第三章_国际收支
国际收支及其内容和调节
国际收支及其内容和调节第一篇：国际收支及其内容和调节一、国际收支及其内容和调节1.国际收支的概念演变为三个阶段。
最早的国际收支是指一个国家一定时期内的贸易收支；金本位制度崩溃以后，国际收支是指一个国家一定时期内的外汇收支；二战以后，国际收支的含义更为广泛，是指一个国家在一定时期内的全部对外经济交易收支。
2.一国的国际收支是通过编制国际收支平访表反映出来的，它是果统地记录一定时期内各种国际收支项目及其金额的一种统计表。
其内容包括经常性项目、资本项目和平衡项目等三个方面。
其中每一个方面又有若干细目，应很好的理解和掌握。
3.国际收支编制的方法是复式记帐法。
因此在帐面上应是平访的。
但各种实际交易经常处子不平渐状态。
由于受经济危机、国民收入、货币价值和世界经济结构变化的影响，一国国际收支往往出现顺差或逆差。
为了实现国际收支的平衡，必须采取政策措施进行调节。
对国际收支的调节机制有两种，一种是自动调节机制（金本位制度下）；另一种是政策调节机制。
这两种调节机制，尤其是后一种调节机制更要深入理解和把握。
二、外汇、汇率和外汇交易及其风险这是《国际金融》最基本的内容和主线，贯串教材的始终，是学习本课程的重点1.外汇的概念有两种。
即动态意义的外汇和静态意义的外汇。
重点要理解静态含义的外汇，即以外币表示的用于国际结算的支付手段。
它包括外国货币（纸币和铸币）；长短期外币有价证券；外币支付凭证；综合货币和其他外汇资产。
外汇分为自由外汇和记帐外汇两种类型。
2.汇率是一个国家的货币折算成另一个国家货币的比率。
其标价方法有直接标价法、间接标价法和美元标价法（战后产生的，用于欧洲外汇市场）。
外汇汇率的种类很多，主要有：①按银行买卖外汇角度划分为买入汇率、卖出汇率和中间汇率；银行还规定现钞汇率（也分买人汇率和卖出汇率。
）②按银行外汇汇付方式区分为电汇汇率、信汇汇率和票汇汇率。
③按外汇交易交割期限划分为即期汇率和远期汇率。
远期汇率与即期汇率的差额叫远期差价，分别用升水、贴水和平价表示其差额程度。
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。
武大国际经济学名词解释
第一章国际收支●国际收支：是在一定时期内一国居民对其他国家居民所进行的全部经济交易的系统记录。
国际收支分文狭义和广义的概念：狭义上是指一国的外汇收支，即凡是在国际经济交易中必须通过外汇收支进行清算的交易，都属于国际收支的内容。
广义上指不涉及外汇收支的各种经济交易，如清算支付协定项目上的记帐、易货贸易等也包括在内。
●国际收支平衡表（Balance of Payments Statements）也叫国际收支账户，是一国将其一定时期内的全部国际经济交易，根据交易的内容与范围，按照特定账户分类和复式记账原理表示的会计报表。
●经常账户（Current Account）又称为往来账户，反映了一个经济体与其他经济体之间真实资源的转移情况，并在整个国际收支账户中占主要地位。
具体包括货物、服务、收益和经常转移等四个子账户。
●货物（Goods）。
包括一般商品、用于加工的货物、货物修理、各种运输工具在购买的货物和非货币黄金。
IMF建议，货物按边境的离岸价格（FOB）计价。
●服务（Services）。
包括运输、旅游、通讯、建筑、金融、保险、计算机和信息服务、专有权的使用费和特许费以及其他商业服务。
●收益（Income）。
包括居民和非居民之间的两大类交易：一是职工报酬，主要指支付给非居民工人（如季节性的短期工人）的工资报酬。
二是投资收益，包括直接投资、证券投资和其他投资的收入和支出，以及储备资产的收入。
●经常转移（Current Transfer）。
是排除了以下资产所有权转移的单方面价值转移：一是固定资产所有权的转移；二是同固定资产收买/放弃相联系或以其为条件的资产转移；三是债权人不索取任何回报而取消的债务。
经常转移包括各级政府的转移（如政府间经常性的国际合作、对收入和财政支付的经常性税收等）和其他转移（如工人汇款）。
●资本和金融账户（Capital and Financial Account）主要反映资本所有权在一国与其他国家之间的移动，即国际资本流动。
国际金融复习大纲
国际金融考试复习大纲第一章国际收支和国际收支平衡表第一节国际收支一、国际收支的定义：是指一国在一定时期内全部对外经济往来的系统的货币记录。
二、含义：1.是一国的居民与非居民之间的交易。
⑴居民：一个国家的经济领土内具有经济利益的经济单位。
