国际金融重点翻译.pptx

Chapter 11. Balance of payments is the 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. ;2.The variety of resident and nonresident.--- Diplomats, military personnel, tourists, and workers .--- A corporation , its foreign branches and subsidiaries .--- International institutions .Time dimension;3. Each transaction has both a credit and a debit item—double-entry bookkeeping A credit or positive item is an item for which the country must be paid.(for a payment by a foreigner)A debit or negative item is an item for which the country must pay( payments to foreigners).;4. Current account(1).goods(Merchandise) trade ---visible trade(2).Services ---invisible trade(3).Income (interest, dividends, and profits.)(4).Unilateral transfers;5. Financial AccountFinancial account includes items that are nonofficial: (1). Direct investment (2). International portfolio investment (3). Other ;6.Exporting financial assets/positive value/capital imports(+).Importing financial assets/negative value/capital exports(-).;7. Goods and services balance（trade balance）8. The current account balanceThe meaning of CACA = X – M= If =S – Id =Sp+Sg – Id=Sp+(T – G) –Id =Y–E=NIIP – NIIP-1;9.the net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is the private financial account balance.;10. The overall balance should indicate whether a countrys balance of payments has achieved an overall pattern that is sustainable over time. ;11.The official settlements balance(B) measures the sum of the current account balance plus the private capital account balance(including the statistical discrepancy). B =CA + FA B +OR (the flows of official reserve assets)=0;If B is in surplus, it equals an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country’s