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1、C2 国际收支 Payments among Nations1 复式记账Double-entry bookkeeping概 Any exchange automatically enters the balance-of-payments accounts twice as a credit and as a debit of the same value.规则 :贷方项目 A credit （+） is flow for which the country is paid; 借方项目 A debit （-） is flow for which the country must pay.例子
2、:1 出口（贷）,进口（借）;2 本国常住者为外国人提供劳务或者从外国取得投资及其他收入（贷）;而外国人为本国常住者提供劳务或从本国取得收入（借）;3 本国常住者获得（指购买）外国资产（借 ）,外国常住者获得本国资产（贷）;4 外国人偿还债务（贷）,本国居民偿还外债（借）;5 本国常住者收到国外单方面转移（贷）,本国常住者对外国单方面转移（借 ）;6 官方储备减少（贷）,官方储备增加（借）2 国际收支 Balance of Payments （BOP）:The set of accounts recording all flows of value between a nation s res
3、idents and the residents of the rest of the world during a period of time.Free on board（FOB 离岸价 ）: it implies that distributive services like transport and handling performed on goods up to the customs frontier of the economy from which the goods are exported are classed as merchandise.2.1 经常项目 Curr
4、ent Account balanceIt is the net value of the flows of goods, service, income, and Unilateral transfers.If it is positive, the nation earns that much in extra assets or reduced liabilities in its dealings with other countries. If it is negative, the country must pay by giving up assets or increasing
5、 its liabilities.Goods and services balance equals the net exports of both goods and services. It is often called the trade balance.包括 :1Merchandise trade flows;2Service flows;3Income flows;4Unilateral transfer2.2 资本项目 financial Account BalanceThe net flows of financial assets and similar claims （ex
6、cluding official asset flows） is the private capital account balance or financial account balance.资本项目记录的只是资产交易的本金金额（principal amounts）, 而投资国外资产的任何所得（earnings） 均记录在经常项目中 .1 美国居民增持外国金融资产 （股票、债券或贷款凭证 ）,记入借方,该居民对外国付款或增加贷款 ,资金流出美国 （-）2 外国居民增持美国金融资产（股票、债券或贷款凭证）,记入贷方,美国卖方（或借款人）接受外国的付款（或得到贷款）,资金流入美国（+）3 美国
7、居民减持外国金融资产（股票、债券或贷款凭证）,记入贷方,该居民接受外国的付款（或收回借款 ）,资金流入美国 （+）4 外国居民减持美国金融资产（股票、债券或贷款凭证）,记入借方,美国的买方（或借款人）对外国付款（或归还贷款）,资金流出美国（-）从金融资产本身流向 :2 和 3,美国出口金融资产 （exporting financial assets）, 记为正 ;1 和例4,美国进口金融资产 （importing financial assets）, 记为负 .从资金的流向 :2 3 是资本进口 （capital imports）,1 4 是资本出口 （capital exports）外国直接
8、投资（foreign direct investment） 是 : 由某主体（多为跨国公司）对其控股和掌控的国外企业进行的任何一种资金出借或产权购买.间接投资包括证券、贷款以及银行存款.投资于国外的债券和股票不属于对外直接投资,而是国际证券投资（international portfolio investment）.它表明投资者并不拥有被投资企业的大额股份,而只是将这种投资作为其多样化投资的一个组成部分 .5 .3 官方国际储备资产 official international reserve assetsThey are money-like assets that are held by
9、governments and that are recognized by governments as fully acceptable for payments between them.The main reserve assets are:Gold,Free exchange currencies,Reserve position in the IMF（IMF 的储备头寸 ）,Special drawing right（ 特别提款权 ）官方一词用以说明此类资产是由与货币相关的政府部门掌握的资产,而非整个政府拥有的资产 . 其他 非官方 政府资产则归于私人项目类别中.焦点是集中在调控币
10、值这一货币管理任务.6 .4 统计误差 statistical discrepancyIt s the net result of errors and omissions on both the credit and debit sides.The main difficulty is probably that many people succeed in hiding their imports, their imports, their foreign investment incomes, and their capital flight from their own governm
11、ent officials.3 经常项目差额的宏观含义CA: Current account balanceIf: Net foreign investment 对外净投资S: National saving 国民储蓄Id: Domestic real investment in buildings, equipment, software and inventories 国内直接投资Y: Domestic production of G&S 国内商品和服务的总产出C: Domestic household consumption of G&S 本国对商品和服务的私人消费支出G: Govern
12、ment spending on G&S 政府对商品和服务的购买X: Foreign purchases of the country s exports of G&翎对本国商品和服务购买M: The country s purchases of imports of G&S froomther countries 本国对外国商品和服务的 购买E: National expenditure on G&S 一国对商品和服务的总支出If:The net accumulation of foreign assets minus foreign liabilities.CA= IfS = If +Id
13、Id :投资于国内用于本国资本形成；If:投资于国外)- CA=S-Id X-M=CA Y=C+ Id + G+ X-MD E = C + Id + G CA= Y-E一国经常项目盈余:该国净对外投资为正 ( 即该国对于其他国家来说是净债权国或投资国 ).The country has positive If.(the country is a net lender or investor to other countries)该国国民储蓄超出国内投资.The country is saving more than investing domestically.该国的国内生产超出了(或说收入超
14、出了)其对商品和服务的消费 .The country is producingmore (and has more income from this production) than it is spending on goods and services.4 总差额的宏观含义The overall balanceB:Official settlements balance 官方结算差FA:Financial account balance 金融项目差额OR: Official Reserve 官方储备资产B=CA+FA(The official settlement balance equa
15、ls the sum of the current account balance plus the private capital account balance)B+OR=0(由于国际收支平衡表中所有项目的总和必须为零，官方结算差额中任何不平衡都必须通过官方储备流动予以补抵(或支付)如果总差额B 为盈余,即意味着本国官方储备资产的增加或外国官方储备持有本国资产的减少( 即在本国的官方储备账户中有一个借方差额).如果总差额为赤字,即意味着本国持有的官方储备资产减少或外国官方储备中持有的本国资产累积增加(即在本国官方储备账户有一个贷方差额).一国货币当局可以出售外币而购回本币,这种交易可以减少
16、当局官方国际储备中外汇资产的持有量 ;或者 ,货币当局也可以出售本币而购买外币 ,这种交易增加了官方国际储备.5 国际投资头寸A nation s international investment position shows its stokcs of international assets and liabilities at a moment of time.一国是贷款国 (lender) 还是借款国 (borrower), 是根据该国一定时期内经常项目差额是盈余还是赤字来判断的 .一国是债权国 (creditor) 或是债务国 (debtor), 是根据该国持有的外国资产净存量是正值还是负值来判
