第三章国际收支
第三章国际收支
本章要点：国际收支平衡表及其主要内容； 国际收支不平衡分析；国际收支不平衡的调
节；国际收支理论及中国的国际收支
引例:
• 中国大陆的官方储备从1950年的差不多只有1亿多美元，到 2009年的接近2万亿美元，在短短60年的时间中，增长了2万倍。 外汇储备上扬的背后，是我国经济实力的大幅提高，无论是经 常项目还是资本项目，都进入了良性循环。
2、平衡表的主要内容－经常帐户
• （3）收入income，包括两大类交易收入。 一是职工报酬compensation of employees ，主要是
个人在非居民经济体为该经济体居民工作而得到
工资、薪水和福利。（在大使馆工作的当地 职工所得包括在内）。 • 二是投资收入，指居民与非居民之间有关金融 资产与负债的收入与支出，包括直接投资、证 券投资和其他投资所得。
举例：
• 假设A国某年度一共发生了如下六笔国际经济交易：
• （1）A国某服装厂向英国某公司出口了100万美元的服装，
从而导致该企业在海外银行存款的相应增加。商品出口行 为导致本国外汇收入增加计入贷方，同时在海外银行存款
的增加，应记入借方。
•
借：在外国银行的存款 100万美元
•
贷：商品出口
100万美元
• C 其他投资other invenstment，未包括在其他三 项目（直接投资、证券投资和官方储备）中的投 资，包括贸易信贷、贷款、货币和存款、一级其 他资产和负债（如各种应收款和应付款）。
2、平衡表的主要内容－资本和金融帐户
• D 储备资产reserve assets，货币当局可以随时动用且控 制在手的外部资产，包括货币黄金、外汇、在国际货币基 金组织中的储备头寸和特别提款权。
国际金融—国际收支
理论上讲，自主性交易的收入大于支出，即 为国际收支盈余；反之，则为国际收支赤字；收入 等于支持或自主性交易差额为零，则为国际收支平 衡。需要通过补偿性交易才达到的平衡，是形式上 的国际收支平衡和实际上的国际收支不平衡。
一、国际收支的盈余、赤字与平衡 国际收支的盈余、
国际收支账户汇总表
项目
1 商品 2 服务 3 收入 4 经常转移 5 资本转移 6 直接投资 7 证券投资 8 其他投资 9 储备资产 总计 2307 3+60 800 100 100 100+6+40+48 1000 40 3+800 48 2307
借方（万元） 借方（万元）
1000+50
贷方（万元） 贷方（万元）
一、国际收支的概念
（3） IMF的国际收支定义 IMF的国际收支定义 国际收支是指在一定时期内（一年、一季度、 一月）一国（或地区）居民与非居民之间全部经济 交易的货币价值的系统记录。这是所谓“广义的国 “ 际收支” 际收支”概念。 以交易为基础的“广义的国际收支”概念比以 “广义的国际收支” 支付为基础的“狭义的国际收支”概念更符合二战 “狭义的国际收支” 以来国际经济交易活动的实际状况。
二、国际收支平衡表
1、基本原理 国际收支平衡表是指一国在一定时期内（一 年、一季度、一月）将其国际收支按照特定账户分 类和复式簿记原理进行反映的报表。 根据IMF最新出版的《国际收支手册》第五版， 其账户分类如下：
二、国际收支平衡表
（1）账户分类 A.经常账户：是指对实际资源在居民与非居民之间的 流动进行记录的账户，它包括：商品、服务、收入、 经常转移。 a.商品： 记录商品的进出口，即有形贸易。出口记贷方， 进口记借方，按离岸价格(FOB)计价。 b.服务： 记录运输、旅游、通讯、金融、保险等服务的 输入输出，即无形贸易。输出记贷方，输入记借方。
自考00076国际金融章节详细精讲课件复习资料
第二章国际储备第三章第四章外汇实务第五章第六章第七章第八章国际结算第九章第十章第十一章重点重点重难点重点难点重点重难点第一章国际收支本章重难点分析第一节国际收支与国际收支平衡表一、国际收支1（1（2（3第一节国际收支与国际收支平衡表一、国际收支广义的国际收支是指一个经济体居民与非居民之间发生的所有经济交易活动的汇总。
它以交易为基础，不仅包括贸易收支和非贸易收支，也包括资本的输入和输出；不仅包括已实现的外汇收支交易，也包括未实现的外汇收支交易。
国际货币基金组织建议采用广义的国际收支概念。
一、国际收支2（1（2一、国际收支2（3二、国际收支平衡表二、国际收支平衡表1二、国际收支平衡表二、国际收支平衡表23二、国际收支平衡表4第一节国际收支与国际收支平衡表三、国际收支平衡表的结构（1）经常账户，包括货物、服务、初次收入和二次收入四个子账户。
（2）资本与金融账户，包括资本账户和金融账户两个子账户。
（3）误差与遗漏净额是作为残差项推算的，于轧平账户时使用。
