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INTERNATIONAL FINANCEINTERNATIONAL FINANCEInternational Business CollegeInternational Business College

Fang De-dongFang De-dong Ph.D Associate ProfessorPh.D Associate Professor Tel: 13688675513Tel: 13688675513 E-mail: fangdedong@sohu.comE-mail: fangdedong@sohu.com

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Chapter OneChapter OneInternational Economics Is DifferentInternational Economics Is Different

[teaching targets and demands][teaching targets and demands] To introduce the relative concepts of To introduce the relative concepts of

international finance, for instance, international finance, for instance, currency exchanges between different currency exchanges between different countries for trades and investments, by countries for trades and investments, by four typical events. four typical events.

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[Teaching key and difficult points] [Teaching key and difficult points] How to make students understand that

different economics in different countries leads to creation of international finance. 。

 

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[chapter outline ][chapter outline ]Four Events  the Euro, Argentina( from darling to

delinquent); Economics and the nation-state:

different moneys, different fiscal policies, factor ability.

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CHAPTER 2CHAPTER 2

Payments Payments

Among NationsAmong Nations

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[teaching targets and demands][teaching targets and demands] Be sure to master the concepts such as Be sure to master the concepts such as

balance of paymentsbalance of payments, , current accountcurrent account balancebalance, , direct investmentsdirect investments, , portfolio portfolio investmentinvestment, , official settlement balanceofficial settlement balance etc. etc. and the methods to make and analyze a and the methods to make and analyze a balance of payments presentation.balance of payments presentation.

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[Teaching key and difficult points][Teaching key and difficult points]

How to make and analyze a balance of payments presentation.

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chapter outlinechapter outline

Two sides to any international exchange;Putting the account together; The macroeconomic meaning of the

current account balance; The macro meaning of the overall

balance; The International investment position

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Balance of Payment (BOP)Balance of Payment (BOP)

What is a country’s balance of payment?What is a country’s balance of payment? A systematic account of all the A systematic account of all the

exchanges of value betweenexchanges of value between residents residents of of that country and the rest of the world that country and the rest of the world during a given timeduring a given time period period

Tow flows in any transactionTow flows in any transaction The Records Principle of BOP The Records Principle of BOP

Statements:Statements: double-entry bookkeeping double-entry bookkeeping

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复式记账法 ：复式记账法 ：按照记账原则，每一笔按照记账原则，每一笔交易分别记录在贷方和借方两个科目中。交易分别记录在贷方和借方两个科目中。

Double Entry BookkeepingDouble Entry Bookkeeping ：： the system of keeping the system of keeping

accounts accounts ，， every payment appears every payment appears twice twice ， ， in different accents in different accents ，， once as once as a a credit credit （贷方）（贷方） and once as aand once as a debit debit （借方）（借方） ..

————————————bookkeeping bookkeeping ：： recording business transactions recording business transactions 簿记 簿记 account account ：帐户；帐目：帐户；帐目

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贷方贷方 CreditCredit ：： A credit item (+) is a flow A credit item (+) is a flow for which the country is paid.for which the country is paid.

借方借方 DebitDebit ：： A debit item (-) is a flow for A debit item (-) is a flow for which the country must pay.which the country must pay.

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如果一笔交易能为该国赚得外汇，就记如果一笔交易能为该国赚得外汇，就记为贷方项目，是正值。如果一笔交易要花费为贷方项目，是正值。如果一笔交易要花费外汇，就是一个借方项目，记作负值。外汇，就是一个借方项目，记作负值。 ————Paul .A .SamuelsonPaul .A .Samuelson 《《经济经济

学学》》（第（第 1616 版中文版）版中文版） p300p300

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资金流量资金流量 (flow of fund)(flow of fund) 举例：举例： ×××× 个人收支统计个人收支统计（（ 20102010 年年 11 月）月）

———————————————————————————— 项目 收入（项目 收入（ + + ） 支出（） 支出（ -- ） ） 结余结余　 　 ——————————————————————————————————————————

