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  1. INTERNATIONAL FINANCE International Business College Fang De-dong Ph.D Associate Professor Tel: 13688675513 E-mail: fangdedong@sohu.com 00-1

  2. Chapter OneInternational Economics Is Different • [teaching targets and demands] • To introduce the relative concepts of international finance, for instance, currency exchanges between different countries for trades and investments, by four typical events.

  3. [Teaching key and difficult points] • How to make students understand that different economics in different countries leads to creation of international finance.。

  4. [chapter outline ] • Four Events •  the Euro, Argentina( from darling to delinquent); • Economics and the nation-state: different moneys, different fiscal policies, factor ability.

  5. CHAPTER 2 Payments Among Nations

  6. [teaching targets and demands] • Be sure to master the concepts such as balance of payments, current accountbalance, direct investments, portfolio investment, official settlement balance etc. and the methods to make and analyze a balance of payments presentation.

  7. [Teaching key and difficult points] • How to make and analyze a balance of payments presentation.

  8. chapter outline • Two sides to any international exchange; • Putting the account together; • The macroeconomic meaning of the current account balance; • The macro meaning of the overall balance; • The International investment position

  9. Balance of Payment (BOP) • What is a country’s balance of payment? • A systematic account of all the exchanges of value between residents of that country and the rest of the world during a given time period • Tow flows in any transaction • The Records Principle of BOP Statements: double-entry bookkeeping

  10. 复式记账法 :按照记账原则,每一笔交易分别记录在贷方和借方两个科目中。 Double Entry Bookkeeping: the system of keeping accounts ,every payment appears twice , in different accents ,once as a credit (贷方)and once as a debit (借方). —————— bookkeeping :recording business transactions 簿记 account :帐户;帐目

  11. 贷方Credit:A credit item (+) is a flow for which the country is paid. • 借方Debit:A debit item (-) is a flow for which the country must pay.

  12. 如果一笔交易能为该国赚得外汇,就记 为贷方项目,是正值。如果一笔交易要花费 外汇,就是一个借方项目,记作负值。 ——Paul .A .Samuelson《经济学》(第16版中文版)p300

  13. 资金流量(flow of fund)举例: ××个人收支统计(2010年1月) —————————————— 项目 收入(+ ) 支出(-) 结余 ————————————————————— 一、生活费 3500 二、书本 -350 三、饭卡 -2000 四、家教 1000 -100 ———————————————————— 合计 4500 -2450 2050end

  14. 贷方Credit • Exports of goods • Purchases by foreigners in this country • Foreigners’ investing in the country’s bonds

  15. 借方Debit • Imports of goods • Purchases by firms in this country from foreign countries • Purchases by investors in this country from foreigners

  16. (1)凡引起本国外汇收入的项目,记入贷方,记为“+”(可省略) • (2)凡引起本国外汇支出的项目,记入借方,记为“-” • ①贸易往来,即各种物质商品的输出入。出口列为贷方金额,进口列为借方金额。 • ②非贸易往来,主要包括劳务收支、投资所得等。收入列为贷方金额,支出列为借方金额。

  17. ③无偿转让。从外国转入本国列为贷方金额,从本国转向外国列为借方金额。 ④资本往来,分为长期和短期。从外国流入本国的资本列为贷方金额,从本国流向外国的资本列为借方金额。 ⑤储备。包括本国作为国际货币基金组织的成员国分配得到的特别提款权以及作为国际储备的黄金和外汇等。储备本身是存量,其增减额是流量。本年度储备增加额列为借方金额,其减少额列为贷方金额,二者相抵得出储备净增额或净减额。

  18. Six categories of flows • Merchandise trade flows • Goods and Services flows • Income flows • Unilateral transfers • Private capital flows • Official international reserve flows 18

  19. Six balances • Merchandise (goods) trade balance • Goods and service balance (trade balance) • Goods, service, and income balance • Current balance (net foreign investment) • Financial account balance • Overall balance (official settlement balance) 19

  20. Outline of balance of payment • Current account(CA) • Financial account(FA) • Official international reserve • Statistical discrepancy (net value of errors and omissions)

