The Balance of Payments
|
|
- Dwain Mason
- 6 years ago
- Views:
Transcription
1 The Balance of Payments Eiteman et al., Chapter 3 Winter 2004 Outline of the Chapter Typical Balance of Payments Transactions Fundamentals of Balance of Payments Accounting The Accounts of the Balance of Payments Balance of Payments Accounting Capital Mobility 2
2 The Balance of Payments The balance of payments (BOP) measures all international economic transactions between residents of a country and foreign residents. BOP data influences and are influenced by key macroeconomic variables such as employment, price levels, exchange rates, interest rates, etc. 3 The Balance of Payments Residents are: Individuals who normally stay in the economic territory of the economy; Institutional units whose centre of economic interest is the economic territory of the economy. 4
3 Typical BOP Transactions Honda U.S. is the U.S. distributor of automobiles manufactured in Japan by its parent company, Honda of Japan. A U.S.-based firm, Fluor Corporation, manages the construction of a major water treatment facility in Bangkok, Thailand. The U.S. subsidiary of a French firm, Saint Gobain, pays profits (dividends) back to its parent firm in Paris. 5 Typical BOP Transactions The BOP has two major subaccounts: The Current Account and the Capital/Financial Account. The Capital Account and the Financial Account are two different accounts but the combination of the two is often referred to as the Capital Account. 6
4 Fundamentals of BOP Accounting Defining International Economic Transactions The Balance of Payments as a Flow Statement Exchange of Real Assets Exchange of Financial Assets Balance of Payments Accounting 7 The Accounts of the BOP A. Current Account 1. Net exports/imports of goods (trade balance) 2. Net exports/imports of services 3. Net income (investment income from direct and portfolio investment plus employee compensation) 4. Net transfers (sums sent home by migrants, gifts, etc.) 8
5 The Accounts of the BOP B. Capital Account Capital transfers related to the purchase and sale of fixed assets such as real estate C. Financial Account 1. Net foreign direct investment 2. Net portfolio investment 3. Other financial items 9 The Accounts of the BOP D. Net Errors and Omissions Account Missing data such as illegal transfers E. Official Reserve Account Changes in official monetary reserves including gold, foreign exchange, and IMF position 10
6 The Accounts of the BOP A = Current Account Balance A + B + C = Basic Balance A + B + C + D = Overall Balance 11 BOP Accounting The balance of payments equation for a country is given by X g M g + X s M s + IN i IN o + UT i UT o + CA i CA o + FDI i FDI o + PI i PI o + OI i OI o + Net Errors and Omissions + FXR = 0 12
7 BOP Accounting In BOP accounting (accounts A,B,C and D), A credit is recorded whenever the domestic currency is purchased by a foreign resident (exports, foreign borrowing, sale of stocks of a domestic company to a foreigner, etc.); A debit is recorded whenever a foreign currency is purchased by a domestic resident (imports, purchase of stocks abroad, etc.). 13 BOP Accounting The Current Account balance is given by X g M g + X s M s + IN i IN o + UT i UT o. Note on UT: If goods are donated by residents to non-residents, X g and UT o. If cash is donated, the capital account will be credited (inflow of goodwill). Immigrants donate their wealth to residents (i.e. to themselves when they migrate). 14
8 BOP Accounting The Capital Account balance is given by CA i CA o. Transactions involving copyrights, patents, land or real estate are recorded in this account. This account is sometimes used to offset unilateral transfers. 15 BOP Accounting The Financial Account balance is given by FDI i FDI o + PI i PI o + OI i OI o. OI include bank loans, bank deposits, etc., (can be described as intermediated investments). A loan to a foreigner by a domestic bank: OI o A resident pays a foreigner with a check drawn on a domestic bank: OI i. 16
9 BOP Accounting The Official Reserve Account balance is given by FXR = Official Reserves Out Official Reserves In = OR o OR i 17 BOP Accounting Foreign currency holdings are either private or official. Private currency transactions appear in the Financial Account. Official currency transactions appear in the Official Reserve account. 18
