国际金融托马斯复习资料.docx
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1、C2国际收支Payments among Nations1复式记账Double-entry bookkeeping概Any exchange automatically enters the balance-of-payments accounts twice as a credit and as a debit of the same value.规则:贷方项目A credit (+) is flow for which the country is paid;借方项目A debit (-) is flow for which the country must pay.例子:1出口(贷),进
2、口(借);2本国常住者为外国人提供劳务或者从外国取得投资及其他收入(贷);而外国人为本国常住者提供劳务或从本国取得收入(借);3本国常住者获得(指购买)外国资产(借),外国常住者获得本国资产(贷);4外国人偿还债务(贷),本国居民偿还外债(借);5本国常住者收到国外单方面转移(贷),本国常住者对外国单方面转移(借);6官方储备减少(贷),官方储备增加(借)2国际收支Balance of Payments (BOP):The set of accounts recording all flows of value between a nations residents and the resid
3、ents of the rest of the world during a period of time.Free on board(FOB离岸价): it implies that distributive services like transport and handling performed on goods up to the customs frontier of the economy from which the goods are exported are classed as merchandise.2.1经常项目 Current Account balanceIt i
4、s the net value of the flows of goods, service, income, and Unilateral transfers. If it is positive, the nation earns that much in extra assets or reduced liabilities in its dealings with other countries. If it is negative, the country must pay by giving up assets or increasing its liabilities.Goods
5、 and services balance equals the net exports of both goods and services. It is often called the trade balance.包括:1Merchandise trade flows;2Service flows;3Income flows;4Unilateral transfer2.2资本项目financial Account BalanceThe net flows of financial assets and similar claims (excluding official asset fl
6、ows) is the private capital account balance or financial account balance.资本项目记录的只是资产交易的本金金额(principal amounts),而投资国外资产的任何所得(earnings)均记录在经常项目中.1美国居民增持外国金融资产(股票、债券或贷款凭证),记入借方,该居民对外国付款或增加贷款,资金流出美国(-)2外国居民增持美国金融资产(股票、债券或贷款凭证),记入贷方,美国卖方(或借款人)接受外国的付款(或得到贷款),资金流入美国(+)3美国居民减持外国金融资产(股票、债券或贷款凭证),记入贷方,该居民接受外国
7、的付款(或收回借款),资金流入美国(+)4外国居民减持美国金融资产(股票、债券或贷款凭证),记入借方,美国的买方(或借款人)对外国付款(或归还贷款),资金流出美国(-)从金融资产本身流向:2和3,美国出口金融资产(exporting financial assets),记为正;1和例4,美国进口金融资产(importing financial assets),记为负.从资金的流向:2 3是资本进口(capital imports),1 4是资本出口(capital exports)外国直接投资(foreign direct investment)是:由某主体(多为跨国公司)对其控股和掌控的国外
8、企业进行的任何一种资金出借或产权购买.间接投资包括证券、贷款以及银行存款.投资于国外的债券和股票不属于对外直接投资,而是国际证券投资(international portfolio investment).它表明投资者并不拥有被投资企业的大额股份,而只是将这种投资作为其多样化投资的一个组成部分.2.3官方国际储备资产official international reserve assetsThey are money-like assets that are held by governments and that are recognized by governments as fully
9、acceptable for payments between them. The main reserve assets are:Gold,Free exchange currencies,Reserve position in the IMF(IMF的储备头寸),Special drawing right(特别提款权)官方一词用以说明此类资产是由与货币相关的政府部门掌握的资产,而非整个政府拥有的资产.其他非官方政府资产则归于私人项目类别中.焦点是集中在调控币值这一货币管理任务.2.4统计误差statistical discrepancyIts the net result of error
10、s and omissions on both the credit and debit sides.The main difficulty is probably that many people succeed in hiding their imports, their imports, their foreign investment incomes, and their capital flight from their own government officials.3 经常项目差额的宏观含义CA: Current account balanceIf: Net foreign i
11、nvestment对外净投资S: National saving 国民储蓄Id: Domestic real investment in buildings, equipment, software and inventories国内直接投资Y: Domestic production of G&S国内商品和服务的总产出C: Domestic household consumption of G&S本国对商品和服务的私人消费支出G: Government spending on G&S政府对商品和服务的购买X: Foreign purchases of the countrys exports
12、 of G&S外国对本国商品和服务购买M: The countrys purchases of imports of G&S from other countries本国对外国商品和服务的购买E: National expenditure on G&S一国对商品和服务的总支出If:The net accumulation of foreign assets minus foreign liabilities.CA= IfS = If +Id(Id :投资于国内用于本国资本形成;If:投资于国外)CA=S-IdX-M=CAY=C+ Id + G+ X-ME = C + Id + G CA= Y-
