Part4InternationalFinanceChapterOutline:4.1InternationalBalanceSheet4.2ForeignExchangeRate4.3InternationalMonetarySystem4.4ForeignExchangeExposure4.5ForeignExchangeMarket4.6InternationalBankingServices4.7ForeignDirectInvestThebalanceofpaymentsaccounts(国际收支平衡表)arethosethatrecordalltransactionsbetweentheresidents(居民)ofacountryandresidentsofallforeignnations.Theyarecomposedofthefollowing:TheCurrentAccount经常账户TheCapitalAccount资本账户TheOfficialReservesAccount储备帐户StatisticalDiscrepancy统计误差4.1InternationalBalanceSheet4.1.1TheCurrentAccountIncludesallimportsandexportsofgoodsandservices,unilateraltransfers(经常转移)offoreignaid.Thenetbalanceonthemerchandisetransactionsiscalledthetradebalance.Goods货物贸易Exportsareenteredintothecreditside,whileimportsthedebitside.Ifthedebitsexceedthecredits,thenacountryisrunningatradedeficit(贸易逆差).Ifthecreditsexceedthedebits,thenacountryisrunningatradesurplus(贸易顺差).Services服务贸易Servicesincludeallreceiptsandpaymentsbetweentheresidentsandforeignersontransportation,insurance,travel,communication,investmentreturnssuchasinterest,dividends,andprofitsgeneratedfromloansandinvestments,technology.Receiptsofservicesareenteredintothecreditsidewhilepaymentsthedebitside.Unilateraltransfers经常转移Unilateraltransfersaretransactionsthatonlyone-sidedsincethereisnooffsettingpayment(补偿性支付).Itincludesprivatetransfersandgovernmenttransfers.4.1.2TheCapitalAccountThecapitalaccountmeasuresthedifferencebetweenacountry’ssalesofassetstoforeignersandpurchasesofforeignassets.ThecapitalaccountiscomposedofForeignDirectInvestment(FDI,外商直接投资),portfolioinvestments(间接投资)andotherinvestments.Capitalaccountusuallyconsistsofthreesub-accounts:Directinvestment(直接投资):itisusuallydefinedasinvestmentinenterpriseslocatedinthecountrybut“effectively”controlledbyresidentsinanothercountry.Portfolioinvestments(证券投资,间接投资):itdesignatesalllong-termcapitalflowsthatdonotgiveinvestorseffectivecontrolovertheirinvestments,whichinvolvemainlyloansandsecurities.otherinvestmentsmainlyreferstotheshort-termcapitalrecordsthenetchangesininternationalassetsandliabilitieswithanoriginalmaturityofoneyearorlessinwhichdomesticresidents(excludingofficialmonetaryinstitutions)arecreditorsanddebtors.Short-termcapitalflowsincludethenormal,everydayreceiptsandpaymentsarisingoutofinternationaltradeandfinancethatoccurmainlythroughshiftintheownershipofdemanddeposits(活期存款)andotherliquiddepositsinbanksathomeandabroad.Estimatesofprivateshort-termcapitalmovementaretheleastreliableofthebalanceofpaymentsitemsbecauseoftheirvariety,intangibility(无形的)andprivatecharacter.4.1.3TheOfficialReservesAccountOfficialreservesassetscomprise:foreignexchangeinconvertiblecurrencies(可自由兑换外币),reservepositionintheInternationalMonetaryFund(IMF储备头寸),allocationofSpecialDrawingRights(SDR),GoldStock(黄金储备).4.1.4StatisticalDiscrepancyThisaccountisusedtodescribesomeomissions(遗漏)andmisrecorded(未记录)transactionstomakethetotaldebitsandcreditsintoanarithmeticequilibrium(算术平衡).4.1.5TheBalanceofPaymentsIdentityBCA+BKA+BRA=0whereBCA=balanceoncurrentaccountBKA=balanceoncapitalaccountBRA=balanceonthereservesaccountUnderapureflexibleexchangerate,BCA+BKA=0Exhibit4.1U.S.BalanceofPaymentsDatain2000CreditsDebitsCurrentAccount1Exports$1,418.642Imports($1,809.18)3UnilateralTransfers$10.24($64.39)BalanceonCurrentAccount($444.69)CapitalAccount4DirectInvestment$287.68($152.44)5PortfolioInvestment$474.39($124.94)6OtherInvestments$262.64($303.27)BalanceonCapitalAccount$444.267StatisticalDiscrepanciesOverallBalance$0.30OfficialReserveAccount($0.30)0.73U.S.BalanceofPaymentsDataInthissheet,thebalanceofpaymentsidentityhold:BCA+BKA=–BRA($444.69)+$444.26+$0.73=$0.30=–($0.30)CreditsDebitsCurrentAccount1Exports$1,418.642Imports($1,809.18)3UnilateralTransfers$10.24($64.39)BalanceonCurrentAccount($444.69)CapitalAccount4DirectInvestment$287.68($152.44)5PortfolioInvestment$474.39($124.94)6OtherInvestments$262.64($303.27)BalanceonCapitalAccount$444.267StatisticalDiscrepanciesOverallBalance$0.30OfficialReserveAccount($0.30)0.73BalanceofPaymentsTrendsSince1982theU.S.hasexperiencedcontinuousdeficitsonthecurrentaccountandcontinuoussurplusesonthecapitalaccount.Duringthesameperiod,Japanhasexperiencedtheopposite.BalancesontheCurrent(BCA)andCapital(BKA)AccountsoftheUnitedStates-500-400-300-200-10001002003004005001982198419861988199019921994199619982000U.S.BCAU.S.BKASource:IMFInternationalFinancialStatisticsYearbook,2000BalancesontheCurrent(BCA)andCapital(BKA)AccountsofJapan-150-100-500501001501982198419861988199019921994199619982000JapanBCAJapanBKASource:IMFInternationalFinancialStatisticsYearbook,20004.2ForeignExchangeRateAnexchangerateisthepriceatwhichonecurrencycanbeexchangedforanother.Intheory,exchangeratesshouldbeinaccordwithpurchasingpowerparity(PPP,购买力平价理论).Ifthepricelevelinacountryincreasesbecauseofinflation,itscurrencyshoulddepreciate(贬值).4.2.1FixedratesFor25yearsafterWorldWarⅡ,thelevelsofmostmajorcurrenciesweredeterminedbygovernments.TheywerefixedorpeggedagainsttheUSdollar(与美元挂钩),andthedollarwaspegge