四、国际收支平衡表的内容四、国际收支平衡表的内容1.（1（212个四、国际收支平衡表的内容2.3.四、国际收支平衡表的内容四、国际收支平衡表的内容1.（1（2四、国际收支平衡表的内容2.（1（2（3四、国际收支平衡表的内容（4（5四、国际收支平衡表的内容讲解归纳与举例）A. B./处置C. D.【正确答案：B】/谢谢第二节国际收支平衡表的分析一、分析国际收支平衡表的意义（1（2（3一、分析国际收支平衡表的意义（1（2（3二、国际收支平衡表分析方法（三种）二、国际收支平衡表分析方法（三种）1.二、国际收支平衡表分析方法（三种）2.二、国际收支平衡表分析方法（三种）3./ 4.二、国际收支平衡表分析方法（三种）二、国际收支平衡表分析方法（三种）三、国际投资头寸表三、国际投资头寸表三、国际投资头寸表1.2.三、国际投资头寸表3.4.三、国际投资头寸表5.（1（2（3（4讲解归纳与举例A. B.C. D.【正确答案：B】谢谢第三节国际收支的调节一、国际收支平衡表的平衡与失衡一、国际收支平衡表的平衡与失衡二、国际收支失衡的原因二、国际收支失衡的原因三、国际收支失衡的经济影响（1（2（3（4（1（2四、国际收支调节方法四、国际收支调节方法1.四、国际收支调节方法2.。
第三章 国际收支账户和国际支付体系
§3 国际收支的会计原理
④本国居民收到的国外的单方面转移， 记入贷方（+） 本国居民对非居民的单方面转移， 记入借方（-）
⑤官方储备减少，记入贷方（+） 官方储备增加，记入借方（-）
§3 国际收支的会计原理
3、凡属于下列情况均应记入贷方： (1)向外国提供商品或劳务(出口)；(2)外国人 提供的捐赠与援助；(3)国内官方当局或私人放 弃国外资产或国外负债的增加；(4)官方储备的 减少。 凡属于下列情况均应记入借方： (1)从外国获得的商品和劳务(进口)；(2)向外 国政府或私人提供的援助、捐赠等；(3)国内官 方当局或私人的国外资产的增加或国外负债的减 少；(4)官方储备的增加。
（其他例题：见书上P96）
国际收支的记帐练习
（注：以下各例中的本国均指美国，编制美国的 BPS分录记帐） [例1]本国企业运用其在国外银行的存款进口50万 美元的设备。 [例2]本国向外国出口60万美元的货物，货款三月 后才能到，但三月后收回债权时正好是下一个 编表年度。 [例3]本国政府动用外汇储备40万美元和70万美元 的药品向外国提供援助 。 [例4]本国企业将其在国外获得的投资利润200万 美元进行再投资，以扩大对外直接投资规模。
问题：以下交易分别属于借方还是贷方项目？ 进口货物；出口货物 非居民向居民提供服务；居民向非居民提供 服务 非居民从本国取得收入；居民从外国取得收 入 居民对非居民提供单方面转移；非居民对居 民提供单方面转移 居民获得外国资产；非居民获得本国资产 居民偿还非居民的债务；非居民偿还居民的 债务 官方储备资产增加；官方储备资产减少
判断居民的小练习
*某中国人移民到美国，属于（ ）居民。 *我国驻美大使或外交人员，属于（ ）非居 民。 *IBM在中国的分公司，属于（ ）居民。 *我国的驻俄罗斯大使馆，属于（ ）居民。 *国际货币基金组织，属于（ ）非居民。
国际收支最新版课件
（5）储备资产：
产储 备 资
货币黄金：主要是指黄金储备 特别提款权； 在IMF中的储备头寸（普通提款权）； 其他储备资产。
Transactions, for the most part between residents and
nonresidents.
a
5
（一）国际收支记录的是居民和非居民之间的经济 交易
1.居民 居民：是指在一国（或地区）居住或营业的法人与自然人。 家庭和个人 居民 社会实体和社会团体 政府
a
6
➢Resident and non-resident
IMF：
The balance of payments is a statistical statement that systematically summarizes, for a specific time period, the economic transactions of an economy with the rest of the world.
residents of the country where it operates; International organizations are treated as being foreign
residents in any country even though they are located in the reporting country.