一、生活费 一、生活费 3500 3500

二、书本 二、书本 -350 -350

三、饭卡 三、饭卡 -2000-2000

四、家教 四、家教 1000 -1001000 -100

———————————————————— ————————————————————

合计 合计 4500 -2450 4500 -2450 2050 2050 　 　 endend

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贷方贷方 CreditCreditExports of goodsExports of goodsPurchases by foreigners in this countryPurchases by foreigners in this countryForeigners’ investing in the country’s Foreigners’ investing in the country’s

bondsbonds

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借方借方 DebitDebit Imports of goodsImports of goodsPurchases by firms in this country from Purchases by firms in this country from

foreign countriesforeign countriesPurchases by investors in this country Purchases by investors in this country

from foreignersfrom foreigners

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（（ 11 ）凡引起本国外汇收入的项目，记入贷方，）凡引起本国外汇收入的项目，记入贷方，记为“记为“ +”+” （可省略） （可省略）

（（ 22 ）凡引起本国外汇支出的项目，记入借方，）凡引起本国外汇支出的项目，记入借方，记为“记为“ -” -”

①① 贸易往来，即各种物质商品的输出入。出口贸易往来，即各种物质商品的输出入。出口列为贷方金额，进口列为借方金额。 列为贷方金额，进口列为借方金额。

②② 非贸易往来，主要包括非贸易往来，主要包括劳务收支劳务收支、、投资所得投资所得等。收入列为贷方金额，支出列为借方金额。 等。收入列为贷方金额，支出列为借方金额。

　　

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③③ 无偿转让。从外国转入本国列为贷方金额，从无偿转让。从外国转入本国列为贷方金额，从本国转向外国列为借方金额。 本国转向外国列为借方金额。

④④ 资本往来，分为长期和短期。从外国流入本国资本往来，分为长期和短期。从外国流入本国的资本列为贷方金额，从本国流向外国的资本的资本列为贷方金额，从本国流向外国的资本列为借方金额。 列为借方金额。

⑤⑤ 储备。包括本国作为国际货币基金组织的成员储备。包括本国作为国际货币基金组织的成员国分配得到的特别提款权以及作为国际储备的国分配得到的特别提款权以及作为国际储备的黄金和外汇等。储备本身是存量，其增减额是黄金和外汇等。储备本身是存量，其增减额是流量。本年度储备增加额列为借方金额，其减流量。本年度储备增加额列为借方金额，其减少额列为贷方金额，二者相抵得出储备净增额少额列为贷方金额，二者相抵得出储备净增额或净减额。 或净减额。

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Six categories of flowsSix categories of flows• Merchandise trade flowsMerchandise trade flows• Goods and Services flowsGoods and Services flows• Income flowsIncome flows• Unilateral transfersUnilateral transfers• Private capital flowsPrivate capital flows• Official international reserve flowsOfficial international reserve flows

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Six balancesSix balances Merchandise (goods) trade balance Merchandise (goods) trade balance Goods and service balance (trade balance)Goods and service balance (trade balance) Goods, service, and income balance Goods, service, and income balance Current balance (net foreign investment)Current balance (net foreign investment) Financial account balanceFinancial account balance Overall balance (official settlement balanceOverall balance (official settlement balance))

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Outline of balance of paymentOutline of balance of payment

Current account(CA)Current account(CA) Financial account(FA)Financial account(FA) Official international reserveOfficial international reserve Statistical discrepancy (net value of Statistical discrepancy (net value of

errors and omissions)errors and omissions)

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Current account(CA)Current account(CA)

Merchandise (goods) trade balance Merchandise (goods) trade balance Goods and service balance (trade balance)Goods and service balance (trade balance) Goods, service, and income balanceGoods, service, and income balance Goods, service, income and unilateral Goods, service, income and unilateral

balancebalance

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经常账户经常账户（（ 11 ）商品贸易或有形贸易（）商品贸易或有形贸易（ goodsgoods ）：如进口小麦，出口纺）：如进口小麦，出口纺

织品等。是经常帐户中最重要项目．一般来说，货物按边界离岸织品等。是经常帐户中最重要项目．一般来说，货物按边界离岸价（价（ free of boardfree of board ，简称，简称 FOBFOB ）计价。）计价。

