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International Finance Qin Wei College of Economics Fall 2013 About the course Syllabus Readings Presentations Final Exam My trips Chapter 12 National Income Accounting and the Balance of Payments 国民收入账户与国际收支平衡 12-3 12-4 Preview National income accounts measures of national income国民收入 measures of value of production生产 measures of value of expenditure支出 National saving, investment and the current account储蓄，投资和经常账户 Balance of payments accounts国际收支账户 12-5 National Income Accounts Records the value of national income that results from production and expenditure. Producers earn income from buyers who spend money on goods and services. The amount of expenditure by buyers = the amount of income for sellers = the value of production. National income is often defined to be the income earned by a nation’s factors of production. 12-6 National Income Accounts: GNP Gross national product (GNP) is the value of all final goods and services produced by a nation’s factors of production in a given time period. What are factors of production? workers (labor), physical capital (like factories and equipment), natural resources and other factors that are used to produce goods and services. The value of final goods and services produced by US labor, capital and natural resources are counted as US GNP. 12-7 National Income Accounts: GNP (cont.) GNP is calculated by adding the value of expenditure on final goods and services produced. There are 4 types of expenditure: Consumption: expenditure by domestic residents Investment: expenditure by firms on plants equipment Government purchases: expenditure by governments on goods and services Current account balance (exports minus imports): net expenditure by foreigners on domestic goods and services 12-8 National Income Accounts: GNP (cont.) 12-9 National Income Accounts GNP is one measure of national income, but a more precise measure of national income is GNP adjusted for following: Depreciation of capital results in a loss of income to