（3）金融衍生工具和雇员认股权：金融衍生合约是一种
金融工具；雇员认股权（ESO）是在既定日期（授予日）
创建的，授予雇员可以在约定时间（归属日）或者约定
的归属日随后的一个时期内（行权期），以约定价格
a
25
跨国商业金融第十四版第三章国际收支平衡
C HAPTER 3T HE B ALANCE OF P AYMENTS1. Balance of Payments Defined. What is the balance of payments?The measurement of all international economic transactions between the residents of a country and foreign residents is called the balance of payments (BOP).2. BOP Data. When central banks publish data about BOP, what other analytical data do central bankspresent?Central banks are responsible for managing their countries’ balance of payments. Central banksperiodically publish data about the performance of the BOP. In addition to its importance topolicymakers, this data can provide some important signals for MNEs and foreign investors. Central bankers have to provide analysis of the reasons behind persistent deficits/surpluses in the current account. Central banks have also to explain the methods by which they solve the deficits or surpluses (through foreign debt, drawing on foreign reserves or transfers). Central banks may also mention impending or future policies that they may fo llow, such as changes in the country’s foreign exchange rate.3. Importance of BOP. Business managers and investors need BOP data to anticipate changes in hostcountry economic policies that might be driven by BOP events. From the perspective of business managers and investors, list three specific signals that a country’s BOP data can provide.▪The BOP is an important indicator of pressure on a country’s foreign exchange rate and thus on the potential for a firm trading with or investing in that country to experience foreign exchangegains or losses. Changes in the BOP may predict the imposition or removal of foreign exchangecontrols.▪Changes in a country’s BOP may signal the imposition or removal of controls over payment of dividends and interest, license fees, royalty fees, or other cash disbursements to foreign firms orinvestors.▪The BOP helps to forecast a country’s market potential, especially in the short run. A country experiencing a serious trade deficit is not likely to expand imports as it would if running a surplus.It may, however, welcome investments that increase its exports.4. Managing BOP Deficits. How does a central bank manage BOP deficits?BOP accounting uses a double-entry accounting system, where debits and credits must theoretically correspond or balance out; that is, current account transactions must be cancelled out by capital and financial account transactions. But in reality, many factors make this impossible. For one thing,fluctuations in exchange rates make inflow and outflow transactions change value, causing excess payments or receipts during the one-year period. Moreover, temporary periods of recession could cause a slowdown in exports. Another reason for a temporary BOP imbalance may be because of the importation of capital goods and inputs to serve an industrial or construction boom. In short, BOPdeficits are not necessarily a bad phenomenon in their own right, but must be analyzed within the broader macroeconomic picture.5. Economic Activity. What data can a nation’s BOP provide about a country’s economy?Reading through the BOP can provide detailed information about the performance of the country on international markets and the economic competitiveness of its forms. If a country is experiencing recurrent current account deficits, this may be an indication of the lack of competitiveness of the country’s industries. Recurrent capital account deficits may signal increasing public expenditures and fiscal budget deficits. It can also signal protectionist policies that the government may be following.6. Balance. If the BOP always “balances,” then how do countries run a BOP deficit or surplus?The cumulative international economic transactions of the BOP should balance. These include the three main component accounts: current account, capital account, and financial account, in addition to the statistical discrepancies and official reserves. But each of the three component accounts can either show a deficit or a surplus. Countries run BOP deficits when their outflows are higher than their inflows and vice versa. A BOP deficit can be supported by drawing on reserve holdings or byborrowing from abroad. Conversely, an overall BOP surplus is absorbed by adding to the central bank’s reserve holdings or by making foreign loans.7. Official Reserve Account. Why does the central bank of a nation hold official reserve assets? Whatare its major components?Official reserve assets are financial assets held by monetary authorities such as central banks. These should be highly liquid assets in the form of foreign currencies, gold, precious metals, specialdrawing rights (SDRs), and reserve positions with the IMF. The most important foreign currency reserves are the US dollar and the euro, followed by the British pound and the Japanese