⑵经济单位居民主要有：①家庭及个人②社会实体及社会团体，包括:公司、准公司、非营利机构、政府2.国际收支是系统的货币记录。
以交易为基础的记录，交易包括：①交换②转移③移居④其他交易3.国际收支是一个流量的概念4.国际收支是一个事后的概念。
第二节国际收支平衡表国际收支平衡表，是指国际收支按照特定账户分类和复式计账原则表示的会计报表。
国际收支平衡表的账户分类：经常账户、资本和金融账户、错误和遗漏账户。
国际收支平衡表的编制原则：复式记账法。
一、国际收支平衡表原理（一）账户分类1.经常账户：①货物②服务③收入④经常转移2.资本与金融账户①资本账户：含资本转移及非生产、非金融资产的收买与放弃②金融账户：含直接投资、证券投资、其他投资、官方储备3.错误与遗漏账户（二）复式记账方法1.借方和贷方2.借方记录资金的使用和占用，贷方记录资金的来源3.汇总后正余额表示顺差（盈余），负余额表示逆差（赤字）。
（三）记账货币国际收支平衡表账户分类二、国际收支平衡表的复式记账法1.任何一笔交易发生，必然涉及借方和贷方两个方面，有借必有贷，借贷必相等。
2.借方记录的是资金的使用（譬如用于进口外国商品，或购买外国金融资产），贷方记录的是资金的来源（譬如通过出口本国商品而获得资金，或从外国获得收入，或出售外国金融资产）。
3.将各个科目的记录汇总后，正余额意味着该科目的顺差（或盈余），负余额意味着该科目的逆差（或赤字）。
实例：中国的国际收支平衡表1.从复式记账法的原则来看：经常项目差额+资本和金融项目差额=储备资产变动+净误差和遗漏。
2.我国国际收支顺差的主要来源是经常项目下的进出口差额与资本和金融项目下的外国直接投资。
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。
《国际收支全》PPT课件
二、国际收支的概念 •狭义的国际收支 •广义的国际收支
2.1 狭义的国际收支
• 狭义国际收支
• 一个国家或一个地区在一定时期（1年、1季或1个月）内，由于各种对外交往 而发生的，必须立即结清的，来自其它国家的外汇收入与付给其它国家的外 汇支出总额的对比。
• 狭义概念是建立在会计的现金收付制基础上的。可以理解为一国的外汇收支 。
第一讲 国际收支
• 导言 • 国际收支的概念和统计 • 国际收支平衡表/国际投资头寸表 • 国际收支平衡表的主要内容 • 国际收支平衡与失衡 • 国际收支差额的宏观经济含义
一、导言
• “全球化”的历史进程 是从西欧肇始并以“地 理大发现”作为起点的 。
• 从远古的“两希”（希 伯莱和希腊）文明到“ 欧洲文明”到“欧美西 方文明”再到“全球文 明” 。“现代化”越来 越迅速地改变着人的时 空观念。
• 也可采取购买国外一定比例以上的股份的形 式。（IMF规定，拥有一个企业10%以上的股 份才算直接投资）
• 随着国际间兼并风潮风起云涌，采用股份收购 的方式进行直接投资的比重越来越大。
证券投资（Portfolio Investment • 证券投资的主要对）象是股本证券和债
务证券。
• 后者分为债券和票据、货币市场工具和 金融衍生产品（如期权）。
• 居民是指一国的经济领土内具有经济利益的 经济单位。
2.3.3 居民与非居民辨析
• 经济领土：包括一国政府所管辖 的地理领土，还包括该国天空、 水域和临近水域下的大陆架，以 及该国在世界其它地方的飞地。
• 具有经济利益：在一国经济领土 内已经有一年或一年以上的时间 ，大规模的从事经济活动或交易 ，或计划如此行事。
• “各民族在各方面的相 互往来和相互依赖”正 在全世界蔓延。－马克思
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（2）错误与遗漏
统计口径不一 资料不全 本身错漏 走私假设 不宜公开
三、国际收支平衡表的分析
• (一) 国际收支平衡表的分析方法
• 1、逐项分析 • 2、重点分析 在国际收支平衡表中，货物进出口和金融账户往 往是重点部分，需要对他进行仔细分析。 • 3、纵横分析 纵的分析是把一国当年的国际收支平衡表同该国 过去历年的进行对比分析； 横的分析是把该国当年或某年的国际收支平衡表 同别的国家当年或某年的国际收支状况进行对比 分析 。
贷 方
343,350,151 0 343,350,151 60,905,778 275,778 60,630,000 20,262,117 6,567,007 0 6,567,007 6,567,007 0 13,695,110 10,923,200 2,771,910 2,764,319 7,592