10 BOP Accounting, An Example A Chinese citizen sells a patent of interactive dress-up doll for $100,000 to a Canadian citizen who pays by drawing a check on its Canadian bank account. A debit will be recorded in the capital account as a non-financial asset has been purchased and a credit will be recorded in the financial account, in the category other investments, as a liability has been exported abroad. Credit Debit Purchase of a non-financial asset (CA o ) $100,000 Increase in liabilities to foreigners (OI i ) $100, BOP Accounting, Another Example A Canadian company exports machine tools to Switzerland at the price of SFr2,000,000. At the exchange rate 1 SFr = C$ (Friday, January 17, 2003), this means C$2,242,800. The Swiss importer pays with a check drawn on its Swiss bank account. A credit is then recorded as an export of goods, X g, and a debit is recorded in the financial account in other investments as private foreign assets have increased. Credit Export of goods (X g ) $2,242,800 Debit Increase in foreign currency holdings (OI o ) $2,242,800 20
11 BOP Accounting, Another Example An Italian migrates to Canada, bringing $500,000 worth of goods with him. This is an import of goods, so X g. At the same time, this is a unilateral transfer from an Italian to a Canadian (note that the goods keep the same owner but the latter s residency status changes, thus making this transaction similar to a donation from a non-resident to a resident), i.e. UT i. 21 Describe how the following transactions are recorded in the balance of payments. 1. A Canadian business exports $80 million of soybeans to China and receives payment in the form of a check drawn on a Canadian bank. 2. The Canadian government provides refugee assistance to Somalia in the form of corn valued at $1 million. 3. A Canadian company invests $500 million in a chemical plant in Germany financed by issuing bonds in London. 22
12 4. A Canadian corporation pays $500,000 in dividends to foreign residents, who choose to hold the dividends in the form of bank deposits in New York. 5. A Mexican company sells $2 million worth of cement to a Canadian company and deposits the check in a bank in Toronto. 23
Chapter 4. The Balance of Payments. The Balance of Payments: Learning Objectives. The Balance of Payments. The Balance of Payments
Chapter 4 The Balance of Payments The Balance of Payments: Learning Objectives Learn how nations measure their own levels of international economic activity, and how that is measured by the balance of
More informationBalance of Payments. Open Economy Macroeconomics; Joanna Siwińska-Gorzelak, PhD
Balance of Payments Open Economy Macroeconomics; Joanna Siwińska-Gorzelak, PhD Balance of Payments A country s balance of payments accounts for its payments to and its receipts from foreigners. BOP is
More informationBOP Statistics. Aspects of the BOP Accounting System
Balance of Payments (BOP) Accounting System Double entry bookkeeping system Measures and records all economic transactions between residents of one country and residents of all other countries during specified
More informationChapter 13 (2) National Income Accounting and the Balance of Payments
Chapter 13 (2) National Income Accounting and the Balance of Payments Preview National income accounts measures of national income measures of value of production measures of value of expenditure National
More informationBalance of Payments and Exchange Rates. Ch12/BP&ER 1
Balance of Payments and Exchange Rates Ch12/BP&ER 1 Introduction: Open vs closed economy Three kinds of openness: Free trade in goods and services Restrictions:, etc. Free movements of capital (financial)
More informationChapter 1: The Balance of Payments (BoP)
Chapter 1: The Balance of Payments (BoP) 2: Definition and Rules 2.1 Overview 2.2 Current Account 2.3 Capital Account 2.4 Financial Account 2.5 Balance-of-Payments Equilibrium 2.6 Net Errors and Omissions
More informationGross National Expenditure
NATIONAL / INTERNATIONAL ACCOUNTS: INCOME, WEALTH, AND THE BALANCE OF PAYMENTS ECON 463 Lecture Set 5 Gross National Expenditure Gross national expenditure (GNE): total national spending (purchases) on
More informationMicro versus Macro PP542. National Income Accounts. Micro versus Macro (cont.) National Income Accounts: GNP. National Income Accounts: GNP (cont.