yen. Official reserves are used as international means of payments to finance trade imbalances, determine the exchange rate of the domestic currency, and influence the money supply.8. Current Account Surpluses. Explain the main causes behind the current account surpluses thatAsian emerging economies have maintained during the last two decades.Asian emerging economies have maintained a current account surpluses for the last two or three decades. This is mainly due to the fact that their economic growth strategies are dependent onexport-oriented policies. These policies include a devaluated domestic currency that provides more competitiveness for local industries and restricts imports. At the same time, the relatively closed nature of Asian emerging ma rkets hampers foreigners’ exports. These protectionist policies have created a continuous current account surplus. But it may not be favorable to maintain in the long-run since they will eventually lead to exchange rate appreciation and deterioration in the terms of trade.9. BOP Accounting Deficits. BOP Accounting Deficits. A deficit in the BOP is not necessarily a badthing, but must be analyzed in relation to the business cycle and economy. Explain.BOP deficits arise when the total level of outflows exceeds inflows. In the short run, central banks take out loans in order to make the BOP balance out. But long-term remedies to correct a balance of payment disequilibrium lies in adopting monetary, institutional, and fiscal policy changes to earn more foreign exchange from boosting exports and/or reducing imports.10. Current Account. Is the current account the same as the balance of trade (BOT)? Give debit andcredit examples of current account and BOT transactions by a German automobile MNE.The current account is one of the sub-component accounts of the BOP. It comprises the goods trade account (exports and imports of tangible goods); services trade account (exports and imports of intangible services); income account (current investment income as well as wages/salaries of non-resident workers; and current transfers account (personal or corporate financial settlements and inter-country gift and grant transfers. The largest sub-account of the current account is the Balance of Trade (BOT), which makes up the goods and services trade balances. It is generally the most quoted of all BOP accounts.The following are examples of transactions of an automobile MNE headquartered in Germany and operating in many countries.11. Negative Net International Investment Position. What does a country’s consistent nega tive netinternational investment position indicate?The net international investment position (NIIP) is the difference between the accumulated stock of the country’s claims on foreigners and the accumulated stock of foreign claims on domestic residents.The NIIP can be thought of as a nation’s international balance sheet. The accumulated stock and liabilities include assets such as shares, bonds, private assets, direct investment (such as subsidiaries and branches in foreign countries), bank loans, trade credits, official reserve assets, and government assets (such as foreign treasury bills).When claims of foreigners on the country are greater than domestic claims on foreigners, thisrepresents the net foreign indebtedness of the country. One reason for this deficit is foreignborrowings, mainly to service debts or to finance current account deficits. Another reason could be that domestic investors prefer to include foreign financial instruments in their portfolio because of higher rates of return on assets held abroad in comparison to domestic rates of return. Negative NIIP could be the result of fluctuations in asset prices and/or exchange rates.12. BOP and foreign exchange. The Swiss franc was officially unpegged from the euro in January 2015.Explain the reason behind this decision with reference to the Swiss BOP.The Swiss National Bank (SNB) pegged the Swiss franc against the euro in 2011 amid shaky global financial markets. Exports had already boomed, making up almost 70% of GDP. As the currentaccount enjoyed a substantial surplus, the SNB accumulated massive foreign reserves. As the euro kept weakening due to the sovereign debt problems of Greece and Spain, the franc automatically depreciated, raising alarm bells that it would no longer be a safe and stable currency. In response, the SNB decided to unpeg the franc, causing an instant appreciation. The stronger franc will help reduce the current account surplus.13. Classifying Transactions. Classify the following as a transaction reported in a sub-component of thecurrent account or the capital and financial accounts of the two countries involved:a. A U.S. food chain imports wine from Chile. Debit to U.S. goods part of current account, credit toChilean goods part of current account.b. A U.S. resident purchases a euro-denominated bond from a German