BriefintroductionofthebalanceofThestructureofbalance-of-MacromeaningofthecurrentaccountMacromeaningoftheoverallTheinternationalinvestment??Balanceof??國際收支平衡??CurrentAccount,FinancialAccount,OfficialInternationalReserves,StatisticalDiscrepancy 國際儲備、統計誤??Double-EntryAccounting??復式記帳??CreditandDebit??貸 與借??InternationalInvestment??國際投資頭

BriefintroductionofthebalanceofThestructureofbalance-of-MacromeaningofthecurrentaccountMacromeaningoftheoverallTheinternationalinvestmentDefinitionofthebalanceof??Thebalanceofpaymentsisarecordoftheeconomictransactionsbetweentheresidentsofonecountryandtherestoftheworld?????? ??InternationalBriefintroductionofthebalanceof??Definitionofthebalanceof??Balanceofpayments??Double-Entry??Itmeansthateachinternationaltransactionisrecordedtwice,onceasacreditandonceasadebitofanequalamountExportofgoodsand貸Importsofgoodsand借ereceivedfrom貸epaidto借Unilaltransfers貸Unilaltransfers借Changes(Increases)inU.S.direct借Changesinforeigndirectinvestmentsin貸ChangesinU.S.holdingsofforeignstocks借ChangesinforeignholdingsofU.S.stocksand貸ChangesinU.S.loanstoforeignersandother借ChangesinforeignloanstoU.S.andother貸ChangesinU.S.officialholdingsofforeign借ChangesinforeignofficialholdingsofU.S.貸Example??SupposethatU.S. ernmentexported$20millionofwheattoRussia,andthatRussiapaidU.S.20milliondollarExample??SupposethatU.S. ernmentexported$20millionofwheattoRussia,andthatRussiapaidU.S.20milliondollar(Million貸方ExportofU.S.officialinternationalreserveassetsincrease(gold)Example??U.S.A imported$34millionofnaturalgas BinCanada,andsupposethatApaidBacheckofaNewYorkExample??U.S.A imported$34millionofnaturalgas BinCanada,andsupposethatApaidBacheckofaNewYork(MillionImportofgoods(naturalChanges(increases)inforeignholdingsofU.S.stocksandExample??Some touristsspent$6millionwatchingaseriesofNBAgamesinU.S.TheypaidviatheirdepositsinaNewYorkExample??Some touristsspent$6millionwatchingaseriesofNBAgamesinU.S.TheypaidviatheirdepositsinaNewYork(MillionExportof6ChangesinU.S.holdingsofforeignstocksandbonds6Example??U.S.TreasurypaidJapaneseinvestors$25millionofinterestswithacheckofaYorkExample??U.S.TreasurypaidJapaneseinvestors$25millionofinterestswithacheckofaYork(MillionepaidtoChangesinforeignholdingsU.S.stocksandExample??TheU.S. ernmentprovidedtheEgyptianernment$8millionofwheatasanExample??TheU.S. ernmentprovidedtheEgyptianernment$8millionofwheatasan(MillionExportof8Unilal8Exportofgoodsand貸Importsofgoodsand借ereceivedfrom貸epaidto借Unilaltransfers貸Unilaltransfers借Changes(Increases)inU.S.direct借Changesinforeigndirectinvestmentsin貸ChangesinU.S.holdingsofforeignstocks借ChangesinforeignholdingsofU.S.stocksand貸ChangesinU.S.loanstoforeignersandother借ChangesinforeignloanstoU.S.andother貸ChangesinU.S.officialholdingsofforeign借ChangesinforeignofficialholdingsofU.S.貸

BriefintroductionofthebalanceofThestructureofbalance-of-MacromeaningofthecurrentaccountMacromeaningoftheoverallTheinternationalinvestmentThestructureofbalance-of-Currentaccount Goodsandservicebalanceebalance ltransferFinancialaccountCapitalandfinancialOfficialinternationalreserveGold,foreigncurrency,Thecurrent e srves e

Currentaccount

GoodsandAgriculturalproducts,machinery,autos,petroleum,electronics,textiles,etc.Travelsandtourism,communicationsservices,royalties,transportationcosts,bankingservicesandinsurancepremiums.Servicesalsoincludeitemssuchastransfersofgoodsundermilitaryprograms,constructionservices,legalservices,technicalservice.GoodsandCurrent

Travel&transportrecpts.13.4otherservices,net Allservices,Balanceongoods&GoodsandCurrent

Travel&transportrecpts.otherservices, Allservices, Balanceongoods&GoodsandCurrent

Travel&transportrecpts.otherservices, Allservices, Balanceongoods& Exportofgoodsand貸Importsofgoodsand借ereceivedfrom貸epaidto借Unilaltransfers貸Unilaltransfers借Changes(Increases)inU.S.direct借Changesinforeigndirectinvestmentsin貸ChangesinU.S.holdingsofforeignstocks借ChangesinforeignholdingsofU.S.stocksand貸ChangesinU.S.loanstoforeignersandother借ChangesinforeignloanstoU.S.andother貸ChangesinU.S.officialholdingsofforeign借ChangesinforeignofficialholdingsofU.S.貸UStrade