PP542 Accounting Issues the Balance of Payments (BOP) Micro versus Macro MICROECONOMICS examines how individuals, by pursuing their own interests, collectively determine how resources are used. The key
More informationChapter 16: Payments among Nations
Chapter 16: Payments among Nations Accounting Principles The balance of payments (BOP) is an accounting of a country's international transactions for a particular time period Double-entry accounting. Each
More informationChapter 5. Saving and Investment in the Open Economy. Copyright 2009 Pearson Education Canada
Chapter 5 Saving and Investment in the Open Economy Copyright 2009 Pearson Education Canada Balance of Payments Accounting The balance of payments accounts are the record of country s international transactions.
More informationMacedonia's Balance of Payments
Macedonia's Balance of Payments Macedonia. Use the following Macedonia balance of payments data to answer questions 1 through 4. Note that the data presented in the text is insufficient to answer the question
More informationCHAPTER FIVE OVERVIEW BALANCE OF PAYMENTSACCOUNTING PRINCIPLES BALANCE OF PAYMENTS DESCRIPTION OF BALANCE OF PAYMENT ACCOUNTING
CHAPTER FIVE CHAPTER FIVE OVERVIEW BALANCE OF PAYMENTS Components of the Balance of Payments (BOP) Composition of each component How are the BOP components affected Policy implications for managing BOP
More informationThe Balance of Payments
INTERNATIONAL FINANCIAL MANAGEMENT Seventh Edition EUN / RESNICK 3-0 Copyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved. The Balance of Payments Chapter Objective: 3 Chapter Three INTERNATIONAL
More informationSlides for International Finance Macroeconomic Accounting (KO Chapter 12)
Macroeconomic Accounting (KO Chapter 12) American University 2010-10-03 Preview and Product Accounts National income accounts Measure national income and value of production Measure value of expenditures
More informationInternational Economics: the Exchange Rate
Paolo Sospiro Dipartimento degli Studi sullo Sviluppo Economico Facoltà di Scienze Politiche Università di Macerata paolo.sospiro@unimc.it International Economics: the Exchange Rate Macerata 16 November
More informationBalance of Payments, Debt, Financial Crises, and Stabilization Policies
Chapter 9 Balance of Payments, Debt, Financial Crises, and Stabilization Policies Problems and Policies: international and macro 1 International Finance and Investment: Key Issues How major debt crises
More informationChapter 5. Saving and Investment in the Open Economy. Copyright 2009 Pearson Education Canada
Chapter 5 Saving and Investment in the Open Economy Copyright 2009 Pearson Education Canada This Chapter Key change in an open economy: domestic spending need not equal domestic production in every year.
More informationUnit 5: International Trade
Unit 5: International Trade 1 International Trade 2 Where does your stuff come from? (Check the tags on your clothes, shoes, watch, calculator, etc.) Why have your clothes and personal items traveled all
More informationChapter 03 Test Bank
Test Bank International Financial Management: Canadian Perspective 3rd Edition Brean Eun Resnick International Financial Management: Canadian Perspective 3rd Edition TEST BANK by Don Brean, Cheol Eun,
More informationSELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US.
April 22, 1970 No. 451 H-13 Division of International Finance Europe and British Commonwealth Section //A L / f ' nr
More information6 The Open Economy. This chapter:
6 The Open Economy This chapter: Balance of Payments Accounting Savings and Investment in the Open Economy Determination of the Trade Balance and the Exchange Rate Mundell Fleming model Exchange Rate Regimes
More informationChapter 6. The Balance of Payments
Chapter 6 The Balance of Payments 1 Learning Objectives To understand the fundamental principles of how countries measure international business activity, the balance of payments To examine the similarities
More informationChapter 5: Saving and Investment in the Open Economy
Chapter 5: Saving and Investment in the Open Economy Yulei Luo Economics, HKU October 2, 2017 Luo, Y. (Economics, HKU) ECON2220: Intermediate Macro October 2, 2017 1 / 26 Chapter Outline Balance of Payments
More informationSELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE U.S.