• 经济体 ：国家、单独财政核算的地区 • 居民：经济概念，指在本国有经济利益中
心，居住时间在一定期限以上的个人和组 织。可分为——个人、政府、企业、非盈 利团体等。 • 以交易者的经济利益中心所在地，而非以 国籍或法律为依据。
中国居民包括：
• 在中国境内居留1年以上的自然人。 • 中国短期出国人员（在境外居留时间不满1年）、 在境外留学人员及中国驻外使领馆工作人员及其 家属。 • 在中国境内依法成立的企业事业法人（含外商投 资企业）及境外法人的驻华机构（不含国际组织 驻华机构、外国驻华使领馆） • 中国国家机关（含中国驻外使领馆）、团体、部 队（含驻外军人）。
• 此概念： • 未能包括全部的国际经济交易。如：易货贸 易，无偿援助，记账贸易，补偿贸易等。
（二）广义国际收支
第三阶段：国际收支指全部国际经济交易。 • 国际收支上是指一国在一定时期内全部对 外经济往来的货币记录（未涉及货币收支 的往来折算成货币加以记录） 要理解此概念，必须把握以下几点： • 国际收支是流量概念，不同于国际借贷。 • 国际收支反映的内容是国际经济交易。 • 一国国际收支记载的经济交易必须是该国 居民与非居民之间发生的。
二、国际收支的作用
• 1、国际收支集中反映了一国在一定时期内 对外经济交易状况 • 2、国际收支是一国国内经济状况和该国经 济发展趋势的指示器 • 3、国际收支又是一国制订经济政策，尤其 是贸易政策的依据 • 4、国际收支影响着世界经济的发展
第二节
国际收支平衡表
• 一、国际收支平衡表的编制
国际收支平衡表是系统记录一国在一定时 期内(通常为一年)各种国际收支项目及其 金额的一种会计报表 • 编制原理：有借必有贷，借贷必相等。贷 方记录资产的减少、负债的增加，借方记 录资产的增加、负债的减少。
• 4、差额分析 贸易差额、经常账户差额、资本和金融账 户差额以及总差额等。 • 5、经常项目的经济分析 (1)经常项目与进出口贸易 (2)经常项目与国内吸收 (3)经常项目与储蓄、投资 • (二)国际收支平衡表的具体分析
三、国际收支平衡表的基本结构与主要内容（续） (1)货物或商品（goods），我国用贸易表示；根 据IMF统计口径，商品进出口额均按FOB价格 计算。 (2)服务(service又称劳务) 服务收支也称无形贸 易收支。该项下主要包括：运输、旅游、通讯、 建筑、保险、金融、电子计算机和信息服务， 专有权(专利、版权、商标、制作方法、经销权 等)的使用费和特许费，个人服务、文化和娱乐 服务(如音像及其有关服务)。
第三章
国际收支
第一节 国际收支的概念与作用
一、国际收支的定义
• 所谓国际收支即一国居民在一定时期内与 外国居民所进行的全部经济交易的系统的 货币记录。 • 或：在一定时期以内，一个经济体的居民 和非居民进行的全部经济交易的系统记录。
（一）狭义国际收支
• 国际收支概念有狭义和广义之分（结合其历史发展来看）
2．金融账户
金融账户由直接投资、证券投资和其他投 资部分组成 • 直接投资：投资者对非居民企业的经营 管理活动拥有有效发言权。 • 证券投资： • 其他投资（如贷款、存款、租赁、预付 款等）
3．平衡账户
• 一国的国际收支平衡表的平衡项目一般包 括储备资产的变动和错误与遗漏。 （1）储备资产的变动 • 外汇 • 货币性黄金 • SDRs • GDRs
(1)最重要的项目，记录商品的进出口。 (2)除包括一般商品的进出口外，还包括： • 用于加工的货物，如来料加工、来件装配。 • 交通工具修理费。 • 各种运输工具在港口采购的货物，如燃料。 • 非货币性黄金。
2.服务(Service)
• 服务主要包括运输服务、旅游服务、 通讯、建筑、保险、金融、计算机和 信息服务、专有权力使用费和特许费、 其他商业服务、个人、文化和娱乐服 务、别处未提及的政府服务。
国 家 外 汇 管 理 局 公 布
三、国际收支平衡表的基本结构与主要内容（续）
(二)资本和金融帐户(Capital and Financial Account) 1定义： 反映资本与金融资产在居民与非居民之间转移的项目。 与经常帐户不同，该项目下伴随外汇收支变化的是一 国债权债务关系的变化或其他金融资产的增减。 2记录方法及其与债权债务的关系 借“-”外汇支出增加 贷“+”外汇收入增加
差额
110,659,756 -69,345 110,729,101 53,131,430 -1,805,053 54,936,483 19,689,873 6,486,438 0 6,486,438 6,486,438 0 13,203,436 10,923,200 2,280,236 2,283,474 -3,238
