ANDINTERNATIONALLINKAGES(跨国公司财务管理-Jose.pptx
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ANDINTERNATIONALLINKAGES(跨国公司财务管理-Jose.pptx
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MultinationalFinancialManagementAlanShapiro7thEditionJ.Wiley&Sons,PowerPointsbyJosephF.Greco,Ph.D.CaliforniaStateUniversity,Fullerton,1,CHAPTER5,THEBALANCEOFPAYMENTSANDINTERNATIONALLINKAGES,2,CHAPTEROVERVIEW,I.BALANCE-OF-PAYMENTCATEGORIESII.THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITALIII.COPINGWITHCURRENTACCOUNTDEFICITS,3,PARTI.BALANCE-OF-PAYMENTCATEGORIES,A.THEBALANCEOFPAYMENTS(B-O-P)1.PURPOSE:
Measuresallfinancialandeconomictransactionsoveraspecifiedperiodoftime.,4,BALANCE-OF-PAYMENTCATEGORIES,2.Double-entrybookkeepinga.Currencyinflows=creditsearnforeignexchangeb.Currencyoutflows=debitsexpendforeignexchange,5,BALANCE-OF-PAYMENTCATEGORIES,3.ThreeMajorAccounts:
a.Currentb.Capitalc.OfficialReserves4.CurrentAccountrecordsnetflowofgoods,services,andunilateraltransfers.,6,BALANCE-OF-PAYMENTCATEGORIES,5.CapitalAccounta.Function:
recordspublicandprivateinvestmentandlending.b.Inflows=creditsc.Outflows=debits,7,BALANCE-OF-PAYMENTCATEGORIES,5.CapitalAccount(cont)d.Transactionsclassifiedas1.)portfolio2.)direct3.)shortterm,8,BALANCE-OF-PAYMENTCATEGORIES,6.OfficialReservesAccounta.Function:
1.)measureschangesininternationalreservesownedbycentralbanks.2.)reflectssurplus/deficitofa.)currentaccountb.)capitalaccount,9,BALANCE-OF-PAYMENTCATEGORIES,6.OfficialReservesAccount(cont)b.Reservesconsistof1.)gold2.)convertiblesecurities,10,BALANCE-OF-PAYMENTCATEGORIES,7.NetEffects:
a.Sumofalltransactionsmustbezero:
1.)currentaccount2.)capitalaccount3.)officialreserves,11,BALANCE-OF-PAYMENTCATEGORIES,8.TheBalance-of-paymentmeasuresa.SomeDefinitions:
1.)BasicBalancea.)consistsofcurrentaccountandlong-termcapitalflows.,12,BALANCE-OF-PAYMENTCATEGORIES,1.)BasicBalance(cont)b.)emphasizeslong-termtrends.,13,BALANCE-OF-PAYMENTCATEGORIES,1.)BasicBalance(cont)c.)excludesshort-termcapitalflowsthatheavilydependontemporaryfactors.,14,BALANCE-OF-PAYMENTCATEGORIES,2.)NetLiquidityBalance:
measuresthechangeinprivatedomesticborrowingorlendingrequiretokeeppaymentsequalwithoutadjustingofficialreserves.,15,BALANCE-OF-PAYMENTCATEGORIES,3.)OfficialReserveTransactionsBalance-measuresadjustmentsneededbyofficialreserves.,16,PARTII.THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,II.LINKSFROMINTERNATIONALTODOMESTICFLOWSA.GlobalLinkagessetofbasicmacroeconomicidentitieswhichlink:
domesticspendingandproductiontocurrentandcapitalaccounts,17,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,B.DomesticSavingsandInvestmentandtheCapitalAccount1.NationalIncomeAccountinga.NationalIncome(NI)iseitherspent(C)orsaved(S)NI=C+S(5.1),18,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,b.Nationalspending(NS)isdividedintopersonalspending(C)andinvestment(I)NS=C+I(5.2),19,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,c.Subtracting(4.2)-(4.1)NI-NS=S-I(5.3)IfNINS,SIwhichimpliesthatsurpluscapitalspentoverseas.,20,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,d.Inafreely-floatingsystem,excesssaving=thecapitalaccountbalancee.Implications:
