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1、Chapter11.Thebalanceonmerchandisetradeisthedifferencebetweenexportsofgoods,719andtheimportsofgoods,1,145,foradeficitof426.Thebalanceongoods,servicesandincomeis719+279+284–1145-210–269,foradeficitof342.Addingunilateraltransferstothisgivesacurrentaccountdefici
2、tof391,[-342+(-49)=-391].(Notethatincomereceiptsarecreditsandincomepaymentsaredebits.)2.Becausethecurrentaccountbalanceisadeficitof391,thenwithoutastatisticaldiscrepancy,thecapitalaccountisasurplusof391.Inthisproblem,however,thestatisticaldiscrepancyisrecord
3、edasapositiveamount(credit)of11.Hence,thesumofthedebitsinthebalanceofpaymentsmustexceedthecreditsby11.So,thedeficitofthecurrentaccountmustbegreaterthanthesurplusonthecapitalaccountby11.Thecapitalaccount,therefore,isasurplusof391–11=380.3.Abalance-of-payments
4、equilibriumiswhenthedebitsandcreditsinthecurrentaccountandtheprivatecapitalaccountsumtozero.Intheproblemabovewedonotknowtheprivatecapitalaccountbalance.Wecannotsay,therefore,whetherthiscountryisexperiencingabalance-of-paymentssurplusordeficitorifitisinequili
5、brium.4Thecurrentaccountisadeficitof$541,830andtheprivatecapitalaccountbalanceisasurplusof$369,068.TheU.S.,therefore,hasabalanceofpaymentsdeficit.5Positiveaspectsofbeinganetdebtorincludethepossibilityoffinancingdomesticinvestmentthatisnotpossiblethroughdomes
6、ticsavings;therebyallowingfordomesticcapitalstockgrowthwhichmayallowjob,productivity,andincomegrowth.Negativeaspectsincludethefactthatforeignsavingsmaybeusedtofinancedomesticconsumptionratherthandomesticsavings;whichwillcompromisethegrowthsuggestedabove.Posi
7、tiveaspectsofbeinganetcreditorincludetheownershipofforeignassetswhichcanrepresentanincomeflowstothecreditingcountry.Further,thenetcreditorpositionalsoimpliesanetexportingposition.Anegativeaspectofbeinganetcreditorincludesthefactthatforeigninvestmentmaysubsti
8、tutefordomesticinvestment.6Anationmaydesiretoreceivebothportfolioanddirectinvestmentduetothetypeofinvestmenteachrepresents.Portfolioinvestmentisafinancialinvestmentwhiledirectinvestmentisdominat