Pugel 17e · International Trade
Chapter 16 · Payments among Nations
This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position. A country's balance of payments records all economic transactions between the residents of the country and residents of the rest of the world.
教材导入与手册摘录
This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position.
A country's balance of payments records all economic transactions between the residents of the country and residents of the rest of the world. Each transaction or exchange results in two opposite flows of value. By convention, a credit or positive item is the flow for which the country is paid—it is the item that the country gives up in the transaction, and it sets up a claim on the foreign resident, so that funds (or "money") flow into the country. A debit or negative item is the flow that the country must pay for—it is the item that the country receives in the transaction, and it sets up a foreign claim on a resident of the country, so that funds (or "money") flow out of the country.
Each transaction has both a credit and a debit item—double-entry bookkeeping—at least once we create a fictional "goodwill" item for things that are given away (unilateral or unrequited transfers). Therefore, if we add up all items for the country's balance of payments, it must add up to zero. What we find interesting about the balance of payments is not that it must completely add up to zero, but rather how it does so. What are the values of different categories of items?
Typically, the first categories we examine are items that are international flows of goods (or merchandise), services, income, and gifts—the current account. Services include flows of transportation, financial services, education, consulting, and so forth. Income includes flows of payments such as interest, dividends, and profits. In addition to the full current account balance, we can also examine the goods and services balance.
核心知识点
A Country's Balance of Payments
A country's balance of payments records all economic transactions between the residents of the country and residents of the rest of the world. Each transaction or exchange results in two opposite flows of value. By convention, a credit or positive item is the flow for which the country is paid—it is the item that the country gives up in the transaction, and it sets up a claim on the foreign resident, so that funds (or "money") flow into the country.
- The balance of payments (BOP) is an accounting of a country's international transactions for a particular time period.
- In double-entry accounting, each transaction has two items.
- An item that would cause funds or money to flow into a country is a
The Macro Meaning of the Current Account Balance
The current account balance (CA) has several meanings. First, CA equals the value of the country's net flow (If) of foreign investments (both private and official). Second, CA equals the difference between national saving and domestic real investment (S Id). Third, because CA is approximately equal to the difference (X M) between the value of the country's exports of goods and services and the value of its imports of goods and services, CA is (approximately) equal to the difference between domestic production of goods and services and national expenditures on goods and services (Y E).
- The country’s current account balance must equal
- net foreign investment
- , the increase in the country’s foreign financial assets minus the increase in the country’s foreign financial liabilities.
The Macro Meaning of the Overall Balance
This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position.
- overall balance
- should indicate whether a country’s balance of payments has achieved an overall pattern that is sustainable over time. No single indicator represents overall balance perfectly.
The International Investment Position
This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position.
- 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.
Accounting Principles
This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position.
- The balance of payments (BOP) is an accounting of a country's international transactions for a particular time period.
- In double-entry accounting, each transaction has two items.
- An item that would cause funds or money to flow into a country is a
Financial Account
Typically, the first categories we examine are items that are international flows of goods (or merchandise), services, income, and gifts—the current account. Services include flows of transportation, financial services, education, consulting, and so forth. Income includes flows of payments such as interest, dividends, and profits.
- Current account
- Financial account
- Net change in official international reserves
案例与应用
The current account balance (CA) has several meanings. First, CA equals ...
The current account balance (CA) has several meanings. First, CA equals the value of the country's net flow (If) of foreign investments (both private and official). Second, CA equals the difference between national saving and domestic real investment (S Id). Third, because CA is approximately equal to the difference (X M) between the value of the country's exports of goods and services and the value of its imports of goods and services, CA is (approximately) equal to the difference between domestic production of goods and services and national expenditures on goods and services (Y E).
查看教材摘录
The current account balance (CA) has several meanings. First, CA equals the value of the country's net flow (If) of foreign investments (both private and official). Second, CA equals the difference between national saving and domestic real investment (S Id). Third, because CA is approximately equal to the difference (X M) between the value of the country's exports of goods and services and the value of its imports of goods and services, CA is (approximately) equal to the difference between domestic production of goods and services and national expenditures on goods and services (Y E). The text shows how the current account and goods and services balances have changed over time for four countries—the United States, Canada, Japan, and Mexico.
A good source of up-to-date information on many countries is Balance ...
