1、整理課件1YOU ARE WELCOME !整理課件2International Economics國際經濟學國際經濟學主講：余道先主講：余道先整理課件3Chapter 12National Income Accounting and the Balance of Payments國民收入核算與國際收支國民收入核算與國際收支整理課件4PreviewlIntroductionlThe National Income AccountslNational Income Accounting for an Open EconomylThe Balance of Payment AccountslSum

2、mary整理課件5IntroductionlMicroeconomicslIt studies the effective use of scarce resources from the perspective of individual firms and consumers（從單個企業（從單個企業和消費者的角度研究怎樣充分運用世界稀缺資源）和消費者的角度研究怎樣充分運用世界稀缺資源）.lMacroeconomicslIt studies how economies overall levels of employment, production, and growth are deter

3、mined（研究經濟的整體就（研究經濟的整體就業，生產和增長水平如何決定業，生產和增長水平如何決定）.lIt emphasizes four aspects of economic life:lUnemploymentlSavinglTrade imbalanceslMoney and the price level整理課件6lThe national income accounts and the balance of payments accounts are essential tools for studying the macroeconomics of open, interdep

4、endent economies（為了全面了解各國在開放的宏觀經濟方面的聯系，我們必（為了全面了解各國在開放的宏觀經濟方面的聯系，我們必須掌握兩種有關的重要工具）須掌握兩種有關的重要工具）.lNational income accounting（國民收入賬戶）（國民收入賬戶）lRecords all the expenditures that contribute to a countrys income and outputlBalance of payments accounting（國際收支平衡賬戶）（國際收支平衡賬戶）lHelps us keep track of both chang

5、es in a countrys indebtedness to foreigners and the fortunes of its export- and import-competing industries（有助于我們了解和追蹤一國對（有助于我們了解和追蹤一國對外負債，出口及進口競爭產業的狀況及變動）。外負債，出口及進口競爭產業的狀況及變動）。Introduction整理課件7The National Income AccountslGross national product (GNP)lThe value of all final goods and services produc

6、ed by a countrys factors of production and sold on the market in a given time period（它是一（它是一個國家的生產要素在一定時期內所生產并在市場上賣個國家的生產要素在一定時期內所生產并在市場上賣出的最終商品和服務的價值總量）出的最終商品和服務的價值總量）lIt is the basic measure of a countrys output.整理課件8lGNP is calculated by adding up the market value of all expenditures on final out

7、put:lConsumptionlThe amount consumed by private domestic residentslInvestmentlThe amount put aside by private firms to build new plant and equipment for future productionlGovernment purchaseslThe amount used by the governmentlCurrent account balancelThe amount of net exports of goods and services to

8、 foreignersThe National Income Accounts整理課件9The National Income AccountsFigure 12-1: U.S. GNP and Its Components, 2000整理課件10lNational Product and National IncomelNational IncomelIt is earned over a period by its factors of production.lIt must equal the GNP a country generates over some period of tim

9、e.One persons spending is anothers income (i.e., total spending must equal total income).The National Income Accounts整理課件11lCapital Depreciation, International Transfers, and Indirect Business TaxeslAdjustments to the definition of GNP:lDepreciation of capitalIt reduces the income of capital owners.

10、It must be subtracted from GNP (to get the net national product).lNet unilateral transfers of incomeThey are part of a countrys income but are not part of its product.They must be added to the net national product.lIndirect business taxesThey are sales taxes.They must be subtracted from GNP.The Nati

11、onal Income Accounts整理課件12lGross Domestic Product (GDP)lIt measures the volume of production within a countrys borders.lIt equals GNP minus net receipts of factor income from the rest of the world（ GDP 等于等于GNP減去從世減去從世界上其他地方獲得的凈要素收入）界上其他地方獲得的凈要素收入）.lIt does not correct for the portion of countries pr

12、oduction carried out using services provided by foreign-owned capital（一國用擁有的外國資本生產（一國用擁有的外國資本生產的那部分產出要計入的那部分產出要計入GDP中）中）.The National Income Accounts整理課件13National Income Accounting for an Open EconomylConsumptionlThe portion of GNP purchased by the private sector to fulfill current wants（被私人部門購買，被私

