国际金融英文课件2

InternationalFinance Chapter1Paymentsamongnations Topicscovered MicroeconomicsandMacroeconomicsIntroductiontobalanceofpaymentsThemacromeaningofthecurrentaccountbalance MicroeconomicsandMacroeconomics MicroeconomicsItstudiestheeffectiveuseofscarceresourcesfromtheperspectiveofindividualfirmsandconsumers 微观经济学研究的是经济社会中经济个体的经济行为 这里的经济个体包括消费者 生产者 企业 和要素所有者等 这些经济个体或经济单位又通过市场产生相互联系 相互影响和相互作用 微观经济学阐述经济社会中的经济个体根据什么和怎样做出经济决策 例如 消费者怎样作出购买产品和劳务的决策 企业针对消费者需求与收益和成本的比较关系怎样作出生产的决策 工人怎样决定劳动流向与劳动流量等等 MacroeconomicsItstudieshoweconomies overalllevelsofemployment production andgrowtharedetermined 宏观经济学以整个国民经济作为研究对象 研究经济总量的决定及其变化规律 具体来说 就是研究国民收入决定和变动 长期的经济增长和短期的经济波动 以及相关的通货膨胀 失业和国际收支等问题 宏观经济学通过经济总量的分析以期为政府制定宏观经济政策提供理论依据 Itemphasizesfouraspectsofeconomiclife UnemploymentSavingTradeimbalancesMoneyandthepricelevel MicroeconomicsandMacroeconomics Thenationalincomeaccountsandthebalanceofpaymentsaccountsareessentialtoolsforstudyingthemacroeconomicsofopen interdependenteconomies NationalincomeaccountingRecordsalltheexpendituresthatcontributetoacountry sincomeandoutputBalanceofpaymentsaccountingHelpsuskeeptrackofbothchangesinacountry sindebtednesstoforeignersandthefortunesofitsexport andimport competingindustries whydoweneedtostudy Internationalfinance Withfewremainingbarrierstointernationaltradeandfinancialflows andwithimportantfinancialeventsimpactingimmediatelyaroundtheglobe allfinanceis international Domesticfinancialmarketsarecloselylinkedandinternationallyintegrated 国际金融学是研究国际间货币运动和资本流动的方式 规律及其影响的学科 随着全球经济一体化趋势的不断发展 我国经济将在更广和更深的领域和范围内融入到世界经济当中 国际金融学必将在我国经济的未来发展中发挥越来越大的作用 Aknowledgeofinternationalfinancehelpsintwoveryimportantways First ithelpsthefinancialmanagerdecidehowinternationaleventswillaffectafirmandwhichstepscanbetakentoexploitpositivedevelopmentsandinsulatethefirmfromharmfulones Second ithelpsthemanagertoanticipateeventsandtomakeprofitabledecisionsbeforetheeventsoccur Amongtheeventsthataffectthefirmandthatthemanagermustanticipatearechangesinexchangerates aswellasininterestrates inflationrates andassetvalues Balanceofpayments Thebalanceofpayments BOP isthemethodcountriesusetomonitorallinternationalmonetarytransactionsataspecificperiodoftime Usually theBOPiscalculatedeveryquarterandeverycalendaryear AlltradesconductedbyboththeprivateandpublicsectorsareaccountedforintheBOPinordertodeterminehowmuchmoneyisgoinginandoutofacountry 指一个国家或地区与世界上其他国家或地区之间发生的跨国资金转移而引起的国际间资金收支行为Acountry sbalanceofpaymentsisasystematicaccountofalltheexchangesofvaluebetweenresidentsofthatcountryandtherestoftheworld BalanceofPaymentsAccounting国际收支平衡表 Acompletetabulationofthetotalmarketvalueofgoods services andfinancialassetsthatdomesticresidents firms andgovernmentsexchangewithresidentsofothernationsduringagivenperiod 国际收支平衡表示在给定时期内 国内居民 企业和政府与外国居民 企业 政府部门 进行货物 服务和金融资产交易的市场总值的完整汇总表 Definition 国际收支平衡表 按照一定的编制原则和格式 排列组合特定时期内一国经济主体与他国经济主体之间的各项经济交易是全面系统地记录和总结一国国际收支状况的统计报表是反映一国对外经济发展 偿债能力等的重要文件 也是各国制定开放经济宏观经济政策的重要依据 Balanceofpayments Twoflowsoccurinanyexchange credit anddebit Ifacountryhasreceivedmoney thisisknownasacredit and ifacountryhaspaidorgivenmoney thetransactioniscountedasadebit Theoretically