M04EITE134212EIMC04文档格式.docx
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M04EITE134212EIMC04文档格式.docx
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Changesinacountry’sBOPmaysignaltheimpositionorremovalofcontrolsoverpaymentofdividendsandinterest,licensefees,royaltyfees,orothercashdisbursementstoforeignfirmsorinvestors.
TheBOPhelpstoforecastacountry’smarketpotential,especiallyintheshortrun.Acountryexperiencingaserioustradedeficitisnotlikelytoexpandimportsasitwouldifrunningasurplus.Itmay,however,welcomeinvestmentsthatincreaseitsexports.
4-3.EconomicActivity.Whatarethetwomaintypesofeconomicactivitymeasuredbyacountry’sBOP
Currenttransactionshavingcashflowscompletedwithinoneyear,suchasfortheimportorexportofgoodsandservices.
Capitalandfinancialtransactions,inwhichinvestorsacquireownershipofaforeignasset,suchasacompany,oraportfolioinvestment,suchasbondsorsharesofcommonstock.
4-4.Balance.WhydoestheBOPalways“balance”
Thealgebraicsumofallflowsaccountedforinthecurrentaccountandthecapitalandfinancialaccountsshould,intheory,equalchangesinacountry’smonetaryreserves.Becausedataforthebalanceofpaymentsiscollectedonasingleentrybasisandsomedataismissed,theequalizationusuallydoesnotoccur.Theimbalanceispluggedbyanentrycalled“errorsandomissions,”whichmakestheaccountsbalance.
4-5.BOPAccounting.IftheBOPwereviewedasanaccountingstatement,woulditbeabalancesheetofthecountry’swealth,anincomestatementofthecountry’searnings,orafundsflowstatementofmoneyintoandoutofthecountry
Acountry’sbalanceofpaymentsissimilartoacorporation’sfundsstatementinthatthebalanceofpaymentsrecordseventsthatcausethereceipt(earnings)anddisbursement(expenditures)offoreignexchange.
4-6.CurrentAccount.WhatarethemaincomponentaccountsofthecurrentaccountGiveonedebitandonecreditexampleforeachcomponentaccountfortheUnitedStates.
Themaincomponentsandpossibleexamplesare:
Tradeingoods:
Debit:
.firmpurchasesGermanmachinetools.
Credit:
SingaporeAirLinesbuysaBoeingjet.
Tradeinservices:
AnAmericantakesacruiseonaDutchcruiseline.
TheBraziliantouristagencyplacesanadinTheNewYorkTimes.
Incomepaymentsandreceipts:
The.subsidiaryofaTaiwancomputermanufacturerpaysdividendstoitsparent.
ABritishcompanypaysthesalaryofitsexecutivestationedinNewYork.
Unilateralcurrenttransactions:
TheInternationalRescueCommitteepaysforanAmericanworkingontheAfghanborder.
ASpanishcompanypaystuitionforanemployeetostudyforanMBAintheUnitedStates.
4-7.RealversusFinancialAssets.Whatisthedifferencebetweena“real”assetanda“financial”asset
Realassetsaregoods(merchandise)andusefulservices.Financialassetsarefinancialclaims,suchassharesofstockorbonds.
4-8.DirectversusPortfolioInvestments.WhatisthedifferencebetweenadirectforeigninvestmentandaportfolioforeigninvestmentGiveanexampleofeach.Whichtypeofinvestmentisamultinationalindustrialcompanymorelikelytomake
Adirectinvestmentismadewiththeintentthattheinvestorwillhaveadegreeofcontrolovertheassetacquired.Typicalexamplesarethebuildingofafactoryinaforeigncountrybythesubsidiaryofamultinationalenterpriseortheacquisitionofmorethan10%ofthevotingsharesofaforeigncorporation.Aportfolioinvestmentisthepurchaseoflessthan10%ofthevotingsharesofaforeigncorporationorthepurchaseofdebtinstruments.Multinationalenterprisesaremorelikelytoengageindirectforeigninvestmentthaninportfolioinvestment.
4-9.CapitalandFinancialAccounts.WhatarethemaincomponentsofthefinancialaccountsGiveonedebitandonecreditexampleforeachcomponentaccountfortheUnitedStates.
Directinvestment:
FordMotorCompanybuildsafactoryinAustralia.
FordMotorCompanysellsitsfactoryinBritaintoBritishinvestors.
Portfolioinvestment:
AnAmericanbuyssharesofstockofaEuropeanfoodchainontheFrankfurtStockExchange.
ThegovernmentofKoreabuys.treasurybillstoholdaspartofitsforeignexchangereserves.
