國際金融托馬斯a普格爾(著)第14版chapter2(存儲版)
【正文】 Statistical Discrepancy (Error and omissions) (1) The data statistics is not plete (2) Statistics calculate repetitively and lapse (3) Something is calculate ? Six balances ? Merchandise (goods) trade balance ? Goods and service balance (trade balance) ? Goods, service, and ine balance ? Current account balance ( foreign investment) ? Financial account balance ? Overall balance (official settlement balance) 19 Figure The macro meaning of the current account balance Some symbols: CA : Current account balance S : National saving 國民儲蓄 If : Net foreign investment 對外凈投資 Id : Domestic real investment 國內直接投資 Y : Domestic production of GS 國內商品和服務的總產出 C : Domestic household consumption of GS 本國對商品和服務的私人消費支出 G : Government spending on GS 政府對商品和服務的購買 X : Foreing purchases of the country’s exports of GS 外國對本國商品和服務的購買 M : The country’s purchases of imports of GS from other contries 本國對外國商品和服務的購買 E : National expenditure on GS 一國對商品和服務的總支出 ?Financing and international financial flows: Net foreign investment (If). CA = If If ： The accumulation of foreign assets minus foreign liabilities. CA 0 surplus → If 0 → Net lender凈債權國 CA 0 deficit → If 0 → Net borrower凈債務國 ?National saving (S) versus domestic investment (Id). CA = S – Id S include: Id : Invest at home in domestic captical formation, which is domestic real investment. If : Invest abroad in foreign invesment. CA = If S = Id + If, CA = S – Id ?Domestic production (Y) versus national expenditure (E). CA = Y – E Y = C + Id + G +(X – M) E = C + Id + G
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