ch国际收支学生.pptxVIP

Current account (CA) balance A country’s current account balance equals the change in its net foreign wealth. Saving and the Current Account S≡I+（X-M） Private and Government Saving (S – I) ≡ (G – T) + (X - M) (twin deficits) ;Ch12-3 The Balance of Payments Accounts;Any transactions: ;Balance of Payments Accounting;Double-Entry Bookkeeping;Double-Entry Bookkeeping;Debit and Credit Entries;Debit and Credit Entries;They are composed of the following: 1. 经常账户(经常项目）current account (CA) 2. 资本账户(资本项目）capital account (KA) 3. 金融账户(金融项目）financial account (FA) 4. 官方储备交易账户official reserve transactions (ORT) 5. 净误差与遗漏net errors and omissions (ERR) 5个账户归入两大类： 经常账户: CA 资产账户: KA, FA, ORT, ERR;The Current Account;The Current Account;The Capital Account;The Financial Account(non-official Reserves Account part);Capital Inflows: two forms;Capital Outflows: two forms;The Financial Account;Data associated with a given transaction may come from different sources that differ in coverage, accuracy, and timing. This makes the balance of payments accounts seldom balance in practice. Account keepers force the two sides to balance by adding to the accounts a statistical discrepancy. It is very difficult to allocate this discrepancy among the current, capital, and financial accounts.;国际收支平衡表的技术性调整——错误和遗漏(ERR);Central bank The institution responsible for managing the supply of money Official international reserves Foreign assets held by central banks as a cushion against national economic misfortune Official foreign exchange intervention Central banks often buy or sell international reserves in private asset markets to affect macroeconomic conditions in their economies. ;一些注意的事项 ①?反映在国际收支平衡表上的官方储备资产是增减额。 ②?当经常项目和资本项目出现赤字时，用官方储备账户的贷方净余额来冲减。 ③?人们人为的把官方储备的增加用“－”，表示本国在外国资产的增加。 把官方储备的减少用“+”，表示本国在外国资产的减少，inflow ;Official settlements balance (balance of payments) The book-keeping offset to the balance of official reserve transactions It is the sum of the current account bala