\«April 1, 1970 No. 448 f / A t *^ f,, H«13 Division of IntomotiMoiJxnyce Europe and British Common wealth Section f j y SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE U.S. WEEKLY SERIES
More informationChapter 17: Macroeconomics in an Open Economy
Chapter 17: Macroeconomics in an Open Economy Yulei Luo SEF of HKU April 16, 2012 Learning Objectives 1. Explain how the balance of payments is calculated. 2. Explain how exchange rates are determined
More informationOverview of the Balance of Payments and International Investment Position Manual (BPM6)
Overview of the Balance of Payments and International Investment Position Manual (BPM6) Statistics of International Trade in Service: Challenges and Good Practices Regional Workshop for South-East Asian
More informationCAPITAL MARKET DEVELOPMENTS ABROAD. I. Ten"Charts on Financial Markets Abroad. II. Latest Figures Plotted in H.13 Chart Series, 1967
PEDEHALHESEItVESYSTEM H. 13 September 20, 1967. No.317 CAPITAL MARKET DEVELOPMENTS ABROAD I. Ten Charts on Financial Markets Abroad II. Latest Figures Plotted in H.13 Chart Series, 1967 I. Ten"Charts on
More informationThe Balance of Payments. Balance of Payments. Balance of Payments Accounts. Balance of Payments Accounts. They are composed of the following:
The Balance of Payments Chapter Objective: This chapter serves to introduce the student to the balance of payments, how it is constructed and how balance of payments data may be interpreted. Chapter Outline
More informationUnit 5: International Trade
Unit 5: International Trade 1 International Trade Why do people trade? 2 Magic of Markets Brown Bag Activity 3 Why do people trade? 1. Assume people didn t trade. What things would you have to go without?
More informationMACROECONOMIC OUTPUT. Economy performance measurement
MACROECONOMIC OUTPUT Economy performance measurement GDP Gross Domestic Product measures the monetary value of final goods and services that is, those that are bought by the final user produced in a country
More informationThe Balance of Payments
The Balance of Payments Chapter Objective: Chapter Three 3 INTERNATIONAL FINANCIAL MANAGEMENT This chapter serves to introduce the student to the balance of payments. How it is constructed and how balance
More information01jan195001jan196001jan197001jan198001jan199001jan200001jan201001jan2020 date
Turkish Lira Example British Pound 0 1.0e+06 2.0e+06 3.0e+06 4.0e+06 5.0e+06 01jan195001jan196001jan197001jan198001jan199001jan200001jan201001jan2020 date British Pound British Pound Ozan Hatipoglu (Department
More informationBALANCE OF PAYMENTS¹ of the Republic of Azerbaijan for January September, 2015
BALANCE OF PAYMENTS¹ of the Republic of Azerbaijan for January September, 2015 As in previous years, in January - September, 2015 external economic operations had positive balance on the oil-and-gas sector
More informationChapter 13: National Income Accounting and the Balance of Payments
Chapter 13: National Income Accounting and the Balance of Payments Krugman, P.R., Obstfeld, M.: International Economics: Theory and Policy, 8th Edition, Pearson Addison-Wesley, 288-316 1 Preview National
More informationCHAPTER 15 EQUITY PORTFOLIOS
CHAPTER 15 EQUITY PORTFOLIOS Answers to end-of-chapter exercises CROSS SHAREHOLDING 1. Suppose Firm A has 1,000 shares outstanding and Firm B has 500 shares outstanding. Firm A and B each issue 100 new
More informationCh. 2 International Flow of Funds. Balance of Payments. Current Account
Ch. 2 International Flow of Funds Topics Balance of Payments International Trade Flows International Capital Flows Agencies that Facilitate International Flows Balance of Payments Definition: Measurement
More informationOVERVIEW of INTERNATIONAL CAPITAL FLOWS
OVERVIEW of INTERNATIONAL CAPITAL FLOWS By Mack Ott, CEE, 2008 [Mack Ott is an international economic consultant whose major assignments have been in theformer Soviet Union countries, the Balkans, and
More information1. Answer all parts. a) Answer parts (i)-(iii) assuming the following exchange rates hold:
Econ 455 Lapan Spring 2003 FINAL EXAM Answer a total of three questions. Answer at most one question from Part II. {answer three questions from Part I or answer 2 questions from Part I and one question
More informationYardeni Research, Inc.
Yardeni Research, Inc. Global Interest Rates, (daily) (Source: Global Insight) 1. United States: Three-Month T-bill 2. United Kingdom: 3-Month Eurocurrency Rate 3. Canada: 3-Month Eurocurrency Rate 4.