  21. Current account(CA) • Merchandise (goods) trade balance • Goods and service balance (trade balance) • Goods, service, and income balance • Goods, service, income and unilateral balance

  22. 经常账户 (1)商品贸易或有形贸易(goods):如进口小麦,出口纺织品等。是经常帐户中最重要项目.一般来说,货物按边界离岸价(free of board,简称FOB)计价。 (2)服务贸易——劳务进出口(services):包括运输、旅游、通讯服务、建筑服务、保险服务,以及咨询、广告等商业服务等等。又称为无形贸易。 (3)收益(income):包括职工报酬和投资收益两类。在国外获得的工资,奖金,股票红利,债券利息等作为收益项目贷方,外国人在中国获得工资、奖金、红利、利息等作为收益项目借方。 (4)经常转移(current transfer):包括政府与民间相互捐赠等等发生的收入转移。 00-22

  23. Financial account(FA) • is a record of international exchange of assets and liabilities . Including direct investments and security(portfoliol) investments .

  24. direct investments: any flow of lending to, or purchases of ownership in a foreign enterprise that is largely owned by residents of the investing country. (IMF25%, US.10%) • portfoliol investments: lending or purchases include international flows of securities, loans and bank deposits. The investor does not own a large share of the enterprise being invested in,but just investing as part of portfolio.

  25. Official international reserve • Money-like assets that are held by government and that are generally recognized by government as fully acceptable for payments between them.

  26. Foreigh exchange(Bonds, stocks and deposits) • Gold • SDRs(Special Drawing Rights) • Deposit in IMF

  27. Statistical discrepancyerrors and omissions • If the two sides of every transaction are correctly recorded, there would not be any stastitical discrepancy. The sum are not equal, means thant any items were missed or to say anything were undermeasured. Eg. Private capital flows. Underreport merchadise imports, income receipts and capital exports. (smuggling, Drug trafficking)

  28. 净误差与遗漏 由于不同帐户的统计资料来源不一,记录时间不同以及一些人为因素(如虚报出口)等原因,会造成结帐时出现净的借方或贷方余额,这是就需要人为设立一个抵消帐户,数目与上述余额相等而方向相反。 如果借方总额大于贷方总额,其差额记入项目的贷方;反之,记入项目的借方。 00-28

  29. How to make BOP • 贷方Credit:A credit item (+) is a flow for which the country is paid. • Exports of goods • Purchases by foreigners in this country • Foreigners’ investing in the country’s bonds

  30. 借方Debit:A debit item (-) is a flow for which the country must pay. • Imports of goods • Purchases by firms in this country from foreign countries • Purchases by investors in this country from foreigners

  31. (1)凡引起本国外汇收入的项目,记入贷方,记为“+”(可省略) • (2)凡引起本国外汇支出的项目,记入借方,记为“-” • ①贸易往来,即各种物质商品的输出入。出口列为贷方金额,进口列为借方金额。 • ②非贸易往来,主要包括劳务收支、投资所得等。收入列为贷方金额,支出列为借方金额。

  32. ③无偿转让。从外国转入本国列为贷方金额,从本国转向外国列为借方金额。 ④资本往来,分为长期和短期。从外国流入本国的资本列为贷方金额,从本国流向外国的资本列为借方金额。 ⑤储备。包括本国作为国际货币基金组织的成员国分配得到的特别提款权以及作为国际储备的黄金和外汇等。储备本身是存量,其增减额是流量。本年度储备增加额列为借方金额,其减少额列为贷方金额,二者相抵得出储备净增额或净减额。

  33. The macro meaning of current account balance 1. Financing and international financial flows: Net foreign investment (If).-对外净投资   CA = If National saving (S) versus domestic investment (Id). S = Id + If, so that CA = S – Id

