《国际货币与金融经济学 Daniels》ch01.pptVIP

Chapter 1Keeping Up with a Changing World Trade Flows, Capital Flows, and the Balance of Payments International Economic Integration International economic integration refers to the extent and strength of real-sector and financial-sector linkages among national economies. Real Sector: The sector of the economy engaged in the production and sale of goods and services. Financial Sector: The sector of the economy where individuals trade in financial assets. Though economists tend to measure activity in these two sectors separately, an important point of this chapter is to show that they are linked. Importance of the Global Market for Goods and Services Over the last 35 years, the volume of world trade in goods and services has grown by almost 6 percent annually. The cumulative effect of this growth is more than a five-fold increase in world trade. As measured by the share of overall real-sector activity, world trade in goods and services has become more important to advanced and developing economies alike. Growth of World Exports Selected Nation’s Trade Cross-Border Transaction in Bonds and Equities Top Twenty Globalized Nations Ireland Switzerland Singapore Netherlands Sweden Finland Canada Denmark Austria United Kingdom Norway United States France Germany Portugal Czech Republic Spain Israel New Zealand Malaysia The Top Global CompaniesRanked by Foreign Assets Transnationality Are the activities of the world’s largest firms really spread out globally? A transnationality index measures this. It is calculated by averaging the ratios of Foreign assets to total assets Foreign sales to total sales Foreign employees to total empolyees. An Example General Electric, a U.S. TNC, ranks second on the list of the world’s largest non-financial TCS based on foreign assets. Foreign assets are 159,188, total assets 437,006, foreign sales 49,528, total sales 129,853, foreign employment 145,000 and total employment 313,000. Its TNI is only 40.3 and it does not appear on the li