国际金融托马斯A普格尔著第版chaer

Lecture1

PaymentsamongNations

Whydoweneedtolearnthischapter?canhelpyoutounderstandtheconnectionbetweenmacro-economicactivitiesandmicro-economicbehaviorsisalsothekeytounderstandhowpeopleuseonekindofcurrencytoexchangeanotheroneEventheinternationalflowofhumansshowsupinthebalanceofpayments,whenthemigrantsmakepurchasesorsendmoneybackhomeKeyTermsBalanceofPayments(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）.

BOPisaflownotastockBOPisarecordbetweendomesticresidentsandnon-residents.BOPisonthebaseofeconomictransactionsSomethingmustbeclarificationSixcategoriesofflows

MerchandisetradeflowsServiceflowsIncomeflowsUnilateraltransfersPrivatecapitalflowsOfficialinternationalreserveflows1.2AccoutingprinciplesAnyexchangeautomaticallyentersthebalance-of-paymentsaccountstwice:asacredit(+)andasadebit(-)ofthesamevalue.Thisisjustaninternationalapplicationofthefundamentalaccountingprincipleofdouble-entrybookkeeping.Acredit(+)isaflowforwhichthecountryispaidAdebit(–)isaflowforwhichthecountrymustpayDouble-entrybookkeeping（复式记帐法）meansthateachinternationaltransactionisrecordedtwice,onceasacreditandonceasadebitofanequalamountWhycanweusedouble-entrybookkeepingtorecordatransaction?Credits(+)(leadingtothereceiptofpaymentsfromforeigners)Debits(-)(Leadingtopaymentstoforeigners)MerchandiseexportsServiceexportsIncomereceivedfrominvestmentsabroadGiftsreceivedfromforeignresidentsAidreceivedfromforeigngovernmentsInvestmentsinthehomecountrybyoverseasresidentsOfficialreserveassetreducedMerchandiseimportsServiceimportsIncomepaidoninvestmentsofforeignersGiftstoforeignresidentsAidgivenbythehomecountry’sgovernmentOverseasinvestmentbyhomecountry’sresidentsOfficialreserveassetaddedEachcredittransactionhasabalancingdebittransaction,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，贷方方用+表示出口（贷）），进口（（借）本国常住者者为外国人人提供劳务务或者从外外国取得投投资及其他他收入（贷贷）；而外外国人为本本国常住者者提供劳务务或从本国国取得收入入（借）本国常住者者获得（指指购买）外外国资产（（借），外外国常住者者获得本国国资产（贷贷）外国人偿还还债务（贷贷），本国国居民偿还还外债（借借）本国常常住者者收到到国外外单方方面转转移（（贷）），本本国常常住者者对外外国单单方面面转移移（借借）官方储储备减减少（（贷）），官官方储储备增增加（（借））案例*：例1．．一家家中国国公司司向法法国出出口计计算机机，法法国进进口商商用他他在中中国的的银银行行存款款120万万元支支付。。借：对对外国国私人人的短短期负负债120万元元贷：商商品出出口120万元元例2.中中国人人去瑞瑞士旅旅游，，支付付10万元元食宿宿等费费用。。中国国人在在瑞士士银行行用人人民币币旅行行支票票换成成瑞士士法郎郎，瑞瑞士银银行反反过来来把人人民币币支票票存入入中国国银行行的户户头上上。借：劳劳务进进口10万万元贷：对对外国国私人人的短短期负负债10万万元例3.中中国政政府动动用官官方储储备50万万元向向墨西西哥提提供无无偿援援助，，同时时，还还提供供相当当于50万万元的的食品品、药药物援援助。。借：官官方无无偿援援助100万万元贷：官官方储储备50万元元商品出出口50万元元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,financialcapitalhasflowedintothecountryInclude:Directinvestment直直接接投投资资Portfoliinvestment证证券券投投资资Otherinvestment其其他他投投资资Capitalinflow:Eitheranincreaseinthenation’’sassetsabroad,orareductioninforeignassetsinthenation.CredititemsCapitaloutflow:Eitheranincreaseinforeignassetsinthenation,orareductioninthenation’’sassetsabroadDebititems1.3.3OfficialInternationalReservesAssetsheldbyanation’’smonetaryauthoritiesasakindof““warchest””toenablethemtointerveneintheforeignexchangemarketifandwhentheydecidetodoso.Include:GoldForeignExchangeAssetsreservepositionattheIMFSpecialDrawingRights(SDRs)OtherCreditor1.3.4StatisticalDiscrepancy(Errorandomissions)ThedatastatisticsisnotcompleteStatisticscalculaterepetitivelyandlapseSomethingiscalculateSixbalancesMerchandise(goods)tradebalanceGoodsandservicebalance(tradebalance)Goods,service,andincomebalanceCurrentaccountbalance(netforeigninvestment)FinancialaccountbalanceOverallbalance(officialsettlementbalance)19Figure2.11.4ThemacromeaningofthecurrentaccountbalanceSomesymbols:CA:CurrentaccountbalanceS:Nationalsaving国民储蓄蓄If:Netforeigninvestment对外净投投资Id:Domesticrealinvestment国内直接接投资Y:DomesticproductionofG&S国内商品品和服务务的总产产出C:DomestichouseholdconsumptionofG&S本国对商商品和服服务的私私人消费费支出G:GovernmentspendingonG&S政府对商商品和服服务的购购买X:Foreingpurchasesofthecountry’sexportsofG&S外国对本本国商品品和服务务的购买买M:Thecountry’’spurchasesofimportsofG&Sfromothercontries本国对外外国商品品和服务务的购买买E:NationalexpenditureonG&S一国对商商品和服服务的总总支出Financingandinternationalfinancialflows:Netforeigninvestment(If).CA=IfIf：Thenetaccumulationofforeignassetsminusforeignliabilities.CA>0surplus→If>0→Netlender净债权权国CA<0deficit→If<0→Netborrower净债务务国Nationalsaving(S)versusdomesticinvestment(Id).CA=S––IdSinclude:-Id:Investathomeindomesticcapticalformation,whichisdomesticrealinvestment.-If:Investabroadinnetforeigninvesment.CA=IfS=Id+If,CA=S––IdDomesticproduction(Y)versusnationalexpenditure(E).CA=Y––EY=C+Id+G+(X–M)E=C+Id+GCA=Y-E=CATosummariz,thecurrentaccountbalanceturnsouttobeequaltothreeotherthings:IfCA>0Thecountryhaspositivenetforegninvestment.(Anetlenderorinvestor)Thecountryissavingmorethanitisinvestingdomestically.Thecountryisproducingmorethanitisspendingongoodsandservices.FIGURE2.2FIGURE2.2Continued1.5ThemacromeaningoftheoverallbalanceSymbols:B:Officialsettlementsbalance官方方结算差差额FA:Financialaccountbalance金金融项目目差额OR:OfficialReserve官官方储储备资产产Theofficialsettlementbalance:equalsthesumofthecurrentaccountbalanceplustheprivatecapitalaccountbalance.B=CA+FABecauseallitemsinthebalanceofpaymentsmustsumtozero,anyimbalanceintheofficialsettlementsbalancemustbefinanced(orpaidfor)throughofficialreserves(OR)flows:B+OR=OIfoverallbalanceBisinsurplus,itequalsanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry’’sassets(thatis,adebitintheofficialreservesaccount).B>0→→OR<0IfoverallbalanceBisindeficit(B<0),itequalsadecreaseinthecountry’sholdingsofofficialreserveassetsoranaccumulationofforeignofficialreserveholdingsofthecountry’sassets(thatis,acreditinthe