  34. 国民收入:是反映一国一定时期(通常为一年)投入的生产资源所产出的最终产品和服务的市场价值或由此形成的收入的一个数量指标。国民收入是一个流量概念。 国内生产总值(gross domestic products GDP):是以一国领土为标准,指的是在一定时期内一国境内生产的产品与服务总值。 国民生产总值(gross national products GNP):是以一国居民为标准,指的是在一定时期内一国居民生产的产品与服务总值。 一般主要采用GNP概念。 00-35

  35. 封闭条件下的国民收入帐户 在封闭条件下,全部产品或服务都是由本国居民在本国领土上生产出来的。 从产品的最终支出角度看,可以分为:私人消费(C)、私人投资(I)、政府支出(G); 从收入来源角度看,可以分为私人消费(C)、私人储蓄(SP)、政府税收(T)。 C+I+G=Y=C+ SP+T→I= SP +(T-G) T-G=Sg(政府储蓄) 总支出中未被用于私人消费和政府购买的部分——国民储蓄(S),它是由私人储蓄和政府储蓄两部分构成的。 在封闭条件下,I=S。 00-36

  36. 开放条件下的国民收入帐户 在开放条件下,X代表进口,M代表出口,开放经济的国民收入等式为:Y=C+I+G+X-M CA=X-M C、I、G构成国内居民的总支出,称为国内吸收(domestic absorption),用E表示,即:E=C+Id+G 经常帐户是国民收入与国内吸收的差额,即:CA=Y-A。在开放条件下,一国的国民收入与国内支出可以不必相等。当CA>0时,称为贸易顺差;当CA<0时,称为贸易逆差,此时必须进口外国产品与服务来满足国内支出需求。CA反映国民收入与国内吸收之间的关系。 CA=S-I,表明在开放条件下,一国投资与储蓄不必相等,当S<I时,可以通过产生经常帐户赤字方法来以产品的净进口满足投资需要,形成国内资产。当S>I时,可以通过净出口带来的资本流出而形成海外资产。资本往往从经常帐户赢余国家流向赤字国家。 00-37

  37. 3. Domestic production (Y) versus national expenditure (E). Y = C + Id + G +(X – M), E = C + Id + G, and CA = (X – M) approximately, so that CA = Y – E

  38. The Overall Balance B: the official settlements balance measures the sum of the current account balance plus the private capital account balance(净私人流动KA). B = CA+KA Any imbalance in the official settlements balance must be financed through official reserves flows: (官方储备资产OR) B+OR =0

  39. The international investment position • A statement of the stocks of a nation’s international assets and foreign liabilities at a point in time • Flow vs. stock (lender or borrower vs. creditor or debtor)

  40. Analysis of BOP Statements The meanings of imbalance : means the expenditure total amount exceed receipts ,or contrary circumstance in a country‘s balance of payments . The former is BOPdeficit,The latter is BOP surplus. ———————— surplus (favorable) :顺差 deficit( unfavorable):逆差

  41. 一、经常项目 1.货物 2.服务 自主性交易 二、资本项目 1.长期 “线上部分”above the line ———————————————— 2.短期 调节性交易 三、平衡项目 “线下部分”below the line

  42. 国际收支平衡表的技术性调整——错误和遗漏 由于各种国际经济交易的统计资料来源不一,有的数据甚至还来自于估算,加上一些人为的因素(如有些数据须保密,不宜公开),平衡表实际上就几乎不可避免的会出现净的借方余额或贷方余额。 基于会计上的需要,一般就人为设置一个项目,以抵消上述统计偏差,即“净错误和遗漏”(Net Errors and Omissions)科目。 如果借方总额大于贷方总额,净错误和遗漏这一项则放在贷方;反之,如果贷方总额大于借方总额,净错误和遗漏这一项则放在借方。

  43. 贸易差额和经常账户差额 贸易差额(Trade Balance)也是衡量一国实际资源转让、实际经济发展水平和国际收支状况的重要依据。 经常账户差额(Current Account Balance)反映了实际资源在该国与它国之间的转让净额,以及该国的实际经济发展水平。当经常账户为盈余时,就要通过资本的净流出或官方储备的增加来平衡;当经常账户为赤字时,就要通过资本的净流入或官方储备的减少来平衡。