全美顶级MBA教材《跨国公司财务管理》（权威工商管理教材）（第一到第五章）.ppt

THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL B. Domestic Savings and Investment and the Capital Account 1. National Income Accounting a. National Income (NI) is either spent (C) or saved (S) NI = C + S (5.1) THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL b. National spending (NS) is divided into personal spending (C) and investment (I) NS = C + I (5.2) THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL c. Subtracting (4.2) - (4.1) NI - NS = S - I (5.3) If NI NS, S I which implies that surplus capital spent overseas. THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL d. In a freely-floating system, excess saving = the capital account balance e. Implications: 1. A nation which produces more than it spends will save more than it invests domestically with a net capital outflow producing a capital account deficit. THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL 2. A nation which spends more than it produces has a net capital inflow producing a capital account surplus. 3. A healthy economy will tend to run a current account deficit. THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL C. THE LINK BETWEEN THE CURRENT AND CAPITAL ACCOUNTS 1. Beginning identity NI - NS = X - M (5.4) where X = exports M = imports X-M=current account balance (CA) THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL 2. Combining (5.3) + (5.4) S - I = X - M (5.5) 3. If S - I = Net Foreign Investment (NFI) NFI = X - M (5.6) THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL 4. Implications: a. If CA is in surplus, the nation must be a net exporter of capital. b. If CA is a deficit, the nation is a major capital importer. c. When NS NI, the excess must be acquired through foreign trade. THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPIT