【文章內(nèi)容簡介】 ign assets owned by home country B. Decrease in LT home country assets owned by foreign country A. Decrease in LT foreign assets owned by home country B. Increase in LT home country assets owned by foreign country Captial Account A. Increase in ST foreign assets owned by private individ. in home country B. Decrease in ST home country assets owned by private foreigners A. Decrease in ST foreign assets owned by private individ. in home country B. Increase in ST home country assets owned by private foreigners Official reserve asset A. Increase in ST foreign assets owned by home country gov’t B. Decrease in ST home country assets owned by foreign country gov’t A. Decrease in ST foreign assets owned by home country gov’t B. Increase in ST home country assets owned by foreign country gov’t Fundamentals of BOP Accounting ? GDP ? GDP=C+I+G+XM ? GNP ? GNP=GDP+NFP ? GDI ? GDI=GNP+NT Fundamentals of BOP Accounting ? Gross domestic product is the value of all domesticallyproduced final goods and services. GDP is the value of all output produced home. ? Economists often split aggregate expenditure into four ponents— consumption (C), investment (I), government spending (G), exports (NX) ? Hence we can write GDP = C + I + G + NX Fundamentals of BOP Accounting ? There are three equivalent methods of estimating GDP ? Expenditure approach ? Total expenditure on all final goods and services produced ? Ine approach ? Total ine received by all factors of production ? Output approach ? Sum of value added at each stage of production Fundamentals of BOP Accounting ? Gross national product is the value of all final goods and services produced by domestically owned factors of production. GNP is the value of all output produced using domesticallyowned factors of production ? Some output produced home is produced by foreigners (this should not count in GNP) ? Some output produced abroad is produced by domesticallyowned factors (this should count in GNP) ? Hence GNP = GDP + factor ine from abroad Fundamentals of BOP Accounting ? Hence the difference between GDP and GNP is proportional to NFP ? If a country is a debtor nation NFP0 ? If a country is a creditor nation NFP0 The analysis of balance of payments ? 1. How should we analyze the balance of payments ? Partial balance: surplus or deficit (figure ) ? Merchandise trade balance（ goods balance) ? Goods and services balance (trade balance) ? Goods, services and ine balance ? Current account balance ? Private financial account balance ? Overall balance (official settlement balance) A. Current Account 1. Goods Balance 2. Service Balance 1 through 2 = Trade Balance 3. Ine Balance 4. Net Transfers A (1 through 4) = Current Account Balance __________________________________________________________________________ B. Capital Account __________________________________________________________________________ C. Financial Account 1. Net Foreign Direct Investment 2. Net Portfolio Investment 3. Other Financial Items A + B + C = Basic Balance __________________________________________________________________________ D. Net Errors and Omissions A + B + C + D = Ov