金融學(xué) 匯率ppt

1、第第3 3章章 匯率匯率國(guó)際收支國(guó)際收支第一節(jié)第一節(jié)外匯、匯率與外匯市場(chǎng)外匯、匯率與外匯市場(chǎng)第二節(jié)第二節(jié)國(guó)際儲(chǔ)備國(guó)際儲(chǔ)備第三節(jié)第三節(jié)第四節(jié)第四節(jié)國(guó)際資本流動(dòng)國(guó)際資本流動(dòng)p掌握國(guó)際收支的含義及其失衡的原因和調(diào)掌握國(guó)際收支的含義及其失衡的原因和調(diào)節(jié)節(jié)p掌握外匯、匯率的定義及匯率標(biāo)價(jià)方法掌握外匯、匯率的定義及匯率標(biāo)價(jià)方法p掌握主要的匯率決定理論掌握主要的匯率決定理論p掌握國(guó)際儲(chǔ)備的含義及其構(gòu)成掌握國(guó)際儲(chǔ)備的含義及其構(gòu)成p掌握國(guó)際資本流動(dòng)的含義、成因、影響掌握國(guó)際資本流動(dòng)的含義、成因、影響 第一節(jié)第一節(jié) 國(guó)際收支國(guó)際收支一、國(guó)際收支與國(guó)際收支平衡表一、國(guó)際收支與國(guó)際收支平衡表（一）國(guó)際收支（一）國(guó)際收

2、支 IMFIMF: The balance of payments is a statistical statement that systematically summarizes, for a specific time period, the economic transactions of an economy with the rest of the world. Transactions, for the most part between residents and nonresidents.A flow concept. The usual reporting period i

3、s a year. A stock concept:International investment position (IIP) .2006年國(guó)家外匯管理局首次公布中國(guó)國(guó)際投資頭寸表 Economic transaction means the transfer from one economic agent (individual, business,etc.) to another of an economic value. It includes exchange(bilateral transfer) and transfer(unilateral transfer) of good

4、s, services or assets, migration and other imputed transactions.Resident and non-resident The concept of resident（居民） does not coincide with that of citizen（公民）, though a considerable degree of overlapping normally exists. How to define residents? Residents are the persons whose general center of in

5、terest is considered to rest in the given economy,that is ,who consume goods and services, participate in production, or engage in other economic activities in the territory of an economy on other than a temporary basis, even if they have a foreign citizenship. 中國(guó)居民中國(guó)居民As regards individuals: Migran

6、ts are to be considered as residents of the country in which they work, even if they maintain the citizenship of the country of origin; Tourists,commercial travellers are considered residents of the country of origin provided that their stay abroad is for less than one year; students and medical pat

7、ients are treated as travellers,regardless of the length of stay; Official diplomatic and consular representatives, members of the armed forces abroad are in any case residents of the country of origin. As regards non-individuals: The general governments and private non-profit bodies are considered

8、residents of the relative country; Enterprises(either private or public) are considered as residents of the country where it operates; International organizations are treated as being foreign residents in any country even though they are located in the reporting country.（二）國(guó)際收支平衡表（二）國(guó)際收支平衡表1國(guó)際收支平衡表的

9、記賬原理國(guó)際收支平衡表的記賬原理 They are based upon the principle of double-entry book-keeping. Each transaction has two sides to it, a receipt (source)and a payment (use), and both are recorded in the BOPs. Receipt of currencyCredit item(a plus)Payment of currency Debit item(a minus)Debit(-)Credit(+)Inflows of re

10、al sourcesOutflows of real sourcesIncreases in financial assetsDecreases in financial assetsDecreases in liabilitiesIncreases in liabilities3國(guó)際收支平衡表的的主要內(nèi)容國(guó)際收支平衡表的的主要內(nèi)容 BOP statement is presented with three major components: Current account:refer to all real transfers. Capital account:record transfer

11、s of ownership and financial assets and liabilities Errors and Omissions The Current Account This section is divided into four categories (1)Goods 商品 (2)Services 勞務(wù) (3)Income收益 (4)Current Transfers經(jīng)常轉(zhuǎn)移1.Goods: goods import and export 2.Services: services import and export (travel services, transport