13、人部門購買，以滿足當前需要的那部分以滿足當前需要的那部分GNP ）lInvestmentlThe part of output used by private firms to produce future output（被私人企業用于生產未來（被私人企業用于生產未來產品的那部分產出）產品的那部分產出）lGovernment PurchaseslAny goods and services purchased by federal, state, or local governments整理課件14lThe National Income Identity for an Open Econom

14、ylIt is the sum of domestic and foreign expenditure on the goods and services produced by domestic factors of production（開放經濟的國民收入，是本國和外國花費在本（開放經濟的國民收入，是本國和外國花費在本國生產要素生產的商品和服務的總和）國生產要素生產的商品和服務的總和）: Y = C + I + G + EX IM (12-1)where:lY is GNPlC is consumptionlI is investmentlG is government purchases

15、lEX is exportslIM is imports lIn a closed economy, EX = IM = 0.National Income Accounting for an Open Economy整理課件15lAn Imaginary Open EconomylAssumptions of the model:lThere is an economy, Agraria, that can only produce wheat.lEach citizen of Agraria is both a consumer and a farmer of wheat.lThe Agr

16、arian government appropriates part of the crop to feed its army.lAgraria can import milk from the rest of the world in exchange for exports of wheat.The price of milk is 0.5 bushel of wheat per gallon, and at this price Agrarians want to consume 40 gallons of milk.National Income Accounting for an O

17、pen Economy整理課件16Table 12-1: National Income Accounts for Agraria, an Open Economy (bushels of wheat)National Income Accounting for an Open Economy整理課件17lThe Current Account and Foreign IndebtednesslCurrent account (CA) balance（經常項目余額）（經常項目余額）lThe difference between exports of goods and services and

18、 imports of goods and services (CA = EX IM)lA country has a CA surplus when its CA 0.lA country has a CA deficit when its CA 0.lCA measures the size and direction of international borrowing（經常項目度量了國際借貸的規模和方向）.A countrys current account balance equals the change in its net foreign wealth（一國經常項目余額等于它的

19、凈國外財富（一國經常項目余額等于它的凈國外財富的變動）的變動）.National Income Accounting for an Open Economy整理課件18lCA balance is equal to the difference between national income and domestic residents spending:Y (C+ I + G) = CAlCA balance is the excess supply of domestic financing（經常項目余額是對國內財政的超額供給）（經常項目余額是對國內財政的超額供給）. Example: A

20、graria imports 20 bushels of wheat and exports only 10 bushels of wheat (Table 12-1). The current account deficit of 10 bushels is the value of Agrarias borrowing from foreigners, which the country will have to repay in the future.National Income Accounting for an Open Economy整理課件19Figure 12-2: The

21、U.S. Current Account and Net Foreign Wealth Position, 1977-2000National Income Accounting for an Open Economy整理課件20lSaving and the Current AccountlNational saving (S)lThe portion of output, Y, that is not devoted to household consumption, C, or government purchases, G.lIt always equals investment in

22、 a closed economy.A closed economy can save only by building up its capital stock (S = I).An open economy can save either by building up its capital stock or by acquiring foreign wealth (S = I + CA)（開放經濟既可（開放經濟既可以通過積累資本存量，也可以通過獲得外國財富來進行儲蓄）以通過積累資本存量，也可以通過獲得外國財富來進行儲蓄）.lA countrys CA surplus is referre

23、d to as its net foreign investment.National Income Accounting for an Open Economy整理課件21lPrivate and Government SavinglPrivate saving (Sp)lThe part of disposable income that is saved rather than consumed Sp = I + CA Sg = I + CA (T G) = I + CA + (G T) (12-2)T is the governments “income” (its net tax r

24、evenue)Sg is government savings (T-G)lGovernment budget deficit (G T)lIt measures the extent to which the government is borrowing to finance its expenditures.National Income Accounting for an Open Economy整理課件22The Balance of Payments AccountslA countrys balance of payments accounts keep track of bot