（（ 22 ）服务贸易）服务贸易————劳务进出口（劳务进出口（ servicesservices ）：包括运输、旅）：包括运输、旅游、通讯服务、建筑服务、保险服务，以及咨询、广告等商业服游、通讯服务、建筑服务、保险服务，以及咨询、广告等商业服务等等。又称为无形贸易。务等等。又称为无形贸易。

（（ 33 ）收益（）收益（ incomeincome ）：包括职工报酬和投资收益两类。在国）：包括职工报酬和投资收益两类。在国外获得的工资，奖金，股票红利，债券利息等作为收益项目贷方，外获得的工资，奖金，股票红利，债券利息等作为收益项目贷方，外国人在中国获得工资、奖金、红利、利息等作为收益项目借方。外国人在中国获得工资、奖金、红利、利息等作为收益项目借方。

（（ 44 ）经常转移（）经常转移（ current transfercurrent transfer ）：包括政府与民间相互）：包括政府与民间相互捐赠等等发生的收入转移。捐赠等等发生的收入转移。

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Financial account(FA)Financial account(FA)

is a record of international exchange of is a record of international exchange of assets and liabilities . Including direct assets and liabilities . Including direct investments and securityinvestments and security （（ portfoliolportfoliol ） ） investments .investments .

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direct investmentsdirect investments:: any flow of lending to, or any flow of lending to, or purchases of ownership in a foreign enterprise purchases of ownership in a foreign enterprise that is largely owned by residents of the that is largely owned by residents of the investing country. (IMF25%, US.10%)investing country. (IMF25%, US.10%)

portfoliol investmentsportfoliol investments: lending or purchases : lending or purchases include international flows of securities, loans include international flows of securities, loans and bank deposits. The investor does not own a and bank deposits. The investor does not own a large share of the enterprise being invested large share of the enterprise being invested in,but just investing as part of portfolio. in,but just investing as part of portfolio.

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Official international reserveOfficial international reserve

Money-like assets that are held by Money-like assets that are held by government and that are generally government and that are generally recognized by government as fully recognized by government as fully acceptable for payments between acceptable for payments between them.them.

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Foreigh exchange(Bonds, stocks and Foreigh exchange(Bonds, stocks and deposits)deposits)

GoldGoldSDRs(Special Drawing Rights)SDRs(Special Drawing Rights)Deposit in IMFDeposit in IMF

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Statistical discrepancyStatistical discrepancy errors and omissionserrors and omissions

IIf the two sides of every transaction are f the two sides of every transaction are correctly recorded, there would not be correctly recorded, there would not be any stastitical discrepancy. The sum are any stastitical discrepancy. The sum are not equal, means thant any items were not equal, means thant any items were missed or to say anything were missed or to say anything were undermeasured. Eg. Private capital flows. undermeasured. Eg. Private capital flows. Underreport merchadise imports, income Underreport merchadise imports, income receipts and capital exports. (smuggling, receipts and capital exports. (smuggling, Drug trafficking)Drug trafficking)

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净误差与遗漏净误差与遗漏由于不同帐户的统计资料来源不一，记录

时间不同以及一些人为因素（如虚报出口）等原因，会造成结帐时出现净的借方或贷方余额，这是就需要人为设立一个抵消帐户，数目与上述余额相等而方向相反。 如果借方总额大于贷方总额，其差额记入项目的贷方；反之，记入项目的借方。

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How to make BOPHow to make BOP

贷方贷方 CreditCredit ：： A credit item (+) is a flow A credit item (+) is a flow for which the country is paid.for which the country is paid.

Exports of goodsExports of goodsPurchases by foreigners in this countryPurchases by foreigners in this countryForeigners’ investing in the country’s Foreigners’ investing in the country’s

bondsbonds

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借方借方 DebitDebit ：： A debit item (-) is a flow for A debit item (-) is a flow for which the country must pay.which the country must pay.

