Current Account
?The current account includes the value of trade in merchandise, services, income from investments, and unilateral transfers. ?Merchandise—tangible goods. ?Services—include travel and tourism, royalties(版权), transport costs, and insurance. ?Income from investments—interest and dividends. ?Unilateral transfers—include foreign aid, gifts, and retirement pensions. ?A current account deficit implies that a country is running a net surplus in capital account and that the country is a net borrower from the rest of the world 2-6 宁波工程学院国商教研室蒋力编 ?How big is the U.S.current account deficit compare to other countries? P64 ?How big is the China current account surplus compared to other countries? ?http://www.tradingeconomics.com/china/cur rent-account-to-gdp 2-7 宁波工程学院国商教研室蒋力编 $133billion (highest ) $67billion 2-8 宁波工程学院国商教研室蒋力编 Capital Account
?The capital account include: –Direct Investment –Purchases of Equity and Debt Securities –Bank Claims and Liabilities –U.S. Government Assets Abroad –Foreign Official Assets in the U.S. 2-9 宁波工程学院国商教研室蒋力编 Statistical Discrepancy
?Statistical Discrepancy refers to the measurement errors and omissions resulting from problems of incomplete or inaccurate data. 2-10 宁波工程学院国商教研室蒋力编
国际金融(双语)Chap 3