company. Debit to U.S.portfolio part of financial account; credit to German portfolio of financial account.c. Singaporean parents pay for their daughter to study at a U.S. university. Credit to U.S. currenttransfers in current account; debit to Singapore current transfers in current account.d. A U.S. university gives a tuition grant to a foreign student from Singapore. If the student isalready in the United States, no entry will appear in the balance of payments because payment is between U.S. residents. (A student already in the United States becomes a resident for balance of payments purposes.)e. A British Company imports Spanish oranges, paying with eurodollars on deposit in London. Adebit to the goods part of Britain’s current account; a credit to the goods part of Spain’s currentaccount.f. The Spanish orchard deposits half the proceeds in a eurodollar account in London. No recordingin the U.S. balance of payments, as the transaction was between foreigners using dollars already deposited abroad. A debit to the income receipts/payments of the British current account; a credit to the income receipts/payments of the Spanish current account.g. A London-based insurance company buys U.S. corporate bonds for its investment portfolio. Adebit to the portfolio investment section of the British financial accounts; a credit to the portfolio investment section of the U.S. balance of payments.h. An American multinational enterprise buys insurance from a London insurance broker. A debit tothe services part of the U.S. current account; a credit to the services part of the British currentaccount.i. A London insurance firm pays for losses incurred in the United States because of an internationalterrorist attack. A debit to the services part of the British current account; a credit to the services part of the U.S. current account.j. Cathay Pacific Airlines buys jet fuel at Los Angeles International Airport so it can fly the return segment of a flight back to Hong Kong. Hong Kong keeps its balance of payments separate from those of the People’s Republic of China. Hence a debit to the goods part of Hong Kong’s current account; a credit to the goods part of the U.S. current account.k. A California-based mutual fund buys shares of stock on the Tokyo and London stock exchanges.A debit to the portfolio investment section of the U.S. financial account; a credit to the portfolioinvestment section of the Japanese and British financial accounts.l. The U.S. army buys food for its troops in South Asia from vendors in Thailand. A debit to the goods part of the U.S. current account; a credit to the goods part of the Thai current account.m. A Yale graduate gets a job with the International Committee of the Red Cross working in Bosnia and is paid in Swiss francs. A debit to the income part of the Swiss current account; a credit to the income part of the Bosnia current account. This assumes the Yale graduate spends her earnings within Bosnia; should she deposit the sum in the United States, then the credit would be to the income part of the U.S. current account.n. The Russian government hires a Dutch salvage firm to raise a sunken submarine. A debit to the service part of Russia’s current account; a credit to the service part of the Netherlands’s current account.o. A Colombian drug cartel smuggles cocaine into the United States, receives a suitcase of cash, and flies back to Colombia with that cash. This would not get captured in the goods part of the U.S. or Colombian current accounts. Assuming the cash was “laundered” appropriately, from the point of view of the smugglers, bank accounts in the United States or somewhere else (probably notColombia, possibly Switzerland) would be credited. This imbalance would end up in the errors and omissions part of the U.S. balance of payments.p. The U.S. government pays the salary of a Foreign Service Officer working in the U.S. embassy in Beirut. Diplomats serving in a foreign country are regarded as residents of their home country, so this payment would not be recorded in any balance of payments accounts. If or when the diplomat spent the money in Beirut, at that time a debit should be incurred in the goods or services part of the U.S. current account and a contrary entry in the Lebanon balance of payments. It is doubtful that the goods or services transaction would get reported or recorded, although on a net basis changes in bank balances would reflect half of the transaction.q. A Norwegian shipping firm pays U.S. dollars to the Egyptian government for passage of a ship through the Suez Canal. If the Norwegian firm paid with dollar balances held in the United States and the Suez Canal Authority of Egypt redeposited the proceeds in the United States, no entry would appear in the U.S. balance of payments. Norway would debit a purchase of services, and Egypt would credit a sale of services.r. A German automobile firm pays the