A good source of up-to-date information on many countries is Balance of Payments Statistics from the International Monetary Fund (IMF). The format for the current account is similar to the presentation used in the text. What we call the financial account in the text is actually the combination of the Financial Account and the Capital Account in the IMF presentation method.
查看教材摘录
A good source of up-to-date information on many countries is Balance of Payments Statistics from the International Monetary Fund (IMF). The format for the current account is similar to the presentation used in the text. What we call the financial account in the text is actually the combination of the Financial Account and the Capital Account in the IMF presentation method. In addition, the official reserves account shown by the IMF includes only changes in official reserve assets held by the country’s own central bank or monetary authority. The omission of changes in foreign official holdings of the country’s liabilities is not a major issue for most countries, but it is important for a country like the United States, whose own liabilities are held in large amounts by foreign central banks.
5.Transaction c contributes to a surplus in the current account because ...
5.Transaction c contributes to a surplus in the current account because it is an export of merchandise that is paid for through an item in the financial account. (Transaction a leaves the current account unchanged because it is both an export and an import. Transaction b contributes to a deficit in the current account because it is an import.
查看教材摘录
5.Transaction c contributes to a surplus in the current account because it is an export of merchandise that is paid for through an item in the financial account. (Transaction a leaves the current account unchanged because it is both an export and an import. Transaction b contributes to a deficit in the current account because it is an import. Transaction d affects no items in the current account.)
10. a.The current account balance is exports of goods and services ...
10. a.The current account balance is exports of goods and services, minus imports of goods and services, plus income received from foreigners, minus income paid to foreigners, plus net unilateral transfers. For this country the current account balance is $60 million (= 200 – 160 + 60 + (−40)) minus income paid to foreigners.
查看教材摘录
10. a.The current account balance is exports of goods and services, minus imports of goods and services, plus income received from foreigners, minus income paid to foreigners, plus net unilateral transfers. For this country the current account balance is $60 million (= 200 – 160 + 60 + (−40)) minus income paid to foreigners. For the country to have a current account surplus, the income paid to foreigners must be less than $60 million.
课件纲要
- Accounting Principles
- A Country’s Balance of Payments
- Current Account
- Financial Account
- Balance of Payments
- The Macro Meaning of the Current Account Balance
- Current Account Balance and Goods and Services Balance for the U.S. and Canada 1963-2017
- Current Account Balance and Goods and Services Balance for Japan and Mexico 1963-2017
- The Macro Meaning of the Overall Balance
- The International Investment Position
- Euro-Crisis Countries: Current Account Balance as a Percent of GDP
- Euro-Crisis Countries: Net International Investment Position as a Percent of GDP
习题精选
题目 1
A country's balance of payments records
- A the prices that a country pays for its imports and the prices that the country receives for its imports.
- B the flows of value between that country's residents and residents of the rest of the world during a period of time.
- C capital gains and losses on a country's international assets.
- D the value of a country's holdings of foreign assets, minus the value of foreign holdings of the country's assets.
答案：B · the flows of value between that country's residents and residents of the rest of the world during a period of time.
题目 2
A credit item in the balance of payments is
- A an item for which the country must be paid.
- B any loan given out by the country.
- C any imported item.
- D an item that creates a monetary claim owed to a foreigner.
答案：A · an item for which the country must be paid.
题目 3
A debit item in the balance of payments is
- A any foreign aid received by the country.
- B an item for which the country must pay.
- C any exported item.
- D an item that creates a monetary claim on a foreigner.
答案：B · an item for which the country must pay.
题目 4
In a nation's balance of payments, which one of the following items is always recorded as a positive entry?
- A Changes in foreign currency reserves
- B Imports of goods and services
- C Military foreign aid supplied to allied nations
- D Purchases by foreign travelers visiting the country
答案：D · Purchases by foreign travelers visiting the country
题目 5
Every international exchange of value is entered into the balance-of-payments accounts ________ time(s).
- A one
- B two
- C three
- D four
答案：B · two
题目 6
The sum of all of debit items in the balance of payments
- A equals the overall balance.
- B equals the sum of all credit items.
- C equals "compensating" transactions.
- D equals the errors and omissions.
答案：B · equals the sum of all credit items.
题目 7
Which of the following financial transaction items is entered as a debit in the U.S. balance of payments?
- A A U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.
- B A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.
- C A U.S. resident sells his IBM stock to a French resident.
- D A U.S. resident sells his Credit Suisse stock to a French resident.
答案：B · A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.
