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1、Chapter1:KeepingUpWithaChangingWorld-TradeFlows,CapitalFlows,andtheBalanceOfPaymentsI.ChapterOverviewThechapterbeginsbydiscussingontheimportanceofinternationaleconomicintegration,citingrecentcurrenteventsthatdemonstratethewidelyvaryingopinionsoftheadvantagesanddisadvantagesof
2、internationaltradeandfinance.Thechaptersetsthestagetologicallyexaminetheseopinionsandstressestheneedtobeginbyunderstandinghowinternationaltransactionsaremeasured.Thesecondsectionofthechapterdefinesthebroadconceptofglobalizationwhichincludesincreasedmarketintegration,theexpans
3、ionofworldgovernance,andtheincreasedmobilityofpeopleandinformation;andthenarrowfocusofeconomicintegration,whichreferstothestrengtheningofexistingandcreationofnewinternationallinkages.Thechapterthenproceedstodistinguishtherealandfinancialsectorsthatlinktheworld'seconomies.Hist
4、oricaldataarepresentedtogiveasenseofthegrowthofworldtradeandtransactionsinglobalfinancialmarketsduringthepastfewdecades.Inthethirdsectionofthechapter,internationalbalanceofpaymentsaccountingisdescribedintermsofadoubleentrybookkeepingsystem.Thecomponentsofeachofthethreemajorac
5、counts,(1)thecurrentaccount,(2)theprivatecapitalaccount,and(3)theofficialsettlementsbalance,arediscussedindetail.Theusageofthetermsbalanceofpaymentsdeficitandbalanceofpaymentssurplusareequatedtoapositiveofficialsettlementsbalanceandanegativeofficialsettlementsbalancerespectiv
6、ely,asdistinctfromthetermoverallbalanceofpaymentswhichmustbezerobyconstruction.Thenextsectionprovidesaseriesofconcreteexamplesofinternationaltransactionsandthewaysthattheseimpactthebalanceofpaymentsaccounts.Theexamplesusedare:(1)Theimportationofanautomobile,whichregistersasad
7、ebitundercurrentaccountmerchandiseandacreditundercapitalflowsinthecategoryofforeignassetsintheU.S.(2)Theservicesconsumedbyastudentwhotravelsabroad,whichregistersasadebitundercurrentaccountservices,andacreditundercapitalflowsinthecategoryofforeignassetsintheU.S.(3)Thepurchaseo
8、fadomestictreasurybillbyaforeignresident,whichregistersasacreditunde
