chapter two the balance of payments.ppt

Chapter Two The Balance of Payments Outline The Definition of BOPs Understanding of BOPs Balance-of-payments Accounts Q: Why is Balance of Payments worth studying? Balance of Payments is the most important economic indicator for policy makers. 1. It provides detailed information concerning the demand and supply of a country’s currency. E.g. What can be inferred if the US imports more than it exports? 2. A country’s balance-of-payments data may signal its potential as a business partner for the rest of the world. 3. Balance-of-payments data can be used to evaluate the performance of the country in international economic competition. 1. Definition of BOPs The balance of payments is a statistical record of all the economic transactions between residents of the reporting country and residents of the rest of the world during in a given time period. 2. Understanding of BOPs residency v.s. citizenship 居民是指在一个国家(或地区)的居住期限达一年以上的经济单位，否则，该经济单位就被称为该国(或该地区)的非居民。居民与非居民（经济单位）包括个人、企业、政府和非赢利性团体与机构。 IMF规定：移民属于其工作所在国家的居民，逗留时期在1年以上的留学生、旅游者也属于所在国的居民，但官方外交使节、驻外军事人员一律算是所在国的非居民。至于非个人居民，各级政府、非营利私人团体属于所在国的居民，企业（无论是公有的还是私有的）也属于从事经济活动所在国的居民。国际性机构如联合国、国际货币基金组织、世界银行等是任何国家的非居民。 一个企业的国外子公司是其所在国的居民，而不是其母公司所在国的居民。例如，美国通用电器公司在新加坡的子公司是新加坡的居民，美国的非居民，子公司与母公司的业务往来是新加坡和美国的国际收支内容。 一个国家的外交使节、驻外军事人员，尽管在另一国家居住一年以上，仍是派出国的居民，而非居住国的居民。 国际性机构，如国际货币基金组织、世界银行等都不是某一国家的居民，而是任何国家的非居民。 国际收支之所以要强调居民与非居民的概念，目的是为了准确反映国际收支情况。国际收支的内容是各种国际经济贸易，只有居民与非居民之间的各种经济交易才是国际经济交易。居民之间的各种经济交易则是国内交易，不属于国际收支范畴。 2. Understanding of BOPs Balance of International Indebtedness v.s. Balance of Payments BOPs is a flow concept. 3. Balance of Payments Accounts国际收支账户 Collection of the balance of payments statistics Source: customs authorities, banks, pension funds, multinationals and investment houses IMF manual has regulated the common standard E.g. All the transactions should be priced on FOB. Q: How does statistical discrepancy arise? R1. Data is not collected completely. R2. Data is collected and calculated repeatedly or is omitted