国际财务管理（英文版·原书第9版） 课件 第3章　国际收支

ChapterThreeBalanceofPaymentsCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.OverviewBalanceofPaymentsAccountingBalanceofPaymentsAccountsTheCurrentAccountTheCapitalAccountTheFinancialAccountStatisticalDiscrepancyOfficialReservesAccountTheBalanceofPaymentsIdentityBalanceofPaymentsTrendsinMajorCountriesCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.3-2BalanceofPaymentsAccountingBalanceofpaymentsisthestatisticalrecordofacountry’sinternationaltransactionsoveracertainperiodoftimepresentedintheformofdouble-entrybookkeepingImportanttostudyforafewreasons:Providesdetailedinformationconcerningthedemandandsupplyofacountry’scurrencyMaysignalitspotentialasabusinesspartnerfortherestoftheworldUsedtoevaluatetheperformanceofthecountryininternationaleconomiccompetition3-3Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.BalanceofPaymentsAccounting(Continued)Anytransactionthatresultsinareceiptfromforeignerswillberecordedasacredit,withapositivesign,intheU.S.balanceofpaymentsE.g.,foreignsalesofU.S.goodsandservices,goodwill,financialclaims,andrealassetsAnytransactionthatgivesrisetoapaymenttoforeignerswillberecordedasadebit,withanegativesign,ontheU.S.balanceofpaymentsE.g.,U.S.purchasesofforeigngoodsandservices,goodwill,financialclaims,andrealassets3-4Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.BalanceofPaymentsAccountsInternationaltransactionscanbegroupedintothefollowingfourmaintypes:CurrentaccountincludestheexportandimportofgoodsandservicesCapitalaccountconsistsofcapitaltransfersandthecross-borderacquisitionanddisposalofnonproducednonfinancialassetsFinancialaccount(excludingofficialreserves)includesallpurchasesandsalesoffinancialassets,suchasstocks,bonds,bankaccounts,etc.Officialreserveaccountcoversallpurchasesandsalesofinternationalreserveassets3-5Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.SummaryoftheU.S.BalanceofPaymentsfor2018($b)

Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.3-6TheCurrentAccountDividedintofourfinercategories:Goodstraderepresentsexportsandimportsoftangiblegoods(e.g.,oil,wheat,clothes,automobiles,computers,etc.)Servicesincludepaymentsandreceiptsforlegal,consulting,financial,andengineeringservices,royaltiesforpatentsandintellectualproperties,shippingfees,andtouristexpendituresPrimaryincomeconsistslargelyofpaymentsandreceiptsofinterest,dividends,andotherincomeonforeigninvestmentsthatwerepreviouslymadeSecondaryincomeinvolves“unrequited”payments3-7Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TheCurrentAccount(Continued)Currentaccountbalance,especiallythetradebalance,tendstobesensitivetoexchangeratechangesCurrencydepreciationordevaluationcanimprove(worsen)thetradebalanceifimportsandexportsareresponsive(inelastic)J-curveeffectreferstotheinitialdeteriorationandeventualimprovementoftradebalancefollowingthedepreciationofacountry’scurrency3-8Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TheFinancialAccountMeasuresthedifferencebetweenU.S.salesofassetstoforeignersandU.S.purchasesofforeignassetsCanbedividedintothreecategories:Foreigndirectinvestment(FDI)occurswhentheinvestoracquiresameasureofcontroloftheforeignbusinessPortfolioinvestmentmostlyrepresentssalesandpurchasesofforeignfinancialassets,suchasstocksandbonds,thatdonotinvolveatransferofcontrolOtherinvestmentincludestransactionsincurrency,bankdeposits,tradecredits,etc.3-9Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.StatisticalDiscrepancyExhibit3.1showsastatisticaldiscrepancyof-$40.5billionin2018Recordingsofpayments/receiptsarisingfrominternationaltransactionsaredoneatdifferenttimesandplaces,possiblyusingdifferentmethodsFinancialtransactionsmaybemainlyresponsiblefordiscrepancyOverallbalanceisthecumulativebalanceofpaymentsincludingthecurrentaccount,capitalaccount,financialaccount,andthestatisticaldiscrepancies3-10Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TheOfficialReservesAccountOfficialreserveaccountincludestransactionsundertakenbytheauthoritiestofinancetheoverallbalanceandinterveneinforeignexchangemarketsPost-1945,internationalreserveassetscomprise:GoldForeignexchangesSpecialdrawingrights(SDRs)ReservepositionsintheIMF3-11Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TheBalanceofPaymentsIdentity(BOPI)BCA+BKA+BFA+BRA=0where BCA=balanceoncurrentaccountBKA=balanceoncapitalaccountBFA=balanceonfinancialaccountBRA=balanceonthereservesaccountUnderfixedexchangeregime,countriesmaintainofficialreservesthatallowthemtohaveBOPdisequilibrium3-12Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.BOPTrendsinMajorCountriesU.S.hasexperiencedcontinuousdeficitsonthecurrentaccountssince1982andcontinuoussurplusesonthefinancialaccount;withthesoleexceptionof1991MagnitudeofU.S.currentaccountdeficitsisfargreaterthananythatothercountrieseverexperiencedduringthe36-yearsampleperiodJapanhashadanunbrokenstringofcurrentaccountsurpluses(andfinancialaccountdeficits)since1982eventhoughthevalueoftheyenrosesteadilyuntilthemid-1990s3-13Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.BOPTrendsinMajorCountries(Continued)U.K.recentlyexperiencedcontinuouscurrentaccountdeficits,coupledwithfinancialaccountsurplusesMagnitudeisfarlessthanthatoftheU.S.Germanytraditionallyhadcurrentaccountsurpluses,butbetween1991-2001experiencedcurrentaccountdeficitsAttributedtoGermanreunificationandtheresul