最新國際金融ppt英語

1、International FinancelQin WeilCollege of EconomicslFall 2013About the courselSyllabuslReadingslPresentationslFinal ExamlMy tripsChapter 12lNational Income Accounting and the Balance of Paymentsl國民收入賬戶與國際收支平衡12-312-4PreviewlNational income accountslmeasures of national income國民收入lmeasures of value of

2、 production生產(chǎn)lmeasures of value of expenditure支出lNational saving, investment and the current account儲蓄，投資和經(jīng)常賬戶lBalance of payments accounts國際收支賬戶12-5National Income AccountslRecords the value of national income that results from production and expenditure.lProducers earn income from buyers who spend

3、 money on goods and services.lThe amount of expenditure by buyers = the amount of income for sellers = the value of production.lNational income is often defined to be the income earned by a nations factors of production.12-6National Income Accounts: GNPlGross national product (GNP) is the value of a

4、ll final goods and services produced by a nations factors of production in a given time period.lWhat are factors of production? workers (labor), physical capital (like factories and equipment), natural resources and other factors that are used to produce goods and services.lThe value of final goods

5、and services produced by US labor, capital and natural resources are counted as US GNP.12-7National Income Accounts: GNP (cont.)lGNP is calculated by adding the value of expenditure on final goods and services produced. lThere are 4 types of expenditure:Consumption: expenditure by domestic residents

6、 Investment: expenditure by firms on plants & equipment Government purchases: expenditure by governments on goods and services1.Current account balance (exports minus imports): net expenditure by foreigners on domestic goods and services12-8National Income Accounts: GNP (cont.)12-9National Income Ac

7、countslGNP is one measure of national income, but a more precise measure of national income is GNP adjusted for following:Depreciation of capital results in a loss of income to capital owners, so the amount of depreciation is subtracted from GNP. Unilateral Transfers. Gifts from one countries to ano

8、ther.12-10National Income Accounts (cont.)lAnother approximate measure of national income is gross domestic product (GDP):lGross domestic product measures the final value of all goods and services that are produced within a country in a given time period.lGDP = GNP factor payments from foreign count

9、ries + factor payments to foreign countries12-11Imports and Exports As a Fraction of GDPImports and exports as a percentage of GDP by country, 2000. Source: OECD12-12GNP = Expenditure on a Countrys Goods and Services Y = Cd + Id + Gd + EX= (C-Cf) + (I-If) + (G-Gf) + EX= C + I + G + EX (Cf + If +Gf)=

10、 C + I + G + EX IM = C + I + G + CA Domestic expenditureNet expenditureby foreignersexpenditureon productionNational income = value ofproduction12-13Expenditure and Productionin an Open EconomyCA = EX IM = Y (C + I + G )lWhen production domestic expenditure, exports imports: current account 0, trade

11、 balance 0lwhen a country exports more than it imports, it earns more income from exports than it spends on importslnet foreign wealth is increasinglWhen production domestic expenditure, exports imports: current account 0, trade balance I, then CA 0 and net foreign investment and financial capital o

12、utflows for the domestic economy are positive.12-20How Is the Current Account Related to National Saving? (cont.)CA = Sp + Sg I= Sp government deficit IlGovernment deficit is negative government savinglequal to G T lA high government deficit causes a negative current account balance, all other thing

13、s equal. 12-21Inverse Relationship Between Public Saving and Current Account? Source: Congressional Budget Office, US Department of Commerce12-22Balance of Payments AccountslA countrys balance of payments accounts for its payments to and its receipts from foreigners.lEach international transaction e

14、nters the accounts twice: once as a credit (+) and once as a debit (-).12-23Balance of Payments Accounts (cont.)lThe balance of payment accounts are separated into 3 broad accounts:lcurrent account: accounts for flows of goods and services (imports and exports).lfinancial account: accounts for flows

15、 of financial assets (financial capital).lcapital account: flows of special categories of assets (capital), typically non-market, non-produced, or intangible assets like debt forgiveness, copyrights and trademarks.12-24Example of Balance of Payment AccountinglYou import a DVD of Japanese anime by us

16、ing your debit card. lThe Japanese producer of anime deposits the funds in its bank account in San Francisco. The bank credits the account by the amount of the deposit.12-25Example of Balance of Payment Accounting (cont.)lYou invest in the Japanese stock market by buying $500 in Sony stock.lSony dep