Imports of goodsImports of goodsPurchases by firms in this country from Purchases by firms in this country from

foreign countriesforeign countriesPurchases by investors in this country Purchases by investors in this country

from foreignersfrom foreigners

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（（ 11 ）凡引起本国外汇收入的项目，记入贷方，）凡引起本国外汇收入的项目，记入贷方，记为“记为“ +”+” （可省略） （可省略）

（（ 22 ）凡引起本国外汇支出的项目，记入借方，）凡引起本国外汇支出的项目，记入借方，记为“记为“ -” -”

①① 贸易往来，即各种物质商品的输出入。出口贸易往来，即各种物质商品的输出入。出口列为贷方金额，进口列为借方金额。 列为贷方金额，进口列为借方金额。

②② 非贸易往来，主要包括非贸易往来，主要包括劳务收支劳务收支、、投资所得投资所得等。收入列为贷方金额，支出列为借方金额。 等。收入列为贷方金额，支出列为借方金额。

　　

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③③ 无偿转让。从外国转入本国列为贷方金额，从无偿转让。从外国转入本国列为贷方金额，从本国转向外国列为借方金额。 本国转向外国列为借方金额。

④④ 资本往来，分为长期和短期。从外国流入本国资本往来，分为长期和短期。从外国流入本国的资本列为贷方金额，从本国流向外国的资本的资本列为贷方金额，从本国流向外国的资本列为借方金额。 列为借方金额。

⑤⑤ 储备。包括本国作为国际货币基金组织的成员储备。包括本国作为国际货币基金组织的成员国分配得到的特别提款权以及作为国际储备的国分配得到的特别提款权以及作为国际储备的黄金和外汇等。储备本身是存量，其增减额是黄金和外汇等。储备本身是存量，其增减额是流量。本年度储备增加额列为借方金额，其减流量。本年度储备增加额列为借方金额，其减少额列为贷方金额，二者相抵得出储备净增额少额列为贷方金额，二者相抵得出储备净增额或净减额。 或净减额。

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The macro meaning of current The macro meaning of current account balanceaccount balance

  1.1. Financing and international financial Financing and international financial flows: Net foreign investment (Iflows: Net foreign investment (Iff).-).-对外净对外净

 投资  投资 CA = ICA = Iff    

2.2. National saving (S) versus domestic National saving (S) versus domestic investment (Iinvestment (Idd). ).

S = IS = Idd + I + Iff, so that , so that CA = S – ICA = S – Idd

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国民收入：是反映一国一定时期（通常为一年）投入的国民收入：是反映一国一定时期（通常为一年）投入的生产资源所产出的最终产品和服务的市场价值或由此生产资源所产出的最终产品和服务的市场价值或由此形成的收入的一个数量指标。国民收入是一个流量概形成的收入的一个数量指标。国民收入是一个流量概念。 念。

国内生产总值（国内生产总值（ gross domestic products GDPgross domestic products GDP ）：）：是是以一国领土为标准，指的是在一定时期内一国境内生以一国领土为标准，指的是在一定时期内一国境内生产的产品与服务总值。产的产品与服务总值。

国民生产总值（国民生产总值（ gross national products GNPgross national products GNP ）：）：是是以一国居民为标准，指的是在一定时期内一国居民生以一国居民为标准，指的是在一定时期内一国居民生产的产品与服务总值。产的产品与服务总值。

一般主要采用一般主要采用 GNPGNP 概念。 概念。

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00-36

封闭条件下的国民收入帐户封闭条件下的国民收入帐户在封闭条件下，全部产品或服务都是由本国居民在本国领土上生产出来在封闭条件下，全部产品或服务都是由本国居民在本国领土上生产出来

的。的。从产品的最终支出角度看，可以分为：私人消费（从产品的最终支出角度看，可以分为：私人消费（ CC ）、）、私人投资私人投资

（（ II ）、）、政府支出（政府支出（ GG ）；）；

从收入来源角度看，可以分为私人消费（从收入来源角度看，可以分为私人消费（ CC ）、）、私人储蓄（私人储蓄（ SSPP ）、）、政政府税收（府税收（ TT ）。）。