12、ation services and financial services,etc.)3.Income: (1)Compensation of employees: seasonal workers,border workers.(2)Investment income: profits, interest, dividends received and paid.4.Current transfers(other than capital transfer): receipts or payments for which there is no corresponding quid pro

13、quo(補(bǔ)償物，等價(jià)物）. Charitable giving Migrant workers transfers to families in their home countriesCurrent AccountABDCGoodsServicesIncomeCurrent transfersThe capital and financial accounts(一)The capital account(資本賬戶)1.Capital transfers Current transfers directly affect the level of disposable income and s

14、hould influence the consumption of goods or services. Capital Transfers同固定資產(chǎn)收買或同固定資產(chǎn)收買或放棄相聯(lián)系的或以放棄相聯(lián)系的或以其為債務(wù)條件的其為債務(wù)條件的資本轉(zhuǎn)移資本轉(zhuǎn)移 .固定資產(chǎn)所有權(quán)固定資產(chǎn)所有權(quán)的轉(zhuǎn)移的轉(zhuǎn)移 債權(quán)人不索取任債權(quán)人不索取任何回報(bào)而取消的何回報(bào)而取消的債務(wù)債務(wù) 二三一The capital and financial accounts(一)The capital account(資本賬戶)2.Acquisition/disposal of nonproduced, nonfinancial as

15、sets: tangible assets(land and subsoil assets) and intangibles (patents, copyrights, trademarks, franchises, etc.)(二)The financial account1.Direct investments: equity capital, reinvested earnings, and other capital.2.Portfolio investments: equity securities & debt securities.3.Other investments: lon

16、g-term and short-term trade credits, loans, currency & deposits, other accounts receivable and payable.4.Reserve assets: monetary gold, foreign exchange, reserve position in the IMF, SDRsNet errors and omissionsIn theory, the sum of all the items recorded in the current account,the capital and finan

17、cial account should sum to zero.If 0 incorporate statistical discrepancy for any difference between the sum of credits and debits to keep credit and debit equal.How transactions are recorded?Example 1: The Boeing Corporation of the US exports an $80 million aircraft to the UK which is paid by Britis

18、h Airways debiting its US bank deposit account by a like amount.US balance of paymentsUK balance of paymentsCurrent accountExports of goods +$80mCurrent accountImports of goods -50mCapital accountReduced US bank liabilities to UK residents -$80mCapital accountReduction in US bank deposit assets +50m

19、Example 2: the US exports $1000 of goods to the UK in exchange for $1000 of services.US balance of paymentsUK balance of paymentsCurrent accountMerchandise exports +$1000Imports of services -$1000Current accountimports of goods -625Exports of services +625Example 3: A US investor decides to buy 500

20、of UK Treasury bills and to pay for them by debiting his US bank account and crediting the account of the UK Treasury held in New York.US balance of paymentsUK balance of paymentsCapital accountIncrease in UK treasury bond holdings -$800Decrease in US bank deposits +$800Capital accountIncreased bond

21、 liabilities to US residents +500Increase in US bank deposits -500Example 4: the US makes a gift of 1 million of goods to a UK charitable organization.US current accountUK current accountExports +$1.6mUnilateral payment -$1.6mImports -1mUnilateral receipt +1mFigure3:Balance of Payments of China in 2

22、007(billions of Dollars)ItemItemBalance Balance CreditCreditDebitDebitI Current Account371.83371.83 1467.88 1096.05 A. Goods and Services307.48 1342.21 1034.73 1.Goods315.38 1220.00 904.62 2.Services-7.90 122.21 130.11 B Income25.6983.0357.34 C. Current Transfers38.6742.653.98II Capital and Financia

23、l Account73.51 73.51 921.96 848.45 A. Capital Account3.10 3.31 0.22 B. Financial Account70.41 918.65 848.24 1.Direct Investment121.42 151.55 30.14 2. Portfolio Investment18.67 63.97 45.30 3.Other Investment-69.68 703.12 772.80 III Reserve Assets-461.74-461.74 0.24 461.98 IV Net Errors and Omissions1