题目 8
An increase in a nation's financial liabilities to foreign residents is a
- A reserve inflow.
- B reserve outflow.
- C capital imports.
- D capital outflow.
答案：C · capital imports.
题目 9
________ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.
- A Official international reserve assets
- B Unofficial international assets
- C Official domestic assets
- D Unofficial reserve assets
答案：A · Official international reserve assets
题目 10
Which of the following is considered a capital inflow?
- A A sale of U.S. financial assets to a foreign buyer
- B A loan from a U.S. bank to a foreign borrower
- C A purchase of foreign financial assets by a U.S. buyer
- D A U.S. citizen's repayment of a loan from a foreign bank
答案：A · A sale of U.S. financial assets to a foreign buyer
题目 11
In a country's balance of payments, which of the following items will be recorded as a debit entry?
- A Domestic bank balances owned by foreigners are reduced
- B Foreign bank balances owned by domestic residents are reduced
- C Assets owned by domestic residents are sold to nonresidents
- D Securities are sold by domestic residents to nonresidents
答案：A · Domestic bank balances owned by foreigners are reduced
题目 12
The role of international ________ is to direct one nation's savings into another nation's investments.
- A merchandise trade flows
- B services flows
- C unilateral transfers
- D capital flows
答案：D · capital flows
教材 handout 全文
为避免页面过长，全文默认折叠；需要时可直接展开阅读或下载。
展开全文 handout
# 第16章 Payments among Nations ## 章节概览 This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position. A country's balance of payments records all economic transactions between the residents of the country and residents of the rest of the world. ## 知识点 ### 1. A Country's Balance of Payments - 教学说明：A country's balance of payments records all economic transactions between the residents of the country and residents of the rest of the world. Each transaction or exchange results in two opposite flows of value. By convention, a credit or positive item is the flow for which the country is paid—it is the item that the country gives up in the transaction, and it sets up a claim on the foreign resident, so that funds (or "money") flow into the country. - 支撑要点：The balance of payments (BOP) is an accounting of a country's international transactions for a particular time period. - 支撑要点：In double-entry accounting, each transaction has two items. - 支撑要点：An item that would cause funds or money to flow into a country is a - 来源类型：manual ### 2. The Macro Meaning of the Current Account Balance - 教学说明：The current account balance (CA) has several meanings. First, CA equals the value of the country's net flow (If) of foreign investments (both private and official). Second, CA equals the difference between national saving and domestic real investment (S Id). Third, because CA is approximately equal to the difference (X M) between the value of the country's exports of goods and services and the value of its imports of goods and services, CA is (approximately) equal to the difference between domestic production of goods and services and national expenditures on goods and services (Y E). - 支撑要点：The country’s current account balance must equal - 支撑要点：net foreign investment - 支撑要点：, the increase in the country’s foreign financial assets minus the increase in the country’s foreign financial liabilities. - 来源类型：manual ### 3. The Macro Meaning of the Overall Balance - 教学说明：This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position. - 支撑要点：overall balance - 支撑要点：should indicate whether a country’s balance of payments has achieved an overall pattern that is sustainable over time. No single indicator represents overall balance perfectly. - 来源类型：manual ### 4. The International Investment Position - 教学说明：This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position. - 支撑要点：International investment position - 支撑要点：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. - 来源类型：manual ### 5. Accounting Principles - 教学说明：This chapter begins the discussion of international finance and macroeconomics—the subject of the rest of the book. Its major purpose is to show how the balance of payments accounts for international transactions and how the different balances (or sub-balances) can be interpreted. It also presents the international investment position. - 支撑要点：The balance of payments (BOP) is an accounting of a country's international transactions for a particular time period. - 支撑要点：In double-entry accounting, each transaction has two items. - 支撑要点：An item that would cause funds or money to flow into a country is a - 来源类型：manual ### 6. Financial Account - 教学说明：Typically, the first categories we examine are items that are international flows of goods (or merchandise), services, income, and gifts—the current account. Services include flows of transportation, financial services, education, consulting, and so forth. Income includes flows of payments such as interest, dividends, and profits. - 支撑要点：Current account - 支撑要点：Financial account - 支撑要点：Net change in official international reserves - 来源类型：manual ## 案例 ### 案例 1: The current account balance (CA) has several meanings. First, CA equals ... The current account balance (CA) has several meanings. First, CA equals the value of the country's net flow (If) of foreign investments (both private and official). Second, CA equals the difference between national saving and domestic real investment (S Id). Third, because CA is approximately equal to the difference (X M) between the value of the country's exports of goods and services and the value of its imports of goods and services, CA is (approximately) equal to the difference between domestic production of goods and services and national expenditures on goods and services (Y E). ### 案例 2: A good source of up-to-date information on many countries is Balance ... A good source of up-to-date information on many countries is Balance of Payments Statistics from the International Monetary Fund (IMF). The format for the current account is similar to the presentation used in the text. What we call the financial account in the text is actually the combination of the Financial Account and the Capital Account in the IMF presentation method. ### 案例 3: 5.Transaction c contributes to a surplus in the current account because ... 5.Transaction c contributes to a surplus in the current account because it is an export of merchandise that is paid for through an item in the financial account. (Transaction a leaves the current account unchanged because it is both an export and an import. Transaction b contributes to a deficit in the current account because it is an import. ### 案例 4: 10. a.The current account balance is exports of goods and services ... 10. a.The current account balance is exports of goods and services, minus imports of goods and services, plus income received from foreigners, minus income paid to foreigners, plus net unilateral transfers. For this country the current account balance is $60 million (= 200 – 160 + 60 + (−40)) minus income paid to foreigners. ## 习题 ### 题目 1 A country's balance of payments records - A) the prices that a country pays for its imports and the prices that the country receives for its imports. - B) the flows of value between that country's residents and residents of the rest of the world during a period of time. - C) capital gains and losses on a country's international assets. - D) the value of a country's holdings of foreign assets, minus the value of foreign holdings of the country's assets. ### 题目 2 A credit item in the balance of payments is - A) an item for which the country must be paid. - B) any loan given out by the country. - C) any imported item. - D) an item that creates a monetary claim owed to a foreigner. ### 题目 3 A debit item in the balance of payments is - A) any foreign aid received by the country. - B) an item for which the country must pay. - C) any exported item. - D) an item that creates a monetary claim on a foreigner. ### 题目 4 In a nation's balance of payments, which one of the following items is always recorded as a positive entry? - A) Changes in foreign currency reserves - B) Imports of goods and services - C) Military foreign aid supplied to allied nations - D) Purchases by foreign travelers visiting the country ### 题目 5 Every international exchange of value is entered into the balance-of-payments accounts ________ time(s). - A) one - B) two - C) three - D) four ### 题目 6 The sum of all of debit items in the balance of payments - A) equals the overall balance. - B) equals the sum of all credit items. - C) equals "compensating" transactions. - D) equals the errors and omissions. ### 题目 7 Which of the following financial transaction items is entered as a debit in the U.S. balance of payments? - A) A U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank. - B) A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel. - C) A U.S. resident sells his IBM stock to a French resident. - D) A U.S. resident sells his Credit Suisse stock to a French resident. ### 题目 8 An increase in a nation's financial liabilities to foreign residents is a - A) reserve inflow. - B) reserve outflow. - C) capital imports. - D) capital outflow. ## 参考答案 - 题目 1: 答案：B | 选项内容：the flows of value between that country's residents and residents of the rest of the world during a period of time. | Topic：A Country's Balance of Payments | Difficulty：1 Easy - 题目 2: 答案：A | 选项内容：an item for which the country must be paid. | Topic：A Country's Balance of Payments | Difficulty：1 Easy - 题目 3: 答案：B | 选项内容：an item for which the country must pay. | Topic：A Country's Balance of Payments | Difficulty：1 Easy - 题目 4: 答案：D | 选项内容：Purchases by foreign travelers visiting the country | Topic：A Country's Balance of Payments | Difficulty：1 Easy - 题目 5: 答案：B | 选项内容：two | Topic：A Country's Balance of Payments | Difficulty：1 Easy - 题目 6: 答案：B | 选项内容：equals the sum of all credit items. | Topic：A Country's Balance of Payments | Difficulty：2 Medium - 题目 7: 答案：B | 选项内容：A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel. | Topic：A Country's Balance of Payments | Difficulty：2 Medium - 题目 8: 答案：C | 选项内容：capital imports. | Topic：A Country's Balance of Payments | Difficulty：1 Easy ## AI / NextLab 使用建议 - Mundell Trilemma Lab：将《A Country's Balance of Payments》对应的理论或政策机制放到贸易分析实验室中做交互式验证。 https://digitconnection.ai/nextlab/