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1、International Finance (2008),Chapter 2,Topics covered,Microeconomics and Macroeconomics Introduction to balance of payments The macro meaning of the current account balance,Microeconomics and Macroeconomics,Microeconomics It studies the effective use of scarce resources from the perspective of indiv
2、idual firms and consumers. 微观经济学研究的是经济社会中经济个体的经济行为，这里的经济个体包括消费者、生产者(企业)和要素所有者等。这些经济个体或经济单位又通过市场产生相互联系、相互影响和相互作用. 。微观经济学阐述经济社会中的经济个体根据什么和怎样做出经济决策，例如：消费者怎样作出购买产品和劳务的决策；企业针对消费者需求与收益和成本的比较关系怎样作出生产的决策；工人怎样决定劳动流向与劳动流量等等。 Macroeconomics It studies how economies overall levels of employment, production, and
3、 growth are determined. 宏观经济学以整个国民经济作为研究对象，研究经济总量的决定及其变化规律。具体来说，就是研究国民收入决定和变动；长期的经济增长和短期的经济波动；以及相关的通货膨胀、失业和国际收支等问题。宏观经济学通过经济总量的分析以期为政府制定宏观经济政策提供理论依据。 It emphasizes four aspects of economic life: Unemployment Saving Trade imbalances Money and the price level,Balance of payments,The balance of payment
4、s (BOP) is the method countries use to monitor all international monetary transactions at a specific period of time. Usually, the BOP is calculated every quarter and every calendar year. All trades conducted by both the private and public sectors are accounted for in the BOP in order to determine ho
5、w much money is going in and out of a country. 指一个国家或地区与世界上其他国家或地区之间发生的跨国资金转移而引起的国际间资金收支行为 A countrys balance of payments is a systematic account of all the exchanges of value between residents of that country and the rest of the world.,国际收支平衡表,按照一定的编制原则和格式，排列组合特定时期内一国经济主体与他国经济主体之间的各项经济交易 是全面系统地记录和总
6、结一国国际收支状况的统计报表 是反映一国对外经济发展、偿债能力等的重要文件，也是各国制定开放经济宏观经济政策的重要依据,Balance of payments,Two flows occur in any exchange: credit (+) and debit (-). If a country has received money, this is known as a credit (+), and, if a country has paid or given money, the transaction is counted as a debit (-). Theoretical
7、ly, the BOP should be zero, meaning that assets (credits) and liabilities (debits) should balance. But in practice this is rarely the case and, thus, the BOP can tell the observer if a country has a deficit or a surplus and from which part of the economy the discrepancies are stemming. The BOP is di
8、vided into two main categories: the current account and the financial account and capital account. Within these two categories are sub-divisions, each of which accounts for a different type of international monetary transaction.,国际收支平衡表的内容,经常项目 货物和服务 收入 经常转移 资本和金融项目 资本项目 金融项目 储备资产变动 错误与遗漏,正确理解BOP和BO
9、Ps,强调居民与非居民的交易而不是资金收付 国际收支外汇收支 考察流量而不是存量，记录发生额而不是持有额 国际收支平衡表国家资产负债表,正确理解BOP和BOPs（续）,理论上全球国际收支差额可以彼此抵消，但事实并不如此 存在巨大的全球贸易逆差 国际收支经常不平衡，但国际收支平衡表永远账面平衡 设置“储备资产变动”和“错误与遗漏”项目,Balance of payments - current account,The Current Account is used to mark the inflow and outflow of goods and services into a countr
10、y. Earnings on investments, both public and private, are also put into the current account. Within the current account are credits and debits on the trade of merchandise, which includes goods such as raw materials and manufactured goods that are bought, sold or given away (possibly in the form of ai
11、d). Services refer to receipts from tourism, transportation (like the levy that must be paid in Egypt when a ship passes through the Suez Canal), engineering, business service fees (from lawyers or management consulting, for example), and royalties from patents and copyrights. When combined, goods a
12、nd services together make up a countrys balance of trade (BOT). The BOT is typically the biggest bulk of a countrys balance of payments as it makes up total imports and exports. If a country has a balance of trade deficit, it imports more than it exports, and if it has a balance of trade surplus, it
13、 exports more than it imports.,Balance of payments - current account,Receipts from income-generating assets such as stocks (in the form of dividends) are also recorded in the current account. The last component of the current account is unilateral transfers. These are credits that are mostly workers
14、 remittances, which are salaries sent back into the home country of a national working abroad, as well as foreign aid that is directly received.,经常项目(current account),货物 记录有形货物的进出口数量 服务 记录服务、观光旅游和军需交易的进出口数量 收入 记录涉外的职工报酬和投资收入 单方面转移 记录个人或政府间的国际转移或赠与,The balance of payments-capital account,The capital
15、account is where all international capital transfers are recorded. It is a record of all international transactions for assets including bonds, treasury bills, bank deposits, stocks, currency, real estate, etc. Also included are government-owned assets such as foreign reserves, gold, special drawing
16、 rights (SDRs) held with the International Monetary Fund, private assets held abroad, and direct foreign investment. Assets owned by foreigners, private and official, are also recorded in the financial account.,资本和金融项目(capital & financil account),资本项目 资本转移 非生产、非金融资产的收买/放弃 金融项目 直接投资 证券投资 其他投资 储备资产变动,储备资产变动,记录中央银行或财政部门等官方政府机构的国际交易活动 官方储备资产包括货币性黄金、特别提款权、在国际货币基金的储备头寸、外汇储备等 往往是出于对冲私人部门国际交易影响的目的而发生，也被称作平衡项目，制表时单独列示,错误与遗漏项目(errors & omissions),国际收支平衡表专门设置的平衡项目 设置原因 隐瞒交易导致原始资料失真 技术困难造成交易记录不完全 各子项目分别统计，口
