國際金融英文版(托馬斯a普格爾著)---chaptertwo-資料下載頁
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【正文】 The country is producing more (and has more ine from this production) than it is spending on goods and services. Deficit The analysis of balance of payments ? These identities also help us to see what must be changed if the current account balance is to be changed. For example, from CA=YE we know if we want to reduce current account deficit, we should increase Y or reduce E. From CA=SI, we know if we want to reduce current account deficit, we should increase S or reduce I. The analysis of balance of payments ? These identities also help us to understand what forces might be causing changes in the current account balance. see p21 figure for an example ? For instance, the US has evolved from a exporter and lender after World War II to a importer and borrower. Up through the 1960s, the US had a positive current account balance and a positive trade balance. The US was a exporter and lender largely because Europe and Japan, still recovering from World War II, badly needed American goods and loans ( and foreign aid under the Marshall Plan). ? During the 1970s and up through 1981, a new pattern began to emerge. The US became a importer of goods and services, but still kept its current account approximately in balance, thanks largely to interest and profit earnings on previous foreign investments. ? After 1982, the US shifted into dramatic trade and current account deficits, being the world’s largest borrower. The underlying reason: Led by new federal government deficits, the US cut its rate of national saving much faster than its domestic investment and therefore borrowed heavily from Japan and other countries. The deficits declined in the late 1980s, but then began to grow again after 1991. (the current account deficit for 1991 was unusually low because of transfer payments from the allied countries to US related to Operation Desert Storm against Iraq.) The analysis of balance of payments ? The macro meaning of the overall balance ? How is overall balance puted? (official settlement balance) ? B=CA+FA(except OR) or B+OR=0 ? The overall balance is meant to indicate whether a country’s balance of payments has achieved an overall pattern that is sustainable over time. ? The overall balance can reflect the pressure placed on a country’s official reserve, or the government’s intervention in the foreign exchange market. The analysis of balance of payments ? The international investment position ? The international investment position is a statement of the stocks of a nation’s international assets and foreign liabilities at a point in time, usually the end of a year. This statement is a balance sheet that plements the balance of payments account. ? Flows change stocks, so it is with the balance of payments and the international position. ? We say a nation is a lender or borrower depending on whether its current account is in surplus or deficit during a period of time. We say that a nation is a creditor or debtor depending on whether its stock of foreign assets is positive or negative. The analysis of balance of payments ? See p19 case study to learn something about the errors and omissions 謝謝觀看 /歡迎下載 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAITH
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