国际金融梳理概要1.docx

Chapter 1National Income Accounting andThe Balance of PaymentsChapter OrganizationIntroductionThe National Income AccountsNational Income Accounting for an Open EconomyThe Balance of Payment AccountsSummaryIntroductionMicroeconomicsIt studies the effective use of scarce resources from the perspective of individual firms and consumers.MacroeconomicsIt studies how economies’ overall levels of employment, production, and growth are determined.It emphasizes four aspects of economic life:UnemploymentSavingTrade imbalancesMoney and the price levelThe national income accounts and the balance of payments accounts are essential tools for studying the macroeconomics of open, interdependent economies.National income accountingRecords all the expenditures that contribute to a country’s income and outputBalance of payments accountingHelps us keep track of both changes in a country’s indebtedness to foreigners and the fortunes of its export- and import-competing industries§1 The National Income Accounts1.1 Gross national product (GNP)The value of all final goods and services produced by a country’s factors of production and sold on the market in a given time periodIt is the basic measure of a country’s output.1.2 GNP is calculated by adding up the market value of all expenditures on final output:ConsumptionThe amount consumed by private domestic residentsInvestmentThe amount put aside by private firms to build new plant and equipment for future productionGovernment purchasesThe amount used by the governmentCurrent account balanceThe amount of net exports of goods and services to foreignersA country’s income in fact equals its output. The national income accounts can be thought of as classifying each transaction that contributes to national income according to type of expenditures that gives rises to it.1.3 National Product and National IncomeNational IncomeIt is earned over a period by its factors of production.It must equal the GNP a country generates over some period of time.On