More informationTo gain more understanding of the sources of saving and investment, we can disaggregate total saving into government (Sav G )
and then fell through 2013, from which the current account deficit has been relatively constant (2-2.3%). Since 1970, the most pervasive aspect of U.S. GNI shares is that growth has occurred predominantly
More informationBalance of Payments Analysis (BOP)
Topic2 Balance of Payments Analysis (BOP) 1 BOP Statement A statistic measurement of all transactions between domestic and foreign residents over a specified period of time. 2 Business Transactions which
More informationExchange Rate Regimes and Monetary Policy: Options for China and East Asia
Exchange Rate Regimes and Monetary Policy: Options for China and East Asia Takatoshi Ito, University of Tokyo and RIETI, and Eiji Ogawa, Hitotsubashi University, and RIETI 3/19/2005 RIETI-BIS Conference
More informationa) Answer parts (i)-(iii) assuming the following exchange rates hold: Exchange Rate (as US$ per foreign currency)
Econ 455 Lapan Spring 2001 FINAL EXAM Answer a total of three questions. Answer at most one question from Part II. {answer three questions from Part I or answer 2 questions from Part I and one question
More informationSELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US.
?. /r\cuduol ^ February 3, 1971 No. 491 H-13 Divib^dh of Internet lorn el Fi twice Ewepe end British Commonwealth Section SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. WEEKLY SERIES
More informationChapter 2 International Flow of Funds
Chapter 2 International Flow of Funds 1. Recently, the U.S. experienced an annual balance of trade representing a. a. large surplus (exceeding $100 billion) b. small surplus c. level of zero d. deficit
More informationThe Balance of Payments II Capital Account
Balance of payments Accounting framework and statistical record of all the economic and financial flows that take place over a specified time period between residents of the reporting country and the rest
More informationPrepared by Iordanis Petsas To Accompany. by Paul R. Krugman and Maurice Obstfeld
Chapter 12 National Income Accounting and the Balance of Payments Prepared by Iordanis Petsas To Accompany International Economics: Theory and Policy, Sixth Edition by Paul R. Krugman and Maurice Obstfeld
More informationChapter 12. Preview. National Income Accounts. National Income Accounting and the Balance of Payments. National income accounts
Chapter 12 National Income Accounting and the Balance of Payments Slides prepared by Thomas Bishop Copyright 2009 Pearson Addison-Wesley. All rights reserved. Preview National income accounts measures
More informationSecond estimate for the first quarter of 2010 EU27 current account deficit 34.8 bn euro 10.8 bn euro surplus on trade in services
109/2010-22 July 2010 Second estimate for the first quarter of 2010 EU27 current account deficit 34.8 bn euro 10.8 bn euro surplus on trade in According to the latest revisions 1, the EU27 2 external current
More informationEXTERNAL ACCOUNTS STATISTICS HUNGARY
EXTERNAL ACCOUNTS STATISTICS HUNGARY 2006 EXTERNAL ACCOUNTS STATISTICS HUNGARY Hungary s balance of payments and international investment position (Methodology, country-specific details and data for 1995
More informationThe Balance of Payments II Capital Account
Balance of payments Accounting framework and statistical record of all the economic and financial flows that take place over a specified time period between residents of the reporting country and the rest
More informationIntermediate Macroeconomics, EC2201. L4: National income in the open economy
Intermediate Macroeconomics, EC2201 L4: National income in the open economy Anna Seim Department of Economics, Stockholm University Spring 2017 1 / 50 Contents and literature The balance of payments. National
More informationPractice questions: Set #3
International Finance Professor Michel A. Robe What should you do with this set? Practice questions: Set #3 To help students prepare for the exams and group cases, several problem sets with solutions shall
More informationBALANCE OF PAYMENTS. of the Republic of Azerbaijan for January- December
BALANCE OF PAYMENTS of the Republic of Azerbaijan for January- December 2013 1 As in previous years, in January- December, 2013 external economic operations had a positive balance on the oil-and-gas sector
More informationThe economic Impact of EU membership on the UK. David Bailey Aston Business
The economic Impact of EU membership on the UK David Bailey Aston Business School @dgbailey Economic Impact of EU membership on UK? Costs and benefits of EU membership Trade & Investment à Jobs Regulation
More informationUnderstanding Inflation Inflation redistributes income. Some people win and some people lose from the redistribution.