C+I+G=Y=C+ SC+I+G=Y=C+ SPP+T→I= S+T→I= SPP + + （（ T-GT-G ））

T-G=ST-G=Sgg （（政府储蓄）政府储蓄）

总支出中未被用于私人消费和政府购买的部分总支出中未被用于私人消费和政府购买的部分————国民储蓄（国民储蓄（ SS ），），它它是由私人储蓄和政府储蓄两部分构成的。是由私人储蓄和政府储蓄两部分构成的。

在封闭条件下，在封闭条件下， I=SI=S 。 。

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00-37

开放条件下的国民收入帐户开放条件下的国民收入帐户在开放条件下，在开放条件下， XX 代表进口，代表进口， MM 代表出口，开放经济的国民收入等式为：代表出口，开放经济的国民收入等式为：

Y=C+I+G+X-MY=C+I+G+X-M

CA=X-MCA=X-M

CC 、、 II 、、 GG 构 成 国 内 居 民 的 总 支 出 ， 称 为 国 内 吸 收 （构 成 国 内 居 民 的 总 支 出 ， 称 为 国 内 吸 收 （ domestic domestic absorptionabsorption ），），用用 EE 表示，即：表示，即： E=C+Id+GE=C+Id+G

经常帐户是国民收入与国内吸收的差额，即：经常帐户是国民收入与国内吸收的差额，即： CA=Y-ACA=Y-A 。。在开放条件下，一国在开放条件下，一国的国民收入与国内支出可以不必相等。当的国民收入与国内支出可以不必相等。当 CA>0CA>0 时，称为贸易顺差；当时，称为贸易顺差；当CA<0CA<0 时，称为贸易逆差，此时必须进口外国产品与服务来满足国内支出需时，称为贸易逆差，此时必须进口外国产品与服务来满足国内支出需求。求。 CACA 反映国民收入与国内吸收之间的关系。反映国民收入与国内吸收之间的关系。

CA=S-ICA=S-I ，，表明在开放条件下，一国投资与储蓄不必相等，当表明在开放条件下，一国投资与储蓄不必相等，当 S<IS<I 时，可以通过时，可以通过产生经常帐户赤字方法来以产品的净进口满足投资需要，形成国内资产。当产生经常帐户赤字方法来以产品的净进口满足投资需要，形成国内资产。当S>IS>I 时，可以通过净出口带来的资本流出而形成海外资产。资本往往从经常时，可以通过净出口带来的资本流出而形成海外资产。资本往往从经常帐户赢余国家流向赤字国家。 帐户赢余国家流向赤字国家。

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3.3.Domestic production (Y) versus national Domestic production (Y) versus national expenditure (E). Y = C + Iexpenditure (E). Y = C + Idd + G +(X – M), + G +(X – M),

E = C + IE = C + Idd + G, and CA = (X – M) + G, and CA = (X – M)

approximately, so that approximately, so that

  

CA = Y – ECA = Y – E

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The Overall BalanceThe Overall Balance

B: the official settlements balance measures B: the official settlements balance measures the sum of the current account balance the sum of the current account balance plus the private capital account balanceplus the private capital account balance（（净私人流动净私人流动 KAKA ）） . .

B = CA+KAB = CA+KAAny imbalance in the official settlements Any imbalance in the official settlements

balance must be financed through official balance must be financed through official reserves flows: reserves flows: （官方储备资产（官方储备资产 OROR））

B+OR =0B+OR =0

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The international investment positionThe international investment position A statement of the stocks of a nation’s A statement of the stocks of a nation’s

international assets and foreign liabilities at a international assets and foreign liabilities at a point in timepoint in time

Flow vs. stock (lender or borrower vs. creditor or Flow vs. stock (lender or borrower vs. creditor or debtor)debtor)

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Analysis of BOP StatementsAnalysis of BOP Statements

The meanings of The meanings of imbalance imbalance ： ： means the expenditure total amount means the expenditure total amount exceed receipts exceed receipts ，， or contrary circumstance or contrary circumstance in a country‘s balance of payments . The in a country‘s balance of payments . The former is BOPformer is BOP deficitdeficit ，， The latter is BOPThe latter is BOP surplussurplus ..———————————————— surplus surplus （（ favorablefavorable ） ：顺差） ：顺差 deficitdeficit （ （ unfavorableunfavorable ）：逆差）：逆差

