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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Slide,60,-,*,CTBU Liu Rong,Last class,we discussed:,A countrys GNP is equal to the income received by its factors of production.,GDP is equal to GNP less net receipts of factor income from abroad,measures the output produced within a countrys territorial borders.,In a closed economy,GNP must be consumed,invested,or purchased by the government.,In an open economy,GNP equals the sum of consumption,investment,government purchases,and net exports of goods and services.,CTBU Liu Rong,1,Current account(CA)balance,A countrys 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),CTBU Liu Rong,2,Ch12-3,The Balance of Payments Accounts,A countrys balance of payments accounts keep track,of all the,transactions of the residents of a nation with,the residents of all other nations,during a particular,period of time.,Every international transaction automatically enters,the balance of payments twice:once as a credit(+),and once as a debit(-).,CTBU Liu Rong,3,Any transactions:,A Payment go foreigners,(outflow of money),A Receipt from foreigners,(inflow of money),Debit(-),Purchase of assets,(capital account),=importing,Credit(+),Sales of assets,(capital account),=exporting,CTBU Liu Rong,4,Balance of Payments Accounting,The Balance of Payments is the statistical record of a countrys international transactions over a certain period of time presented in the form of,double-entry bookkeeping.,CTBU Liu Rong,5,Double-Entry Bookkeeping,A double-entry bookkeeping system records both side of any two-party transaction with two separate and offsetting entries:a debt entry and a credit entry.,Credits record items leading to an inflow of payments i.e.a,receipt of payment from foreigners.Implies greater demand,for domestic currency or greater supply of foreign currency to,foreign exchange market.,Debits record items resulting payment outflows to foreigners,implies a greater supply of domestic currency or greater,demand for foreign currency on foreign exchange markets.,CTBU Liu Rong,6,Double-Entry Bookkeeping,If you buy something from a foreigner you must pay her in,some way(a debit),and the foreigner must then somehow,spend or store your payment(a credit).,Thus the sum of all the debt entries should be equal to the sum of all the credit entries.,CTBU Liu Rong,7,Debit and Credit Entries,Debit Entry,A negative entry in the balance of payments that records a transaction resulting in a payment abroad by a domestic resident.,Imports of goods and services,Unilateral transfers(gifts)made to foreigners,Capital outflows,(import of asset),CTBU Liu Rong,8,Debit and Credit Entries,Credit Entry,A positive entry in the balance of payments that records a transaction resulting in a payment to a domestic resident from abroad.,Exports of goods and services,Unilateral transfers(gifts)received from foreigners,Capital inflows,(export of asset),CTBU Liu Rong,9,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,Balance of Payments Accounts,CTBU Liu Rong,10,The Current Account,The balance of payments accounts divide exports and imports into four categories:,Merchandise trade,Exports or imports of goods,Services,Payments for legal assistance,tourists expenditures,and shipping fees,Income,International interest and dividend payments and the earnings of domestically owned firms operating abroad,U,nilateral transfer,Government grants abroad,Private remittances,Private grants abroad,CTBU Liu Rong,11,The Current Account,The imports are debited and the exports are credited.,If the debits exceed the credits,then a country is running a,trade deficit,.,CTBU Liu Rong,12,The Capital Account,Measures transfers of wealth between countries,Mostly results from,nonmarket,activities.,Eg,debt forgiveness,immigrants bringing in wealth,，,migrants transfers(as they leave the country).,还包括非生产和非金融性的资产如专利，版权，商标权的收买或放弃等。,CTBU Liu Rong,13,The Financial,Account,(non,-o,fficial Reserves Accoun,t part),It measures the difference between sales of assets to,foreigners and purchases of assets located abroad.,Financial inflow(capital inflow),:,An export of assets.,Financial outflow(capital,outflow),:,An,import of assets.,The capital account is composed of Foreign Direct Investment(FDI),portfolio investments and other investments.,Trade credits,贸易信贷,;Loans,贷款,Currency and deposits,货币和存款,;,CTBU Liu Rong,14,Capital Inflows:two forms,An increase in foreign owned assets in a nation,Eg,.When a foreigner buys a nations stock,A reduction in a nations assets abroad,Eg,A nations resident sells a foreign stock,CTBU Liu Rong,15,Capital Outflows:two forms,
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