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1、Ineconomics,acountryscurrentaccountisoneofthetwocomponentsofitsbalanceofpayments,theotherbeingthecapitalaccount.Thecurrentaccountconsistsofthebalanceoftrade,netprimaryincomeorfactorincome(earningsonforeigninvestmentsminuspaymentsmadetoforeigninvestors)andnetcashtransfers,thathavetakenplaceoveragiven
2、periodoftime.Thecurrentaccountbalanceisoneoftwomajormeasuresofacountrysforeigntrade(theotherbeingthenetcapitaloutflow).Acurrentaccountsurplusincreasesacountrysnetforeignassetsbythecorrespondingamount,andacurrentaccountdeficitdoesthereverse.Bothgovernmentandprivatepaymentsareincludedinthecalculation.
3、Itiscalledthecurrentaccountbecausegoodsandservicesaregenerallyconsumedinthecurrentperiod.第1页/共13页第一页，共14页。Tobetterillustrate,weshouldknowthefourcomponentsthatmakeupofcurrentaccount:goods,services,incomeandcurrenttransfers.1.GoodsThesearemovableandphysicalinnature,andinorderforatransactiontoberecorde
4、dundergoods,achangeofownershipfrom/toaresident(ofthelocalcountry)to/fromanon-resident(inaforeigncountry)hastotakeplace.Movablegoodsincludegeneralmerchandise,goodsusedforprocessingothergoods,andnon-monetarygold.Anexportismarkedasacredit(moneycomingin)andanimportisnotedasadebit(moneygoingout).第2页/共13页
5、第二页，共14页。ServicesThesetransactionsresultfromanintangibleactionsuchastransportation,businessservices,tourism,royaltiesorlicensing.Ifmoneyisbeingpaidforaserviceitisrecordedlikeanimport(adebit),andifmoneyisreceiveditisrecordedlikeanexport(credit).第3页/共13页第三页，共14页。IncomeIncomeismoneygoingin(credit)orout
6、(debit)ofacountryfromsalaries,portfolioinvestments(intheformofdividends,forexample),directinvestmentsoranyothertypeofinvestment.Together,goods,servicesandincomeprovideaneconomywithfueltofunction.Thismeansthatitemsunderthesecategoriesareactualresourcesthataretransferredtoandfromacountryforeconomicpro
7、duction.第4页/共13页第四页，共14页。CurrentTransfersCurrenttransfersareunilateraltransferswithnothingreceivedinreturn.Theseincludeworkersremittances,donations,aidsandgrants,officialassistanceandpensions.Duetotheirnature,currenttransfersarenotconsideredrealresourcesthataffecteconomicproduction.第5页/共13页第五页，共14页。
8、currentaccountdeficitIfaneconomyisrunningacurrentaccountdeficit,itisabsorbing(absorption=domesticconsumption+investment+governmentspending)morethanthatitisproducing.Thiscanonlyhappenifsomeothereconomiesarelendingtheirsavingstoit(intheformofdebttoordirect/portfolioinvestmentintheeconomy)ortheeconomyi
9、srunningdownitsforeignassetssuchasofficialforeigncurrencyreserve.第6页/共13页第六页，共14页。currentaccountsurplusOntheotherhand,ifaneconomyisrunningacurrentaccountsurplusitisabsorbinglessthanthatitisproducing.Thismeansitissaving.Astheeconomyisopen,thissavingisbeinginvestedabroadandthusforeignassetsarebeingcre
10、ated.Thebalanceofthecurrentaccounttellsusifacountryhasadeficitorasurplus.Itisnotnecessarilythatadeficitmeansaweakeconomyandasurplusmeansastrongeconomy.第7页/共13页第七页，共14页。U.S.accountdeficitsSince1989,thecurrentaccountdeficitoftheUShasbeenincreasinglylarge,reachingcloseto7%oftheGDPin2006.In2011,itwasthe
11、highestdeficitintheworld.Newevidence,however,suggeststhattheU.S.currentaccountdeficitsarebeingmitigatedbypositivevaluationeffects.Thatis,theU.S.assetsoverseasaregaininginvaluerelativetothedomesticassetsheldbyforeigninvestors.ThenetforeignassetsoftheU.S.arethereforenotdeterioratingonetoonewiththecurr
12、entaccountdeficits.Themostrecentexperiencehasreversedthispositivevaluationeffect,however,withtheUSnetforeignassetpositiondeterioratingbymorethantwotrilliondollarsin2008.Thiswasdueprimarilytotherelativeunder-performanceofdomesticownershipofforeignassets(largelyforeignequities)comparedtoforeignownersh
13、ipofdomesticassets(largelyUStreasuriesandbonds).第8页/共13页第八页，共14页。TheCausesofCurrentAccountDeficitoftheStatesTheLowInterestRateandFinancialPolicyofDeficitTheRestrictionsontheExportTheContinuingIncreaseoftheDomesticConsumptionTheDepressionofManufacturingTheDeclineofServiceIndustries第9页/共13页第九页，共14页。De
14、alwiththecurrentaccountdeficitSohowtodealwithcurrentaccountdeficit?Thereisnoeasywayout.FiscaldisciplinehasbeenkeytotheU.S.economicexpansion,butfiscalirresponsibilitywasreplacedbyexcessivehouseholdspending.Whenhouseholdsspendmorethantheyearn,itisdifficultforgovernmentsavingstomakeuptheshortfallinsavi
15、ngsbecausetheimportintensityofgovernmentoutputisaboutone-thirdtheimportintensityofconsumerspending.Sohigherhouseholdconsumptionhasadisproportionateeffectonthetradedeficit.Althoughthedropinmeasuredhouseholdsavingswasparticularlydramaticin1999,adownwardtrendhasbeenapparentfor15years.Householdspendingi
16、nrecentyearshasbeendrivenbycapitalgainsandunrealisticexpectationsthatwealthwillcontinuetoincreaseatthesamerateinthefutureasintherecentpast.Inthefaceofadownturninthemarket,U.S.consumerswouldtendtoborrowtomaintaintheircurrentconsumptionpatterns,makingthemvulnerabletohigherinterestratesandaprolongedeco
17、nomicslowdown.第10页/共13页第十页，共14页。Whateverapproachisadopted,alargerealdepreciationofthedollarseemsinevitable.Theonlywaytoreducethepainofsuchanadjustmentwouldbetoensurethatcapitalandlabourcanshifteasilyfromnon-tradeabletotradeableactivitiesbothgoodsandsomeservices,suchasengineeringandfinancialservices.
18、ThatmeansthegovernmentmustaimforflexibilityinUSproductandlabourmarkets.Luckily,theUShasarguablythemostflexiblemarketsintheOECD,asreflectedinthefactthat,despiterecentshocks,unemploymenthasremainedlow.第11页/共13页第十一页，共14页。第12页/共13页第十二页，共14页。感谢您的欣赏(xnshng)！第13页/共13页第十三页，共14页。内容(nirng)总结感谢您的欣赏(xnshng)第十四页，共14页。