单位：千美元
贷 方
700,697,007 655,826,577 593,392,511 62,434,066 12,067,493 25,739,000 440,463 1,467,489 380,783 93,945 1,637,148 236,359 3,152,515 848,628 40,993 15,950,753 378,498 20,544,095 2,014,359 18,529,736 24,326,335 97,536 24,228,799
借 方
632,037,845 606,542,934 534,410,236 72,132,698 24,543,759 19,149,296 472,199 1,338,826 6,123,574 138,096 1,252,747 4,496,605 4,734,309 698,335 175,831 8,478,135 530,986 24,066,764 1,382,168 22,684,596 1,428,146 186,592 1,241,554
项 目 3. 其它投资 3.1 资产 3.1.1 贸易信贷
第一阶段：指贸易收支差额。 • 该含义一直沿袭至第一次世界大战。 第二阶段：指外汇收支（仍主要局限于贸易 收支） • 此阶段国际收支是指：一个国家在一定时期 内，同其他国家为清算到期的债权、债务所 发生的外汇收支的总和。
此阶段该概念的特点：
• （1）仍主要局限于贸易收支。 • （2）以支付为基础。即只有以现金支付的 国际经济交易才计入国际收支。 • （3）强调立即结清。即未到期的债权、债 务不计入该年的国际收支。
68,659,162 49,283,643 58,982,275 -9,698,632 -12,476,266 6,589,704 -31,735 128,662 -5,742,792 -44,151 384,401 -4,260,246 -1,581,794 150,293 -134,838 7,472,617 -152,487 -3,522,669 632,191 -4,154,861 22,898,189 -89,056 22,987,245
三、国际收支平衡表的基本结构与主要—职工报酬 ——投资收益 (4)经常转移(Current Transfers)，指商品、劳务或金融资 产在居民与非居民之间转移后，并未得到补偿与回报， 因而也被称为无偿转移(Unrequited Transfers)或单方 面转移(Unilateral Tansfers)。 该项下主要包括； (a)各级政府的无偿转移 (b)私人的无偿转移 从本国向外国的无偿转移记入借方，而从外因向本国的无 偿转移记入贷方。
• 3．收入(Income)
• 指生产要素在国家之间流动所引起的报 酬的收支。包括职工报酬和投资收入两 项。 • 职工报酬（工资、奖金、福利等） • 投资收入（股利、利润、利息等）
4．经常转移(Transfers)
• 经常转移，也称单方转移，是指居民与非居 民之间的实际资源或金融产品的所有权发生 了不涉及经济价值回报的变更。而不管变化 是自愿的还是非自愿的。 • 经常转移包括各级政府(如政府间经常性的 国际合作、对收入和财产支付的经常性税收 等)的转移和其他转移。
单位：千美元
国 家 外 汇 管 理 局 公 布
项 目 二.资本和金融项目 A.资本项目 B. 金融项目 1. 直接投资 1.1 我国在外直接投资 1.2 外国在华直接投资 2. 证券投资 2.1 资产 2.1.1 股本证券 2.1.2 债务证券 2.1.2.1 (中)长期债券 2.1.2.2 货币市场工具 2.2 负债 2.2.1 股本证券 2.2.2 债务证券 2.2.2.1 (中)长期债券 2.2.2.2 货币市场工具
三、国际收支平衡表的基本结构与主要内容（续）
3构成 （1）资本帐户： ——资本转移（！注意与经常转移的区别） ——非生产、非金融资产的买卖（非生产就 已经存在的资产或无形资产的买卖） （2）金融帐户： ——直接投资：流动性弱，相对稳定 ——证券投资：流动性强 ——其他投资
2004年国际收支平衡表
借 方
232,690,395 69,345 232,621,050 7,774,348 2,080,831 5,693,517 572,244 80,569 0 80,569 80,569 0 491,675 0 491,675 480,845 10,830