國(guó)際金融托馬斯A普格爾著第chaer

Lecture1

PaymentsamongNations

Whydoweneedtolearnthischapter?canhelpyoutounderstandtheconnectionbetweenmacro-economicactivitiesandmicro-economicbehaviorsisalsothekeytounderstandhowpeopleuseonekindofcurrencytoexchangeanotheroneEventheinternationalflowofhumansshowsupinthebalanceofpayments,whenthemigrantsmakepurchasesorsendmoneybackhomeKeyTermsBalanceofPayments(BOP)國(guó)際收支Double-EntryAccountingPrinciple復(fù)式記帳法CreditandDebitTransactions

貸方交易與借方交易CurrentAccount,FinancialAccount,StatisticalDiscrepancy經(jīng)常賬戶、金融賬戶、統(tǒng)計(jì)誤差I(lǐng)nternationalInvestmentPosition國(guó)際投資頭寸1.1BalanceofpaymentAcountry’sbalanceofpaymentsisasystematic（系統(tǒng)的）account（賬戶）ofalltheexchangeofvaluebetweenresidents（居民）ofthatcountryandtherestoftheworld（世界其他地區(qū)）duringagiventimeperiod（一段時(shí)間內(nèi)）.

BOPisaflownotastockBOPisarecordbetweendomesticresidentsandnon-residents.BOPisonthebaseofeconomictransactionsSomethingmustbeclarificationSixcategoriesofflows

MerchandisetradeflowsServiceflowsIncomeflowsUnilateraltransfersPrivatecapitalflowsOfficialinternationalreserveflows1.2AccoutingprinciplesAnyexchangeautomaticallyentersthebalance-of-paymentsaccountstwice:asacredit(+)andasadebit(-)ofthesamevalue.Thisisjustaninternationalapplicationofthefundamentalaccountingprincipleofdouble-entrybookkeeping.Acredit(+)isaflowforwhichthecountryispaidAdebit(–)isaflowforwhichthecountrymustpayDouble-entrybookkeeping（復(fù)式記帳法）meansthateachinternationaltransactionisrecordedtwice,onceasacreditandonceasadebitofanequalamountWhycanweusedouble-entrybookkeepingtorecordatransaction?Credits(+)(leadingtothereceiptofpaymentsfromforeigners)Debits(-)(Leadingtopaymentstoforeigners)MerchandiseexportsServiceexportsIncomereceivedfrominvestmentsabroadGiftsreceivedfromforeignresidentsAidreceivedfromforeigngovernmentsInvestmentsinthehomecountrybyoverseasresidentsOfficialreserveassetreducedMerchandiseimportsServiceimportsIncomepaidoninvestmentsofforeignersGiftstoforeignresidentsAidgivenbythehomecountry’sgovernmentOverseasinvestmentbyhomecountry’sresidentsOfficialreserveassetaddedEachcredittransactionhasabalancingdebittransaction,andviceversa,sotheoverallbalanceofpaymentsisalwaysinbalance貸方項(xiàng)目=外國(guó)居民向本國(guó)居民支付的交易=引起外匯供給的交易借方項(xiàng)目=本國(guó)居民向外國(guó)居民支付的交易=引起外匯需求的交易復(fù)式賬法的三大規(guī)則：1）任何一筆交易發(fā)生，必然涉及借方和貸方兩個(gè)方面：有借必有貸，借貸必相等2）借方：不論實(shí)際資源還是金融資產(chǎn)，都表示持有量的增加3）貸方：不論是實(shí)際資產(chǎn)還是金融資產(chǎn)，都表示持有量的減少借方用-表示，貸方用+表示出口（貸），進(jìn)口（借）本國(guó)常住者為外國(guó)人提供勞務(wù)或者從外國(guó)取得投資及其他收入（貸）；而外國(guó)人為本國(guó)常住者提供勞務(wù)或從本國(guó)取得收入（借）本國(guó)常住者獲得（指購(gòu)買）外國(guó)資產(chǎn)（借），外國(guó)常住者獲得本國(guó)資產(chǎn)（貸）外國(guó)人償還債務(wù)（貸），本國(guó)居民償還外債（借）本國(guó)常住者收到國(guó)外單方面轉(zhuǎn)移（貸），本國(guó)常住者對(duì)外國(guó)單方面轉(zhuǎn)移（借）官方儲(chǔ)備減少（貸），官方儲(chǔ)備增加（借）案例*：例1．一家中國(guó)公司向法國(guó)出口計(jì)算機(jī)，法國(guó)進(jìn)口商用他在中國(guó)的銀行存款120萬(wàn)元支付。借：對(duì)外國(guó)私人的短期負(fù)債120萬(wàn)元貸：商品出口120萬(wàn)元例2.中國(guó)人去瑞士旅游，支付10萬(wàn)元食宿等費(fèi)用。中國(guó)人在瑞士銀行用人民幣旅行支票換成瑞士法郎，瑞士銀行反過(guò)來(lái)把人民幣支票存入中國(guó)銀行的戶頭上。借：勞務(wù)進(jìn)口10萬(wàn)元貸：對(duì)外國(guó)私人的短期負(fù)債10萬(wàn)元例3.中國(guó)政府動(dòng)用官方儲(chǔ)備50萬(wàn)元向墨西哥提供無(wú)償援助，同時(shí)，還提供相當(dāng)于50萬(wàn)元的食品、藥物援助。借：官方無(wú)償援助100萬(wàn)元貸：官方儲(chǔ)備50萬(wàn)元商品出口50萬(wàn)元1.3Thestructureof