theBOPshouldbezero meaningthatassets credits andliabilities debits shouldbalance Butinpracticethisisrarelythecaseand thus theBOPcantelltheobserverifacountryhasadeficitorasurplusandfromwhichpartoftheeconomythediscrepanciesarestemming TheBOPisdividedintotwomaincategories thecurrentaccountandcapital financial account Withinthesetwocategoriesaresub divisions eachofwhichaccountsforadifferenttypeofinternationalmonetarytransaction 一 经常项目 CurrentAccount 1 商品 Goods 2 服务 Service 3 收入和支付 IncomeReceiptsandPayments 4 单方面转移 UnilateralTransfers 二 资本和金融项目 CapitalandFinancialAccount 1 资本项目 CapitalAccount 2 金融项目 FinancialAccount 直接投资 DirectInvestment 证券投资 PortfolioInvestment 其它投资 OtherInvestment 储备资产 ReserveAssets 三 错误与遗漏 ErrorsandOmissionsAccount BalanceofPaymentsAccounting国际收支平衡表 正确理解BOP和BOPs 强调居民与非居民的交易而不是资金收付国际收支 外汇收支考察流量而不是存量 记录发生额而不是持有额国际收支平衡表 国家资产负债表 正确理解BOP和BOPs 续 理论上全球国际收支差额可以彼此抵消 但事实并不如此存在巨大的全球贸易逆差国际收支经常不平衡 但国际收支平衡表永远账面平衡设置 储备资产变动 和 错误与遗漏 项目 Balanceofpayments currentaccount TheCurrentAccountisusedtomarktheinflowandoutflowofgoodsandservicesintoacountry Earningsoninvestments bothpublicandprivate arealsoputintothecurrentaccount Withinthecurrentaccountarecreditsanddebitsonthetradeofmerchandise whichincludesgoodssuchasrawmaterialsandmanufacturedgoodsthatarebought soldorgivenaway possiblyintheformofaid 货物 商品 有形贸易 记录商品的进出口 包含五种 一般商品 用于加工的货物 货物修理 各种运输工具在港口购买的货物 非货币黄金 Servicesrefertoreceiptsfromtourism transportation likethelevythatmustbepaidinEgyptwhenashippassesthroughtheSuezCanal engineering businessservicefees fromlawyersormanagementconsulting forexample androyaltiesfrompatentsandcopyrights 服务 无形贸易 记录服务的输出入 包括运输 旅游 通讯服务 建筑服务 保险服务 金融服务 计算机和信息服务 专有权利使用费和特许费 咨询 广告宣传 电影 音像 其他商业服务 别处未提及的政府服务 IncomeReceiptsandPayments收入和支付 1 IncomeReceiptsTheincomecategorytabulatesinterestanddividendpaymentstoforeignresidentsandgovernmentswhoholddomesticfinancialassets Italsoincludespaymentsreceivedbydomesticresidentsandgovernmentswhoholdfinancialassetsabroad 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 包括有关直接投资 证券投资和其它投资所得收入与支出 职工报酬 包括个人在非居民经济体为该经济体居民工作而得到的现金或实物形式的工资 薪水和福利 2 PaymentsRewards salary etc paidbetweenresidentsandnon residents UnilateralTransfers measuresinternationaltransfers orgifts amongindividualsorgovernments 单方面转移 记录了个人和政府间的国际转移或赠送 Includesitemssuchas Governmentgrantsabroad 政府国际赠送 Privateremittances 私人汇款 Privategrantsabroad例如 中国对某个刚刚遭遇自然灾害的国家提供价值500 000美元的大米作为人道主义援助 经常项目 currentaccount 货物记录有形货物的进出口数量 包含五种 一般商品 用于加工的货物 货物修理 各种运输工具在港口购买的货物 非货币黄金 服务记录服务 观光旅游和军需交易的进出口数量收入记录涉外的职工报酬和投资收入单方面转移记录个人或政府间的国际转移或赠与 CASE1以某同学出国为例 某同学出国旅游 乘坐国外航班 运输服务 在国外购买人身意外险 保险服务 在国外给家人打电话 通讯服务 在国外银行使用旅游支票 金融服务 在国外上网查找旅游景点 计算机和信息服务 到某咨询公司咨询出国留学事宜 咨询服务 CASE2讨论以下涉及什么服务 赤壁在日本上映 在日本全国性的报纸朝日 读卖 每日新闻等彩页进行连载 在电视上加大宣传力度 该剧组在东京电影节的风光亮相更扩大了影片在大众中的影响 2009年2月5日 在东京六本木新城TOHO影城召开的电影试映会上 参演 赤壁2 的演员林志玲 金城武 以及导演吴宇森站上了舞台 赤壁 如此压倒性宣传的费用有传言约在12亿日元左右 直至11月30日为止 入场欣赏的观众已累积达305万4千多人次 票房高达37亿4千万日元 逾3亿港元 日本媒体估计 该片在日本的最终票房将超过 英雄 突破50亿日元 赤壁 Thebalanceofpayments capitalaccount Thecapitalaccountiswhereallinternationalcapitaltransfersarerecorded Itisarecordofallinternationaltransactionsforassetsincludingbonds treasurybills