25、h its payments to and its receipts from foreigners（一國的國際收支帳戶，記錄該國對外（一國的國際收支帳戶，記錄該國對外國的支付和從外國獲得收入的情況）國的支付和從外國獲得收入的情況）.lEvery international transaction automatically enters the balance of payments twice: once as a credit (+) and once as a debit (-)（每一筆國際交（每一筆國際交易都自動進入國際收支帳戶兩次：一次作為貸方易都自動進入國際收支帳戶兩次：一次作為

26、貸方（）一次作為借方（）（）一次作為借方（） ）.整理課件23lThree types of international transactions are recorded in the balance of payments（三種國（三種國際交易記入國際收支帳戶）際交易記入國際收支帳戶）:lExports or imports of goods or serviceslPurchases or sales of financial assetslTransfers of wealth between countries lThey are recorded in the capital ac

27、count.The Balance of Payments Accounts整理課件24lThe Fundamental Balance of Payments Identity（國際收支恒等式的基本平衡）（國際收支恒等式的基本平衡）lAny international transaction automatically gives rise to two offsetting entries in the balance of payments resulting in a fundamental identity（任（任何國際交易都會自動在國際收支帳戶上產生兩筆相何國際交易都會自動在國際收

28、支帳戶上產生兩筆相互抵消的記錄互抵消的記錄,這就產生國際收支的基本恒等式）這就產生國際收支的基本恒等式）:Current account + financial account + capital account = 0 (12-3)The Balance of Payments Accounts整理課件25The Balance of Payments AccountsTable 12-2: U.S. Balance of Payments Accounts for 2000 (billions of dollars)整理課件26The Balance of Payments Account

29、sTable 12-2: Continued整理課件27lThe Current Account, Once AgainlThe balance of payments accounts divide exports and imports into three categories:lMerchandise tradeExports or imports of goodslServicesPayments for legal assistance, tourists expenditures, and shipping feeslIncome（投資收入）（投資收入）International

30、 interest and dividend payments and the earnings of domestically owned firms operating abroad（由（由國際利息、股息、和本國在國外經營的企業返回的利潤所構國際利息、股息、和本國在國外經營的企業返回的利潤所構成）成）The Balance of Payments Accounts整理課件28lThe Capital AccountlIt records asset transfers and tends to be small for the United States.lThe Financial Ac

31、countlIt measures the difference between sales of assets to foreigners and purchases of assets located abroad（對（對外國人銷售的資產與向外國購買的資產的差額）外國人銷售的資產與向外國購買的資產的差額）.lFinancial inflow (capital inflow)A loan from the foreigners with a promise that they will be repaidlFinancial outflow (capital outflow)A transa

32、ction involving the purchase of an asset from foreignersThe Balance of Payments Accounts整理課件29lThe Statistical DiscrepancylData associated with a given transaction may come from different sources that differ in coverage, accuracy, and timing（一筆業務的借方和貸方資料（一筆業務的借方和貸方資料可能是通過不同的渠道得到的可能是通過不同的渠道得到的,在范圍、精確

33、度、在范圍、精確度、計時等方面存在不同）計時等方面存在不同）. lThis makes the balance of payments accounts seldom balance in practice.lAccount keepers force the two sides to balance by adding to the accounts a statistical discrepancy.lIt is very difficult to allocate this discrepancy among the current, capital, and financial acc

34、ounts.The Balance of Payments Accounts整理課件30lOfficial Reserve TransactionslCentral bank（中央銀行）（中央銀行）lThe institution responsible for managing the supply of moneylOfficial international reserves（官方國際儲備）（官方國際儲備）lForeign assets held by central banks as a cushion against national economic misfortunelOffi

35、cial foreign exchange intervention（官方外（官方外匯干預）匯干預）lCentral banks often buy or sell international reserves in private asset markets to affect macroeconomic conditions in their economies.The Balance of Payments Accounts整理課件31SummarylA countrys GNP is equal to the income received by its factors of production.lGDP is equal to GNP less net receipts of factor income from abroad, measures the output produced within a countrys territorial borders.lIn a closed economy, GNP must be consumed, invested, or purchased by the governm