(1)--chapter1国际金融国际金融.ppt

section 1 national income account under an open economyⅠnational income identityⅡNational income under an open economyⅢMacro meaning of current account Ⅰnational income identity(1)Y--------national incomeC--------private consumptionI---------private investmentG--------government purchasesT---------tax ---------private savings --------government savings Ⅰnational income identity(2)Closed economyexpenditure:Y=C+I+Gincome:National income identity: Ⅰnational income identity(3)Open economyexpenditure:Y=C+I+G+(X-M)income:National income identity under an open economy:TB Ⅰnational income identity(4)Difference between above identitiesunder open economy, it broadens the source and channels of savings and investmentunder open economy, a country can utilize both domestic and foreign resources to develop its economy ⅡNational income under an open economy(1)Statistical indicators GDPGNP(territory)(nationality)GNP=GDP+NFP跳 过 ⅡNational income under an open economy(2)suppose:home national home territoryforeign national foreign territoryhome national foreign territoryforeign national home territory ⅡNational income under an open economy(3)CA（current account）：经常账户CA0 surplus; CA0 deficitGNP=GDP+NFP=C+I+G+TB+NFPCAGNP=C+I+G+CA ⅢMacro meaning of current account(1)International trade CA=X-M (NFP=0)经常账户大致反映进出口贸易的状况，体现出一国产业结构和国际竞争力。 ⅢMacro meaning of current account(2)Domestic absorption Y=C+I+G+CAAA(domestic absorption):私人消费、私人投资、政府支出构成国内居民的总支出，称为国内吸收CA=Y-AYA,CA0,surplusYA,CA0,deficit ⅢMacro meaning of current account(3)Investment and savingSI CA0SI CA0CA=S-I ⅢMacro meaning of current account(4) Fiscal policyexpansionary fiscal policycontractionary fiscal policy How to do a precisemeasurements to the openness of the economy? Section 2 balance-of-payment accountⅠDefinitionⅡBalance-of-payment statementsⅢPrinciples of recording ⅠDefinition(1)Balance of payments (BP) refers to monetary record of all economic transactions which occu