BOPAccount1.3.1CurrentAccountRecordsthevaluesofgoodsandservicessoldandpurchasedabroad,plusnetinterestandotherfactorpaymentsandnetunilateraltransfersandgifts.Acurrentaccountsurplusshowsthatacountryhaspositivenetforeigninvestment.

Include:（1）Merchandisetradflows–visibletrade（2）Serviceflows–invisibletrade(3)Incomeflowsa.InvestmentIncomeb.Compensationofemployees(4)Unilateraltransfer(gift)(Currenttransfer)a.Govermentgrantsb.Privateindividuals1.3.2FinancialAccount

Recordsthevaluesoffinancialassetspurchasedandsoldabroadbyprivateresidents(notmonetaryauthorities)ofthehomecountry.Afinancialaccountsurplusindicatesthat,onnet,financialcapitalhasflowedintothecountryInclude:Directinvestment直接投資Portfoliinvestment證券投資Otherinvestment其他投資

Capitalinflow:Eitheranincreaseinthenation’sassetsabroad,orareductioninforeignassetsinthenation.CredititemsCapitaloutflow: Eitheranincreaseinforeignassetsinthenation,orareductioninthenation’sassetsabroadDebititems1.3.3OfficialInternationalReserves

Assetsheldbyanation’smonetaryauthoritiesasakindof“warchest”toenablethemtointerveneintheforeignexchangemarketifandwhentheydecidetodoso.Include:GoldForeignExchangeAssetsreservepositionattheIMFSpecialDrawingRights(SDRs)OtherCreditor

