国际经济学原著 国民收入核算_c12

Chapter12 NationalIncomeAccountingandtheBalanceofPayments KeyTerms Asset资产Balanceofpaymentsaccounting国际收支平衡账户Capitalaccount资本项目Capitalinflow资本流入Centralbank中央银行Consumption消费Currentaccountbalance经常项目余额Financialaccount金融项目Financialinflow capitalinflow 金融流入Financialoutflow capitaloutflow 金融流出Governmentbudgetdeficit政府预算赤字Governmentpurchases政府购买 KeyTerms Grossdomesticproduct国内生产总值Grossnationalproduct国民生产总值Investment投资Macroeconomics宏观经济学Microeconomics微观经济学Nationalincome国民收入Nationalincomeaccounting国民收入账户Nationalsaving国民储蓄Officialforeignexchangeintervention官方外汇干预Officialinternationalreserves官方国际储备Officialsettlementsbalance balanceofpayment 官方结算余额 国际收支平衡 Privatesaving私人储蓄 ChapterOrganization IntroductionTheNationalIncomeAccountsNationalIncomeAccountingforanOpenEconomyTheBalanceofPaymentAccountsSummary Introduction MicroeconomicsItstudiestheeffectiveuseofscarceresourcesfromtheperspectiveofindividualfirmsandconsumers MacroeconomicsItstudieshoweconomies overalllevelsofemployment production andgrowtharedetermined Itemphasizesfouraspectsofeconomiclife UnemploymentSavingTradeimbalancesMoneyandthepricelevel Thenationalincomeaccountsandthebalanceofpaymentsaccountsareessentialtoolsforstudyingthemacroeconomicsofopen interdependenteconomies NationalincomeaccountingRecordsalltheexpendituresthatcontributetoacountry sincomeandoutputBalanceofpaymentsaccountingHelpsuskeeptrackofbothchangesinacountry sindebtednesstoforeignersandthefortunesofitsexport andimport competingindustries Introduction TheNationalIncomeAccounts Grossnationalproduct GNP Thevalueofallfinalgoodsandservicesproducedbyacountry sfactorsofproductionandsoldonthemarketinagiventimeperiodItisthebasicmeasureofacountry soutput GNPiscalculatedbyaddingupthemarketvalueofallexpendituresonfinaloutput ConsumptionTheamountconsumedbyprivatedomesticresidentsInvestmentTheamountputasidebyprivatefirmstobuildnewplantandequipmentforfutureproductionGovernmentpurchasesTheamountusedbythegovernmentCurrentaccountbalanceTheamountofnetexportsofgoodsandservicestoforeigners TheNationalIncomeAccounts Fig 12 1 U S GNPandItsComponentsin2006 Source U S DepartmentofCommerce BureauofEconomicAnalysis NationalProductandNationalIncomeNationalIncomeItisearnedoveraperiodbyitsfactorsofproduction ItmustequaltheGNPacountrygeneratesoversomeperiodoftime Oneperson sspendingisanother sincome i e totalspendingmustequaltotalincome TheNationalIncomeAccounts CapitalDepreciation InternationalTransfersAdjustmentstothedefinitionofGNP DepreciationofcapitalItreducestheincomeofcapitalowners ItmustbesubtractedfromGNP togetthenetnationalproduct Netunilateraltransfersofincome giftsfromresidentsofforeigncountries Theyarepartofacountry sincomebutarenotpartofitsproduct Theymustbeaddedtothenetnationalproduct TheNationalIncomeAccounts TheNationalIncomeAccounts NationalIncome GNP Depreciation NetunilateraltransfersofincomeNNP GNP Depreciation GrossDomesticProduct GDP Itmeasuresthevolumeofproductionwithinacountry sborders ItequalsGNPminusnetreceiptsoffactorincomefromtherestoftheworld Itdoesnotcorrectfortheportionofcountries productioncarriedoutusingservicesprovidedbyforeign ownedcapital TheNationalIncomeAccounts NationalIncomeAccounts GrossDomesticProduct GDP Anotherapproximatemeasureofnationalincomeisgrossdomesticproduct GDP Grossdomesticproductmeasuresthefinalvalueofallgoodsandservicesthatareproducedwithinacountryinagiventimeperiod