13、E一国经常项目盈余:该国净对外投资为正(即该国对于其他国家来说是净债权国或投资国).The country has positive If.(the country is a net lender or investor to other countries)该国国民储蓄超出国内投资.The country is saving more than investing domestically.该国的国内生产超出了(或说收入超出了)其对商品和服务的消费.The country is producing more (and has more income from this production)
14、 than it is spending on goods and services.4总差额的宏观含义The overall balance B:Official settlements balance官方结算差FA:Financial account balance金融项目差额OR: Official Reserve官方储备资产B=CA+FA(The official settlement balance equals the sum of the current account balance plus the private capital account balance)B+OR=0
15、(由于国际收支平衡表中所有项目的总和必须为零,官方结算差额中任何不平衡都必须通过官方储备流动予以补抵(或支付)如果总差额B为盈余,即意味着本国官方储备资产的增加或外国官方储备持有本国资产的减少(即在本国的官方储备账户中有一个借方差额).如果总差额为赤字,即意味着本国持有的官方储备资产减少或外国官方储备中持有的本国资产累积增加(即在本国官方储备账户有一个贷方差额).一国货币当局可以出售外币而购回本币,这种交易可以减少当局官方国际储备中外汇资产的持有量;或者,货币当局也可以出售本币而购买外币,这种交易增加了官方国际储备.5国际投资头寸A nations international investme
16、nt position shows its stocks of international assets and liabilities at a moment of time.一国是贷款国(lender)还是借款国(borrower),是根据该国一定时期内经常项目差额是盈余还是赤字来判断的.一国是债权国(creditor)或是债务国(debtor),是根据该国持有的外国资产净存量是正值还是负值来判断的.前者涉及的是一段时期内的流量,后者涉及的是某一时点的存量.C3外汇市场The Foreign Exchange Market1货币交易的基本知识1.1国际汇兑Foreign exchange
17、is the act of trading different nations moneys.1.2汇率An exchange rate is the price of one nations money in terms of another nations money.即期汇率The spot exchange rate is the price for immediately exchange.远期汇率The forward exchange rate is the price now for an exchange that will take place sometime in th
18、e future.汇率报价Exchange Rate Quotation:直接标价法(A U.S. dollar price of the other currency)、间接标价法(The price of the U.S. dollar in units of the other currency).两者互为倒数(The pairs of prices are just reciprocals)分母是外币,分子是本币,就是直接标价法;分母是本币,分子是外币,则为间接标价法.1.3外汇市场小额交易:银行及其交易员与客户进行的交易The trading done with customers
19、is called the retail part of the market银行间同业市场:银行之间进行的交易The trading done between the banks active in the market is called the inter-bank part of the market.媒介货币Vehicle Currency: One foreign currency is exchanged for dollars, and these dollars are then exchanged for the other foreign currency.2外汇的供给与
20、需求Demand and Supply for Foreign Exchange2.1影响汇率的因素商品和服务出口将带来外国货币的供给以及对本币需求的增加;商品和服务的进口将带来对外国货币的需求和本币的供给增加;资本流出将致使外国货币需求以及本币供给的增加,资本流入将致使外国货币供给以及本币需求的增加.2.2浮动汇率Floating Exchange RatesThe spot price of foreign currency is market-driven, determined by the interaction of private demand and supply for th
21、e currency.外汇的即期价格由市场决定,即由对货币的私人需求与供给的相互作用而决定,市场通过价格机制出清.在浮动汇率制中,如果某种外币的需求曲线因某种原因右移(代表对外汇需求的增加),同时供给曲线保持不变,该外币的汇率便会上升.2.3固定汇率Fixed Exchange RatesOfficial strive to keep the exchange rate virtually fixed (or pegged) even if the rate they choose differs from the current equilibrium rate. A narrow band
22、 of exchange rates is allowed to vary.If the exchange rate hits the top or bottom of the band, the officials must intervene.在这种制度下,即使这一汇率与当前的均衡汇率有偏差,官方也会尽力保持汇率基本不变(或钉住其他货币).通常,官方会宣布一个窄幅的汇率区间,汇率可以在这一区间内变动.如果汇率达到了这一区间的上限或下限,官方必须予以干预.Under the floating-rate system a fall in the market price of a curren
23、cy is called a depreciation of that currency; a rise is an appreciation. Under the fixed-rate system, a discrete official reduction in the otherwise fixed par value of a currency is called a devaluation; a discrete raising of the official par is a revaluation.在浮动汇率中,市场价格(汇率价值)的下降被称为该货币的下浮;市场价格的上升则称为
24、上浮.在固定汇率制下,我们将官方人为地降低货币平价的做法称为货币的贬值);官方人为地提高货币平价称为升值.2.4各国汇率制度安排多数主要货币之间采用的都是浮动汇率;尽管其他很多国家政府都对外汇市场进行了一定程度的官方干预来限制汇率的波动,但他们也宣称实行的是浮动汇率制;一些国家和地区在本币与美元之间采用固定汇率;一些国家与欧元保持固定汇率.3即期外汇市场中的套汇交易套汇Arbitrage, the process of buying and selling to make a nearly riskless pure profit, ensures that rates in differen
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