国际金融chap2(14thedition).pptVIP

Understanding Foreign Exchange 2 Payments Among Nations 3 The Foreign Exchange Market 4 Forward Exchange and International Financial Investment 5 What Determines Exchange Rates? 6 Government Policies Toward the Foreign Exchange Market 7 International Lending and Financial Crises CHAPTER TWO Payments among Nations 国际收支 Framework of chapter 2 Accounting principles 记账原则 A country’s balance of payments 一国的国际收支 The macro meaning of the current account balance 经常账户余额的宏观意义 The macro meaning of the overall balance 总余额的宏观意义 Balance of Payments 国际收支 Balance of payments are the set of accounts recording all flows of value between a nation’s residents and the residents of the rest of the world during a period of time. p13 国际收支：国际收支是指一国的居民在一定时期内（一年、一季度、一月）与他国居民之间的经济交易的系统记录。Balance of Payments Statement:国际收支平衡表 Figure 2.1 Accounting principles A country’s balance of payments Three major parts of a country’s balance of payments: Current account 经常账户 The current account includes all debit and credit items that are exports and imports of goods and services, income receipts and income payments, and gifts. The net value of flows of goods, services, income, and unilateral transfers is the current account balance. Current account balance (CA) 经常账户差额 商品贸易差额、劳务差额加上收入净额和无偿转移收支净额之和。 Goods and service balance, often called trade balance(贸易差额), is the net value of exports and imports of goods and services. It is a important balance within the current account. 贸易逆差和顺差 贸易顺差 贸易的双方互相买卖各种货物，互相进口与出口，其中的差额，对甲方来说，就叫作贸易顺差，反之，对乙方来说，就叫贸易逆差。 一般就贸易双方的利益来讲，其中得到贸易顺差的一方是占便宜的一方，而得到贸易逆差的一方则是吃亏的一方。 贸易顺差越多并不一定好，过高的贸易顺差，意味着本国经济的增长比过去几年任何时候都更依赖于外部需求，对外依存度过高。  Cont’d 如中国，巨额的贸易顺差带来了外汇储备的膨胀，给人民币带来了更大的升值压力，也给国际上贸易保护主义势力以口实，认为巨额顺差反映的是人民币被低估。这增加了人民币升值压力和金融风险，为人民币汇率机制改革增加了成本和难度。 贸易逆差 反映该国当年在对外贸易中处于不利地位。一国政府当局应当设法避免长期出现贸易逆差，因为大量逆差将致使国内资源外流，