Imports

Exports0-

deficitereceiptsand??Thisitemconsistsofinternationalinterest,dividendpaymentsandthethenetabroadearningsofdomesticallyownedfirms–thatis,earningsononecountry’sinvestmentsabroadlesspaymentsonforeignassetsinthis??Italsoincludesemployee l??Itincludestransfersofgoodsandservicesorfinancialassets(moneygift)betweenthiscountryandtherestofthe??Private GoodsandCurrent

Travel&transportrecpts.otherservices, Allservices, Balanceongoods& Currentaccountereceipts&investmente,net-13.7employeecompensation Alle, ltransfers,net-50.5 (1)+(2)+(4)+(5)=(6)—ThecurrentAccountBalanceBalanceoncurrent Thestructureofbalance-of-CurrentGoodsandservicebalanceebalance ltransferFinancialaccountCapitalandfinancialOfficialinternationalGold,foreigncurrency,SDRs,Financial??Privatefinancialaccountbalancereferstothenetflowsoffinancialassetsandsimilarclaims.??Internationaldirect??Internationalindirectinvestment(Portfolio??Internationalinflowofsecurities,credit,saving,andso??Securitiesincludebonds,stocks,andFinancial??Direct ??Directinvestmentdirectlyoperatesinthecountry,whileisownedorcontrolledbya.Twowaysofdirectinvestment:1)buys inthelocal expandsitsoperationintolocal??Cheaper??Specialinvestment????Operationofdirect????Notjust??PoliticalDirect AinU.S.owns50% B. Afurtherincreasesitsholding ??FordU.S.owns50%ofaCanadian NowFordextendscreditlinetothis.Portfolio AinU.S.owns5% B Afurtherincreasesitsstock ??FordU.S.owns8%ofaCanadian NowFordextendscreditlinetothis.Case??Case??July2012,Adidasadmittedthe nofclosingitsfactorybasedinSuzhou,theonlyonein .Atthesametime,itislaunchingthenew inShanghaiand nstoopen500newstoresbytheendof2012.??Whatistherationalebehindtheparadoxofclosingonlyfactoryandopeningnewinthe

SDRs,drawing??WhatareU.S.Treasury ??Gilt-edged??Howmuch holdtheU.S.??July2014-1.26??July2015-1.27??Why investonU.S.Treasury+financialaccount+officialinternationalreserves+statisticaldiscrepancyStatistical??Dataassociatedwithagiventransactioncomefromdifferent??Differentsourcesseldomagreewitheachotherin??Usuallyduetothebook??Warnsusthatsomethingis??Netresultof??Questionsand??Number

BriefintroductionofthebalanceofThestructureofbalance-of-MacromeaningofthecurrentaccountMacromeaningoftheoverallTheinternationalinvestmentMacromeaningofthecurrentaccountbalancesseveralFinancingandinternationalfinancialflows: foreigninvestment(If).CA=Nationalsaving(S)versusdomesticinvestment(Id).S=Id+If,sothatCA=S–BasicDomesticproduction(Y)versusnationalexpenditure(E). Y=C+Id+G+(X–M),E=C+Id+G,andCA=(X–M) y,soCA=Y–C=Domestichouseholdconsumptionofgoodand ernmentspendingongoodsandX=foreignpurchasesofthecountry’sexportsofgoodsandM=thecountry’spurchasesofimportsofgoodsandservicesotherBasicY=C+Id+G+(X–E=C+Id+G,andCA=(X– y,soCA=Y–CurrentaccountCurrentaccount =Netforeign =Thedifferencebetweennationalsaving =S–Idanddomesticinvestments=Thedifferencebetweendomesticproduct =Y–EandnationalexpenditureCurrentAccountBalancesfortheU.S.,1963-CurrentAccountBalancesforCanada,1963-CurrentAccountBalancesforJapan,1963-CurrentAccountBalancesforMexico,1963-??Questionsand??Number1&

BriefintroductionofthebalanceofThestructureofbalance-of-MacromeaningofthecurrentaccountMacromeaningoftheoverallTheinternationalinvestmentMacromeaningoftheoverall??Netforeigninvestment(orborrowing)includesthebalanceonnetprivate(ornonofficial)capitalinflows(KA)andflowsofofficialreserveassetsIf=FA+??Theofficialsettlementsbalance(B)結算余額measuresthesumofthecurrentaccountbalanceplustheprivatecapitalaccountbalanceB=CA+??Anyimbalanceintheofficialsettlementsbalancemustbefinanced(orpaidfor)throughofficialreservesflows:B+OR=Macromeaningoftheoverall??IftheoverallbalanceBissurplus,it??anaccumulationofofficialreserveassetsby??adecreaseinforeignofficialreserveholdingsthecountry’s??IftheoverallbalanceBisdeficit,it??adecreaseofofficialreserveassetsbythe??anaccumulationinforeignofficialExportofgoodsand貸Importsofgoodsand借ereceivedfrom貸epaidto借Unilaltransf