Week 8 Zheng Zhang Inflation Question? Suppose you were living in the economy of the figure above and could choose between a real GDP of $900 billion and a price level of 100 and real GDP of $1200 billion
More information4.1 Foreign Exchange Average Rates Pak Rupees per US Dollar
4.1 Foreign Exchange Average Rates Pak Rupees per US Dollar PERIOD Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. 1990-91 21.7944 21.8083 21.7944 21.8440 21.9107 21.9099 22.1296 22.2054 1991-92 24.6281 24.7185
More informationECON 3010 Intermediate Macroeconomics Chapter 6
ECON 3010 Intermediate Macroeconomics Chapter 6 The Open Economy Imports and exports of selected countries, 2010 60 50 Exports Imports Percent of GDP 40 30 20 10 0 Australia China Germany Greece S. Korea
More informationTHE GLOBAL ECONOMY AND POLICY Macroeconomics in Context (Goodwin, et al.)
Chapter 14 THE GLOBAL ECONOMY AND POLICY Macroeconomics in Context (Goodwin, et al.) Chapter Overview This chapter will take you through the basics of international trade and finance. The chapter introduces
More informationSelected Interest & Exchange Rates
(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts June 29, 1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM
More informationChanges in the methodology and classifications of the balance of payments and the international investment position statistics
Changes in the methodology and classifications of the balance of payments and the international investment position statistics BPM6 Implementation In October 2014 Eurostat starts data dissemination according
More informationBALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION. Moscow
2017 BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION Moscow This publication has been prepared by the Statistics and Data Management Department of the
More informationCAPITAL MARKET DEVELOPMENTS ABROAD. - l TeW Charts on Financial Markets Abroad II. Latest Figures Plotted in H.13 Chart Series, 1967
\ DIVISION OF INTERNATIONAL FINANCE BOARD OF OOV RK'3RI N H ; % 3 1 4 ' 1 9 6 7 ' CAPITAL MARKET DEVELOPMENTS ABROAD - l TeW Charts on Financial Markets Abroad II. Latest Figures Plotted in H.13 Chart
More informationInternational Finance
International Finance 19 1 Balance of Payments International economic transactions Flow of transactions period of time May not involve cash payments Double-entry bookkeeping Credits Inflow of receipts
More informationChapter 2 International Flow of Funds
Chapter 2 International Flow of Funds 1. Recently, the U.S. experienced an annual balance of trade representing a. a. large surplus (exceeding $100 billion) b. small surplus c. level of zero d. deficit
More informationModule 41: The Open Economy: International Trade. Duffka School of Economics
Module 41: The Open Economy: International Trade Key Economic Concepts A country s balance of payments accounts are a summary of the country s transactions with other countries. Transactions that don t
More informationThe Revision of the fifth edition of the Balance of Payments Manual - Progress and Plans
9 September 2004 UNITED NATIONS DEPARTMENT OF ECONOMIC AND SOCIAL AFFAIRS STATISTICS DIVISION Meeting of the Technical Subgroup of the Task Force on International Trade in Services, Movement of Natural
More informationJune Vanguard Equity Index Fund Benchmark Changes Overview of the Transition Process
June 2015 Vanguard Equity Index Fund Benchmark Changes Overview of the Transition Process Table of Contents 1. Introduction 3 2. How are the existing and destination indexes different? 3 3. How will the
More informationTHE CAYMAN ISLANDS BALANCE OF PAYMENTS (CURRENT ACCOUNT): 2009
THE CAYMAN ISLANDS BALANCE OF PAYMENTS (CURRENT ACCOUNT): 2009 FEBRUARY 2011 The Economics and Statistics Office Government of the Cayman Islands Table of Contents ACKNOWLEDGEMENT... 3 ABBREVIATIONS AND
More informationDG Trade Statistical Guide Trade
DG Trade Statistical Guide 2016 Trade EUROPEAN COMMISSION DG Trade Chief Economist and Trade Analysis Statistics Sector E-mail: trade-statistics@ec.europa.eu EUROPEAN COMMISSION DG Trade Statistical Guide
More informationINTERNATIONAL TAX PLANNING. Singapore Domestic Law And Treaties SHANKER IYER FCA