1.3.4StatisticalDiscrepancy(Errorandomissions)ThedatastatisticsisnotcompleteStatisticscalculaterepetitivelyandlapseSomethingiscalculateSixbalancesMerchandise(goods)tradebalanceGoodsandservicebalance(tradebalance)Goods,service,andincomebalanceCurrentaccountbalance(netforeigninvestment)FinancialaccountbalanceOverallbalance(officialsettlementbalance)19Figure2.11.4悄The芳macr悄ome端anin待gof倡the罵c暑urre搖nta慘ccou扇ntb烈alan澡ceSome性sym采bols僑:CA:株Cur塌rent遷acc犧ount漲bal踩anceS賠:Na臺(tái)tion去als怖avin咱g國(guó)民儲(chǔ)棒蓄I(lǐng)f:Net鄉(xiāng)豐fo觀rei送gn透inv蹦est已men工t對(duì)外凈投團(tuán)資Id:Do慌mest境icr商eal民inv荒estm扛ent國(guó)內(nèi)直接苗投資Y:硬Do袋mes宏tic哭pr粘odu等cti都o(jì)n逐of少G&S國(guó)內(nèi)商品槽和服務(wù)的顛總產(chǎn)出C濁:D葉ome很sti蠟ch觀ous鈴eho室ld礎(chǔ)con刑sum掠pti凍on甚of賄G&S本國(guó)對(duì)商醉品和服務(wù)屯的私人消沉費(fèi)支出G:詞Gov兔ernm待ent篇spen塵ding辣on釋G&S政府對(duì)索商品和繞服務(wù)的闊購(gòu)買X:蓋For雁eing膠pur忍chas證eso內(nèi)fth稿e(cuò)co胸untr圣y’s哲expo森rts貝ofG&S外國(guó)對(duì)土本國(guó)商踩品和服染務(wù)的購(gòu)笑買M:吳Th俗ec漂oun勇try奶’s能pur菜cha橡ses圍of射im活por罪ts莖of割G&S籮fr間omoth乞er鞋con潑tri稅es本國(guó)對(duì)劣外國(guó)商觀品和服猛務(wù)的購(gòu)塑買E勁:N撈ati加ona因le拉xpe遙ndi獎(jiǎng)tur省eo雀nG滾&S一國(guó)對(duì)稈商品和扣服務(wù)的李總支出Fin仔anc禁ing莊an延di瀉nte躺rna稱tio焰nal捷fi燙nan患cia駕lf僑low駝s:Net躲fore普ign償inve坊stme機(jī)nt(約If).CA=然IfIf：The修ne涌ta酷ccu運(yùn)mul兼ati仇on幫of尖for師eig知na波sse居ts落min佩usfore粒ign挨liab嶼ilit世ies.CA>0s廈urpl住us→If>0→Net秘le坦nde桂r凈債烘權(quán)國(guó)CA<0臟def餃ici旺t→If<0→Net虜bor潑rowe五r凈債務(wù)伐國(guó)Nat凈ion釣al橋sav惠ing葵(S悠)v儲(chǔ)ers尸us靜dom扛est翼ic詠inv低est毯men鄉(xiāng)豐t(昂Id).CA=劑S–老IdSi船ncl悟ude搭:-Id:I臨nve友st曲at趕hom佛ei夸nd抱ome限sti亦cc織apt癢ica拾l(fā)f挖orm騾ati席on,whi筋ch脆is聽(tīng)dom牽est賀ic持rea夕li闖nve卵stm眠ent薪.-If:I強(qiáng)nve棒st具abr睬oad兼in巖ne殲tf痰ore那ign即in甚ves匯men堤t.CA夜=IfS=公I(xiàn)d+If,CA慎=S臉–陵IdDom扣est牙ic窄pro燈duc址tio石n(花Y)繼ver葡sus悠na脂tio芳nal鼻ex子pen赴dit形ure莊(E返).CA掙=Y客–沿EY=慎C劣+Id+G議+(餡X–假M(fèi))E=責(zé)C冷+Id+GCA=脫Y-E=CATo惜sum擊mar拐iz,親th握ec養(yǎng)urr澤ent課ac阿cou凳nt腹bal住anc鏈et遭urn定so防ut百to紹be掉equ刺al嚇to秋thr紀(jì)ee疲oth尖er象thi即ngs合:IfC乒A>0The培coun種try溉has巨posi侍tive遇net螞for筑egn拜inve檔stme諸nt.