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1、Chapter 1Keeping Up with a Changing WorldTrade Flows, Capital Flows, and the Balance of PaymentsINTERNATIONAL MONETARY AND FINANCIAL ECONOMICSThird EditionJoseph P. Daniels David D. VanHooseCopyright South-Western, a division of Thomson Learning. All rights reserved.1International Economic Integrati
2、on International economic integration refers to the extent and strength of real-sector and financial-sector linkages among national economies. Real Sector: The sector of the economy engaged in the production and sale of goods and services. Financial Sector: The sector of the economy where individual
3、s trade in financial assets. Though economists tend to measure activity in these two sectors separately, an important point of this chapter is to show that they are linked.2Importance of the Global Market for Goods and Services Over the last 35 years, the volume of world trade in goods and services
4、has grown by almost 6 percent annually. The cumulative effect of this growth is more than a five-fold increase in world trade. As measured by the share of overall real-sector activity, world trade in goods and services has become more important to advanced and developing economies alike.3Growth of W
5、orld ExportsSOURCE: International Monetary Fund, Economic Outlook, and authors estimates.During the past thirty years, world trade in goods and services has exhibited positive growth rates for all but two years.4Selected Nations TradeThe global market for goods and services has become more important
6、 for individual nations. The percentage shown reflects each nations trade as a share of its overall economic activity.SOURCE: International Monetary Fund, International Financial Statistics, various issues, and authors estimates.5Growth of Trade and Foreign Exchange Transactions6Cross-Border Transac
7、tion in Bonds and EquitiesIn Germany, the United States, and the United Kingdom, international transactions in bonds and equities have grown by more than 3,000 percent, 1000 percent, and 700 percent respectively.SOURCE: Bank for International Settlements, International Financial Statistics, and auth
8、ors estimates.7Top Twenty Globalized Nations Ireland Switzerland Singapore Netherlands Sweden Finland Canada Denmark Austria United Kingdom Norway United States France Germany Portugal Czech Republic Spain Israel New Zealand MalaysiaSource: Foreign Policy8The Top Global Companies Ranked by Foreign A
9、ssets RankCompanyHome CountryIndustry1VodaphoneUnited KingdomTelecommunication2General ElectricUnited StatesElectrical3ExxonMobileUnited StatesPetroleum4Vivendi UniversalFranceDiversified5General MotorsUnited StatesMotor Vehicles6Royal Dutch/ShellUnited Kingdom / NetherlandsPetroleum7BPUnited Kingdo
10、mPetroleum8Toyota MotorJapanMotor Vehicles9TelefnicaSpainTelecommunications10FiatItalyMotor Vehicles9Transnationality Are the activities of the worlds largest firms really spread out globally? A transnationality index measures this. It is calculated by averaging the ratios of Foreign assets to total
11、 assets Foreign sales to total sales Foreign employees to total empolyees.10An Example General Electric, a U.S. TNC, ranks second on the list of the worlds largest non-financial TCS based on foreign assets. Foreign assets are 159,188, total assets 437,006, foreign sales 49,528, total sales 129,853,
12、foreign employment 145,000 and total employment 313,000. Its TNI is only 40.3 and it does not appear on the list of the top ten TNCs by TNI. 11Calculation12The Top Global Companies Based on TransnationalityRankingCompanyHome CountryIndustry1Rio TintoU.K. / AustraliaMining2ThomsonCanadaMedia3ABBSwitz
13、erlandMachinery and Equipment4NestlSwitzerlandFood and Beverages5British American TobaccoUnited KingdomTobacco6ElectroluxSwedenElectronic Equipment7InterbrewBelgiumFood and Beverage8Anglo AmericanUnited KingdomMining9AstrazenecaUnited KingdomPharmaceuticals10Phillips ElectronicsNetherlandsElectronic
14、 Equipment13Balance of Payments Accounting To understand how economists measure international transactions in the real and financial sectors of an economy, and how these sectors are linked, we turn to the balance of payments (BOP) accounting system. A system of accounts which is a subset of the Nati
15、onal Income and Production Accounts. A double-entry system. Debit Entries: Transactions that generate a payment outflow (e.g., import). Credit Entries: Transactions that generate a payment inflow (e.g., export).14Balance of Payments The current account is the broadest measure of a nations real secto
16、r trade. Includes: Goods Services Income Receipts and Payments Unilateral Transfers15Current Account Goods: Exports and imports of tangible items. Services: Exports and imports of services, for example: Typical business services such as banking and financial services, insurance, and consulting. Tourism16Current Account Inc
