Tài chính doanh nghiệp - Chapter 10: The balance of payments

Definition of the balance of payments The IMF standard presentation The current account The capital and the financial account The double entry system. Examples of records Australia’s Balance of Payments

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Chapter 10:The Balance of Payments $A$US ¥ $ACopyright ©2003 McGraw-Hill Australia Pty Ltd PPTs t/aInternational Trade and Investment by John GioneaSlides prepared by John Gionea€Current Account DeficitCurrent Account SurplusTOPIC PLANDefinition of the balance of paymentsThe IMF standard presentationThe current accountThe capital and the financial accountThe double entry system. Examples of recordsAustralia’s Balance of PaymentsThe Balance of Payments (BOP)Record of the value of all the economic transactions between residents of one country (e.g. individuals, firms, governments) and residents of all other countries during a given time period. The Balance of Payments (BOP)Double-entry book-keeping systemFor nations with floating currencies,the entire balance of payments by definition must numerically balance, while individual accounts or sub-accounts may not balance.The Standard I.M.F. PresentationCurrent AccountCapital and Financial Account1.Current AccountInternational transactions involving goods and/or services, income and current transfers. Main items:A.Goods and Services a.Goods(5 items)b.Services(11 items)B.IncomeCompensation of employeesInvestment income(e.g.FDI Profits,other)C.Current transfers(Payments in cash and kind by residents to non-residents)2.Capital & Financial Account The country's transactions in monetary and ownership claims.A.Capital account, e.g.1.Capital transfers (e.g.involving transfers of ownership of fixed assets); General Government and Other2.Acquisition/disposal of non-produced, non-financial assets (e.g. intangibles,such as patented entities,leases,goodwill ) 2.Capital &Financial Account B. Financial Account1.Direct investment2.Portfolio investment3.Other investment (e.g. trade credits, loans, currency & deposits, other)4.Reserve assets Net Errors and OmissionsImport Records (Oil:$10m) ITEMS DEBIT ($m) CREDIT ($m)__________________________________________1A1 Goods 10 Oil imports ---------------------------------------------------------------2B3b Other inv. 10 decreases in S-T foreign assets held by residents. ________________________________________ Shipment Records ($1m) ITEMS DEBIT (B$m) CREDIT (B$m)______________________________________1A21 Transportation 1 Payments for freight ---------------------------------------------------------------------2B3b Other investment 1 decrease in short term S-T foreign assets held by residentsINVESTMENT INCOME RECORDS (B$ 4 m.,50 % reinvested) ITEMS DEBIT (B$m) CREDIT (B$m)1B2 Investment income 4 profits from FDI in Bucksland2B1 Direct investment 2 increases in FDI in Bucksland firms 2B3b Other S-T capital 2 decreases in S-T Bucksland liabilities to non- Residents.Current Transfers Records (B$ 0.5 m. Food aid) ITEMS DEBIT (B$m) CREDIT (B$m)__________________________________________1C1 Current 0.5 Payment transfers in kind to N-R’s----------------------------------------------------------------1A1 Goods 0.5 Food exports__________________________________________Direct Investment Records ($14m with 50%equipment+50% cash) ITEMS DEBIT ($m) CREDIT ($m)______________________________________2B1 Direct Investment 14 increased FDI in foreign copies----------------------------------------------------------------------1A1 Goods 7 Eqt exports2B3b Other S-T 7 Decrease in S-T foreign assets held by Residents----------------------------------------------------------------------Barclays Bank loaned $9 m. to a bank in Bucksland ITEMS DEBIT ($m) CREDIT ($m)________________________________2B3a Other investment (L-T) 9M. L-T loans by non-residents to residents 2B3b Other investment (S-T) 9 M. Increases in S-T fforeign assets held by residentsBucksland’s BOP balances Debit Credit1-A.Goods and Services 10 + 1 0.5 + 7---------------------------------------------------------------Balance on G & S: 11 7.5---------------------------------------------------------------1-B Income 4 ---------------------------------------------------------------Balance on G&S &Income 15 7.5 ------------------------------------------------------------1-C Current Transfers 0.5---------------------------------------------------------------Current Account Balance 15.5 7.5(1A + 1B + 1C) CAD = $ 8.0 m----------------------------------------------------------------Australia’s Current Account, June 1996-June 2001,Quarterly,A$ m.Source: Based on R.B.AAustralia’s Current Account Deficit as a % of GDP
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