ch01国际金融.ppt
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1、Chapter 1Keeping Up with a Changing WorldTrade Flows,Capital Flows,and the Balance of PaymentsINTERNATIONAL MONETARY AND FINANCIAL ECONOMICSThird EditionJoseph P.DanielsDavid D.VanHooseCopyright South-Western,a division of Thomson Learning.All rights reserved.2Fundamental Issues1.How important is th
2、e global market for goods and services?2.How important are the international monetary and financial markets?3.What is a countrys balance of payments,and what does this measure?4.What does it mean for a country to be a net debtor or net creditor?5.What is the relationship between a nations current ac
3、count balance and its capital flows?GlobalizationGlobalization refers to the broadest scope of the process of the increasing interconnectedness among national economies.It include increasing market integration,the expansion of world governance and global society,and increased mobility of peoples and
4、 information.34International Economic IntegrationInternational economic integration refers to the strengthening of existing internatioanl linkages of commerce and the addition of new international linkages.How to measure the extent of international economic integration?(1)increased trade in sevices,
5、or invisibles(2)advances in electronic commerce and communications that greatly complicate efforts to track cross-border trade5The Real and Financial Sectors of an EconomyReal Sector:The production and sale of goods and services,whether these activities are domestic or global.Financial Sector:Transa
6、ctions in financial assets,whether these activities are domestic or global.6Conclusion:International economic integration refers to the extent and strength of real-sector and financial-sector linkages among national economics.Real-sector linkages occur through the international transactions in goods
7、 and services while thefinancial-sector linkages occur through internatioanl transactions in financial assets.7World Trade in Goods and ServicesBecause of reductions in trade barriers,lower transportation costs,and advances in telecommunications,world trade has steadily expanded during the past seve
8、ral decades.As is illustrated in Figure1-1(p5)and Figure1-2(p6):8Figure1-1:Growth in World Trade of Goods and ServiesSOURCE:International Monetary Fund,Economic Outlook,and authors estimates.The volume of world trade in goods and services has exhibited positive growth rates for all but two years dur
9、ing the last three decades.9Figure1-2:Selected Nations Trade in Goods and ServicesThe global market for goods and services has become more important for individual nations.The percentage shown reflects each nations trade as a share of its overall economic activity.SOURCE:International Monetary Fund,
10、International Financial Statistics,various issues,and authors estimates.10Q1:HowImportant is the Global Market for Goods and Services?Over the last 35 years,the volume of world trade in goods and services has grown by almost 6 percent annually.The cumulative effect of this growth is more than a five
11、fold increase in world trade.As measured by the share of overall real-sector activity,world trade in goods and services has become increasingly more important to developed and developing economies alike.11International Transactions in Financial AssetsAlthough recent increases in global trade flows a
12、re remarkable,they pale in comparision to developments in the international monetary and financial markets.As is illustrated in Table 1-1(p7)and Figure 1-3(p7):12Table 1-1:Foreign Exchange Turnover and World Exports13Table 1-1(p7)provides estimates of the annual turnover in the foreign exchange mark
13、etthat is,the market for national currencies and related instruments relative to the volume of world exports of goods.As the table indicates,within 25 years foreign exchange turnover has grown from about 12 times world exports to nearly 70 times world exports before dropping back somewhat.14Figure 1
14、-3:Cross-Border Transaction in Bonds and Equities for the United States,Germany,and the United KingdomIn Germany,the United States,and the United Kingdom,international transactions in bonds and equities have grown by more than 3,000 percent,1000 percent,and 700 percent respectively.SOURCE:Bank for I
15、nternational Settlements,International Financial Statistics,and authors estimates.15Figure 1-3 charts the importance of cross-border transactions in bonds and equitiesFigure 1-3 shows the remarkable increase for each nation.For all of the developed economies,cross-border transactions in bonds and eq
16、uities increased during the last 15 years by more than 700 percent.16Q2:How important are the international monetary and financial markets?The intenational monetary and financial markets have become increasingly important to both developed and emerging economics.Foreign exchange turnover has grown t
17、o seventy times the volume of world trade in goods.For the three largest developed economics,international transactions in bonds approximate 600 percent of total output,while private capital flows to emerging economics have contined despite several financial crises in the 1990s.17The Balance of Paym
18、entsThe balance-of-payments system is a complete tabulation of the total market value of goods,services,and financial assets that domestic residents,firms,and governmets exchange with residents of other nations during a given period.18Like gross domestic product,a nations balance of payments is a sy
19、stem that accounts for flows of income and expenditures.Unlike gross domestic product,however,the balance of payments include the flow of financial assets.19Balance of Payments as a Double-Entry Bookkeeping Systema double-entry bookkeeping system records both sides of any two-party transaction with
20、two separate and offsetting entries:a debit entry and a credit entry.The balance-of-payments system is like a typical double-entry accounting system in that every transaction results in two entries being made in the balance-of-payments accounts.20A debit entry records a transaction that results in a
21、 domestic resident making a payment abroad.A debit entry has a negative value in the balance-of-payments account.A credit entry records a transaction that results in a domestic resident receiving a payment from abroad.A credit entry has a positive value in the balance-of-payments account.21In the ba
22、lance-of-payments accounts,an international transaction that results in a credit entry would also generate an offsetting debit entry,and an international transaction that results in a debit entry would also generate an offsetting credit entry.In the balance-of-payments accounts,therefore,the sum of
23、all the credit entries is equal to,in absolute value,the sum of all the debit entries.22Balance-of-Payments AccountsCountries exchange a vast array of goods,services,and financial assets.Economists group these trans-actions by type.We can focus on the following 3 accounts:1.the current account 2.the
24、 capital account 3.the official settelments balance23The Current AccountThe current account measures the flow of goods,services,and income across national borders.It also includes transfers or gifts from the domestic government and residents to foreign residents and governments,as well as foreign tr
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