salary of its executive working for a subsidiary in Detroit.Germany would record a debit in the income payments/receipts in its current account; the U.S.would record a credit in the income payments/receipts in its current account.s. An American tourist pays for a hotel in Paris with his American Express card. A debit would be recorded in the services part of the U.S. current account; a credit would be recorded in theservices part of the French current account.t. A French tourist from the provinces pays for a hotel in Paris with his American Express card. A French resident most likely has a French-issued credit card, issued by the French subsidiary of American Express. In this instance, no entry would appear in either country’s balance ofpayments. If, later, the French subsidiary of American Express paid a dividend back to the United States, that would be recorded in the income part of the current accounts.u. A U.S. professor goes abroad for a year and lives on a Fulbright grant. The current transfers section of the U.S. current account would be debited for the salary paid to a foreign resident.(Even though an American, the professor is a foreign resident during the time he lives abroad.) The current transfers section of the host country’s current account would be credited.14. Current Account Deficits. A deficit on the current account increases foreign liabilities. Explain whythis is more of a concern to the Eurozone than a country like Brazil.Brazil is one of the fastest growing emerging market economies. It is a newly industrialized nation where a substantial volume of its imports consists of inputs and intermediate goods needed formanufacturing. This results in a deficit in its current account. This is of little concern to Brazil since it anticipates continuous GDP growth as well as future growth of its exports. In order to restore its competitiveness on international markets, the Brazilian government occasionally resorts to devaluing the Brazilian real. On the other hand, the Eurozone’s current account deficits are causing highconcerns. One reason is that these economies have been growing at sluggish rates since the financial meltdown. Also, since Eurozone countries have a common currency, they are unable to individually devalue the euro to restore their competitiveness.15. Twin Surpluses. Why is China’s twin surpluses—a surplus in both the current and financialaccounts—considered unusual?China’s surpluses in both the current and financial accounts—termed the twin surplus in the business press—is highly unusual. Ordinarily, countries experiencing large current account deficits fund these deficits through equally large surpluses in the financial account, and vice versa.China has experienced a massive current account surplus and a sometimes sizable financial account surplus simultaneously. This is rare and an indicator of just how exceptional the growth of theChinese economy has been. Although current account surpluses of this magnitude would ordinarily create a financial account deficit, the positive prospects of the Chinese economy have drawn such massive capital inflows into China in recent years that the financial account too is in surplus.16. Treasury bonds. After the Global Financial Crisis especially sovereign and portfolio investors fromemerging market economies have purchased significant volumes of European treasury bonds. Discuss the impact on the European BOPs in both the short run and the long run.As foreigners purchase European treasury bonds, European BOP will improve in the short run. But in the long run, the BOP may deteriorate because European nations should make interest and principal payments to foreigners. However, if the European governments use these funds prudently andproductively, the long-term effect would be favorable to GDP and may even contribute to European firms’ competit iveness, eventually leading to long-run BOP improvements.17. Capital Mobility — The Eurozone. Low interest rates should normally lead to capital outflows toother countries and currencies in the search for higher interest rates. Explain why the opposite has occurred in the Eurozone.In spite of the remarkably low interest rates paid by the euro, capital has not flowed out of the Euro zone. In fact, the opposite has occurred as a result of high levels of productive innovation andperceived political stability. Moreover, the advanced level of financial services, technology,infrastructure and purchasing power are attractive to investors. All of these factors have made the Euro zone an attractive investment hub.18. BOP Transactions. Identify the correct BOP account for each of the following transactions.a. A German-based pension fund buys U.S. government 30-year bonds for its investment portfolio.Financial account: portfolio investment liabilitiesb. Scandinavian Airlines System (SAS) buys jet fuel at Newark Airport for its flight to Copenhagen.Current