国际贸易与金融双语ch11.pptVIP

Carbaugh, Chap. 11 International EconomicsBy Robert J. Carbaugh9th Edition Chapter 11: The Balance of Payments Balance of Payments A record of international transactions between residents of one country and the rest of the world International transactions include exchanges of goods, services or assets “Residents” means businesses, individuals and government agencies, including citizens temporarily living abroad but excluding local subsidiaries of foreign corporations Double-entry accounting in the BOP All transactions are either debit or credit transactions Credit transactions result in receipt of payment from abroad Merchandise exports Transportation and travel receipts Income received from investments abroad Gifts received from foreign residents Aid received from foreign governments Local investments by overseas residents Double-entry accounting (cont’d) Debit transactions lead to payments to foreigners Merchandise imports Transportation and travel expenditures Income paid on investments of foreigners Gifts to foreign residents Aid given by home government Overseas investments by home country residents Each credit transaction has a balancing debit transaction, and vice versa, so the overall balance of payments is always in balance Current account Goods and services balance Merchandise trade balance Services balance Investment income (net) Unilateral transfers Private transfer payments Governmental transfers Capital and financial account All purchases or sales of assets, including: Direct investment Securities (debt) Bank claims and liabilities Official settlements transactions Current account surplus and deficit Current account and capital financial account balance each other; when one is in surplus the other must be in deficit Current account surplus means exports of goods and services, investment income and transfers exceed imports and outflows Current account deficit means imports of goods and services, and outflows are greater than exports and inflows; must