bankdeposits stocks currency realestate etc Alsoincludedaregovernment ownedassetssuchasforeignreserves gold specialdrawingrights SDRs heldwiththeInternationalMonetaryFund privateassetsheldabroad anddirectforeigninvestment Assetsownedbyforeigners privateandofficial arealsorecordedinthefinancialaccount 资本和金融项目 capital financilaccount 资本项目资本转移非生产 非金融资产的收买 放弃金融项目直接投资证券投资其他投资储备资产变动 储备资产变动 记录中央银行或财政部门等官方政府机构的国际交易活动官方储备资产包括货币性黄金 特别提款权 在国际货币基金的储备头寸 外汇储备等往往是出于对冲私人部门国际交易影响的目的而发生 也被称作平衡项目 制表时单独列示 错误与遗漏项目 errors omissions 国际收支平衡表专门设置的平衡项目设置原因隐瞒交易导致原始资料失真技术困难造成交易记录不完全各子项目分别统计 口径难以一致功能使国际收支平衡表的借贷双方实现平衡根据前三个项目的汇总结果 以相同数字记入会计账户的相反方向 Summary I CurrentAccountExportsMerchandise tangiblegoods Services invisibletrade e g legal consulting royalties patentsetc FactorIncome interest dividendoranyotherforeigninvestmentincome ImportsMerchandiseServicesFactorincomeUnilateralTransfers oneway unrequited payments e g foreignaid grants giftsetc II CapitalAccountForeignDirectInvestment FDI PortfolioInvestmentEquitySecuritiesDebtSecuritiesOtherInvestment transactionsincurrency bankdeposits tradecreditsetc Statisticaldiscrepancies III ForeignReservesOfficialReserveaccount includesgold foreignexchanges SDRs reservesinIMFTheformula currentaccount capitalaccount foreignreserves Summary Moneycomingin Credit orleaving Debit Exports Imports Increaseofownedassetsabroad Increaseofforeign ownedassetsinthecountryAnaccountmayshowasurplusoradeficit Forexample atradesurplusimpliesthatacountry sexportsarehigherthanitsimportsandhencethereisanetflowofmoneyintothecountry Atradedeficit ontheotherhand impliesthatthecountry simportsexceeditsexportsandhencethereisanetflowofmoneyoutofthecountry Foracountrytohaveazerobalanceofpayments acurrentaccountdeficitmustbebalancedbyacapitalaccountsurplus TheUShavebeenrunninganegativecurrentaccountforalongwhile whichisfinancedthroughapositivefinancialaccount Theonlywaytobuymorethanyousellistoborrowmoney Acountrywillhaveanegativebalanceofpayments i e thereistobeanetflowofmoneyoutofthecountry ifthenetofthecurrentaccountandthecapitalaccountisadeficit Similarly therewillbeapositivebalanceofpayments i e anetflowofmoneyintoacountry ifthenetofthecurrentandthecapitalaccountresultsinasurplus U S Balanceofpaymentsaccount 2001 creditdebit1 Exportsofgoodsandservicesandincomereceived 1 282Merchandiseexports719Serviceexports travel businessservice etc 279Incomereceiptsfromforeigners2845 Importsofgoodsandservicesandincomepaid 1 626Merchandiseimports 1 146Servicesimports travel businessservice etc 210Incomepaymentstoforeigners 2699 Unilateraltransfers net 49U S governmenttransferstoforeigners 17Privateremittancesandothertransfers 3212 ChangesinU s holdingsofforeignassets 366U S directinvestmentabroad 128OtherU S investmentsabroad 23815 ChangesinforeignholdingsofU S assets excludingofficialinternationalreserves net748ForeigndirectinvestmentsintheU S 131U S holdingsofofficialreserveassets61718 Changesinholdingsofofficialinternationalreserves net0ForeignofficialholdingsofU S assets5U S holdingsofofficialreserveassets 521 Statisticaldiscrepancy1122 Netbalanceofcreditsminusdebits0SixKeyBalancesMerchandisetradebalance