24、6.40 16.40 16.40 0.00 Source: state administration of foreign exchange of China二、國(guó)際收支分析二、國(guó)際收支分析According to double-entry book-keeping principle, each credit in the accounts has a corresponding debit elsewhere, the sum of all items should be equal to zero.What is meant by a balance-of-payments defici

25、t or surplus?According to the motive underlying a transaction: Autonomous transaction:transactions take place independently of the balance of payments. Accommodating transaction:transactions finance any difference between autonomous receipts or payments . Autonomous receiptsautonomous payments=surpl

26、us Autonomous receipts0 , surplus. If the current account balance is a debit, 0, in surplus KA0, in deficit CA+KA=0, CA=-KA If CA0.3.The overall balance(OB)The overall balance=the current account balance+the capital and financial account balance(direct, portfolio and other investment)+the statistica

27、l error=-reserve assets balance OB0, in surplus OB0, in deficitSummary of key balance-of-payments concepts(+)exports of goods & services(-)imports of goods & services=trade balance(+)income received(-)income paid(+)current transfers receipts(-)current transfers payments=current account balance(+)cap

28、ital account receipts(-)capital account payments(+)capital(direct, portfolio, other investment) inflow(-)capital(direct, portfolio, other investment) outflow(+,-)statistical error=overall balance(+)official reserve decrease(-)official reserve increase=zeroSources of disequilibrium 臨時(shí)性不平衡 結(jié)構(gòu)性不平衡 周期性不

29、平衡 貨幣性不平衡 收入性不平衡三、國(guó)際收支調(diào)節(jié)（三、國(guó)際收支調(diào)節(jié)（BOP Adjustment） The BOP adjustment process takes two forms:Automatic forcesDiscretionary government policy2022-5-21財(cái)政金融學(xué)院楊柳制作45Balance of Payments Adjustment Gold Standard 國(guó)際金本位制 Gold can be freely minted converted (into paper currency at a stable ratio) imported or

30、 exported Price-specie-flow Mechanism /物價(jià)-硬幣-流動(dòng)機(jī)制David Hume2022-5-21財(cái)政金融學(xué)院楊柳制作47Balance of Payments Adjustment The market mechanism can be classified as: Price adjustment Income adjustment Interest adjustment Exchange rate adjustmentUnder fixed exchange ratesDeficitAuthorities have to buy the domest

31、ic currencyPrice decrease2022-5-21財(cái)政金融學(xué)院楊柳制作49Balance of Payments AdjustmentGovernment policy Expenditure-adjustment polices_Expenditure-changing polices:changes in government expenditures, taxes,or both,including fiscal polices and monetary polices_Expenditure-switching polices:changes in the direc

32、tion of expenditure,including exchange rate polices and direct controls2022-5-21財(cái)政金融學(xué)院楊柳制作50Balance of Payments AdjustmentGovernment policy Supply-adjustment polices Technology polices, industry polices Financing polices Use of government reserves Police mix第二節(jié)第二節(jié) 外匯、匯率與外匯市場(chǎng)外匯、匯率與外匯市場(chǎng)一、外匯與匯率一、外匯與匯率（

33、一）外匯的含義（一）外匯的含義 外國(guó)貨幣或以外國(guó)貨幣表示的能用于國(guó)際結(jié)算的支外國(guó)貨幣或以外國(guó)貨幣表示的能用于國(guó)際結(jié)算的支付手段付手段 （三）匯率及其標(biāo)價(jià)方法（三）匯率及其標(biāo)價(jià)方法 匯率，又稱匯價(jià)，指一國(guó)貨幣以另一國(guó)貨幣匯率，又稱匯價(jià)，指一國(guó)貨幣以另一國(guó)貨幣表示的價(jià)格，或者說(shuō)是兩國(guó)貨幣間的比價(jià)。表示的價(jià)格，或者說(shuō)是兩國(guó)貨幣間的比價(jià)。直接標(biāo)價(jià)法：以一定單位（直接標(biāo)價(jià)法：以一定單位（1個(gè)或者個(gè)或者100個(gè)、個(gè)、1000個(gè)、個(gè)、10000個(gè)外幣單位）的外國(guó)貨幣作為個(gè)外幣單位）的外國(guó)貨幣作為標(biāo)準(zhǔn)，折算為一定數(shù)額的本國(guó)貨幣來(lái)表示其匯標(biāo)準(zhǔn)，折算為一定數(shù)額的本國(guó)貨幣來(lái)表示其匯率。率。 間接標(biāo)價(jià)法：以外國(guó)貨幣來(lái)

