoliinvestment证券投资Otherinvestment其他投资•Capitalinflow:Eitheranincreaseinthenation’sassetsabroad,orareductioninforeignassetsinthenation.Credititems•Capitaloutflow:Eitheranincreaseinforeignassetsinthenation,orareductioninthenation’sassetsabroadDebititems1.3.3OfficialInternationalReservesAssetsheldbyanation’smonetaryauthoritiesasakindof“warchest”toenablethemtointerveneintheforeignexchangemarketifandwhentheydecidetodoso.Include:GoldForeignExchangeAssetsreservepositionattheIMFSpecialDrawingRights(SDRs)OtherCreditor1.3.4StatisticalDiscrepancy(Errorandomissions)(1)Thedatastatisticsisnotcomplete(2)Statisticscalculaterepetitivelyandlapse(3)SomethingiscalculateSixbalancesMerchandise(goods)tradebalanceGoodsandservicebalance(tradebalance)Goods,service,andincomebalanceCurrentaccountbalance(netforeigninvestment)FinancialaccountbalanceOverallbalance(officialsettlementbalance)19Figure2.11.4ThemacromeaningofthecurrentaccountbalanceSomesymbols:CA:CurrentaccountbalanceS:Nationalsaving国民储蓄If:Netforeigninvestment对外净投资Id:Domesticrealinvestment国内直接投资Y:DomesticproductionofG&S国内商品和服务的总产出C:DomestichouseholdconsumptionofG&S本国对商品和服务的私人消费支出G:GovernmentspendingonG&S政府对商品和服务的购买X:Foreingpurchasesofthecountry’sexportsofG&S外国对本国商品和服务的购买M:Thecountry’spurchasesofimportsofG&Sfromothercontries本国对外国商品和服务的购买E:NationalexpenditureonG&S一国对商品和服务的总支出Financingandinternationalfinancialflows:Netforeigninvestment(If).CA=IfIf：Thenetaccumulationofforeignassetsminusforeignliabilities.CA0surplus→If0→Netlender净债权国CA0deficit→If0→Netborrower净债务国Nationalsaving(S)versu