17、osits your funds in its Los Angeles bank account. The bank credits the account by the amount of the deposit.12-26Example of Balance of Payment Accounting (cont.)lUS banks forgive a $100 M debt owed by the government of Argentina through debt restructuring.lUS banks who hold the debt thereby reduce t

18、he debt by crediting Argentinas bank accounts.12-27How Do the Balance of Payments Accounts Balance?lDue to the double entry of each transaction, the balance of payments accounts will balance by the following equation:current account + financial account + capital account = 012-28Balance of Payments A

19、ccountslEach of the 3 broad accounts are more finely divided:lCurrent account: imports and exports merchandise (goods like DVDs) services (payments for legal services, shipping services, tourist meals,)income receipts (interest and dividend payments, earnings of firms and workers operating in foreig

20、n countries)lCurrent account: net unilateral transfers 1.gifts (transfers) across countries that do not purchase a good or service nor serve as income12-29Balance of Payments Accounts (cont.)lCapital account: records special asset transfers, but this is a minor account for the US.12-30Balance of Pay

21、ments Accounts (cont.)lFinancial account: the difference between sales of domestic assets to foreigners and purchases of foreign assets by domestic citizens.lFinancial (capital) inflow lForeigners loan to domestic citizens by acquiring domestic assets. lForeign owned (sold) assets in the domestic ec

22、onomy are a credit (+) lFinancial (capital) outflow lDomestic citizens loan to foreigners by acquiring foreign assets. lDomestically owned (purchased) assets in foreign economies are a debit (-)12-31Balance of Payments Accounts (cont.)lFinancial account has at least 3 categories:Official (internatio

23、nal) reserve assets All other assets1.Statistical discrepancy12-32Balance of Payments Accounts (cont.)lStatistical discrepancylData from a transaction may come from different sources that differ in coverage, accuracy, and timing. lThe balance of payments accounts therefore seldom balance in practice

24、.lThe statistical discrepancy is the account added to or subtracted from the financial account to make it balance with the current account and capital account.12-33Balance of Payments Accounts (cont.)lOfficial (international) reserve assets: foreign assets held by central banks to cushion against in

25、stability in international markets.lAssets include government bonds, currency, gold and accounts at the International Monetary Fund.lOfficial reserve assets owned by (sold to) foreign central banks are a credit (+).lOfficial reserve assets owned by (purchased by) the domestic central bank are a debi

26、t (-).12-34Balance of Payments Accounts (cont.)lThe negative value of the official reserve assets is called the official settlements balance or “balance of payments”.lIt is the sum of the current account, the capital account, the non-reserve portion of the financial account, and the statistical disc

27、repancy.lA negative official settlements balance may indicate that a country is depleting its official international reserve assets or may be incurring debts to foreign central banks.lselling foreign currency by the domestic central bank and buying domestic assets by foreign central banks are credit

28、s for official international reserve assets, and therefore reduce the official settlements balance.12-35US Balance of Payments Accounts, 2003 in Billions of Dollars12-36US Balance of Payments Accounts, 2003 in Billions of Dollars (cont.)12-37US Balance of Payments AccountslThe US has the most negati

29、ve net foreign wealth in the world, and so is therefore the worlds largest debtor nation.lAnd its current account deficit in 2004 was $670 billion dollars, so that net foreign wealth continued to decrease.lThe value of foreign assets held by the US has grown since 1980, but liabilities of the US (de

30、bt held by foreigners) has grown more quickly.US Balance of Payments Accounts (cont.)12-39US Balance of Payments Accounts (cont.)lAbout 70% of foreign assets held by the US are denominated in foreign currencies and almost all of US liabilities (debt) are denominated in dollars.lChanges in the exchan

31、ge rate influence value of net foreign wealth (gross foreign assets minus gross foreign liabilities).lA depreciation of the US dollar makes foreign assets held by the US more valuable, but does not change the dollar value of dollar denominated debt.12-40SummaryA countrys GNP is roughly equal to the income received by its factors of production.In an open economy, GNP equals the sum of consumption, investment, government purchases, and the current account.GDP is equal to GNP minus net receipts of factor income from abroad. It measures the output produced within a countrys borders.1