1、国际金融（英文版）Chapter 1 Balance of Payment1.1 International transactions:the balance of paymentsThe balance of payments is the record of the economics and financial flows that take place over a specified time period between residents and non-residents of a given country.Table 1.1 Standard components of t
2、he balance of paymentsCurrent accountExports fob-Imports fob=Trade balance+Exports of non-financial services-Imports of non-financial services+Investment income(credit)-Investment income(debit)+(-)Private unrequited transfers+(-)Official unrequited transfers=Current account balanceCapital account+(-
3、)Direct investment+(-)Portfolio investment+(-)Other long-term capital+(-)Other short-term capital+(-)Net errors and omissions+(-)Counterpart items+(-)Total change in reserves=Capital account balanceThe current accountThe trade balanceThe trade balance comprises merchandise exports and imports fob.No
4、n-financial servicesNon-financial services include such things as freight,insurance,passenger services and travel.Investment incomeInvestment income comprises income derived from the ownership of foreign financial assets.Unrequited transfersThe final components of the current account are private unr
5、equited transfers and official unrequited transfers.The current account as an income statementThis completes the components of the current account.The current accountDirect investment and portfolio investmentThe difference between direct investment and portfolio investment revolves around whether or
6、 not the investor intends to take an active role in the management of the enterprise the assets of which are being acquiredOther capitalThe capital accountReserves include monetary gold,special drawing rights(SDRs),the reserve position in the Fund and foreign exchange.Change in reservesCounterpart i
7、temsThey arise because of the double entry system in balance of payments accounting and refer to adjustments in reserves owing to monetization or demonetization of gold,allocation or cancellation of SDRs and revaluation of the various components of total reserves.Net errors and omissionsThe errors a
8、nd omissions in balance of payments accounting arise in large part from the statistical difficulties involved in gathering balance of payments data.Distinguish:Autonomous items&Accommodating items Autonomous receipts autonomous payments=surplusAutonomous receipts autonomous payments=deficit1.2 Balan
9、ce of payments surplus and deficitThese two accounts derive much of their importance because estimates are published on a monthly basis by most developed countries.The trade account and current accountThis is the current account balance plus the net balance of long-term capital flows.The basic balan
10、ceThe official settlement balance The official settlements balance focuses on the operations that the monetary authorities have to undertake to finance any imbalance in the current and capital accounts.Governments may restrict domestic economic activity to achieve a better overall balance on externa
11、l accounts.We refer to this restriction as the unemployment effect.Governments may place quotas or tariffs on merchandise imports to improve the overall balance of payments performance.We refer to this action as the controls effect.1.3 Economic forces and the balance of paymentsConditions for equili
12、briumEconomic forcesFour key economic forces influence a countrys balance of payments flows.These are the inflation rate,real GNP growth rate,interest rates,and the spot rate of exchange.Process of adjustmentThis adjustment is in response to the various economic forces that impact a countrys balance of payments.
