国际金融课件第2章(4课时)

国际金融课件

CHAPTER 2PAYMENTS AMONG NATIONS

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国际金融课件

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What’s the Balance of Payment? A set of accounts recording all flows of value between a nation’s residents and the residents of the rest of the world during a period of time. The balance of payments is a statistical statement that systematically summarizes, for a specific period of time, the economic transactions of an economy with the rest of the world. (IMF definition)2008 all copy rights reserved.

国际金融课件

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Who sets the standard? IMF BOP Manual International standard for conceptual framework underlying balance of payments statistics. 1948, 1950, 1961, 1977, 1993, 2008

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Three Categories Current AccountMerchandise trade flows (goods flows) Service flows Income flows Unilateral transfers (gifts) Financial Account (nonofficial flows of financial assets) – – – –

Changes in Official International Reserves2008 all copy rights reserved.

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Double-entry Bookkeeping Each transaction enters the accounts twice: as a credit and a debit of the same value at the same time. A credit(+) is a flow for which the country is paid. A debit(-) is a flow for which the country must pay.2008 all copy rights reserved.

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Principles for Double-Entry Credit entries:

Exports of goods and services Income being paid Gifts received from foreigners Increase of foreigners’ holding of our financial assets

Debit entries:

Imports of goods and services Income paid to foreigners Gifts for foreigners Decrease of foreigners’ holding of our financial assets2008 all copy rights reserved.

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Current Account Goods and services balance– Exports and imports of goods – Exports and imports of services

Income flows– Payments to holders of foreign financial assets

Unilateral transfers (Gifts)– Government aid – Migrants’ remittances of money and goods

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Current Account Income flows: Payments to holders of foreignfinancial assets– – – – Interest Dividends Other claims on profit by owners of foreign business Payments to foreign workers (for short time stay)

Income received : Credit Income paid : Debit2008 all copy rights reserved.

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Current Account Unilateral transfers (Gifts)– Government aid – Migrants’ remittances of money and goods – Charitable giving by private sectors

Gifts made : Debit Gifts received : Credit

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Financial Account Net flows of financial assets ( excluding official international reserve asset) Principle amounts vs. earnings

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Financial Account Direct investments International portfolio investment International loans

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Financial Account Funds inflow (credit)

Increase in financial asse

ts held by foreigners Reduction in an economy’s holding of foreign financial assets

Funds outflow (debit)

Increase in an economy’s holding of foreign financial assets Reduction in assets held by foreigners2008 all copy rights reserved.

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Official International Reserves Official reserve assets includes:– – – – Gold Foreign exchange assets Reserve position with IMF SDRs.

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Gold & Foreign Exchange Reserves of China (1-6.2008)Item month Gold ( 100,000 Fine Troy Ounce ) Foreign Exchange Reserves ( 100 million USD ) 192.9 192.9 192.9 192.9 192.9 192.9 Jan Feb Mar Apr May June

15898

16471

16821

17566

17969

18088

USD156.1bn = foreign exchange reserves as of Jan.31,20002008 all copy rights reserved.

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Net Changes in Official Reserve Assets(2008)item储备资产 1. 货币黄金 2. 特别提款权 3.在基金组织的储备头寸 4. 外汇

net-418,978,429 0 -7,114 -1,190,315 -417,781,000 0

credit0 0 0 0 0 0

debit418,978,429 0 7,114 1,190,315 417,781,000 0

5. 其它债权

Sources: SAFE website2008 all copy rights reserved.

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About SDR SDR = 0.888671 grams of fine gold = one U.S. dollar (1969) SDR = a basket of currencies (1973) SDR = a basket of Euro, Yen, Pound, and USD The USD-value of the SDR is posted daily on the IMF's website. The basket composition is reviewed every five years2008 all copy rights reserved.