忌(An若etl農(nóng)ende念ror擔(dān)inv漁esto迎r)The星co竊unt偏ry寧is猴sav吃ing欺mo曬re時(shí)tha戒ni靠ti帳si致nve室sti錢ng倉(cāng)dom吉est哨ica豈lly蜜.The傻coun幻玉try百isp胳rodu赴cing褲mor里eth境ani說(shuō)tis狡spe絨ndin付gon收goo術(shù)dsa尾nds暗ervi今ces.FIGU弓RE2.崇2FIG喊URE追2.2俯Co明nti罪nue疑d1.5鋼Th跪em樣acr橋om弟ean自ing炎o(hù)f候t集he羨ove競(jìng)ral久lb牌ala聰nceSymb原ols:B:O衡ffic轟ial幻玉sett澡leme這nts受bala尼nce盼官方結(jié)算倡差額FA:芹Fina熱ncia校lac表coun附tba額lanc繪e德金融項(xiàng)蔬目差額OR:孟Offi水cial動(dòng)Res紐奉erve刑官方儲(chǔ)戶備資產(chǎn)The幻玉of宰fic蔑ial面se郵ttl懂eme鳳nt樣bal擔(dān)anc壁e:equa祖lst闖hes首u(yù)mo愈fth尖ecu茂rren槐tac半coun綁tba毛lanc董epl銅ust瓦h(yuǎn)ep讓riva六tec京apit列ala踐ccou窩ntb榴alan瓶ce.B=懼CA僚+掩FABeca叛use墾all頃item必sin甚the弱bal狠ance廊of萌paym饅ents晨mus秀tsu果mto研zer聲o,a俯nyi收mbal白ance伏in款the險(xiǎn)offi晚cial顆set恒tlem猾ents賭bal喜ance摟mus夕tbe鋪fin熔ance族d(o嬸rpa動(dòng)idf徹or)南thro乒ugh掩offi侮cial疼res鼻erve飾s(O賞R)f暴lows前:B+OR繼=OIfover戚all返bala濟(jì)nce淡Bis亡in蓬surp品lus,it怨equ壯a(bǔ)ls扶ana診ccum胸ulat穿ion市ofo蠟ffic額ial脅rese糕rve廣asse肯tsb影yth豎eco趣untr坡yor突ad眨ecre羽ase捕inf釀orei欣gno管ffic嶼ial換rese乒rve踢h(yuǎn)old苦ings哭of會(huì)the四coun壤try’獄sas題sets盯(th緊ati雨s,a珠deb固iti切nth隔eof再fici尋alr倉(cāng)eser礙ves威acco口unt)捏.B>良0→多OR<掙0Ifove敘ral愚lb普ala較nce燦B江is健in父def究ici胃t(搶B<0慚),it諷equ詳als話ade哨crea送sei跡nth慚eco茂untr歉y’s忌hold傲ings踢of夢(mèng)offi司cial獅res余erve凈ass叛ets采ora察nac口cumu烈lati屆ono惠ffo夜reig菊nof賴fici先alr迅eser釣veh他oldi堪ngs纖oft括hec款ount蹤蝶ry’s皆ass詳ets惱(tha星tis呀,a職cred沒(méi)iti宗nth鬼eof欠fici詞alr陽(yáng)eser散ves強(qiáng)acco壩unt)今.B<末0→愛(ài)OR>港01.6匆The戀inte狹rnat報(bào)iona執(zhí)l蹄in管vest躍ment余pos防itio尖nAs尋tat比eme押nt季of店thesto諸cksof缸an橡ati頌on’證si盟nte寨rna付tio哲nal規(guī)as設(shè)set喉sa罷nd洗for胳eig灑nl狹iab唯ili遙tie尤sata波poi飲nti在nti終me，usu瓦all早yt定he水end降of抱a銀yea碰r.IIP縮慧VSB端OP:Flow串sch能ange妻sto劍cks,樹(shù)and俊so田iti竊swit噸ht漂he率BOP蠻an茄dI灘IP.For寶in殼sta擴(kuò)nce從,i伍ft診he添cou圈ntr現(xiàn)yh臟as齊ac澇urr案ent攀ac叨cou辮nt匙sur蔽plu搜sf瞞or陰the素ye姐ar