国际金融托马斯a普格尔(著)第14版本chapter2.ppt

Lecture 1 Payments among Nations  Why do we need to learn this chapter? can help you to understand the connection between macro-economic activities and micro-economic behaviors is also the key to understand how people use one kind of currency to exchange another one Even the international flow of humans shows up in the balance of payments, when the migrants make purchases or send money back home Key Terms Balance of Payments (BOP) 国际收支 Double-Entry Accounting Principle 复式记帐法 Credit and Debit Transactions 贷方交易与借方交易 Current Account, Financial Account, Statistical Discrepancy 经常账户、金融账户、统计误差 International Investment Position 国际投资头寸 1.1 Balance of payment A country’s balance of payments is a systematic（系统的 ）account （账户） of all the exchange of value between residents（居民） of that country and the rest of the world （世界其他地区） during a given time period （一段时间内）. ? BOP is a flow not a stock BOP is a record between domestic residents and non-residents. BOP is on the base of economic transactions Six categories of flows Merchandise trade flows Service flows Income flows Unilateral transfers Private capital flows Official international reserve flows 1.2 Accouting principles Any exchange automatically enters the balance-of-payments accounts twice: as a credit (+) and as a debit (-) of the same value. This is just an international application of the fundamental accounting principle of double-entry bookkeeping. A credit (+) is a flow for which the country is paid A debit (–) is a flow for which the country must pay Double-entry bookkeeping（复式记帐法） means that each international transaction is recorded twice, once as a credit and once as a debit of an equal amount Why can we use double-entry bookkeeping to record a transaction? 贷方项目=外国居民向本国居民支付的交易 =引起外汇供给的交易 借方项目=本国居民向外国居民支付的交易 =引起外汇需求的交易 复式账法的三大规则： 　　1） 任何一笔交易发生，必然涉及借方和贷方两个方面：有借必有贷，借贷必相等 　　2） 借方：不论实际资源还是金融资产，都表示持有量的增加 　　3） 贷方：不论是实际资产还是金融资产，都表示持有