国际经济学（英文）课件chapter9.pptVIP

Chapter 9 Part 3 Balance of Payments Foreign Exchange Markets Exchange Rates Exchange Rate Determination Chapter 9 Balance of Payments Outlines Definition of Balance of Payments Balance-of-Payments Accounting Principles Balance of Payments The Postwar Balance of Payments of the U.S. 9.1 Definition The balance of payments is a summary statement of all the transactions of the residents of a nation with the rest of the world during a particular period of time, especially a year. 9.2 Balance-of-Payments Accounting Principles Credits and Debits Double-Entry Bookkeeping Credits Debits Credit Transactions (＋) Capital inflows Capital outflows The receipt of a payment from foreigners Accounting Principle:  Double-Entry Bookkeeping Each transaction is recorded twice, once as a credit and once as a debit of an equal amount. Example 1 A U.S. firm exports $500 of goods to be paid for in three months. Example 2 A U.S. resident visits London and spends $200 on hotels, meals and so on. Example 3 The U.S. government gives a U.S. bank balance of $200 to the government of a developing nation as part of the U.S. aid program. Example 4 A U.S. resident purchases a foreign stock for $500 and pays for it by increasing foreign bank balance in the U.S. Example 5 A foreign investor purchases $600 of U.S. treasury bills and pays by drawing down his bank balances in the U.S. Summary of International Transactions —— Balance of Payments 9.3 Balance of Payments Contents —— Example of the U.S. —— Example of the China Accounting Balances and Accounts of Balance of Payments Disequilibrium in International Transactions Official Reserve Assets Gold holdings Special Drawing Rights (SDRs, or paper gold) Reserve position in the IMF Foreign currency holdings Statistical Discrepancy (Net Errors and Omissions) To make the total credits equal to the total debits which is required