lines2and6 427Goodsandservicesbalance lines2 3 6 and7 358Goods servicesandincomebalance lines1and5 344Currentaccountbalance lines1 5and9 393Netprivatecapitalflowsandstatisticaldiscrepancy393Overallbalance lines26and27 orthenegativeofline18 0 QuestionsandProblems WhichofthefollowingtransactionswouldcontributetoaU S currentaccountsurplus Boeingbartersa 100millionplanetoMexicoinexchangefor 100millionworthofhotelservicesontheMexicancoast TheUnitedStatesborrows 100millionlongtermfromSaudiArabiatobuy 100millionofSaudioilthisyear TheUSsellsa 100millionjettoTurkeyfor 100millioninbankdeposits TheUSgovernmentmakesagiftof 100milliontothegovernmentofGreece intheformofNewYorkbankdeposits topayforinjuriescausedbyTurkishjetattacks TheBritishcentralbankbuys 100millioninUS dollarbankdepositsfromaNewYorkbank payingbyprovidingpoundbankdepositstotheNewYorkbank Referenceanswers Onlytransaction3contributestoasurplusinthecurrentaccountbecauseitisanexportofmerchandisethatispaidforthroughaniteminthecapitalaccount Transaction1leavesthecurrentaccountunchangedbecauseitisbothanexportandanimport Transaction2contributestoadeficitinthecurrentaccountbecauseitisanimport Transaction4alsocontributestoacurrentaccountdeficitbecauseoftheoutflowasaunilateraltransfer Transaction5affectsnoitemsinthecurrentaccount QuestionsandProblems WhataretheeffectsofeachofthefollowingontheUSinternationalinvestmentposition ForeigncentralbanksincreasetheirofficialholdingsofUSgovernmentsecurities USresidentsincreasetheirholdingsofstocksissuedbyJapanesecompanies ABritishpensionfundsellssomeofitsholdingsofthestocksofUScompaniesinordertobuyUScorporatebonds Referenceanswers TheUSinternationalinvestmentpositiondeclines anincreaseinforeigninvestmentsintheUS anincreaseinwhattheUSowestoforeigners TheUSinternationalinvestmentpositionrises anincreaseinprivateUSinvestmentabroad anincreaseinUSclaimsonforeigners TheUSinternationalinvestmentpositionisunchanged ThecompositionofforeigninvestmentsintheUSchanges butthetotalamountdoesnotchange Themacromeaningofthecurrentaccountbalance Acountry scurrentaccountbalanceequalsthecountry snetforeigninvestment CA If Whenalltheflowsforcurrentusesasgoods services incomeandgiftshavebeennettedout whatisleftistheincreaseinalloftheforeignfinancialassetsminusallofthecountry sforeignliabilities Theonlythingsbeingexchangedbetweennationsaregoods services income gifts andfinancialassets Ifallcreditsmustequalalldebits thenthebalanceongoods services incomeandgifts thatisthecurrentaccountsurplusmustequalnetforeigninvestment If thenetaccumulationofforeignassetsminusforeignliabilities Themacromeaningofthecurrentaccountbalance Acountry scurrentaccountbalanceequalsnationalsavingthatisnotinvestedathome CA S Id TheCAbalanceislinkedtoitsnationalsavinganddomesticinvestment Acountrycandotwothingswithitsnationalsaving S Investathomeindomesticcapitalformation whichisdomesticinvestment Id Investabroadinnetforeigninvestment If ThatisnationalsavingS Id If Lookedatanotherway thecountry snetforeigninvestmentequalsthedifferencebetweennationalsavinganddomesticinvestment If S Id Themacromeaningofthecurrentaccountbalance