GDP GNP paymentsfromforeigncountriesforfactorsofproduction capitaloutflow paymentstoforeigncountriesforfactorsofproduction capitalinflow NationalIncomeAccountingforanOpenEconomy ConsumptionTheportionofGNPpurchasedbytheprivatesectortofulfillcurrentwantsInvestmentThepartofoutputusedbyprivatefirmstoproducefutureoutputFirms purchasesofinventoriesarecountedininvestmentGovernmentPurchasesAnygoodsandservicespurchasedbyfederal state orlocalgovernmentsTransferpaymentsarenotincludedingovernmentpurchases TheNationalIncomeIdentityforanOpenEconomyItisthesumofdomesticandforeignexpenditureonthegoodsandservicesproducedbydomesticfactorsofproduction Y C I G EX IM 12 1 where YisGNPCisconsumptionIisinvestmentGisgovernmentpurchasesEXisexportsIMisimportsInaclosedeconomy EX IM 0 NationalIncomeAccountingforanOpenEconomy AnImaginaryOpenEconomyAssumptionsofthemodel Thereisaneconomy Agraria thatcanonlyproducewheat EachcitizenofAgrariaisbothaconsumerandafarmerofwheat TheAgrariangovernmentappropriatespartofthecroptofeeditsarmy Agrariacanimportmilkfromtherestoftheworldinexchangeforexportsofwheat Thepriceofmilkis0 5bushelofwheatpergallon andatthispriceAgrarianswanttoconsume40gallonsofmilk NationalIncomeAccountingforanOpenEconomy Table12 1 NationalIncomeAccountsforAgraria anOpenEconomy bushelsofwheat TheCurrentAccountandForeignIndebtednessCurrentaccount CA balanceThedifferencebetweenexportsofgoodsandservicesandimportsofgoodsandservices CA EX IM AcountryhasaCAsurpluswhenitsCA 0 AcountryhasaCAdeficitwhenitsCA 0 CAmeasuresthesizeanddirectionofinternationalborrowing Acountry scurrentaccountbalanceequalsthechangeinitsnetforeignwealth NationalIncomeAccountingforanOpenEconomy ExpenditureandProductioninanOpenEconomy TheCurrentAccountandForeignIndebtednessCA EX IM Y C I G Whenproduction domesticexpenditure exports imports currentaccount 0andtradebalance 0whenacountryexportsmorethanitimports itearnsmoreincomefromexportsthanitspendsonimportsnetforeignwealthisincreasingWhenproduction domesticexpenditure exports imports currentaccount 0andtradebalance 0whenacountryexportslessthanitimports itearnslessincomefromexportsthanitspendsonimportsnetforeignwealthisdecreasing Fig 12 2 U S CurrentAccountandNetForeignWealth 1976 2006 Source U S DepartmentofCommerce BureauofEconomicAnalysis June2007release SavingandtheCurrentAccount SavingandtheCurrentAccountNationalsaving S nationalincome Y thatisnotspentonconsumption C orgovernmentpurchases G S Y C GI Y C GThus S I SavingandtheCurrentAccountNationalsaving S Theportionofoutput Y thatisnotdevotedtohouseholdconsumption C orgovernmentpurchases G Italwaysequalsinvestmentinaclosedeconomy Aclosedeconomycansaveonlybybuildingupitscapitalstock S I Anopeneconomycansaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth S I CA Acountry sCAsurplusisreferredtoasitsnetforeigninvestment NationalIncomeAccountingforanOpenEconomy PrivateandGovernmentSavingPrivatesaving Sp ThepartofdisposableincomethatissavedratherthanconsumedSp Y C TSg T GS Sp SgS Y C GSp I CA Sg I CA T G I CA G T 12 2 Tisthegovernment s income itsnettaxrevenue Sgisgovernmentsavings T G Governmentbudgetdeficit G T Itmeasurestheextenttowhichthegovernmentisborrowingtofinanceitsexpenditures Governmentandcurrentaccountdeficitsmaybe twindeficits CA Sp I G T NationalIncomeAccountingforanOpenEconomy TheBalanceofPaymentsAccounts Acountry