国际经济学 by 杨思群ch8.ppt

Ch8. Balance of payments and international indebtedness and international financial market;1. Disequilibrium in the model of international trade;2. The balance of payment: current and capital account;International dealings may be in the form of transactions involving securities, shares and bonds and money(bank deposits) international trade in money and securities results in capital movements, which are recorded on the capital account of the balance of payments. Current account versus capital account If the current account of the balance of payments show a surplus, then the capital account must at the same time show a corresponding deficit. It must show a change in currency reserves and in international lending. Currency reserves consist of the liquid claims of the central bank on other countries minus the foreign liabilities of the bank. The currency reserves include the gold reserves of the bank, Current account surplus (CA), public and private net borrowing abroad(B) and the increase in currency reserves (detaL) ;BOP: Double-entry book-keeping, current account vs. capital account;Autonomous and accommdating items As a whole, a balance of payments is always in equilibrium, therefore any disequilibrium will be in one of the subtotals ;The crucial characteristic of automomous items is that they result from “independent business motives”, on assumption that private sector capital imports and exports are autonomous Left-hand side of the equation sign autonomous items. And accommodating items on the right-hand side. Automous and accommodating under floating and fixed exchange rates. Floating exchange rates: if the authorities do not intervene Fixed exchange rates: the authorities are under an obligation to secure the rate of exchange. Authorities have to compensate for any dis-equilibrium caused by the automoumous items. Two tools are at hands: loans or change reserves. ;8;3. The transfer problem;4. Factors influnce the BOP;5. International capital movements