国际收支-1--学生.pptVIP

Last class, we discussed: A country’s GNP is equal to the income received by its factors of production. GDP is equal to GNP less net receipts of factor income from abroad, measures the output produced within a country’s territorial borders. In a closed economy, GNP must be consumed, invested, or purchased by the government. In an open economy, GNP equals the sum of consumption, investment, government purchases, and net exports of goods and services. Current account (CA) balance A country’s current account balance equals the change in its net foreign wealth. Saving and the Current Account S≡I+（X-M） Private and Government Saving (S – I) ≡ (G – T) + (X - M) (twin deficits) Ch12-3 The Balance of Payments Accounts A country’s balance of payments accounts keep track of all the transactions of the residents of a nation with the residents of all other nations during a particular period of time. Every international transaction automatically enters the balance of payments twice: once as a credit (+) and once as a debit (-). Balance of Payments Accounting The Balance of Payments is the statistical record of a country’s international transactions over a certain period of time presented in the form of double-entry bookkeeping. Double-Entry Bookkeeping A double-entry bookkeeping system records both side of any two-party transaction with two separate and offsetting entries: a debt entry and a credit entry. Credits record items leading to an inflow of payments – i.e. a receipt of payment from foreigners. Implies greater demand for domestic currency or greater supply of foreign currency to foreign exchange market. Debits record items resulting payment outflows to foreigners – implies a greater supply of domestic currency or greater demand for foreign currency on foreign exchange markets. Double-Entry Bookkeeping If you buy something from a foreigner you must pay her in some way (a debit), and the foreigner must then somehow spend or store your payment (a credit). Thus