国际金融英文版课件刘园 ISBN9787811341027 PPTchapter 1 Balance of payments.ppt

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1、Chapter1Balanceofpayments1.1Internationaltransactions:thebalanceofpayments1.2Balanceofpaymentssurplusanddeficit1.3Economicforcesandthebalanceofpayments1.1Internationaltransactions:thebalanceofpaymentsThebalanceofpaymentsistherecordoftheeconomicsandfinancialflowsthattakeplaceoveraspecifiedtimepe

2、riodbetweenresidentsandnon-residentsofagivencountry.DefinitionNote:specifiedtime;resident;flowTable1.1StandardcomponentsofthebalanceofpaymentsCurrentaccountExportsfob-Importsfob=Tradebalance+Exportsofnon-financialservices-Importsofnon-financialservices+Investmentincome(credit)-Investmentincome(

3、debit)+(-)Privateunrequitedtransfers+(-)Officialunrequitedtransfers=CurrentaccountbalanceCapitalaccount+(-)Directinvestment+(-)Portfolioinvestment+(-)Otherlong-termcapital+(-)Othershort-termcapital+(-)Neterrorsandomissions+(-)Counterpartitems+(-)Totalchangeinreserves=CapitalaccountbalanceThecur

4、rentaccountThetradebalanceNon-financialservicesInvestmentincomeUnrequitedtransfersThetradebalancecomprisesmerchandiseexportsandimportsfob.Non-financialservicesincludesuchthingsasfreight,insurance,passengerservicesandtravel.Investmentincomecomprisesincomederivedfromtheownershipofforeignfinancial

5、assets.Thefinalcomponentsofthecurrentaccountareprivateunrequitedtransfersandofficialunrequitedtransfers.ThecapitalaccountDirectinvestmentandportfolioinvestmentThedifferencebetweendirectinvestmentandportfolioinvestmentrevolvesaroundwhetherornottheinvestorintendstotakeanactiveroleinthemanagemento

6、ftheenterprisetheassetsofwhicharebeingacquired.OthercapitalChangeinreservesReservesincludemonetarygold,specialdrawingrights(SDRs),thereservepositionintheFundandforeignexchange.NeterrorsandomissionsTheerrorsandomissionsinbalanceofpaymentsaccountingariseinlargepartfromthestatisticaldifficultiesin

7、volvedingatheringbalanceofpaymentsdata.CounterpartitemsTheyarisebecauseofthedoubleentrysysteminbalanceofpaymentsaccountingandrefertoadjustmentsinreservesowingtomonetizationordemonetizationofgold,allocationorcancellationofSDRsandre