資源描述：
《the balance of payments》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫。
1、ChapterChapter44TheBalanceofPaymentsThefirstthreechaptersofthisbookprovideinsightsintothenatureofforeignexchangemarketsandforeignexchangerisks.Tounderstandtheseconceptsmoredeeply,youneedtounderstandtheeconomicforcesthatcauseexchangeratestofluctuate.Exchang
2、eratesrespondtodemandandsupplytotradecurrencies.Thesedemandsandsuppliesarisefrominternationaltradeflowsandinternationalcapitalflows.Plentyofusefulinformationabouttheseinternationalflowsisprovidedbythebalanceofpayments,whichrecordsthepaymentsbetweenresident
3、sofonecountryandtherestoftheworldoveragiventimeperiod.Assuch,ithelpsshedagreatdealoflightonthesupplyanddemandforvariouscurrencies,thepossibleevolutionoftheirexchangerates,andtheglobalfinancialmarketplaceingeneral.Balanceofpaymentsstatisticsarediscusseddail
4、ybypoliticians,thenewsmedia,andcurrencyanalystsatcorporations,commercialbanks,investmentbanks,andmutualfunds.Currencytraderseagerlyawaitthereleaseofnewbalanceofpaymentsstatisticsbecausetheyknowexchangerateswillmovewiththenewinformation.Wewillseehowthebal-a
5、ncesonvarioussubaccountsarelinkedtodomesticandinternationalsavingandinvest-mentdecisionsandultimatelyhowtheymaydetermineacountry’sfinancialandeconomichealth.Forexample,multinationalfirmsshouldrecognizethatpersistentcurrentaccountdeficitsindevelopingcountri
6、escansignalthatcurrencydevaluationsarelikelytooccurthere,withpotentiallydireeconomicramifications.Indevelopedcountries,persistentcur-rentaccountdeficitscanleadlegislatorstounleashprotectionistpolicies,suchastariffsandembargoesonimportedgoodsandservices.Eve
7、rycompanyintheworlddoingbusi-nesswithChinakeenlyfollowstheeffectthattheU.S.tradedeficitwithChinaishavingonthetwocountries’tradepolicies.4.1THEBALANCEOFPAYMENTS:CONCEPTSANDTERMINOLOGYAcountry’sbalanceofpayments(BOP)recordsthevalueofthetransactionsbetweenits
8、residents,businesses,andgovernmentwiththerestoftheworldforaspecificperiodoftime,suchasamonth,aquarter,orayear.Hence,thebalanceofpaymentssummarizestheinter-nationalflowsofgoodsandservicesandchangesintheownersh
