经济学专业英语教程（精编版）（第二版）课件：The Balance of Payments

《经济学专业英语教程

（精编版）（第二版）》

Text:TheBalanceofPayments

（国际收支）1.Keywords2.Definitionandimportanceofthebalanceofpayments3.Economicfactorsaffectingthebalanceofpayments4.Principlesandcompositionofthebalanceofpayments5.Waysoflookingatthebalanceofpayments6.Questionsinternationalfinancebalanceofpaymentsnon-residentspotexchangeratemerchandiseexportsandimportsinflowsandoutflowspropensitytoimportIMFdebititemcredititemdoubleentrybookkeepingsystembankaccountunilateralorunrequitedtransfersocialsecuritygovernment-to-governmentgrantscurrentaccountcapitalaccountofficialreservesaccountmerchandisetradetradebalancelong-termloantradedeficitofficialsettlementsbalanceinternationalreservescentralbank1.Keywords2.1Definitionofthebalanceofpayments2.2Importanceofthebalanceofpayments2.DefinitionandimportanceofthebalanceofpaymentsThebalanceofpaymentsistherecordoftheeconomicandfinancialflowsthattakeplaceoveraspecifiedtimeperiod(usuallyonecalendaryear)betweenresidentsandnon-residentsofagivencountry.2.1DefinitionofthebalanceofpaymentsDemonstratingthehealthinessofacountry’scurrency.Longtermcurrencymovementsandexchangeratechangescanbepredictedfromtheanalysisofsuchdata.Reportinginformationabouttheexportationandimportationofgoodsandservices.Theexportationoftheseitemsprovidesasupplyofforeignexchangewhiletheimportationofthemprovidesdemandforforeignexchange.helpingintheforecastofacountry’smarketpotentialintheshortrun.Acountrywithaseriousdeficitisnotlikelytoimportasmuchasifithasasurplus.Showingpressureonthecountry’sforeignexchangerateandthepotentialforgainsandlossesforafirmtradingorinvestinginthatcountry.Continuingdeficitsmaysignalfuturegovernmentcontrolsonoutgoingcapitalmovements,e.g.,dividends,managementfees,interestpayments,orroyaltiestoforeignfirmsandinvestors.2.2Importanceofthebalanceofpayments3.1Inflationrate3.2RealgrowthinGNP3.3Interestrates3.4Spotexchangerate3.EconomicfactorsaffectingthebalanceofpaymentsInflationmayleadtopricelevelincreases,whichmakedomesticgoodsandservicesrelativelytooexpensivefornondomesticbuyers.Exportswillbecomelesscompetitiveandimportswillbecomemoreattractivetodomesticconsumers.Asexportsdeclineandimportsrise,thebalanceoftradesectorinthebalanceofpaymentsmaybecomenegative,andifthistradedeficitisnotbalancedbycapitalflows,thebasicbalanceofthebalanceofpaymentsmaybeindeficit.3.1InflationrateHighratesofgrowthinGNPtendtocauseconsumerstoimportmoregoodsandservicesfromabroad.HigherGNPpushespersonalincomeupandifconsumershaveahighpropensitytoimportbecauseofrelativelyhigherincomes,importsmayincreasefasterthanexport,causingadampeningeffectonthebalanceofpayments.LowerGNPwillusuallyresultinlowerimportsofgoodsandservices.3.2RealgrowthinGNPInterestratesinfluenceforeigninvestmentsinmoneyandcapitalmarketinstrumentsinagivencountry.Ifacountryhashighrealinterestratesrelativetoothercountries,itwillexperiencehighinflowsoffundsforinvestmentinfinancialinstruments.Whenrealinterestratesdeclineinacountry,capitaloutflowsoccurandthebasicbalancedeficitmayincrease.Expectationsabouttheleveloffutureinterestratesmayalsohaveanimpactoninvestmentflowsintoandoutofacountry.3.3InterestratesSpotexchangeratesinfluencetherelativecostofimportsvis-à-visdomesticgoodsandtherelativecostofexportsvis-à-visforeigngoodsinimportingcountries.Relativelyhighexchangeratesoftheforeigncurrencycomparedtothedomesticcurrencydiscourageimportsandencourageexports.3.4Spotexchangerate4.1Principlesofthebalanceofpayments4.2Compositionofthebalanceofpayments4.Principlesandcompositionofthebalanceofpayments4.1.1Debitandcredititems4.1.2Doubleentrybookkeepingsystem4.1.3Unilateraltransferaccount4.1.4Thebalanceofpaymentsisalwaysinbalance4.1PrinciplesofthebalanceofpaymentsAlltransactionsthatrequireapaymenttoforeigncitizenorgovernment,i.e.,importsofgoodsandservices,areenteredinthebalanceofpaymentsaccountsasadebititemwithanegative(–)sign.Alltransactionsthatresultinapaymentfromforeigncountries,i.e.,exportsofgoodsandservices,areenteredasacredititemwithapositive(+)sign.4.1.1DebitandcredititemsEssentially,thebalanceofpaymentsisbasedonadoubleentrybookkeepingsystem.Everytransactionentersthebalanceofpaymentsaccountstwice,onceasacreditandonceasadebit.4.1.2DoubleentrybookkeepingsystemTheunilateraltransferaccountorunrequitedtransfersisanaccountfoundinthecurrentaccountofthebalanceofpayments.Unrequitedtransfersmaybeprivateorpublic.Thesearepaymentsthatareoutflowsoffunds,ordebititems.Privateunilateralorunrequitedtransfersareprimarilypensionpayments.Public,orofficial,unrequitedtransfersareeconomicormilitaryassistanceexportsmadetoforeigncountriesintheformofgovernment-to-governmentgrants.4.1.3UnilateraltransferaccountThebottomlineofacountry’sbalanceofpaymentshasbeenadjustedbyvariousentriessothatnoimbalance—surplusordeficit—exists.4.1.4Thebalanceofpaymentsisalwaysinbalance4.2.1Currentaccount4.2.2Capitalaccount4.2.3Officialreservesaccount4.2CompositionofthebalanceofpaymentsThecurrentaccountentriesareforthosetransactionsthattakeplaceandaresettledduringtheperiodofthebalanceofpayments.4.2.1CurrentaccountCapitalaccountentriesareforthosetransactionsthathavealongertimehorizon,suchasdirectandportfolioinvestmentsbyonecountry’scompaniesinanothercountry.4.2.2CapitalaccountOfficialreserveaccountentriesshowthechangeinthenation’sofficialreservesasaresultofwhatoccursinthecurrentandcapitalaccounts.4.2.3OfficialreservesaccountAnation’sreceiptslessitspaymentsequalsthenation’sbalanceofpayments.Perhapsthemostimportantsectioninthebalanceofpaymentsisthebalanceoftrade,thenetbalanceofexportsandimportsofmerchandisetrade.Whenthebalanceofpayme