34、表示一定單位的本間接標(biāo)價(jià)法：以外國(guó)貨幣來(lái)表示一定單位的本國(guó)貨幣的匯率表示方法。一般是一定單位的本國(guó)貨幣的匯率表示方法。一般是一定單位的本幣能夠折合成多少單位的外幣。幣能夠折合成多少單位的外幣。 二、外匯市場(chǎng)二、外匯市場(chǎng)（一）外匯市場(chǎng)及其構(gòu)成（一）外匯市場(chǎng)及其構(gòu)成外匯市場(chǎng)（外匯市場(chǎng)（Foreign Exchange Market），是指），是指進(jìn)行外匯買賣的場(chǎng)所或網(wǎng)絡(luò)。進(jìn)行外匯買賣的場(chǎng)所或網(wǎng)絡(luò)。有形市場(chǎng)和無(wú)形市場(chǎng)。有形市場(chǎng)和無(wú)形市場(chǎng)。一個(gè)一個(gè)24小時(shí)候連續(xù)周轉(zhuǎn)的全球市場(chǎng)。小時(shí)候連續(xù)周轉(zhuǎn)的全球市場(chǎng)。外匯市場(chǎng)上交易的參與者外匯市場(chǎng)上交易的參與者外匯銀行外匯銀行外匯經(jīng)紀(jì)人外匯經(jīng)紀(jì)人顧客顧客中央銀行中央

35、銀行（二）外匯市場(chǎng)交易的主要類型（二）外匯市場(chǎng)交易的主要類型1即期外匯交易即期外匯交易 又稱現(xiàn)匯交易，是指買賣雙方約定于成交后的兩個(gè)又稱現(xiàn)匯交易，是指買賣雙方約定于成交后的兩個(gè)營(yíng)業(yè)日內(nèi)交割的外匯交易。即期交易的交割日又稱起營(yíng)業(yè)日內(nèi)交割的外匯交易。即期交易的交割日又稱起息日，是指買賣雙方將資金交與對(duì)方的日期。息日，是指買賣雙方將資金交與對(duì)方的日期。2遠(yuǎn)期外匯交易遠(yuǎn)期外匯交易 又稱期匯交易，是指外匯買賣成交后并不立即辦理又稱期匯交易，是指外匯買賣成交后并不立即辦理交割，而是根據(jù)合同的規(guī)定，在約定的日期按約定的交割，而是根據(jù)合同的規(guī)定，在約定的日期按約定的匯率辦理交割的外匯交易。遠(yuǎn)期外匯交易的基本動(dòng)

36、機(jī)匯率辦理交割的外匯交易。遠(yuǎn)期外匯交易的基本動(dòng)機(jī)主要是避險(xiǎn)保值和投機(jī)獲利。主要是避險(xiǎn)保值和投機(jī)獲利。三、匯率決定理論三、匯率決定理論（一）購(gòu)買力平價(jià)理論（一）購(gòu)買力平價(jià)理論卡塞爾是購(gòu)買力平價(jià)理論的首創(chuàng)者。卡塞爾是購(gòu)買力平價(jià)理論的首創(chuàng)者。 絕對(duì)購(gòu)買力平價(jià)：某一時(shí)點(diǎn)上匯率決定的基礎(chǔ)絕對(duì)購(gòu)買力平價(jià)：某一時(shí)點(diǎn)上匯率決定的基礎(chǔ)相對(duì)購(gòu)買力平價(jià)：某一段時(shí)間內(nèi)匯率變動(dòng)的原因相對(duì)購(gòu)買力平價(jià)：某一段時(shí)間內(nèi)匯率變動(dòng)的原因1絕對(duì)購(gòu)買力平價(jià)：匯率為兩國(guó)物價(jià)之比絕對(duì)購(gòu)買力平價(jià)：匯率為兩國(guó)物價(jià)之比 用用 分別表示本國(guó)物價(jià)水平和外國(guó)物價(jià)水平，則購(gòu)買分別表示本國(guó)物價(jià)水平和外國(guó)物價(jià)水平，則購(gòu)買力平價(jià)可以寫成：力平價(jià)可以寫成： (

