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2020/1/27TeachingMaterialandReferences1.《InternationalFinance》,EphraimClark编的,北京大学出版社,20032.《InternationalFinance》,ThomasA.Pugel编的,中国人民大学出版社,20053.《CasesininternationalFinance》,MichaelH.Moffett编的,高等教育出版社,20024.《国际金融学》,陈信华,殷凤主编,上海财经大学出版社,20045.《国际金融学》,谭中明编,中国科学技术大学出版社,20032020/1/27Thewhysandwhereforesofinternationalfinance?2020/1/27Reason1:theinternationalinourlifeTable1:ImportsasapercentofGDPforselectedcountries2020/1/27Reason2:organizationoftheinternationaleconomicandfinancialsystem(国际经济金融体系组织)IMFGATTBISOECDECOPECMainInternationalOrganizationafterWorldWarⅡ(P3)2020/1/27ResultreflectedinNationalaccountsBalanceofpaymentsExchangerateaprominentrole2020/1/27Reason3:advantagesofinternationaltradeandfinance(国际贸易和金融的优势)Internationaltradeandcomparativeadvantage(国际贸易和比较优势)Internationaltradeisthepremiseofinternationalfinance2020/1/27AdamSmith’stheoryofabsoluteadvantage(绝对优势理论)Ricardo’stheoryofcomparativeadvantage(比较优势理论)2020/1/27Table2:situationbeforetrade(P5)Japanhasalowerabsolutecostforproducingbothwheatandcars=60/202020/1/27Figure1consumption-productionpossibilitiescurvesassumingconstantopportunitycosts(P5)theoryofcomparativeadvantageECexportwheatandimportcars;JapanexportcarsandImportwheat2020/1/27Supposethataftertradebegins,theECshifts20mlaborerstoproducingwheatandJapanshifts10mtocarindustry2020/1/27Table3:situationaftertrade(P7)Wheat:0.33mhigherthanbefore-tradeCar:2mhigherthanbefore-trade2020/1/27Supposetheinternationaltermsoftradearefourcarsunitsforonewheatunittheirconsumption-productionbothhaveaslopeof1/42020/1/27Figure2consumption-productionpossibilitiescurvesbeforeandafterinternationaltrade(P8)2020/1/27Dec.13,2005Ipromisetopay______________________________________________________________________________ataninterestrateof_____%within______days.________________________DouglasCloudOneThousandDollarsandno/100690T.WoodTradingisclearlybeneficialforbothcountriesInthissense,thefirstbenefitsofinternationalfinanceareclearlyassociatedwiththebenefitsderivedfromcomparativeandabsoluteadvantage2020/1/27Investmentenhancingandconsumptionsmoothing(扩大投资与平滑消费)Cross-countryfinancialflowsalsogeneratewelfarebenefitsbycontributingtoamoreefficientallocationofinternationalresourcesInternationalfinancialbenefitsarenotlimitedtotheinvestmentsideoftheequation.Consumercanalsogain.2020/1/27Table4:Importsinbillionsofconstant(base1980=100)world:almostfivetimesIndustrialcountries:over5.3timesDevelopingcountries:over4.4timesReason4:Currenttrendsininternationaltradeandfinance(国际贸易与金融的主流)2020/1/27Table5:ExternalassetsofbanksincountriesreportingtotheBankforInternationalSettlementsAsnewfinancialopportunitiesproliferated,newinstrumentswerecreatedtohelpmanagetheevolvingrisk-returnprofileamultipleofover1732020/1/27Table6:Financialfuturesandoptionstrading(P12)Continued2020/1/27Table6:FinancialfuturesandoptionstradingContinued2020/1/27Table6:FinancialfuturesandoptionstradingContinued2020/1/27Chapter1Balanceofpayments2020/1/27Thebalanceofpaymentsistherecordoftheeconomicandfinancialflowsthattakeplaceovertheaspecifiedtimeperiodbetweenresidentsandnon-residentsofagivencountry.1.Balanceofpayments(P17)2020/1/27aspecifiedtimeMonthly,quarterly,andyearlybasisflowsIncomeandexpenditureChangesinlevelsofoutstandingassetsandliabilities2020/1/272020/1/272020/1/27Dec.13,2005Ipromisetopay______________________________________________________________________________ataninterestrateof_____%within______days.________________________DouglasCloudOneThousandDollarsandno/100690T.WoodWillingIndependentOnlybycommercialconsiderationsMarketprice2020/1/27Dec.13,2005Ipromisetopay______________________________________________________________________________ataninterestrateof_____%within______days.________________________DouglasCloudOneThousandDollarsandno/100690T.Wood“有借必有贷,借贷必相等”借方总额与贷方总额总是相等principleofbalanceofpayments2020/1/272.Thecurrentaccount(经常项目)2.1Thetradebalance(贸易余额)FOB(freeonboard,离岸价)freeonboardimpliespriceincludesdistributiveservicesliketransportandhandlinggoodsuptothecustomsfrontier2020/1/27Transaction1:AmerchandiseexportCalifornianvineyardJapanese5000bottles出厂价:USD250000运输费:USD15000FOBprice:USD2650002020/1/27sources(credits)uses(debits)2020/1/272020/1/27Transaction2:AmerchandiseimportGaleriesLaffitteSouthKoreancompanytextilesUSD2000002020/1/27anincreaseinUStangibleassetsauseofexternalpurchasingpoweranincreaseofshorttermliabilitiesasourceofexternalpurchasingpower2020/1/272020/1/27tradebalance=Exportfob-Importfob=USD265000-USD200000=USD650002020/1/272.2non-financialservices(非金融服务)Includesuchthingsasfreight,insurance,passengerservicesandtravel2020/1/27Transaction3:Anexportofanon-financialserviceJeanPrerredelaMartingaleAmericanAirLinesUSD7100(7000+100)USbranchofCiticorp(USD14900)2020/1/272020/1/272020/1/272.3Investmentincome(投资收入)Includeinterestanddividendsfromportfolioinvestmentbutexcludestheearningsofincorporatedenterprisesthatarenotformallydistributed2020/1/27Transaction4:Investmentincome:TheexportofafinancialserviceElephainNigerianPhiinNewYorkwhollyowned
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