国际财务管理课件上下12章

1、浙江工商大学 金融学院课程讲义国 际 经 济 学（下）金融学院 方霞二 0 0 四 下中文参考文献本书中译本，2003，中国人民大学出版社林德特，国际经济学，1992，经济科学出版社Dominick，国际经济学，1998，清华大学出版社克鲁格曼等，战略性贸易政策与新国际经济学，2000，中国人民大学出版社姜波克，开放经济下的宏观经济管理：2000，复旦大学出版社 陶湘，国际金融与管理，1996，中国人民大学出版社杨帆，人民币汇率研究，首都经济贸易大学出版社，2000王继祖，国际金融市场，1994，南开大学出版社徐滇庆等，泡沫经济与金融危机，中国人民大学出版社，2000于宗先等，从危机走向复苏，

2、2001杂志：经济研究，经济研究，管理世界，世界经济，金融研究，国际金融研究国际贸易问题，国际贸易，世界经济研究，世界经济文汇等。主要网址： . . . . . . 国际经济学教学基本要求至少读两本书和一份专业期刊 参考阅读书目写两篇文章一篇理论性文章一篇读书笔记参加课堂讨论 联系： CHAPTER 12 National e Accounting and the Balance of PaymentNational e AccountsNational e Accounting for an Open EconomyThe balance of payment accountingNatio

3、nal e AccountsGNP: (P295)the value of all final goods and services produced by its factors of production and sold on market in a given time period. GNP=C+I+G+EX-IMNational product and National e GNP: expenditure NI: eNI=GNP-Capital Depreciation +International Transfers-Indirect Business TaxesGDP and

4、 GNPNational e Accounting for an Open EconomyClosed Economy:Y=C+I+GOpen Economy: Y = C+I+G+EX-IMCurrent Account: the difference between exports of goods and services and imports of goods and services. CA= EX-IM The current account and foreign indebtedness CA=Y-(C+I+G)Figure 12-2, P303Saving and the

5、Current AccountNational saving and the current accountS = I+CAPrivate government saving and the current accountSp = I+CA+ Sg = I+CA+(G-T) Case: P3061992-2000年中国国内储蓄率与总投资率的差异SIS-I199238.437.31.1199341.543.5-2.0199442.741.31.4199542.540.81.7199641.439.32.1199741.8383.8199841.337.43.9199939.837.12.7200

6、038.736.22.5The balance of payment accountingBalance of Payments Accounting: P320The balance of payment bookkeeping principle and its application 1、Double-entry bookkeeping 2、Transactions that involve the export of goods or services: Credit on current account 3、Transactions that involve the purchase

7、 of financial assets: a debit in the financial account 4、Transfers that involve capital outflow: a debit in capital account Example P309 1)Imagine you buy a typewriter from the Italian company Olivertti and pay for your purchase with a $1000 check.2)During your travels in France you pay $200 for a f

8、ine dinner at the Restaurant de 1Escargot dOr.Lacking cash,you place the charge on your Visa credit card.3)Imagine your Uncle Sid from Los Angeles buys a share of stock in the United Kingdom oil giant British Petroleum.He pay $95 with a check drawn on his Go-for-Broke money market account.BP deposit

9、s the $95 in its own U.S. bank account at Second Bank of Chicago. 4)U.S. banks forgive $5000 in debt owed to them by the government of the imaginary country of Bygonia.H:国际经济学（下）国际收支平衡表（中国2001）.docInternational transactions and the balance of payment accountsThe current account (transactions) 1.Expo

10、rt 2.Import 3.current TransferThe capital account (transactions) Transfers of wealth between countriesThe financial account (transactions)Statistical discrepancy(Error and Omissions Account)The balance of payment and its analysisThe fundamental balance of payment identityCurrent Account +Financial A

11、ccount+Capital Account=0 1992-2001 年中国国际收支主要账户 的差额经常账户资本和金融账户净误差与遗漏储备资产变动19926401-251-825221021993-1190423474-9803-17671994765832644-9775-305271995161838675-17830-224631996724239967-15547-3166219973696321015-22254-35724199831471-6321-18724-64261999156677642-14804-85052000205191922-11893-105492001174

12、0534775-4856-47325Official reserve assets:are foreign assets held by central banks as a cushion against national economic misfortune.1、Gold2、Foreign currencies3、Reserve position in the International Monetary Fund4、SDRs（Special drawing rights)1990 年以来IMF储备头寸的分配状况 单位：亿特别提款权所有国家发达国家发展中国家1990237.5199.83

13、7.71991258.9227.731.21992339295.143.91993328283.144.91994317.2274.143.11995366.7316.450.31996380.1326.1541997470.8413.457.41998606.3539.267.11999547.9467.880.12000473.839776.8Official foreign exchange intervention:central banks often buy or sell international reserves in private asset market to affect macroeconomic conditions in their economies.Trade BalanceCurrent Account BalanceBasic BalanceThe official settlement balanceOverall BalanceRelative TopicsDeficit and Surplus why? Effect? How?Relative TheoriesPrice-specie-flow mechanismThe elasticities approachThe absorption approachMultiplie