《国际经济学（双语）》（黄敏主编 复旦大学出版社）讲义 第6章.ppt

Balance of Payments and Foreign Exchange Chapter 6 Balance of Payments and Foreign Exchange 6.1 Balance of Payments 6.2 Foreign Exchange Market and Exchange Rates 6.3 Exchange Rate System 6.1 Balance of Payments A balance of payments (BP) sheet is an accounting record of all monetary transactions between a country and the rest of the world. These transactions include payments for the countrys exports (X) and imports (M) of goods, services, and financial capital, as well as financial transfers. The BP summarizes international transactions for a specific period, usually a year. Some countries also keep such a record on a quarterly basis. 6.1 Balance of Payments A credit transaction is one that results in a receipt of a payment from foreigners. A debit transaction is one that leads to a payment to foreigners. Double entry accounting system Each credit entry is balanced by a debit entry, and vice versa. So the recording of any international transactions leads to two offsetting entries. 6.1 Balance of Payments The balance of payments consists of two primary subaccounts: the current account (CA) the capital and financial account (KA) 6.1 Balance of Payments The current account (CA) refers to the monetary value of international flows associated with transactions in goods and services, factor income, and unilateral transfers. the balance of trade the difference between a countrys exports of goods and services and its imports of goods and services. net factor income the money received from investments made abroad; the money sent by individuals working abroad, known as remittances, to their families back home. net unilateral transfer Private transfer payment Government transfers 6.1 Balance of Payments The capital and financial account (KA) reflects net change in national ownership of assets. The capital account capital transfers the transfer of ownership on fixed assets the transfer of funds received to the sale or acquisition o