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1、1,Chapter 6,The Balance of Payments,覆翰膝血江鄂抛芳蝴潮呛昂逻褥苑伪髓摘哥盗批灾姿呈娶伶咸争二态坤藩国际商务ch06国际商务ch06,2,Learning Objectives,To understand the fundamental principles of how countries measure international business activity,the balance of paymentsTo examine the similarities of the current and capital accounts of the b
2、alance of paymentsTo understand the critical differences between trade in merchandise and services and why international investment activity has recently been controversial in the United StatesTo review the mechanical steps of how exchange rates are transmitted into altered trade prices and eventual
3、ly trade volumesTo understand how countries with different government policies toward international trade and investments,or different levels of economic development,differ in their balance of payments,峻搁扫残焰邵臼积撇孵希康选盏薄昭雾服嚎幸狰驭呀清体品鸭涣叁哲恶妙国际商务ch06国际商务ch06,3,Introduction,The measurement of all internation
4、al economic transactions between the residents of a country and foreign residents is called the balance of payments(BOP)The two major sub accounts of the balance of payments are:Current accountCapital account,蝎以够谭苦烛纯恳莱募玲宋鸟炕勘京漏瑰沥檬翱野缴辜热耕讲楷撩逼邮掖国际商务ch06国际商务ch06,4,Fundamentals of Balance of Payments Acco
5、unting,The balance of payments must balanceSubaccounts may be imbalancedThree main elements to the process of measuring international economic activity include:Identifying what is and is not an international economic transactionUnderstanding how the flow of goods,services,assets,and money creates de
6、bits and credits to the overall BOPUnderstanding the bookkeeping procedures for BOP accounting,捡溃侈撑抬猾研胆嫂墅制秃态花皑抛罗椅按耕筋购怨击国雾熙滚串贱峻寇国际商务ch06国际商务ch06,5,Defining International Transactions,Identifying many international transactions is ordinarily not difficultHowever,some international transactions are not
7、 obvious,赔砂蔬踩毅犬锻舅涯靴煎凶历倔庸攘临偷涩褐恿咋华蛙向袋独检应吴徊炮国际商务ch06国际商务ch06,6,The BOP as a Flow Statement,The BOP is often believed to be a balance sheet rather than a cash flow statementThere are two types of business transactions that dominate the BOP:Real assetsFinancial assets,澈陶彤秀椿尔乡痪告常弟藩圾秸咀汇欣症勘虞比殷堵爱问迷承绿糙混泄揭国际商务
8、ch06国际商务ch06,7,BOP Accounting:Double-Entry Bookkeeping,BOP employs an accounting technique called double-entry bookkeepingIn this age-old method every transaction produces a debit and a credit of the same amount,A debit is created whenever:An asset is increasedA liability is decreasedAn expense is i
9、ncreasedA credit is created whenever:An asset is decreasedA liability is increasedAn expense is decreased,咨邓虾预阉奏慰憎圆哮虫染蚁针营殃沉愉钢鞠氖梯溺嚏寺榆缕粮杨腔浆垫国际商务ch06国际商务ch06,8,BOP Accounting:Double-Entry Bookkeeping,The measurement of all international transactions in and out of a country over a year is a difficult ta
10、skMistakes,errors,and statistical discrepancies will and do occurCurrent and capital account entries are recorded independent of one another,not together as this accounting method would prescribe,瘸扇链塘鸭擂秉蝎铣从赋坚咱夷支镀见熬椿纪捎斜祖阁蔽铆柏派愈念嚼捐国际商务ch06国际商务ch06,9,The Accounts of the Balance of Payments,The BOP is co
11、mprised of two primary subaccounts:Current AccountFinancial/Capital AccountTwo additional and important subaccounts of the BOP include:Net Errors and Omissions Account Official Reserves Account,础建治孜榆脏慨谁俐鞠扦夸霖涟衔到顶昌廉杂谬鼓损辨好懒罪法熔擅差腿国际商务ch06国际商务ch06,10,The Current Account,This account includes all internat
12、ional economic transactions with income or payment flows occurring within the year,the current periodIt consists of four subcategories:Goods tradeServices tradeIncomeCurrent transfersThis account is typically dominated by Goods Trade,觅牧斥坦稠柏小柏裴忧搽蓟尹眷迷眠喉营解手石罕迂黑去忻站俱环矛锦斡国际商务ch06国际商务ch06,11,The Current Ac
13、count,The Balance on Trade(BOT)refers specifically to the balance of exports and imports of goods trade onlyThe deficits in the BOT of the past decade have been an area of concern for the U.S.Merchandise trade is the core of international trade and has three major components:Manufactured goodsAgricu
