国际贸易与金融双语ch(3)

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1、InternationalEconomicsByRobertJ.Carbaugh9thEditionChapter11:TheBalanceofPaymentsTheBalanceofPaymentsBalanceofPaymentsArecordofinternationaltransactionsbetweenresidentsofonecountryandtherestoftheworldInternationaltransactionsincludeexchangesofgoods,servicesorassets“Residents”me

2、ansbusinesses,individualsandgovernmentagencies,includingcitizenstemporarilylivingabroadbutexcludinglocalsubsidiariesofforeigncorporations2Carbaugh,Chap.11TheBalanceofPaymentsDouble-entryaccountingintheBOPAlltransactionsareeitherdebitorcredittransactionsCredittransactionsresult

3、inreceiptofpaymentfromabroadMerchandiseexportsTransportationandtravelreceiptsIncomereceivedfrominvestmentsabroadGiftsreceivedfromforeignresidentsAidreceivedfromforeigngovernmentsLocalinvestmentsbyoverseasresidents3Carbaugh,Chap.11TheBalanceofPaymentsDouble-entryaccounting(cont

4、’d)DebittransactionsleadtopaymentstoforeignersMerchandiseimportsTransportationandtravelexpendituresIncomepaidoninvestmentsofforeignersGiftstoforeignresidentsAidgivenbyhomegovernmentOverseasinvestmentsbyhomecountryresidentsEachcredittransactionhasabalancingdebittransaction,andv

5、iceversa,sotheoverallbalanceofpaymentsisalwaysinbalance4Carbaugh,Chap.11StructureoftheBalanceofPaymentsCurrentaccountGoodsandservicesbalanceMerchandisetradebalanceServicesbalanceInvestmentincome(net)UnilateraltransfersPrivatetransferpaymentsGovernmentaltransfers5Carbaugh,Chap.

6、11StructureoftheBalanceofPaymentsCapitalandfinancialaccountAllpurchasesorsalesofassets,including:DirectinvestmentSecurities(debt)BankclaimsandliabilitiesOfficialsettlementstransactions6Carbaugh,Chap.11CurrentaccountCurrentaccountsurplusanddeficitCurrentaccountandcapital&financ

7、ialaccountbalanceeachother;whenoneisinsurplustheothermustbeindeficitCurrentaccountsurplusmeansexportsofgoodsandservices,investmentincomeandtransfersexceedimportsandoutflowsCurrentaccountdeficitmeansimportsofgoodsandservices,andoutflowsaregreaterthanexportsandinflows;mustbefina

8、ncedbyborrowing(capitalaccountinflows)7Carbaugh,Chap.11USBala