Otherinvestment:
A.firmdeposits$1millioninabankbalanceinLondon.
A.firmgeneratesanaccountreceivableforexportstoCanada.
4-10.ClassifyingTransactions.Classifythefollowingasatransactionreportedinasub-componentofthecurrentaccountorthecapitalandfinancialaccountsofthetwocountriesinvolved.
a.A.foodchainimportswinefromChile.Debitto.goodspartofcurrentaccount;
credittoChileangoodspartofcurrentaccount.
b.A.residentpurchasesaeuro-denominatedbondfromaGermancompany.Debitto.portfoliopartoffinancialaccount;
credittoGermanportfoliooffinancialaccount.
c.Singaporeanparentspayfortheirdaughtertostudyata.university.Creditto.currenttransfersincurrentaccount;
debittoSingaporecurrenttransfersincurrentaccount.
d.A.universitygivesatuitiongranttoaforeignstudentfromSingapore.IfthestudentisalreadyintheUnitedStates,noentrywillappearinthebalanceofpaymentsbecausepaymentisbetween.residents.(AstudentalreadyintheUnitedStatesbecomesaresidentforbalanceofpaymentspurposes.)
e.ABritishcompanyimportsSpanishoranges,payingwithEurodollarsondepositinLondon.AdebittothegoodspartofBritain’scurrentaccount;
acredittothegoodspartofSpain’scurrentaccount.
f.SpanishorcharddepositshalftheproceedsofitssaleinaNewYorkbank.Adebittotheincomereceipts/paymentspartofSpain’scurrentaccount;
acredittotheincomereceipts/paymentspartofthe.currentaccount.
g.SpanishorcharddepositshalftheproceedsinaEurodollaraccountinLondon.Norecordinginthe.balanceofpayments,asthetransactionwasbetweenforeignersusingdollarsalreadydepositedabroad.Adebittotheincomereceipts/paymentsoftheBritishcurrentaccount;
acredittotheincomereceipts/paymentsoftheSpanishcurrentaccount.
h.ALondon-basedinsurancecompanybuys.corporatebondsforitsinvestmentportfolio.AdebittotheportfolioinvestmentsectionoftheBritishfinancialaccounts;
acredittotheportfolioinvestmentsectionofthe.balanceofpayments.
i.AnAmericanmultinationalenterprisebuysinsurancefromaLondoninsurancebroker.Adebittotheservicespartofthe.currentaccount;
acredittotheservicespartoftheBritishcurrentaccount.
j.ALondoninsurancefirmpaysforlossesincurredintheUnitedStatesbecauseofaninternationalterroristattack.AdebittotheservicespartoftheBritishcurrentaccount;
acredittotheservicespartofthe.currentaccount.
k.CathayPacificAirlinesbuysjetfuelatLosAngelesInternationalAirportsoitcanflythereturnsegmentofaflightbacktoHongKong.HongKongkeepsitsbalanceofpaymentsseparatefromthoseofthePeople’sRepublicofChina.HenceadebittothegoodspartofHongKong’scurrentaccount;
acredittothegoodspartofthe.currentaccount.
l.ACalifornia-basedmutualfundbuyssharesofstockontheTokyoandLondonstockexchanges.Adebittotheportfolioinvestmentsectionofthe.financialaccount;
acredittotheportfolioinvestmentsectionoftheJapaneseandBritishfinancialaccounts.
m.The.armybuysfoodforitstroopsinSouthAsiafromvendorsinThailand.Adebittothegoodspartofthe.currentaccount;
acredittothegoodspartoftheThaicurrentaccount.
n.AYalegraduategetsajobwiththeInternationalCommitteeoftheRedCrossworkinginBosniaandispaidinSwissfrancs.AdebittotheincomepartoftheSwisscurrentaccount;
acredittotheincomepartoftheBosniacurrentaccount.ThisassumestheYalegraduatespendsherearningswithinBosnia;
shouldshedepositthesumintheUnitedStatesthenthecreditwouldbetotheincomepartofthe.currentaccount.
o.TheRussiangovernmenthiresaDutchsalvagefirmtoraiseasunkensubmarine.AdebittotheservicepartofRussia’scurrentaccount;
acredittotheservicepartoftheNetherlands’scurrentaccount.
p.AColombiandrugcartelsmugglescocaineintotheUnitedStates,receivesasuitcaseofcash,andfliesbacktoColombiawiththatcash.ThiswouldnotgetcapturedinthegoodspartoftheUnitedStatesortheColombiancurrentaccounts.Assumingthecashwas“laundered”appropriately,fromthepointofviewofthesmugglers,bankaccountsintheUnitedStatesorsomewhereelse(probablynotColombia
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