37、是直接標(biāo)價(jià)法下的匯率）是直接標(biāo)價(jià)法下的匯率）2相對(duì)購(gòu)買力平價(jià)：匯率的變化幅度取決于相對(duì)購(gòu)買力平價(jià)：匯率的變化幅度取決于 兩國(guó)兩國(guó)通脹率的差異通脹率的差異 如果本國(guó)通脹率超過(guò)外國(guó)，則本幣將貶值。若中國(guó)和美如果本國(guó)通脹率超過(guò)外國(guó)，則本幣將貶值。若中國(guó)和美國(guó)的通脹率分別為國(guó)的通脹率分別為6%和和4%，則人民幣將貶值，則人民幣將貶值2%PSP*,P PSPP （二）利率平價(jià)理論（二）利率平價(jià)理論凱恩斯是利率平價(jià)理論的代表凱恩斯是利率平價(jià)理論的代表 國(guó)際間資本流動(dòng)的主要目的是獲得投資收益。利國(guó)際間資本流動(dòng)的主要目的是獲得投資收益。利率的變化引起資本的流入流出，而資本的流出流率的變化引起資本的流入流出，而

38、資本的流出流入改變外匯供求關(guān)系進(jìn)而使匯率發(fā)生相應(yīng)的變化入改變外匯供求關(guān)系進(jìn)而使匯率發(fā)生相應(yīng)的變化 兩國(guó)之間的利率差會(huì)由兩國(guó)間的匯率差所抵消，兩國(guó)之間的利率差會(huì)由兩國(guó)間的匯率差所抵消，使得同一筆資金在國(guó)內(nèi)外投資的收益相等使得同一筆資金在國(guó)內(nèi)外投資的收益相等 （三）國(guó)際收支說(shuō)（三）國(guó)際收支說(shuō)從分析國(guó)際收支進(jìn)而影響匯率變動(dòng)因素入手從分析國(guó)際收支進(jìn)而影響匯率變動(dòng)因素入手外匯匯率由外匯供求決定，而外匯供求又由國(guó)際外匯匯率由外匯供求決定，而外匯供求又由國(guó)際收支決定收支決定當(dāng)國(guó)際收支赤字，外匯升值，反之貶值（四）資產(chǎn)收支說(shuō)（四）資產(chǎn)收支說(shuō)重視金融資產(chǎn)市場(chǎng)均衡對(duì)匯率變動(dòng)的影響重視金融資產(chǎn)市場(chǎng)均衡對(duì)匯率變動(dòng)的影

39、響匯率變動(dòng)可以消除資產(chǎn)市場(chǎng)的超額供給或者需求匯率變動(dòng)可以消除資產(chǎn)市場(chǎng)的超額供給或者需求均衡匯率就是兩國(guó)資產(chǎn)市場(chǎng)供求存量保持均衡時(shí)兩國(guó)貨幣之間的相對(duì)價(jià)格三、匯率制度三、匯率制度（一）固定匯率制度（一）固定匯率制度 固定匯率制度是指兩國(guó)貨幣比價(jià)基本固定，現(xiàn)實(shí)匯率固定匯率制度是指兩國(guó)貨幣比價(jià)基本固定，現(xiàn)實(shí)匯率只圍繞平價(jià)在很小范圍內(nèi)上下波動(dòng)。只圍繞平價(jià)在很小范圍內(nèi)上下波動(dòng)。 國(guó)際金本位制下的匯率制度國(guó)際金本位制下的匯率制度 布雷頓森林體系下的匯率制度布雷頓森林體系下的匯率制度英鎊英鎊英國(guó)英國(guó)美元美元GoldconvertibilityGoldconvertibility匯率1 GBP = 4.8665