sbalanceofpaymentsaccountskeeptrackofbothitspaymentstoanditsreceiptsfromforeigners Everyinternationaltransactionautomaticallyentersthebalanceofpaymentstwice onceasacredit andonceasadebit Anytransactionresultinginpaymenttoforeignersisenteredinthebalanceofpaymentsasadebitandisgivenanegative sign Anytransactionresultinginreceiptfromforeignersisenteredinthebalanceofpaymentsasacreditandisgivenapositive sign BalanceofPaymentsAccounts cont Thebalanceofpaymentsaccountsareseparatedinto3broadaccounts currentaccount accountsforflowsofgoodsandservices importsandexports financialaccount accountsforflowsoffinancialassets financialcapital capitalaccount flowsofspecialcategoriesofassets capital typicallynon market non produced orintangibleassetslikedebtforgiveness copyrightsandtrademarks Threetypesofinternationaltransactionsarerecordedinthebalanceofpayments Exportsorimportsofgoodsorservices Currentaccount Purchasesorsalesoffinancialassets Financialaccount Transfersofwealthbetweencountries Theyarerecordedinthecapitalaccount TheBalanceofPaymentsAccounts ExamplesofPairedTransactionsAU S citizenbuysa 1000typewriterfromanItaliancompany andtheItaliancompanydepositsthe 1000initsaccountatCitibankinNewYork Thatis theU S tradesassetsforgoods ThistransactioncreatesthefollowingtwooffsettingentriesintheU S balanceofpayments ItenterstheU S CAwithanegativesign 1000 Itshowsupasa 1000creditintheU S financialaccount TheBalanceofPaymentsAccounts AU S citizenpays 200fordinnerataFrenchrestaurantinFrancebycharginghisVisacreditcard Thatis theU S tradesassetsforservices ThistransactioncreatesthefollowingtwooffsettingentriesintheU S balanceofpayments ItenterstheU S CAwithanegativesign 200 Itshowsupasa 200creditintheU S financialaccount TheBalanceofPaymentsAccounts AU S citizenbuysa 95newlyissuedshareofstockintheUnitedKingdomoilgiantBritishPetroleum BP byusingacheckdrawnonhisstockbrokermoneymarketaccount BPdepositsthe 95initsownU S bankaccountatSecondBankofChicago Thatis theU S tradesassetsforassets ThistransactioncreatesthefollowingtwooffsettingentriesintheU S balanceofpayments ItenterstheU S financialaccountwithanegativesign 95 Itshowsupasa 95creditintheU S financialaccount TheBalanceofPaymentsAccounts AU S bankforgives 5000indebtowedtoitbythegovernmentofBygonia ThistransactioncreatesthefollowingtwooffsettingentriesintheU S balanceofpayments ItenterstheU S capitalaccountwithanegativesign 5000 Itshowsupasa 5000creditintheU S financialaccount TheBalanceofPaymentsAccounts TheFundamentalBalanceofPaymentsIdentityAnyinternationaltransactionautomaticallygivesrisetotwooffsettingentriesinthebalanceofpaymentsresultinginafundamentalidentity Currentaccount financialaccount capitalaccount 0 12 3 TheBalanceofPaymentsAccounts Table12 2 U S BalanceofPaymentsAccountsfor2006 billionsofdollars Table12 2 U S BalanceofPaymentsAccountsfor2006 billionsofdollars cont 国际收支账户的构成 经常项目商品贸易 商品进出口服务 律师费用 旅行费用和运输费用投资收入 由国际利息 股息 和本国在国外经营的企业返回的利润所构成单边支付转移 国际赠与资本和金融项目资本项目资本转移 投资捐赠 债务注销非生产 非金融资产的收买 出售金融项目直接投资证券投资其他投资统计误差官方储备交易 TheCurrentAccount OnceAgainThebalanceofpaymentsaccountsdivideexportsandimportsintothreecategories MerchandisetradeExportsorimportsofgoodsServicesPaymentsforlegalassistance tourists expenditures andshippingfeesIncomeInternationalinterestanddividendpaymentsandtheearningsofdomesticallyownedfirmsoperatingabroad TheBalanceofPaymentsAccounts