INTERNATIONAL TAX PLANNING Singapore Domestic Law And Treaties SHANKER IYER FCA Contents Singapore Tax System Corporate & personal Recent tax developments What makes Singapore an attractive centre for
More informationForeign direct investment in Canada by ultimate investing country
Catalogue no. 13-605-X ISSN 1705-9658 Latest Developments in the Canadian Economic Accounts Foreign direct investment in Canada by ultimate investing country by Marc Atkins and Morgan Roesler Release date:
More informationChapter 11 An Introduction to International Finance Adapted by H. Dellas
Chapter 11 An Introduction to International Finance Adapted by H. Dellas Topics to be Covered Foreign accounts-balance of payments Exchange rates-exchange rate markets Prices and exchange rates Interest
More informationLecture 1. Global Imbalances
Lecture 1 Global Imbalances Saverio Simonelli University of Naples Federico II Fall 2017 International Macroeconomics Practical information Meeting: Monday, Tuesday and Wednesday, 10:15-12:00 Room: Dipartimento,
More informationWhat Model for Japan s Future? Overcoming the Hollowing-Out Syndrome
What Model for Japan s Future? Overcoming the Hollowing-Out Syndrome Presentation at the Brookings Institution Conference on The Hollowing-Out of Japan s Economy: Myths, Facts, Countermeasures. February
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )
More informationChapter 29 The Global Economy and Policy Principles of Economics in Context (Goodwin et al)
Chapter 29 The Global Economy and Policy Principles of Economics in Context (Goodwin et al) Chapter Overview This chapter will take you through the basics of international trade and finance. The chapter
More informationMACROECONOMICS - CLUTCH CH BALANCE OF PAYMENTS.
!! www.clutchprep.com CONCEPT: OVERVIEW OF THE BALANCE OF PAYMENTS Countries that trade with other countries have an open economy Balance of Payments a record of a country s transactions with other countries
More informationSELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US.
December 16, 1970 No. 484 H-13 Division of International Finance Europe and British Commonwealth Section zy Q0tU rwotj SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. WEEKLY SERIES OF
More information!!! Current account balance =!!!!!! + (!!!!!! ) Capital account balance =!!!!!!, which is also equal to current account balance when!! =!!!!
ECON 302: Intermediate Macroeconomic Theory (Fall 2014) Discussion Section 10 December 5, 2014 KEY CONCEPTS Chapter 15 Open Economy The budget constraint for the home country is + = + + + + ( ) Current
More informationDeveloping Domestic Capital Markets to Finance Innovation Capacity in China and India
Developing Domestic Capital Markets to Finance Innovation Capacity in China and India Sandra Lawson Senior Global Economist Goldman Sachs September 24, 27 China Outpaces India in FDI, But India s Upturn
More informationChapter 2. International Flow of Funds. Lecture Outline. Balance of Payments Current Account Capital and Financial Accounts
Chapter 2 International Flow of Funds Lecture Outline Balance of Payments Current Account Capital and Financial Accounts Growth in International Trade Events That Increased Trade Volume Impact of Outsourcing
More informationEXTERNAL SECTOR MODULE 1 BALANCE OF PAYMENT
EXTERNAL SECTOR MODULE 1 BALANCE OF PAYMENT External sector deals with export and import of goods and services, and financial capital between nations. The countries export goods and services over which
More informationMacroeconomic Assessment. 30 April 2015
Macroeconomic Assessment 30 April Source : Office of Agricultural Economics, calculated by Bank of Thailand Supply Side Policy Team Tel. 0 2283 6190 2 200 150 100 50 0 (%YoY) P = Preliminary Data H1 H2
More informationInternational Finance 407. Balance of Payments. Zhen Huo Teaching Fellow: Max Perez Leon. Yale University. Wednesday 31 st August, 2016
International Finance 407 Balance of Payments Zhen Huo Teaching Fellow: Max Perez Leon Yale University Wednesday 31 st August, 2016 1/24 Motivation: International Economics The study of micro & macro issues
More informationVietnam. HSBC Global Connections Report. October 2013