40、 USD1 GBP = 7.32238g gold1 USD = 1.50463g gold美國(guó)美國(guó)鑄幣平價(jià)鑄幣平價(jià) 假設(shè)在金本位制度下, 鑄幣平價(jià): 1GBP = 4.8665 USD 運(yùn)輸成本 = 0.03 USD$4.8665鑄幣平價(jià)鑄幣平價(jià)+0.03-0.03$4.8965 /黃金輸出點(diǎn)黃金輸出點(diǎn)$4.8365 /黃金輸入點(diǎn)黃金輸入點(diǎn)黃金黃金貨幣貨幣 C貨幣貨幣 B貨幣貨幣 A美元美元1 盎司黃金盎司黃金 = 35 USDDollar Convertibility10/$Dollar Convertibility20/$匯率匯率0.5 A / B“雙掛鉤、一固定、上下限、政府干預(yù)雙掛鉤

41、、一固定、上下限、政府干預(yù)” -美元與黃金掛鉤，各國(guó)貨幣與美元掛鉤 -各國(guó)貨幣平價(jià)一經(jīng)國(guó)際貨幣基金組織確定就基本固 定，不得隨意變動(dòng)上下限 -外匯市場(chǎng)上現(xiàn)實(shí)匯率的變動(dòng)幅度不得超過(guò)平價(jià)1% -匯率波動(dòng)幅度超過(guò)規(guī)定的界限時(shí)，各成員國(guó)貨幣當(dāng) 局有義務(wù)采取市場(chǎng)干預(yù)措施四、匯率制度四、匯率制度（二）浮動(dòng)匯率制度（二）浮動(dòng)匯率制度 浮動(dòng)匯率制度是指匯率水平由外匯市場(chǎng)上的供求關(guān)系浮動(dòng)匯率制度是指匯率水平由外匯市場(chǎng)上的供求關(guān)系決定，政府對(duì)之不加干預(yù)的匯率制度。決定，政府對(duì)之不加干預(yù)的匯率制度。 自由浮動(dòng)，又叫清潔浮動(dòng)自由浮動(dòng)，又叫清潔浮動(dòng) 管理浮動(dòng)，又叫骯臟浮動(dòng)管理浮動(dòng)，又叫骯臟浮動(dòng)五、人民幣匯率的決定五、人

42、民幣匯率的決定（一）人民幣匯率的發(fā)展歷程（一）人民幣匯率的發(fā)展歷程（二）現(xiàn)行人民幣匯率制度（二）現(xiàn)行人民幣匯率制度 自自20052005年年7 7月月2121日起，我國(guó)開(kāi)始實(shí)行以市場(chǎng)供求為基日起，我國(guó)開(kāi)始實(shí)行以市場(chǎng)供求為基礎(chǔ)、參考一籃子貨幣進(jìn)行調(diào)節(jié)、有管理的浮動(dòng)匯率制礎(chǔ)、參考一籃子貨幣進(jìn)行調(diào)節(jié)、有管理的浮動(dòng)匯率制度。度。第三節(jié)第三節(jié) 國(guó)際儲(chǔ)備國(guó)際儲(chǔ)備一、國(guó)際儲(chǔ)備的定義與作用一、國(guó)際儲(chǔ)備的定義與作用國(guó)際儲(chǔ)備與國(guó)際清償力國(guó)際儲(chǔ)備與國(guó)際清償力 根據(jù)國(guó)際儲(chǔ)備的定義和特征，國(guó)際儲(chǔ)備根據(jù)國(guó)際儲(chǔ)備的定義和特征，國(guó)際儲(chǔ)備有廣義和狹義之分有廣義和狹義之分 狹義的國(guó)際儲(chǔ)備狹義的國(guó)際儲(chǔ)備通常所講的國(guó)際儲(chǔ)備通常所講的

