第二讲：国际收支平衡表和开放经济宏观经济恒等式VIP免费

第二章国际收支平衡表和开放经济宏观经济恒等式2010-2011-2学期江南大学商学院金融系2区分四个概念GDP国内生产总值GNP国民生产总值NNP国民生产净值NI国民收入3开放经济宏观恒等式S=IDouble/twindeficit4问题：1997-1999期间，欧盟的政府赤字不断改善，但是经常项目的状况却逐渐恶化，是否说明双赤字理论不成立？5欧盟的政府赤字和经常项目http://www.ecb.int/stats/external/balance/html/index.en.html6http://www.imf.org/external/pubs/ft/bop/2007/pdf/bpm6.pdf7IIPTheIIPisastatisticalstatementthatshowsatapointintimethevalueof:financialassetsofresidentsofaneconomythatareclaimsonnonresidentsoraregoldbullionheldasreserveassets;andtheliabilitiesofresidentsofaneconomytononresidents.ThedifferencebetweentheassetsandliabilitiesisthenetpositionintheIIPandrepresentseitheranetclaimonoranetliabilitytotherestoftheworld.8BOPThebalanceofpaymentsisastatisticalstatementthatsummarizestransactionsbetweenresidentsandnonresidentsduringaperiod.Itconsistsofthegoodsandservicesaccount,theprimaryincomeaccount,thesecondaryincomeaccount,thecapitalaccount,andthefinancialaccount.9Double-EntryBasisofBalanceofPaymentsStatisticsRecordingforindividualtransactionsTherecordingofdebitsandcreditsunderliestheaccountingsystematthelevelofindividualtransactions.Eachtransactioninthebalanceofpaymentsisrecordedasconsistingoftwoequalandoppositeentries,reflectingtheinflowandoutflowelementtoeachexchange.Foreachtransaction,eachpartyrecordsamatchingcreditanddebitentry:Credit(CR.)—exportsofgoodsandservices,incomereceivable,reductioninassets,orincreaseinliabilities.Debit(DR.)—importsofgoodsandservices,incomepayable,increaseinassets,orreductioninliabilities.10Asimpleexampleisforsaleofgoodstoanonresidentfor100incurrency.Fortheseller:Exports100(CR.)Currency100(DR.—Increaseinfinancialassets)(Thetransactioninvolvestheprovisionofphysicalresourcestononresidentsandacompensatingreceiptoffinancialresourcesfromnonresidents.)Double-EntryBasisofBalanceofPaymentsStatistics11Anexampleofatransactioninvolvingonlyfinancialassetentriesisthesaleofsharesfor50incurrency.Fortheseller:Sharesandotherequity50(CR.—Reductioninfinancialassets)Currency50(DR.—Increaseinfinancialassets)(Thesellingpartyprovidessharesandreceivescurrencyinreturn.)Double-EntryBasisofBalanceofPaymentsStatistics12Anexampleinvolvingtheexchangeofanassetforthecreationofaliabilityiswhereaborrowerreceivesaloanof70incash.Fortheborrower:Loan70(CR.—Increaseinliabilities)Currency70(DR.—Increaseinfinancialassets)Double-EntryBasisofBalanceofPaymentsStatistics13Flowsrefertoeconomicactionsandeffectsofeventswithinanaccountingperiod,andpositionsrefertoalevelofassetsorliabilitiesatapointintime.Atransactionisaninteractionbetweentwoinstitutionalunitsthatoccursbymutualagreementorthroughtheoperationofthelawandinvolvesanexchangeofvalueoratransfer.14Economicassetsareresourcesoverwhichownershiprightsareenforcedandfromwhichfutureeconomicbenefitsmayflowtotheowner.Theyincludefixedassets,suchasequipmentandresearchanddevelopment,thatareusedrepeatedlyorcontinuouslyinproductionovermorethanoneyear.Theyalsoincludeinventories,valuables,nonproducedassets,andfinancialassets.15SixthEditionoftheIMF‘sBalanceofPaymentsandInternationalInvestmentPositionManual，c16SixthEditionoftheIMF‘sBalanceofPaymentsandInternationalInvestmentPositionManual，xxxiii171819http://www.stats.gov.cn/tjsj/q...