(1)-chapter1国际金融国际金融

section1nationalincomeaccountunderanopeneconomyⅠnationalincomeidentityⅡNationalincomeunderanopeneconomyⅢMacromeaningofcurrentaccountⅠnationalincomeidentity(1)Y--------nationalincomeC--------privateconsumptionI---------privateinvestmentG--------governmentpurchasesT---------tax---------privatesavings--------governmentsavingsⅠnationalincomeidentity(2)Closedeconomyexpenditure:Y=C+I+Gincome:Nationalincomeidentity:Ⅰnationalincomeidentity(3)Openeconomyexpenditure:Y=C+I+G+(X-M)income:Nationalincomeidentityunderanopeneconomy:TBⅠnationalincomeidentity(4)Differencebetweenaboveidentitiesunderopeneconomy,itbroadensthesourceandchannelsofsavingsandinvestmentunderopeneconomy,acountrycanutilizebothdomesticandforeignresourcestodevelopitseconomyⅡNationalincomeunderanopeneconomy(1)Statisticalindicators

GDPGNP(territory)(nationality)GNP=GDP+NFP跳过ⅡNationalincomeunderanopeneconomy(2)suppose:homenationalhometerritoryforeignnationalforeignterritoryhomenationalforeignterritoryforeignnationalhometerritoryⅡNationalincomeunderanopeneconomy(3)CA（currentaccount）：经常账户CA>0surplus;CA<0deficitGNP=GDP+NFP=C+I+G+TB+NFPCAGNP=C+I+G+CAⅢMacromeaningofcurrentaccount(1)Internationaltrade

CA=X-M(NFP=0)经常账户大致反映进出口贸易的状况，体现出一国产业结构和国际竞争力。ⅢMacromeaningofcurrentaccount(2)Domesticabsorption

Y=C+I+G+CAAA(domesticabsorption):私人消费、私人投资、政府支出构成国内居民的总支出，称为国内吸收CA=Y-AY>A,CA>0,surplusY<A,CA<0,deficitⅢMacromeaningofcurrentaccount(3)InvestmentandsavingS>ICA>0S<ICA<0CA=S-IⅢMacromeaningofcurrentaccount(4)FiscalpolicyexpansionaryfiscalpolicycontractionaryfiscalpolicyHowtodoaprecisemeasurementstotheopennessoftheeconomy?Section2balance-of-paymentaccountⅠDefinitionⅡBalance-of-paymentstatementsⅢPrinciplesofrecordingⅠDefinition(1)Balanceofpayments(BP)referstomonetaryrecordofalleconomictransactionswhichoccurredbetweenresidentandnon-residentinaperiodoftimeⅠDefinition(2)CharacteristicsFlowvariableTransactionsoccurredinthepastMonetaryrecordResidentandnon-residentModesoftransactionsExchange;Transfer;Migration;PresumptivetransactionResidentandnon-residentEnterpriseresidentIndividualresidentOfficialresidentInternationalinstitutionlocationresidenceandtimenationalitynon-residentImportanceofBPItisanimportantpartofnationaleconomyItdecidedacountry’sstatusintheinternationalfinanceItisoneofthemostimportantresearchobjectsintheinternationalfinanceⅡBalance-of-paymentstatements(1)Accountcurrentaccount(CA)capitalandfinancialaccount(KA)errorsandomissionsaccountⅡBalance-of-paymentstatements(2)CA:merchandiseandservicesprimaryincomesecondaryincome实际资源在国际间的流动行为进行记录的账户。merchandiseandservicesprimaryincome直接投资、证券投资、其他投资的收益最常见的是：红利和利息secondaryincome科摩罗为中国“抗疫”捐赠100欧元经常转移的平衡项目ⅡBalance-of-paymentstatements(3)对资产所有权在国际间流动行为进行记录的账户。KAcapitalaccountfinancialaccountdirectinvestmentportfolioinvestmentotherinvestmentreserveassetsⅡBalance-of-paymentstatements(4)principlesDouble-entrybookkeepingAccrualbasisDouble-entrybookkeepingdebit(-)credit(+)increaseofassetsordecreaseofliabilitiesdecreaseofassetsorincreaseofliabilities国际收支平衡表

借方（－）贷方（＋）经常账户货物与服务初次收入二次收入总计资本与金融账户资本账户金融帐户直接投资证券投资其他投资储备资产总计合计Accountingexamples(1)AcompanyincountryAsells1millionUSDworthofequipments,beingpaidwithincheck,whichwillleadtoanincreaseofoverseasdeposits

Step1:findouttwoaccountsmerchandiseotherinvestmentStep2:judgewhichincreaseordecreasedecreasemerchandiseStep3:determinethedebitandcredititemsdebit:otherinvestmentcredit:merchandiseAccountingexamples(2)AresidentofcountryAtraveledabroadandspent30000USDwhichwaspaidbywritingacheckonitsdepositesinoverseasbank

debit:merchandiseandservices$30000credit:otherinvestment$30000Accountingexamples(3)thegovernmentofcountryAgives$600000inforeignaidtothegovernmentofcountryBintheformofmedicinedebit:secondaryincome$600000credit:merchandiseandservices$600000Accountingexamples(4)TheministryoffinanceofcountryApaythe$250000interestofgovernmentbondstoinvestorsofcountryBbywritingacheckdebit:primaryincome$250000credit:otherinvestment$250000Accountingexamples(5)ThegovernmentofcountryAsells$300000worthofwheattocountryB,beingpaidwith$300000ingoldbycountryB

debit:reserveassets$300000credit:merchandiseandservices$300000debit(-)Credit(+)currentaccountmerchandiseandservices$30000$1900000primaryincome$250000secondaryincome$600000total$880000$1900000capitalandfinancialaccountcapitalaccountdirectportfolioother$1000000$280000reserve$300000total$1300000$280000total$2180000$2180000exercises我国某企业出口价值1520万美元的口罩，这一出口行为导致该企业在海外银行存款的增加。科摩罗向我国捐赠100欧元，我国民政部将其在国内兑换为人民币存入财政专户。甲国企业在海外投资所得利润150万美元，其中75万美元用于当地的再投资，50万美元购买当地商品运回国内，25万美元调回国内结售给政府以换取本币甲国居民动用外汇存款40万美元购买外国某公司的股票甲国某公司在海外上市，获得100万美元的资金，甲国公司将融资所得现金结算成本币Section3balanceandimbalanceofBPwhatdothebalanceandimbalancereferto?measurementofimbalancereasonsforimbalanceeconomiceffectofimbalanceⅠwhatdothebalanceandimbalancereferto?(theoretical)autonomousandcompensatorytransactionsautonomoustransactioncompensatorytransaction自主性交易：指个人和企业为某种自主性目的（比如追逐利润、旅游、汇款赡养亲友等）而从事的交易补偿性交易：指为弥补国际收支不平衡而发生的交易，比如为弥补国际收支逆差而向外国政府或国际金融机构借款、动用官方储备等Ⅰwhatdothebalanceandimbalancereferto?(theoretical)balanceandimbalancerefertotheautonomoustransactionsnetbalance=0balancenetbalance>0(credit)surplusnetbalance<0(debit)deficitimbalanceⅡMeasurementofimbalance(1)TB=X-MItreflectsthecompetitivenessofindustryandproductivity.ⅡMeasurementofimbalance(2)currentaccountbalanceCA=TB+NFPMacromeaningCA=S-ICA=Y-ACA=+(T-G)-IⅡMeasurementofimbalance(3)capitalandf