43、國(guó)際儲(chǔ)備: :自有儲(chǔ)備自有儲(chǔ)備 廣義的國(guó)際儲(chǔ)備廣義的國(guó)際儲(chǔ)備國(guó)際清償力國(guó)際清償力: : 一國(guó)的自有儲(chǔ)備一國(guó)的自有儲(chǔ)備+ +借入儲(chǔ)備借入儲(chǔ)備國(guó)際儲(chǔ)備的作用國(guó)際儲(chǔ)備的作用 1 1、彌補(bǔ)國(guó)際收支赤字、彌補(bǔ)國(guó)際收支赤字 2 2、調(diào)節(jié)本國(guó)貨幣匯率、調(diào)節(jié)本國(guó)貨幣匯率 3 3、充當(dāng)信用保證、充當(dāng)信用保證二、國(guó)際儲(chǔ)備的構(gòu)成二、國(guó)際儲(chǔ)備的構(gòu)成（一）黃金儲(chǔ)備（一）黃金儲(chǔ)備（二）外匯儲(chǔ)備（二）外匯儲(chǔ)備（三）在（三）在IMF中的儲(chǔ)備頭寸中的儲(chǔ)備頭寸（四）特別提款權(quán)（四）特別提款權(quán) 三、國(guó)際儲(chǔ)備的管理三、國(guó)際儲(chǔ)備的管理（一）量的管理（一）量的管理 保持適度規(guī)模保持適度規(guī)模（二）質(zhì)的管理（二）質(zhì)的管理 使黃金儲(chǔ)備、外匯儲(chǔ)

44、備、在使黃金儲(chǔ)備、外匯儲(chǔ)備、在IMF的儲(chǔ)備頭寸和特別提的儲(chǔ)備頭寸和特別提款權(quán)四個(gè)部分的國(guó)際儲(chǔ)備資產(chǎn)持有量之間，以及各部分款權(quán)四個(gè)部分的國(guó)際儲(chǔ)備資產(chǎn)持有量之間，以及各部分的構(gòu)成要素之間保持合適的數(shù)量構(gòu)成比例。的構(gòu)成要素之間保持合適的數(shù)量構(gòu)成比例。 三性原則：安全性、流動(dòng)性、營(yíng)利性三性原則：安全性、流動(dòng)性、營(yíng)利性第四節(jié)第四節(jié) 國(guó)際資本流動(dòng)國(guó)際資本流動(dòng)一、國(guó)際資本流動(dòng)的含義與發(fā)展一、國(guó)際資本流動(dòng)的含義與發(fā)展（一）國(guó)際資本流動(dòng)的含義與類型（一）國(guó)際資本流動(dòng)的含義與類型1. 國(guó)際資本流動(dòng)的含義國(guó)際資本流動(dòng)的含義 國(guó)際資本流動(dòng)：由于國(guó)際經(jīng)濟(jì)交易而引起的生產(chǎn)要國(guó)際資本流動(dòng)：由于國(guó)際經(jīng)濟(jì)交易而引起的生產(chǎn)要素在國(guó)際間的轉(zhuǎn)移和流動(dòng)。素在國(guó)際間的轉(zhuǎn)移和流動(dòng)。 可采取貨幣形態(tài)或?qū)嵨镄螒B(tài)，是使用權(quán)的轉(zhuǎn)讓，不可采取貨幣形態(tài)或?qū)嵨镄螒B(tài)，是使用權(quán)的轉(zhuǎn)讓，不同于以所有權(quán)的轉(zhuǎn)移為特征的商品交易。同于以所有權(quán)的轉(zhuǎn)移為特征的商品交易。2. 國(guó)際資本流動(dòng)的類型國(guó)際資本流動(dòng)的類型（1 1）從資本的流動(dòng)方向看：資本流出和資本流入。）從資本的流動(dòng)方向看