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一、经常项目一、经常项目 1.1. 货物货物 2.2. 服务 自主性交易服务 自主性交易二、资本项目二、资本项目 1.1. 长期 长期 “线上部分”“线上部分” above the lineabove the line

———————————————————————————————— 2.2. 短期 调节性交易 短期 调节性交易 三、平衡项目 三、平衡项目 “线下部分”“线下部分” below the linebelow the line

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国际收支平衡表的技术性调整国际收支平衡表的技术性调整————错误和遗漏错误和遗漏

由于各种国际经济交易的统计资料来源不一，有由于各种国际经济交易的统计资料来源不一，有的数据甚至还来自于估算，加上一些人为的因素的数据甚至还来自于估算，加上一些人为的因素（如有些数据须保密，不宜公开），平衡表实际（如有些数据须保密，不宜公开），平衡表实际上就几乎不可避免的会出现净的借方余额或贷方上就几乎不可避免的会出现净的借方余额或贷方余额。余额。

基于会计上的需要，一般就人为设置一个项目，基于会计上的需要，一般就人为设置一个项目，以抵消上述统计偏差，即“净错误和遗以抵消上述统计偏差，即“净错误和遗漏”（漏”（ Net Errors and OmissionsNet Errors and Omissions ））科目。科目。

如果借方总额大于贷方总额，净错误和遗漏这一如果借方总额大于贷方总额，净错误和遗漏这一项则放在贷方；反之，如果贷方总额大于借方总项则放在贷方；反之，如果贷方总额大于借方总额，净错误和遗漏这一项则放在借方。额，净错误和遗漏这一项则放在借方。

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贸易差额和经常账户差额贸易差额和经常账户差额 贸易差额（贸易差额（ Trade BalanceTrade Balance ））也是衡量一国实际也是衡量一国实际

资源转让、实际经济发展水平和国际收支状况的资源转让、实际经济发展水平和国际收支状况的重要依据。 重要依据。

经常账户差额（经常账户差额（ Current Account BalanceCurrent Account Balance ））反映反映了实际资源在该国与它国之间的转让净额，以及了实际资源在该国与它国之间的转让净额，以及该国的实际经济发展水平。当经常账户为盈余时，该国的实际经济发展水平。当经常账户为盈余时，就要通过资本的净流出或官方储备的增加来平衡；就要通过资本的净流出或官方储备的增加来平衡；当经常账户为赤字时，就要通过资本的净流入或当经常账户为赤字时，就要通过资本的净流入或官方储备的减少来平衡。官方储备的减少来平衡。

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综合差额综合差额综合差额（综合差额（ Overall BalanceOverall Balance ））所包括的线上交易最所包括的线上交易最

为全面，仅仅将官方储备作为线下交易，它衡量一国为全面，仅仅将官方储备作为线下交易，它衡量一国官方通过变动官方储备来弥补的国际收支不平衡。官方通过变动官方储备来弥补的国际收支不平衡。

当综合差额为盈余或赤字时，就要通过增加或减少官当综合差额为盈余或赤字时，就要通过增加或减少官方储备来平衡。方储备来平衡。

综合差额的状况直接影响到该国的汇率是否稳定；而综合差额的状况直接影响到该国的汇率是否稳定；而动用官方储备弥补国际收支不平衡、维持汇率稳定的动用官方储备弥补国际收支不平衡、维持汇率稳定的措施又会影响到一国的货币发行量。因此，综合差额措施又会影响到一国的货币发行量。因此，综合差额是非常重要的。是非常重要的。

IMFIMF 倡导使用综合差额这一概念。在没有特别说明的倡导使用综合差额这一概念。在没有特别说明的情况下，人们所说的国际收支盈余或赤字，通常指的情况下，人们所说的国际收支盈余或赤字，通常指的是综合差额盈余或赤字。是综合差额盈余或赤字。

