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国际财务管理EUN/RESNICKSixthEditionINTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKFourthEditionChapterObjective:Thischapterservestointroducethestudenttothebalanceofpayments.Howitisconstructedandhowbalanceofpaymentsdatamaybeinterpreted.3ChapterThreeTheBalanceofPaymentsChapterThreeOutlineBalanceofPaymentsAccountingBalanceofPaymentsAccountsTheCurrentAccountTheCapitalAccountStatisticalDiscrepancyOfficialReservesAccountTheBalanceofPaymentsIdentityBalanceofPaymentsTrendsinMajorCountriesBalanceofPaymentsAccountingTheBalanceofPaymentsisthestatisticalrecordofacountry’sinternationaltransactionsoveracertainperiodoftimepresentedintheformofdouble-entrybookkeeping. N.B.whenwesay“acountry’sbalanceofpayments”wearereferringtothetransactionsofitscitizensandgovernment.BalanceofPaymentsExampleSupposethatMaplewoodBicycleinMaplewood,Missouri,USAimports$100,000worthofbicycleframesfromMercianBicyclesinDarbyEngland.Therewillexista$100,000creditrecordedbyMercianthatoffsetsa$100,000debitatMaplewood’sbankaccount.ThiswillleadtoariseinthesupplyofdollarsandthedemandforBritishpounds.Thebalanceofpaymentsaccountsarethosethatrecordalltransactionsbetweentheresidentsofacountryandresidentsofallforeignnations.Theyarecomposedofthefollowing:TheCurrentAccountTheCapitalAccountTheOfficialReservesAccountStatisticalDiscrepancyBalanceofPaymentsAccountsTheCurrentAccountIncludesallimportsandexportsofgoodsandservices.Includesunilateraltransfersofforeignaid.Ifthedebitsexceedthecredits,thenacountryisrunningatradedeficit.Ifthecreditsexceedthedebits,thenacountryisrunningatradesurplus.TheCapitalAccountThecapitalaccountmeasuresthedifferencebetweenU.S.salesofassetstoforeignersandU.S.purchasesofforeignassets.In2009,theU.S.enjoyeda$281.1billioncapitalaccountsurplus—absentofU.S.borrowingfromforeigners,this“finances”ourtradedeficit.ThecapitalaccountiscomposedofForeignDirectInvestment(FDI),portfolioinvestmentsandotherinvestments.StatisticalDiscrepancyThere’sgoingtobesomeomissionsandmisrecordedtransactions—soweusea“plug”figuretogetthingstobalance.Exhibit3.1showsadiscrepancyof$19.38billionin2009.TheOfficialReservesAccountOfficialreservesassetsincludegold,foreigncurrencies,SDRs,reservepositionsintheIMF.TheBalanceofPaymentsIdentityBCA+BKA+BRA=0where BCA=balanceoncurrentaccountBKA=balanceoncapitalaccountBRA=balanceonthereservesaccountUnderapureflexibleexchangerateregime,BCA+BKA=0U.S.BalanceofPaymentsData
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9U.S.BalanceofPaymentsDataIn2004,theU.S.importedmorethanitexported,thusrunningacurrentaccountdeficitof$665.9billion.
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9U.S.BalanceofPaymentsDataDuringthesameyear,theU.S.attractednetinvestmentof$611.2billion—clearlytherestoftheworldfoundtheU.S.tobeagoodplacetoinvest.
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9U.S.BalanceofPaymentsDataUnderapureflexibleexchangerateregime,thesenumberswouldbalanceeachotherout.
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9U.S.BalanceofPaymentsDataIntherealworld,thereisastatisticaldiscrepancy.
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9U.S.BalanceofPaymentsDataIncludingthat,thebalanceofpaymentsidentityshouldhold:BCA+BKA=–BRA($665.9)+$611.2
+$51.9=($2.8)
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9BalanceofPaymentsandtheExchangeRateQPExchangerate$SD
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9BalanceofPaymentsandtheExchangeRateQPAsU.S.citizensimport,theyaresupplydollarstotheFOREXmarket.Exchangerate$SD
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9BalanceofPaymentsandtheExchangeRateQPAsU.S.citizensexport,othersdemanddollarsattheFOREXmarket.Exchangerate$SD
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9BalanceofPaymentsandtheExchangeRateQPSDAstheU.S.governmentsellsdollars,thesupplyofdollarsincreases.S1Exchangerate$
CreditsDebitsCurrentAccount
1Exports$1,516.2
2Imports
($2,109.1)3UnilateralTransfers$16.4($89.4)
BalanceonCurrentAccount($665.9)CapitalAccount
4DirectInvestment$115.5($248.5)5PortfolioInvestment$794.4($90.8)6OtherInvestments$524.3($483.7)
BalanceonCapitalAccount$611.2
7StatisticalDiscrepancies
OverallBalance$2.8
OfficialReserveAccount$2.851.9BalanceofPaymentsTrendsSince1982theU.S.hasexperiencedcontinuousdeficitsonthecurrentaccountandcontinuoussurplusesonthecapitalaccount.Duringthesameperiod,Japanhasexperiencedtheopposite.BalancesontheCurrent(BCA)andCapital(BKA)AccountsoftheUnitedStatesSource:IMFInternationalFinancialStatisticsYearbook,variousissuesBalancesontheCurrent(BCA)andCapital(BKA)AccountsofUnitedKingdomSource:IMFInternationalFinancialStatisticsYearbook,variousissuesBalancesontheCu
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