HSBC Global Connections Report October 2013 Vietnam The pick-up in GDP growth will be modest this year, with weak domestic demand and exports still dampening industrial confidence. A stronger recovery
More informationIntroduction to FDI databases
Introduction to FDI databases Third Asia-Pacific Trade and Investment Week Training on Evidence-based Policymaking in Trade and Investment Wednesday 20 November 2013, UNCC, Bangkok Outline International
More informationUK Trade in Numbers. February 2019
UK Trade in Numbers February 2019 Disclaimer The figures used in this pocketbook are the latest at the time of publication. We include figures from monthly and quarterly publications, such as ONS Balance
More informationBanking. Opening a bank account in China - especially an RMB-only account - is a. very straightforward process. The only actual needed document for a
Banking Opening a bank account in China - especially an RMB-only account - is a very straightforward process. The only actual needed document for a basic account is your passport. You need neither proof
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY. Guidelines on Recognized Exchanges
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Recognized Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation
More informationForeign Exchange. Pricing Guide 1 July June 2018
Foreign Exchange Pricing Guide 1 July 2017 30 June 2018 First National Bank a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider (NCRCP20). Foreign Exchange FNB offers
More informationEconS 327 Review for Test 2
Test 2 is on Friday, April 24 Test 2 has 30 multiple choice questions. Test 2 will cover the material assigned during weeks 1-14. This includes o Material covered on Test 1 o Material from weeks 8-14 o
More informationThe current statistical framework for measuring trade in services and how it can be applied. Contact:
The current statistical framework for measuring trade in services and how it can be applied Contact: Andreas.Maurer@wto.org 1 World Trade in Commercial Services, Total Exports, 1980-2002 (USD billion and
More informationBalance of Payments Statistics of Hong Kong
Balance of Payments Statistics of Hong Kong I. Methodology Concepts and definitions Analytical framework: In Hong Kong, the compilation of balance of payments statistics is largely in conformity with the
More informationFOREIGN DIRECT INVESTMENT IN SOUTHERN CALIFORNIA
FOREIGN DIRECT INVESTMENT IN SOUTHERN CALIFORNIA FOREIGN DIRECT INVESTMENT IN SOUTHERN CALIFORNIA FOREIGN DIRECT INVESTMENT S. Flower Street, 7th Floor, CA 97 www.laedc.org June The LAEDC Kyser Center
More informationAustralian National University. Graduate Diploma Macroeconomics Econ Rod Tyers. 5: The Balance of Payments
Australian National University Graduate Diploma Macroeconomics Econ 8026 Rod Tyers 5: The Balance of Payments Components of the current account Components of the capital account The home economy and the
More informationActuaries Abroad. Roger M. Hayne, PhD, FCAS, MAAA Associate Adjunct Professor University of California, Santa Barbara
Actuaries Abroad Roger M. Hayne, PhD, FCAS, MAAA Associate Adjunct Professor University of California, Santa Barbara Actuaries Around the World Actuaries practice in most countries around the world As
More informationEcon 340. Recall Macro from Econ 102. Recall Macro from Econ 102. Recall Macro from Econ 102. Recall Macro from Econ 102
Econ 34 Lecture 5 International Macroeconomics Outline: International Macroeconomics Recall Macro from Econ 2 Aggregate Supply and Demand Policies Effects ON the Exchange Expansion Interest Rate Depreciation
More informationThe Balance of Payments
INTERNATIONAL FINANCIAL MANAGEMENT eventh Edition EUN / RENICK The Balance of ayments Chapter Objective: 3 Chapter Three INTERNATIONAL FINANCIAL MANAGEMENT This chapter serves to introduce students to
More informationChapter 13 The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime
Chapter 13 The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime Modified by Yun Wang Eco 3203 Intermediate Macroeconomics Florida International University Summer 2017 2016
More information