account: Goods: Exports FOBc. Hong Kong students pay tuition to the University of California, Berkeley.Current account: Services: creditd. The U.S. Air Force buys food in South Korea to supply is air crews.Current account: Goods: Importse. A Japanese auto company pays the salaries of its executives working for its U.S. subsidiaries.Current account: Services: creditf. A U.S. tourist pays for a restaurant meal in Bangkok.Current account: Services: debitg. A Colombian citizen smuggles cocaine into the United States, receives cash, and smuggles thedollars back into Colombia.Unrecorded but should be a current account item.h. A U.K. corporation purchases a euro-denominated bond from an Italian MNE.Does not enter the U.S. balance of payments19. BOP and Inflation. What are the direct and indirect relationships between the balance of paymentsand inflation?The current account and the level of imports have the potential to lo wer or raise a country’s inflation rate. If the inflation rate in the exporting country rises, then imported inflation will result. Moreover, if the domestic currency devalues, imported goods and services will become more expensive. On the other hand, imports of cheaper goods and services place pressures on domestic competitors to reduce the prices of comparable goods and services. Thus, the components and price levels of the imports (as appearing on the current account) can substantially impact prices, especially in import-orientedeconomies.20. J-Curve Dynamics. What is the J-Curve adjustment path?A country’s trade balance may change as a result of an exchange rate change in the shape of aflattened “j.” International economic analysis characterizes the trade balance adjustment process as occurring in three stages: (1) the currency contract period, (2) the pass-through period, and (3) the quantity adjustment period. Assuming that the trade balance is already in deficit prior to thedevaluation, a devaluation may actually result in the trade balance first worsening before improving as a result of the three distinct commercial periods.21. Pass Through. Explain the exchange rate pass through and whether it always holds true.Exchange rate pass through indicates the degree to which importers and exporters adjust the prices of goods and services according to exchange rate changes. Theoretical research such as the theory of PPP stipulates that all exchange rate changes are passed through by equivalent changes in prices to trading partners. However, empirical research has challenged this long-held postulation. For example, the sizable current account deficits of the United States and some European nations in the 1980s and 1990s did not show responses to changes in the exchange rate values.22. Restrictions on Capital Mobility. What factors seem to play a role in a government’s choice torestrict capital mobility?There is a spectrum of motivations for capital controls, with most associated with either insulating the domestic monetary and financial economy from outside markets or political motivations overownership and access interests. Capital controls are just as likely to occur over capital inflows as they are over capital outflows. Although there is a tendency for a negative connotation to accompany capital controls (possibly the bias of the word “control” itself), the impossible trinity requires that capital flows be controlled if a country wishes to maintain a fixed exchange rate and an independent monetary policy.23. Dutch Disease. Can controls of capital inflow solve the Dutch Disease in resource-rich countries?The economies of resource-rich countries can suffer from serious problems in the case of excessive capital inflows. In freely floating foreign exchange systems, massive capital inflows can lead toconsiderable currency appreciation. This phenomenon has come to be known as the Dutch Disease as it was first witnessed by the Netherlands in the 1970s after the discovery of the Groningen natural gas field. A stronger domestic currency may harm exporters as it lowers price competitiveness. Many oil-rich nations in Africa and Asia that have export sectors suffer from this problem. To tackle thisproblem, the government can place restrictions and controls on capital inflows. Another solution that some Gulf nations in the Arab peninsula resort to is to peg their currencies.24. Globalization and Capital Mobility. How does capital mobility typically differ betweenindustrialized countries and emerging market countries?Emerging market countries, by definition, have relatively small and undeveloped financial systems and sectors. Outside of some potential foreign direct investment opportunities, they offer few choices for capital to flow in of substance. Industrialized countries, however, typically have large andsophisticated financial sectors that offer a multitude of financial investment options and assets, which on occasion may attract large capital inflows (and in other periods, may suffer large capital outflows).。