TheCapitalAccountItrecordsassettransfersandtendstobesmallfortheUnitedStates TheFinancialAccountItmeasuresthedifferencebetweensalesofassetstoforeignersandpurchasesofassetslocatedabroad Financialinflow capitalinflow AloanfromtheforeignerswithapromisethattheywillberepaidFinancialoutflow capitaloutflow Atransactioninvolvingthepurchaseofanassetfromforeigners TheBalanceofPaymentsAccounts TheStatisticalDiscrepancyDataassociatedwithagiventransactionmaycomefromdifferentsourcesthatdifferincoverage accuracy andtiming Thismakesthebalanceofpaymentsaccountsseldombalanceinpractice Accountkeepersforcethetwosidestobalancebyaddingtotheaccountsastatisticaldiscrepancy Itisverydifficulttoallocatethisdiscrepancyamongthecurrent capital andfinancialaccounts TheBalanceofPaymentsAccounts OfficialReserveTransactionsAssetsincludegovernmentbonds currency goldandaccountsattheInternationalMonetaryFund CentralbankTheinstitutionresponsibleformanagingthesupplyofmoneyOfficialinternationalreservesForeignassetsheldbycentralbanksasacushionagainstnationaleconomicmisfortuneOfficialforeignexchangeinterventionCentralbanksoftenbuyorsellinternationalreservesinprivateassetmarketstoaffectmacroeconomicconditionsintheireconomies TheBalanceofPaymentsAccounts TheBalanceofPaymentsAccounts Thenegativevalueoftheofficialreserveassetsiscalledtheofficialsettlementsbalanceor balanceofpayments Itisthesumofthecurrentaccount thecapitalaccount thenon reserveportionofthefinancialaccount andthestatisticaldiscrepancy Anegativeofficialsettlementsbalancemayindicatethatacountryisdepletingitsofficialinternationalreserveassetsormaybeincurringlargedebtstoforeigncentralbankssothatthedomesticcentralbankcanspendalottoprotectagainstfinancialinstability U S BalanceofPaymentsAccounts TheU S hasthemostnegativenetforeignwealthintheworld andsoisthereforetheworld slargestdebtornation Anditscurrentaccountdeficitin2006was 812billiondollars sothatnetforeignwealthcontinuedtodecrease ThevalueofforeignassetsheldbytheU S hasgrownsince1980 butliabilitiesoftheU S debtheldbyforeigners hasgrownmorequickly However theUnitedStateshastheworld slargestGNP Fig 12 3 U S GrossForeignAssetsandLiabilities 1976 2006 Source U S DepartmentofCommerce BureauofEconomicAnalysis June2007 U S BalanceofPaymentsAccounts cont About70 offoreignassetsheldbytheU S aredenominatedinforeigncurrenciesandalmostallofU S liabilities debt aredenominatedindollars Changesintheexchangerateinfluencevalueofnetforeignwealth grossforeignassetsminusgrossforeignliabilities AppreciationofthevalueofforeigncurrenciesmakesforeignassetsheldbytheU S morevaluable butdoesnotchangethedollarvalueofdollar denominateddebtfortheU S Table12 3 InternationalInvestmentPositionoftheUnitedStatesatYearEnd 2005and2006 millionsofdollars Table12 3 InternationalInvestmentPositionoftheUnitedStatesatYearEnd 2005and2006 millionsofdollars Summary Acountry sGNPisroughlyequaltotheincomereceivedbyitsfactorsofproduction Inanopeneconomy GNPequalsthesumofconsumption investment governmentpurchases andthecurrentaccount GDPisequaltoGNPminusnetincomefromforeigncountriesforfactorsofproduction Itmeasuresthevalueofoutputproducedwithinacountry sborders Summary cont Nationalsavingminusdomesticinvestmentequalsthecurrentaccount exportsminusimports Thecurrentaccountequalsthecountry snetforeigninvestment netoutflowsoffinancialassets Thebalanceofpaymentsaccountsrecordsflowsofgoodstransactionsoffinancialassetsappearint