Acountry scurrentaccountbalance whichisapproximatelyequaltoacountry snetexport isthedifferencebetweenitsdomesticproductionofgoodsandservicesanditstotalexpenditureongoodsandservices CA X M Y E Thecurrentaccountbalanceislinkedtodomesticproduction income andexpenditure Recallfrombasicmacroeconomicsthatdomesticproductionofgoodsandservices Y equalsthedemandforthecountry sproduction Themacromeaningofthecurrentaccountbalance Y C Id G X MWhere C domestichouseholdconsumptionofgoodsandservicesId domesticrealinvestmentinbuildings equipment andinventoriesG GovernmentspendingongoodsandservicesX foreignpurchasesofthecountry sexportsofgoodsandservicesM thecountry spurchasesofimportsfromothercountries Themacromeaningofthecurrentaccountbalance C IdandGallincludepurchasesofbothdomesticallyproducedandimportedgoodsandservices Importsmustbesubtractedseparatelybecauseimportsarenotdemandforthiscountry sproducts Thecountry stotalexpenditureongoodsandservices E sometimescalledabsorption simplyequalsconsumption domesticinvestment andgovernmentspending E C Id G Therefore domesticproductequalsthecountry stotalexpendituresplusnetexports orY E X M Again lookatanotherway thecountry scurrentaccountbalancewhichisapproximatelyequaltothecountry snetexportsisalsoequaltodifferencebetweendomesticproductandnationalspendingongoodsandservices Y E X M Themacromeaningofthecurrentaccountbalance Tosummarize currentaccountbalanceequals NetforeigninvestmentThedifferencebetweennationalsavinganddomesticinvestmentThedifferencebetweendomesticproductandnationalexpenditureIfacountryhasacurrentaccountsurplus Thecountryhaspositivenetforeigninvestment thatis thecountryisactingasanetlendertoorinvestorintherestoftheworld ThecountryissavingmorethanitisinvestingdomesticallyThecountryisproducingmore andhasmoreincomefromthisproduction thanitisspendingongoodsandservices Themacromeaningofthecurrentaccountbalance Ifacountryhasacurrentaccountdeficit thecountryisanetforeignborrower itsdomesticsavinglessthandomesticinvestmentandspendingmorethanproduction orincome Theseidentitieshelpustoseewhatmustbechangedifthecurrentaccountbalanceistobechanged Forinstance consideracountrythatseekstoreduceitsCAdeficit Animprovementinthecountry scurrentaccountbalancemustbeaccompaniedbyanincreaseinthevalueofdomesticproduct Y relativetothevalueofnationalexpenditure E Ifdomesticproductioncannotexpandmuch thennationalspendingmustfallinordertodecreaseimportsortopermitmorelocalproductiontobeexported Themacromeaningofthecurrentaccountbalance Forinstance theUShasevolvedfromanetexporterandlenderafterWorldWarIItoanetimporterandborrower Upthroughthe1960s theUShadapositivecurrentaccountbalanceandapositivetradebalance TheUSwasanetexporterandlenderlargelybecauseEuropeandJapan stillrecoveringfromWorldWarII badlyneededAmericangoodsandloans andforeignaidundertheMarshallPlan Duringthe1970sandupthrough1981 anewpatternbegantoemerge TheUSbecameanetimporterofgoodsandservices butstillkeptitscurrentaccountapproximatelyinbalance thankslargelytointerestandprofitearningsonpreviousforeigninvestments After1982 theUSshiftedintodramatictradeandcurrentaccountdefic