国际金融名词解释
《国际金融》名词解释第一章外汇与汇率名词解释1)我国对外汇的定义：按照《中华人民共和国外汇管理条例》的定义，外汇是指下列以外币表示的可以用作国际清偿的支付手段和资产，具体包括：（1）外国货币，包括纸币、铸币；（2）外币支付凭证，包括票据、银行存款凭证、邮政储蓄凭证等；（3）外币有价证券，包括政府证券、公司证券、股票等；（4）特别提款权SDRs、欧洲货币单位ECU；（5）其他外汇资产，主要是指各种外币投资收益，比如股息、利息、债息、红利等。
2)直接标价法：又称应付标价法。
指以一定的外国货币为标准，折算为一定数额的本国货币来表示其汇率。
3)间接标价法：又称应收标价法。
指以一定单位的本国货币为标准，折算为一定数额的外国货币来表示其汇率。
4)远期汇率：指买卖双方成交后，在约定的日期办理交割时采用的汇率。
5)自由浮动：或称清洁浮动，是指一国货币当局对汇率的波动不进行任何干预，而完全任由汇率依外汇市场的供求变化而自由波动。
第二章外汇交易名词解释1)外汇期货：外汇期货交易是指交易双方在交易所内通过公开竞价的方式成交后，承诺在未来某一日期以约定的汇率（一般以美元报价）交割特定标准数量某种外汇的活动。
2)套期保值：指在有远期负债/资产的情况下，买进/卖出币种相同、金额相等、期限一样的外汇，避免该货币的汇率变动风险，达到保值的目的。
3)外汇期权交易：指期权购买者向期权出售者支付一定比例的费用（期权费）之后，即可在期权有效期内按协定汇率履行或放弃买卖一定金额某种外汇的一种外汇交易。
4)外汇期权：也称为货币期权，指合约购买方向出售方支付一定期权费之后，所获得的在未来约定日期或一定时间内，按照规定汇率买进或者卖出一定数量外汇资产的选择权。
第三章国际收支名词解释1)国际收支：（狭义）一个国家或地区在一定时期内，由于经济、政治、文化等各种对外交往而发生的，必须立即结清的外汇的收入与支出。
（广义）指一国或地区居民与非居民在一定时期内所进行的全部经济交易的系统记录，2)自主性交易：指经济实体或个人出自某种经济动机和目的独自进行的交易。
第3章 国际收支的平衡与调节
古典学派的国际收支自动调节理论-1
1、 特点：该理论是建立在货币数量论基础上，以金 本位制和自由贸易的存在为前提。 调节过程均涉及三个小环节，即黄金量多寡、物价高 低和进出口增减。 2、代表观点：休谟机制(物价-现金流动机制学说) 在金本位制度下，黄金的输出入，使外汇供求得到均 衡，并使汇率在一定范围内波动。但是无论任何国家， 如果其汇率继续维持在黄金输出点上，而黄金不断地 输出时，即使该国有巨额的黄金储备，它的黄金储备 终有枯竭的一天。 休谟认为，任何国家都不会发生黄金持续流出，以致 黄金储备流尽，而不能维持金本位制度的现象。这就 是“物价—现金流动机制”理论。这一思想，从1752 年至1914年间，先后受到亚当· 斯密、穆勒、马歇尔等 古典学派经济学家的发扬，而成为古典学派国际收支 调节理论的核心。
吸收论
评价 吸收分析法是建立在宏观的、一般均衡 的基础上的，比微观的、局部的弹性分析 法有所进步，并强调了政策配合的意义， 不过，它仍有不足之处，表现在： 第一，两点假设（贬值是出口增加的唯一因 素、生产要素转移机制平滑）不切实际； 第二，倾斜地以国际收支中的贸易项目为研 究对象，而忽视日益发挥重要作用的资本 项目，从而使其理论无法完满。
Y＞A， B＞0，国际收支顺差 Y＜A， B＜0，国际收支逆差 Y=A， B＜0，国际收支平衡
2.对策分析 它与弹性分析理论一样都侧重于分析货 币贬值政策对国际收支逆差的影响。 当Y＜A，国际收支逆差时， Y↑或A↓，或两者兼用。
具体应结合国内的经济状况来考虑：
所谓边际吸收倾向，是指每增加的单位 收入中用于吸收的百分比。 在货币贬值而引发价格上涨的情 况下，实际现金余额效应使得人们减少 消费或卖出金融资产。减少支出意味着 支出相对于收入的减少，人们卖出证券 将间接提高利率，抑制了企业投资与居 民消费。
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记帐实例
1.甲国企业出口价值100万美元的设备,这 一出口行为导致该企业在海外的存款增 加. 借:本国在外国银行存款 100万美元 贷:商品出口 100万美元
记帐实例
2.甲国居民到外国旅游花销30万美元,这 笔费用从该居民的海外存款帐户中扣除. 借:服务进口 30万美元 贷:在外国银行的存款 30万美元
« ½
¯ ½
« ½
表2—1 国际收支平 衡表的标准构成
(一)经常项目
经常项目(Current
Account)反映 一国与他国之间实际资源的转移， 与该国国民收入帐户具有密切的 联系。 –商品 –劳务 –收益 –无偿转移
（一）经常项目
1、商品(Goods)：经常项目最重要的 内容，记录一国的商品进口和出口
贷方：外国对本国的无偿转移 借方：本国对外国的无偿转移
（二）资本和金融帐户
资本帐户 金融帐户
1、资本帐户
（1）资本转移
– 固定资产所有权 – 与固定资产放弃（收买）有关，或以此 为条件的资金转移 – 债权人不采取任何回报而取消的债务
（2）非生产、非金融资产的收买或
放弃（无形资产：如专利、版权、商 标）
第二节 国际收支平衡表及其结构
定义:一国在一定时间内进行的国际经济交 易按某种适合于分析的方式编制出来的 报表（简称BP Balance of Payment） 定义要点 一个国家的经济交易 一定时期 按某种适合于分析的方式 实质是一个报表
一、国际收支平衡表的记录原则
“有借必有贷，借贷必相等” 借方总额与贷方总额总是相等
二、国际收支平衡表的基本结构
经常项目 资本和金
融项目 平衡项目
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投 资 收 益
直接投资收入
股本收入（已分配红利、未 分配利润、再投资收益
债务收入（利息）
股本收入（红利） 证券投资收入 债务收入（利息）
其他形式投资贷款利息
（一）经常项目
4、转移(Transfers)：反映单方面的、不对等的 收支的特种项目，又称单方面转移(Unilateral Transfers) 或 无 偿 转 移 (Unrequited Transfers)P61( 区 分 私 人 转 移 和 政 府 转 移 ） （所有非资本转移的单方面转移）
平衡项目－官方储备
顺差：储备资产的增加 逆差：储备资产的减少 净数与上面所有项目的净差额相等， 符号相反，因此称为平衡项目
平衡项目－官方储备
分配的特别提款权(Allocation of Special Drawing Rights，SDRs)：IMF按其会员 国缴纳的份额分配给各会员国的一种记 帐单位，可作为储备资产用于平衡国际 收支逆差，也可用于偿还基金组织的贷 款 特别提款权是一种特别的合成外汇 SDRs是一个加权平均值，较稳定
平衡项目－错误与遗漏
资料来源不统一 资料不完全
资料本身有错漏
平衡项目－错误与遗漏
经常项目与资本项目相抵后所产生
的净差额：缺口（Gap）
(三)平衡项目
2、官方储备(Official Reserve):一国国际收 支出现顺差或逆差时(已由错误与遗漏项 调整后的数字)，该国货币当局(中央银行 或外汇平准机构)所拥有的、可用来平衡 国际收支的储备资产 货币性黄金、外汇 分配的特别提款权 在IMF储备头寸的增减。
第二章 国际收支与国际收支平衡表
第一节 国际收支的概念体系
§1 国际收支的基本定义
狭义
:贸易收支 广义 :一个国家一定时期的全部 涉外经济交易
国际收支（Balance of Payment Presentation）
国际收支概念的演变： 1。十七世纪初——贸易收支 2。一战后——外汇收支，即狭义国际 收支变化的重要依据。 3．二战后——广义的国际收支（如 定义）。
一、国际收支平衡表的记录原则
引起外汇流出的项目记入借方 引起外汇流入的项目记入贷方 本国商品和劳务进口、对外资产的增加 和对外负债的减少记入借方 本国的商品和劳务出口、对外资产的减 少和对外负债的增加记入贷方
一、国际收支平衡表的记录原则
注意：影响记入借方还是贷方的只
是货币流动的方向 贷方：引起货币流入本国、使本国 货币流出减少的交易项目 借方：引起货币流出本国、使本国 货币流入减少的交易项目
5.甲国某企业在海外投资所得利润150万 美元.其中75万美元用于当地再投资,50万 美元购买当地商品运回国内,25万美元调 回国内结售给政府以换取本国货币. 借:商品进口 50万美元 官方储备 25万美元 对外长期投资 75万美元 贷:海外投资利润收入 150万美元
6.甲国居民动用其在海外存款40万美元, 用以购买外国某公司的股票. 借:证券投资 40万美元 贷:在外国银行存款 40万美元
（一）经常项目
3、收益(Income)：记录因生产要素在
国际间的流动而引起的要素报酬收 支
雇员报酬 投资收益
经常项目－收益
雇员报酬：记录劳工的输出入 贷方：本国季节工人和边境工人受雇在国外 短期工作所赚取的工资、薪金或其他报酬 借方：本国雇用外国季节工人和边境工人所 支付的工资、薪金和其他报酬 投资收益：记录资本收益的输出入 贷方：本国居民购买和持有国外资产而获取 的利润、股利和利息 借方：非居民购买和持有本国资产而支付的 利润、股利和利息
直接投资者须拥有企业10%或以上的
普通股或投票权 直接投资资本交易：股本资本、再投 资收益和其他资本（资金借贷）
（2）证券投资
指为取得一笔预期的固定货币收入而进行 的投资，对企业的经营没有发言权 证券投资资本交易包括股票
– 中、长期债券 – 货币市场工具 – 衍生金融工具（期权）
投资的利息收支记录在经常帐户下，本金 还款记录在金融帐户上
国际收支基本定义
国际收支(Balance
of Payments)： 一定时期内一个经济体与世界其 他经济体之间进行的全部经济交 易的系统记录。
国际收支的基本定义
IMF：“国际收支是某一时期的统计表， 某一经济体同世界其余国家或地区之间 的商品、劳务以及收益方面的交易 该经济体所持有的货币黄金、特别提款 权以及对世界其余国家或地区的债权、 债务的所有权的变化和其它变化 为平衡不能相互抵消的上述交易和变化 的任何帐目所需的无偿转让和对应项目
2、金融帐户
一经济体对外资产和负债所有权变
更的所有交易
2、金融帐户
根据投资类型或功能分类划分
–直接投资 –证券投资 –其他投资
（1）直接投资
反映了一经济体居民单位在另一经济体居 民企业中获取长远利益的目标
– 居民单位：直接投资者 – 外国企业：直接投资企业
投资者和企业之间存在着长期的关系，并 且投资者对企业经营管理施加着有效的影 响
经常项目——商品
进口：借方 出口：贷方 出口－进口＝贸易差额(Trade Balance) 出口：离岸价格(FOB) 进口：成本加保险费加运费价格(CIF) IMF建议：进出口一律采用离岸价格 只有非货币性黄金交易列入商品项目
（一）经常项目
2、服务(Services)：记录劳务的输入 和输出 贷方：劳务的输出(本国为外国提供 的各种劳务数额) 借方：劳务的输入(本国利用外国的 各种劳务数额)
（3）其他投资
剩余项目：其他项目未包括的金融交
易 包括贸易信贷贷款、货币、存款、应 收款、应付款 分类
– 长期投资：原始合同期限为一年以上或 无期限 – 短期投资：包括货币，期限为一年或一 年以下