1.Anationwhichproducesmorethanitspendswillsavemorethanitinvestsdomesticallywithanetcapitaloutflowproducingacapitalaccountdeficit.,21,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,2.Anationwhichspendsmorethanitproduceshasanetcapitalinflowproducingacapitalaccountsurplus.3.Ahealthyeconomywilltendtorunacurrentaccountdeficit.,22,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,C.THELINKBETWEENTHECURRENTANDCAPITALACCOUNTS1.BeginningidentityNI-NS=X-M(5.4)whereX=exportsM=importsX-M=currentaccountbalance(CA),23,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,2.Combining(5.3)+(5.4)S-I=X-M(5.5)3.IfS-I=NetForeignInvestment(NFI)NFI=X-M(5.6),24,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,4.Implications:
a.IfCAisinsurplus,thenationmustbeanetexporterofcapital.b.IfCAisadeficit,thenationisamajorcapitalimporter.c.WhenNSNI,theexcessmustbeacquiredthroughforeigntrade.,25,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,d.SolutionsforImprovingCAdeficits:
1.)Raisenationalincome(output)relativetodomesticinvestment(I).2.)Increase(S)relativetodomesticinvestment(I).,26,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,D.GOVERNMENTBUDGETSANDCURRENTACCOUNTDEFICITS1.CURRENTACCOUNTBALANCECA=SavingSurplus-Govtbudgetdeficit,27,THEINTERNATIONALFLOWOFGOODS,SERVICES,ANDCAPITAL,2.CADeficitmeansthenationisnotsavingenoughtofinance(I)andthedeficit.3.CASurplusmeansthenationissavingmorethanneededtofinanceits(I)anddeficit.,28,PARTIII.COPINGWITHTHECURRENTACCOUNTDEFICIT,I.POSSIBLESOLUTIONSUNLIKELYTOWORK:
A.CurrencyDepreciationB.Protectionism,29,COPINGWITHTHECURRENTACCOUNTDEFICIT,II.CURRENCYDEPRECIATIONA.U.S.Experience:
Doesnotimprovethetradedeficit.,30,COPINGWITHTHECURRENTACCOUNTDEFICIT,B.Depreciationsareineffectivebecause1.Ittakestimetoaffecttrade.2.J-CurveEffectstatesthatadeclineincurrencyvaluewillinitiallyworsenthedeficitbeforeimprovement.,31,THEJ-CURVE,TIME,Netchangeintradebalance,0,Currencydepreciation,Tradebalanceinitiallydeteriorates,Tradebalanceimproves,32,COPINGWITHTHECURRENTACCOUNTDEFICIT,III.PROTECTIONISMA.TradeBarriersused:
1.Tariffs2.QuotasB.Results:
MostlikelywillreducebothXandM.,33,COPINGWITHTHECURRENTACCOUNTDEFICIT,C.FOREIGNOWNERSHIPoneprotectionistsolutionwouldplacelimitsonoreliminateforeignownershipleadingtocapitalinflows.,34,COPINGWITHTHECURRENTACCOUNTDEFICIT,D.STIMULATENATIONALSAVINGchangethetaxregulationsandrates.,35,COPINGWITHTHECURRENTACCOUNTDEFICIT,III.SUMMARY:
CURRENT-ACCOUNTDEFICITS-neitherbadnorgoodinherently1.Sinceonecountrysexportsareanothersimports,itisnotpossibleforalltorunasurplus,36,COPINGWITHTHECURRENTACCOUNTDEFICIT,2.Deficitsmaybeasolutiontotheproblemofdifferentnationalpropensitiestosaveandinvest.,37,
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