国际经济学2-02

InternationalEconomicsIILecture2.TheBalanceofPayments(国际收支）2010年我国国际收支保持“双顺差”国家外汇管理局4月1日公布了2010年我国国际收支平衡表修订数据和国际收支报告。2010年，我国国际收支经常项目、资本和金融项目继续呈现“双顺差”，国际储备资产继续增长。KeyWordsBalanceofPayments(BOP)国际收支Double-EntryAccountingPrinciple复式记帐法CreditandDebitTransactions贷方交易与借方交易CurrentAccount,CapitalAccount,StatisticalDiscrepancy经常账户、资本账户、统计误差InternationalInvestmentPosition国际投资头寸ChapterOverview(TeachingTarget)Aftercompletingthischapter,youshouldbeableto:Definethebalanceofpayments.Identifythecreditanddebittransactionsonthebalanceofpayments.DiscussthecurrentaccountandthecapitalaccountoftheBOP.IdentifyequilibriumofinternationalpaymentsanditseconomicimplicationsExploretherelationshipamongbusinesscycle,economicgrowthandcurrentaccountChapterOutlineI.Whydoweneedtounderstandthebalance-of-payments?II.Abriefintro.ofthebalance-of-paymentsIII.Thestructureofthebalance-of-paymentsIV.Equilibriumofthebalance-of-paymentsI.Whydoweneedtolearnthischapter?Thecontentsofthebalance-of-paymentscanhelpyoutounderstandtheconnectionbetweenmacro-economicactivitiesandmicro-economicbehaviorsisalsothekeytounderstandhowpeopleuseonekindofcurrencytoexchangeanotherone.Eventheinternationalflowofhumansshowsupinthebalanceofpayments,whenthemigrantsmakepurchasesorsendmoneybackhomeI.Whydoweneedtolearnthischapter?Themainpurposeofthebalance-of-paymentsistoinformthegovernmentoftheinternationalpositionofthenationandtohelpitinitsformulationofmonetary,fiscalandthetradepolicies.II.ABriefintroductionoftheBalanceofPayments2.1DefinitionofthebalanceofPayments2.2Double-EntryAccounting2.1DefinitionofthebalanceofPaymentsThebalanceofpaymentsisarecordoftheeconomictransactionsbetweentheresidentsofonecountryandtherestoftheworld(Carbaugh,9e)(国际收支指一国居民与他国居民之间经济交易的记录）Aninternationaltransactionisanexchangeofgoods,services,orassetsbetweenresidentsofonecountryandthoseofanother.It’seconomictransaction,notcashbasis.Residentsincludebusinesses,individuals,andgovernmentagenciesdefinitionofresidents居民（residents）是一个经济概念，是在一国国内永久或长期居住并受其法律管辖和保护的自然人和法人。判断一国自然人的标准不是国籍。身在国外且代表本国政府的个人（包括军队）一般被认为是该国的居民，他们在当地购买商品和劳务都要记入两国的国际收支中；身在国外而不代表政府的个人属于哪国居民则依据其收入的主要来源而定。如果仍无法判断，则以其工作地为判断标准,一年为限。所有派驻国外的政府机构，无论其在国外时间的长短都属于本国居民。就法人而言，在哪国成立、注册就是哪国居民，但它在国外的分支机构和分公司则属于外国居民。因此，跨国公司内部贸易只要是跨国界的都属于国际贸易，交易带来的货币收付应记入两国的国际收支账户。2.2Balanceofpaymentsaccount(Double-EntryAccounting)Double-entrybookkeeping（复式记帐法）meansthateachinternationaltransactionisrecordedtwice,onceasacreditandonceasadebitofanequalamountAcredittransaction（贷方交易）isonethatresultsinareceiptofapaymentfromforeigners(inflowsofpayments)Adebittransaction（借方交易）isonethatleadstoapaymenttoforeigners(paymentsoutflows).2.2Balanceofpaymentsaccount(Double-EntryAccounting)Credits(+)(leadingtothereceiptofpaymentsfromforeigners)Debits(-)(Leadingtopaymentstoforeigners)MerchandiseexportsServiceexportsIncomereceivedfrominvestmentsabroadGiftsreceivedfromforeignresidentsAidreceivedfromforeigngovernmentsInvestmentsinthehomecountrybyoverseasresidentsOfficialreserveassetreducedMerchandiseimportsServiceimportsIncomepaidoninvestmentsofforeignersGiftstoforeignresidentsAidgivenbythehomecountry’sgovernmentOverseasinvestmentbyhomecountry’sresidentsOfficialreserveassetaddedEachcredittransactionhasabalancingdebittransaction,andviceversa,sotheoverallbalanceofpaymentsisalwaysinbalance案例*：例1．一家中国公司向法国出口计算机，法国进口商用他在中国的银行存款120万元支付。借：对外国私人的短期负债120万元贷：商品出口120万元例2.中国人去瑞士旅游，支付10万元食宿等费用。中国人在瑞士银行用人民币旅行支票换成瑞士法郎，瑞士银行反过来把人民币支票存入中国银行的户头上。借：劳务进口10万元贷：对外国私人的短期负债10万元例3.中国政府动用官方储备50万元向墨西哥提供无偿援助，同时，还提供相当于50万元的食品、药物援助。借：官方无偿援助100万元贷：官方储备50万元商品出口50万元III.Balance-of-PaymentsStructure3.1CurrentAccount3.2CapitalandFinancialAccount3.3StatisticalDiscrepancy:ErrorsandOmissions3.1CurrentAccount-DefinitionThecurrentaccountofthebalancepaymentsreferstothemonetaryvalueofinternationalflowsassociatedwithtransactionsingoodsandservices,investmentincome,andunilateraltransfers.(Carbaugh,9e)（经常帐户指与商品和服务贸易，投资收入和单方转移有关的国际流动的货币价值）3.1CurrentAccount-MerchandisetradeItincludesallofthegoodsexportsorimports:agriculturalproducts,machinery,autos,petroleum,electronics,textiles,andthelike.Thevalueofmerchandiseexportsisrecordedasaplus(credit),andthevalueofmerchandiseimportsisrecordedasaminus(Debit).Combiningtheexportsandimportsofgoodsgivesthemerchandisetradebalance.3.1CurrentAccount-ExportsandimportsofservicesItreferstotradeintheservicesoffactorsofproduction:land,labor,andcapital.Includedinthiscategoryaretravelandtourism,communicationsservices,royalties,transportationcosts,bankingservicesandinsurancepremiums.Servicesalsoincludeitemssuchastransfersofgoodsundermilitaryprograms,constructionservices,legalservices,technicalservices,andthelike.GoodsandservicesbalanceUSBalanceofPayments,2001($bill.)CurrentaccountMerchandisetradeexports$720.8imports-1,147.4Net-426.6(1)ServicesTravel&transportrecpts.13.4otherservices,net65.4Allservices,net78.8(2)(1)+(2)=(3)Balanceongoods&services-347.8(3)Cont’d.FromHusted,6e3.1CurrentAccount-GoodsandServicesBalanceDependingontherelativevalueofexportsandimports,thebalanceonthegoods