第五节文档新国际收支跟国际联系(国际财务管理,josephfgre.pptVIP

Multinational Financial Management Alan Shapiro7th Edition J.Wiley Sons Power Points by Joseph F. Greco, Ph.D. California State University, Fullerton CHAPTER 5 THE BALANCE OF PAYMENTS AND INTERNATIONAL LINKAGES CHAPTER OVERVIEW I. BALANCE-OF-PAYMENT CATEGORIES II. THE INTERNATIONAL FLOW OF GOODS, SERVICES,AND CAPITAL III. COPING WITH CURRENT ACCOUNT DEFICITS PART I. BALANCE-OF-PAYMENTCATEGORIES A. THE BALANCE OF PAYMENTS (B-O-P) 1. PURPOSE: Measures all financial and economic transactions over a specified period of time. BALANCE-OF-PAYMENTCATEGORIES 2. Double-entry bookkeeping a. Currency inflows = credits earn foreign exchange b. Currency outflows = debits expend foreign exchange BALANCE-OF-PAYMENTCATEGORIES 3. Three Major Accounts: a. Current b. Capital c. Official Reserves 4. Current Account records net flow of goods, services, and unilateral transfers. BALANCE-OF-PAYMENTCATEGORIES 5. Capital Account a. Function: records public and private investment and lending. b. Inflows = credits c. Outflows = debits BALANCE-OF-PAYMENTCATEGORIES 5. Capital Account (con’t) d. Transactions classified as 1.) portfolio 2.) direct 3.) short term BALANCE-OF-PAYMENTCATEGORIES 6. Official Reserves Account a. Function: 1.) measures changes in international reserves owned by central banks. 2.) reflects surplus/deficit of a.) current account b.) capital account BALANCE-OF-PAYMENTCATEGORIES 6. Official Reserves Account (con’t) b. Reserves consist of 1.) gold 2.) convertible securities BALANCE-OF-PAYMENTCATEGORIES 7. Net Effects: a. Sum of all transactions must be zero: 1.) current account 2.) capital account 3.) official reserves BALANCE-OF-PAYMENTCATEGORIES 8. The Balance-of-payment measures a. Some Definitions: 1.) Basic Balance a.) consists of curren