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国际收支帐户基本关系国际收支帐户基本关系

国际收支帐户中心思想很简单：如同个人需要为买国际收支帐户中心思想很简单：如同个人需要为买单付帐一样，一国必须为它在国外买单付帐。一个单付帐一样，一国必须为它在国外买单付帐。一个人支出大于收入时，必须通过出卖资产或借钱来填人支出大于收入时，必须通过出卖资产或借钱来填补亏空，一国经常帐户出现赤字，同样需要通过不补亏空，一国经常帐户出现赤字，同样需要通过不同方式弥补：一是向外国人出售资产或借债，二是同方式弥补：一是向外国人出售资产或借债，二是减少外汇储备。减少外汇储备。

这一关系表述为：这一关系表述为： 经常帐户顺差 经常帐户顺差 + + 净资本流入 －外汇储备增加 净资本流入 －外汇储备增加 = 0= 0 或：经常帐户顺差 或：经常帐户顺差 + + 净资本流入 净资本流入 = = 外汇储备增加外汇储备增加

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Conceptions Conceptions (summary)(summary)

1. 1. balance of paymentsbalance of payments: a set of account : a set of account recording all flows of value between residents recording all flows of value between residents of a country and the rest of the world during a of a country and the rest of the world during a given period of time.given period of time.

22. capital inflow. capital inflow :an increase in a nation's :an increase in a nation's assets obtained from other countries or a assets obtained from other countries or a decrease in its liabilities to other countries.decrease in its liabilities to other countries.

33. capital outflow: . capital outflow: an increase in a nation's an increase in a nation's liabilities to foreign residents or a decrease in liabilities to foreign residents or a decrease in assets previously obtained from other assets previously obtained from other countries.countries.

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4. 4. merchandise trade balance:merchandise trade balance: net credits net credits minus net debits on merchandise.minus net debits on merchandise.

5. 5. goods and services balance:goods and services balance: net exports net exports of goods and services.of goods and services.

6. 6. goods, services, and income balance:goods, services, and income balance:net income flows and net exports of goods net income flows and net exports of goods and services.and services.

7. 7. current account balance:current account balance: net credits net credits minus debits on the flows of goods, minus debits on the flows of goods, services, income, and unilateral transfers. services, income, and unilateral transfers.

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8. capital account balance: 8. capital account balance: net credits minus net credits minus debits involving changes in private national debits involving changes in private national residents' foreign financial assets and liabilities. residents' foreign financial assets and liabilities. (pg.16)(pg.16)

9. official settlements balance: 9. official settlements balance: the sum of the the sum of the current account balance plus the private capital current account balance plus the private capital account balance. (an imbalance in the official account balance. (an imbalance in the official balance must be paid for through official balance must be paid for through official reverses transaction)reverses transaction)

10 official international reserves10 official international reserves ：： money like money like assets such as gold that are generally assets such as gold that are generally recognized as official assetsrecognized as official assets

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11 direct investments11 direct investments ： ： any flow of any flow of lending to, or purchases of ownership lending to, or purchases of ownership in, a foreign enterprise that is largely in, a foreign enterprise that is largely owned by residents of the investing owned by residents of the investing country. (IMF25%, U.S.10%)country. (IMF25%, U.S.10%)

Portfolio investmentPortfolio investment:: lending or lending or purchases include international flows of purchases include international flows of securities, loans and bank depositssecurities, loans and bank deposits. . The investor does not own a large The investor does not own a large share of the enterprise being invested share of the enterprise being invested in,but just investing as part of a in,but just investing as part of a diversified portfolio.diversified portfolio.

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12 net foreign investment: 12 net foreign investment: the change in a the change in a nation's foreign assets minus foreign nation's foreign assets minus foreign liabilities.liabilities.

13 international investment position: 13 international investment position: the the net accumulation of foreign assets minus net accumulation of foreign assets minus foreign liabilities. foreign liabilities.

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14 14 资本外逃 资本外逃 Capital flight:Capital flight: TheThe secret secret sending of wealth to foreign countries,sending of wealth to foreign countries, away from the supervision of one’s home away from the supervision of one’s home government.government.