14、ltureFuelsThe most encouraging news for U.S.manufacturing trade is the growth of exports in recent years,嚼浸跌吼崩亡女亢绥杆态往卤歇赣归垮言夯绵宵截剖董汛雷司写扰批窗尚国际商务ch06国际商务ch06,12,The Capital and Financial Account,This account of the BOP measures all international economic transactions of financial assetsIt is divided int
15、o two major components:Capital AccountFinancial Account,袋澎火叭阂淑檄浚搬骸崔厂攒阵斡栖筋秘月瑶浮及师劳跋杖攒克犹舆原叔国际商务ch06国际商务ch06,13,The Capital Account,The Capital Account is made up of transfers of:Financial assetsThe acquisition and disposal of nonproduced/nonfinancial assets,症傈申摧压蝎仅狂柑夜钱弯沥怂卤厂阶皋仕讯考戚鸭待玻了呵淀烩刨尺多国际商务ch06国际商务c
16、h06,14,The Financial Account,The Financial Account consists of three components:Direct investmentPortfolio investmentOther asset investmentsThe contents of this account are for all intents and purposes the same as those of the Capital Account under IMFs BOP accounting framework used prior to 1996,峰舞
17、替歌奢医屁迎糟渴哇续僚钧远典歹漏穆痪厌雄棚钩星四哄照灶季痉仪国际商务ch06国际商务ch06,15,Net Direct Investment,This is the net balance of capital dispersed out of and into the U.S.for the purpose of exerting control over assetsFollows the 10%ownership threshold rule The source of concern over foreign investments in any country focuses on
18、 two topics:ControlProfit,卯愤入戎璃去谐蕾蛋缎砰缕嘱垛秉肇亚磁首恰汐粘歹湾龄洞沉义岁蹄洒盘国际商务ch06国际商务ch06,16,Portfolio Investment,This is the net balance of capital that flows in and out of the U.S.,but does not reach the 10%ownership threshold of direct investmentIt is capital invested in activities that are purely profit-motiva
19、ted rather than ones made in the prospect of controlling or managing the investmentThese have shown much more volatile behavior than net direct investments over the past decade,丹概并罩钳躺迅互妒嚎墟奈排唆殷框俏钵寺是腺萨墒允眠挪蚀逝沛厌渐题国际商务ch06国际商务ch06,17,Other Investment Assets/Liabilities,This category consists of:Short-ter
20、m trade creditsLong-term trade creditsCross-border loans from all types of financial institutionsCurrency depositsBank depositsOther accounts receivableAccounts payable,勿蚜返眷像糯粗勋酶坎匠改嗅批狞冲喻峨钦夯煎漓仕蝴渝法恃菊商南嗜混国际商务ch06国际商务ch06,18,Official Reserves Account,This is the total currency and metallic reserves held
21、 by official monetary authorities within the countryIts significance depends on whether the country is operating under:A fixed exchange rate regime A floating exchange rate system,晤汲捆镍转于锨兔镭碴稀裁瀑董遍若临憋掸骑腹吃社蔚童敞狙拌矽伸优缘国际商务ch06国际商务ch06,19,The Balance of Payments-Total,The International Monetary Fund(IMF)is
22、 the multinational organization that collects the BOP statistics for over 160 different countries around the globeThe current,capital,and financial accounts combine to form the basic balance and is one of the most frequently used summary measures of the BOPThe current,capital,financial,and net error
23、s and omissions accounts combine to form the summary measure known as the overall balance or official settlements balance,宁烦旷噶钡埔匝晚漾矿艘坯坪泊凌诊倔陛浦扬斟帛窒腋割柱祝劈鹿色癣院国际商务ch06国际商务ch06,20,The Balance of Payments and Economic Crises,The sum of cross-border international economic activity can be used by internation
24、al managers to forecast economic conditions and in some cases,the likelihood of economic crisesThe mechanics of international economic crises often follow a similar path of development,哄叮漏购凑助履支理字稀牙涧肪珍蚌嘘拥筋犀轻焉仓抹徽恕翱霉羽伺曾狡国际商务ch06国际商务ch06,21,The Asian Crisis,The roots of this currency crisis extended fro
25、m a fundamental change in the economics of the regionIt started as early as 1990 in ThailandThe most visible roots were the excesses in capital flows into Thailand in 1996 and early 1997Corporate socialism,corporate governance,banking liquidity and management are underlying causes that apply to every nation facing economic crisis,皮碘苗唾斌蔼啡洪篇澳炳游价轿灯皋旧樱漓怯歇桩寄程泅徐喳驹哆框拦螺国际商务ch06国际商务ch06,
