(1)-chapter1國際金融國際金融

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跳過ⅡNationalincomeunderanopeneconomy(2)suppose:homenationalhometerritoryforeignnationalforeignterritoryhomenationalforeignterritoryforeignnationalhometerritoryⅡNationalincomeunderanopeneconomy(3)CA（currentaccount）：經常賬戶CA>0surplus;CA<0deficitGNP=GDP+NFP=C+I+G+TB+NFPCAGNP=C+I+G+CAⅢMacromeaningofcurrentaccount(1)Internationaltrade

CA=X-M(NFP=0)經常賬戶大致反映進出口貿易的狀況，體現出一國產業(yè)結構和國際競爭力。ⅢMacromeaningofcurrentaccount(2)Domesticabsorption

Y=C+I+G+CAAA(domesticabsorption):私人消費、私人投資、政府支出構成國內居民的總支出，稱為國內吸收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實際資源在國際間的流動行為進行記錄的賬戶。merchandiseandservicesprimaryincome直接投資、證券投資、其他投資的收益最常見的是：紅利和利息secondaryincome科摩羅為中國“抗疫”捐贈100歐元經常轉移的平衡項目ⅡBalance-of-paymentstatements(3)對資產所有權在國際間流動行為進行記錄的賬戶。KAcapitalaccountfinancialaccountdirectinvestmentportfolioinvestmentotherinvestmentreserveassetsⅡBalance-of-paymentstatements(4)principlesDouble-entrybookkeepingAccrualbasisDouble-entrybookkeepingdebit(-)credit(+)increaseofassetsordecreaseofliabilitiesdecreaseofassetsorincreaseofliabilities國際收支平衡表

借方（－）貸方（＋）經常賬戶貨物與服務初次收入二次收入總計資本與金融賬戶資本賬戶金融帳戶直接投資證券投資其他投資儲備資產總計合計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我國某企業(yè)出口價值1520萬美元的口罩，這一出口行為導致該企業(yè)在海外銀行存款的增加?？颇α_向我國捐贈100歐元，我國民政部將其在國內兌換為人民幣存入財政專戶。甲國企業(yè)在海外投資所得利潤150萬美元，其中75萬美元用于當地的再投資，50萬美元購買當地商品運回國內，25萬美元調回國內結售給政府以換取本幣甲國居民動用外匯存款40萬美元購買外國某公司的股票甲國某公司在海外上市，獲得100萬美元的資金，甲國公司將融資所得現金結算成本幣Section3balanceandimbalanceofBPwhatdothebalanceandimbalancereferto?measurementofimbalancereasonsforimbalanceeconomiceffectofimbalanceⅠwhatdothebalanceandimbalancereferto?(theoretical)autonomousandcompensatorytransactionsautonomoustransactioncompensatorytransaction自主性交易：指個人和企業(yè)為某種自主性目的（比如追逐利潤、旅游、匯款贍養(yǎng)親友等）而從事的交易補償性交易：指為彌補國際收支不平衡而發(fā)生的交易，比如為彌補國際收支逆差而向外國政府或國際金融機構借款、動用官方儲備等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