Ebook International economics (11th edition): Part 2
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Ebook International economics (11th edition): Part 2
The Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2n exchange markets, and exchange rale determination. A clear grasp of the material in these three chapters is crucial for understanding Part l our, which covers adjustment to balance-of-paymenls disequilibria. open-economy macroeconomics, and the functioning of the present international monetary sys Ebook International economics (11th edition): Part 2tem. Chapter 13 examines the meaning, function, and measurement of the balance of payments and defines the concepts of deficit and surplus in a nationEbook International economics (11th edition): Part 2
's balance of payments. Besides presenting the theory. Chapter 14 also examines the actual operation of foreign exchange markets: therefore, it is of The Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2eories and exchange rale determination based on the monetary and the asset market approach to the balance of payments.ỊC&1Balance of Paymentschapter15LEARNING GOALS:After reading this chapter, you should be able to:•Understand what the balance of payments is and what it measures•Describe the change Ebook International economics (11th edition): Part 2in the U.S. balance of payments over the years•Understand the importance of the serious deterioration of the trade balance and net international invesEbook International economics (11th edition): Part 2
tment position of the United States in recent years13.1 Introductionin Parts One and Two. we dealt with the "real." as opposed to the monetary, side oThe Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2monetary aspects of international economics, or international finance. Here, money is explicitly brought into the picture, and commodity prices are expressed in terms Of domestic and foreign currency units. We begin our discussion of international finance by examining the balance of payments.The bal Ebook International economics (11th edition): Part 2ance of payments is a summary statement in which, in principle, all the transactions of the residents of a nation with the residents of all other natiEbook International economics (11th edition): Part 2
ons arc recorded during a particular periixl of time, usually a calendar year. The United States and some other nations also keep such a record on a qThe Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2its formulation of monetary, fiscal, and trade policies. Governments also regularly consult the balance of payments of important trade partners in making policy decisions. The information contained in a nation's balance of payments is also indispensable to banks, linns, and individuals directly or i Ebook International economics (11th edition): Part 2ndirectly involved in international trade and finance.The definition of the balance of payments just given requires some clarification. First of all.Ebook International economics (11th edition): Part 2
it is obvious that the literally millions of transactions of the residents of a nation with the rest of the world cannot appear individually in the baThe Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2 Similarly, only the net balance of each type of international capital How is included. Furthermore, the balance ot payments includes some transactions in which the residents of foreign nations are not directly involved—for example, when a nation's central bank sells a portion of its foreign currenc Ebook International economics (11th edition): Part 2y holdings to the nation's commercial banks.An international transaction refers to the exchange of a good, service, or asset (for which payment is usuEbook International economics (11th edition): Part 2
ally required) between tile residents of one nation and the residents of other nations. However, gifts and certain other transfers (for which no paymeThe Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2iplomats, military personnel, tourists, and workers who temporarily migrate are residents of the nation in which they hold citizenship. Similarly, a corporation is the resident of the nation in w hich it is incorporated, but its foreign branches and subsidiaries are not. Some of these distinctions a Ebook International economics (11th edition): Part 2re, of course, arbitrary and may lead to difficulties. For example, a worker may start by emigrating temporarily and then decide to remain abroad permEbook International economics (11th edition): Part 2
anently. International institutions such as the United Nations, the International Monetary Fund (IMF), the World Bank, and (he World Trade OrganizatioThe Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2t is the flow of goods, services, gifts, and assets between the residents of a nation and the residents of other nations during a particular period of time. usually a calendar year.In this chapter, we examine the international transactions of the United States and other nations. In Section 13.2. we Ebook International economics (11th edition): Part 2discuss some accounting principles used in the presentation of the balance of payments. In Section 13.3, we present and analyze the international tranEbook International economics (11th edition): Part 2
sactions of the United Slates for the year 2011. Section 1.3.4 then examines some accounting balances and the concept and measurement of balance-of-paThe Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2national investment position of the United States, lite appendix presents the method of measuring the balance of payments that all nations must use in reporting Io the International Monetary Fund. This ensures consistency and permits international comparison of the balance of payments of different n Ebook International economics (11th edition): Part 2ations.13.2 Balance-of-Payments Accounting PrinciplesIn this section, we examine some balancc-of-paymenls accounting principles as a necessary first sEbook International economics (11th edition): Part 2
tep in (he presentation of the international transactions of (he United States. We begin with (he distinction between credits and debits, and then we The Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2 that involve the receipt of payments from foreigners. Debit transactions arc those that involve the making of payments to foreigners. Credit transactions are entered with a positive sign, and debit transactions are entered with a negative sign in the nation's balance of payments.Thus, the export of Ebook International economics (11th edition): Part 2 goods and services, unilateral transfers (gifts) received from foreigners, and capital inflows arc entered as credits (4-) because they involve the rEbook International economics (11th edition): Part 2
eceipt of13 2 Babncc-of-Paymtnls Accounting Principlespayments from foreigners. On the other hand, the import of goods and services, unilateral transfThe Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2.Financial inflows can lake cither of two forms: an increase in foreign assets in the nation or a reduction in the nation's assets abroad. For example, when a U.K. resident purchases a U.S. stock, foreign assets in the United Slates increase. This is a capital inflow to the United States and is reco Ebook International economics (11th edition): Part 2rded as a credit in the U.S. balance of payments because it involves the receipt of a payment from a foreigner. A capital inflow can also lake the forEbook International economics (11th edition): Part 2
m of a reduction in the nation's assets abroad. For example, when a U.S. resident sells a foreign slock, U.S. assets abroad decrease. This is a capitaThe Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2edit in the U.S. balance of payments because it too involves the receipt of a payment from foreigners.The definition of capital inflows to the United States as increases in foreign assets in the United Slates or reductions in U.S. asscis abroad can be confusing and IS somewhat unfortunate, but this Ebook International economics (11th edition): Part 2is the terminology actually used in all U.S. government publications. Confusion can be avoided by remembering that when a foreigner purchases a U.S. aEbook International economics (11th edition): Part 2
ssel tan increase in foreign assets in the United States), this involves the receipt of a payment from foreigners. Therefore, it is a capital inflow, The Balance of Payments, Foreign Exchange Markets, and Exchange Ratespari1Pari Three (Chapters 13. 14. and 15) deals with balance of payments, foreign Ebook International economics (11th edition): Part 2erefore, il loo represents a capital inflow Io the United Slates and a credit. Both an increase in foreign assets in the United Stales and a reduction in U.S. assets abroad are capital inflows, or credits. because they both involve the receipt of payment from foreigners.On the other hand, financial Ebook International economics (11th edition): Part 2outflows can take the form of either an increase in the nation's assets abroad or a reduction in foreign assets in the nation because both involve a pEbook International economics (11th edition): Part 2
ayment to foreigners. Tor example, the purchase of a U.K. treasury bill by a U.S. resident increases U.S. assets abroad and is a debit because it invoGọi ngay
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