29--8.1国际经济学双语讲稿

Pl Whentrade occursbetween China and othernations,many typesof financialtransactions are recorded in asummary calledthe balance-of-payments.In thischapter;we examinethe monetaryaspects of international tradeby consideringthe natureandsignificance of a nationsbalance-of-payments.批注［李1］当中国与其他国家进行贸易时，许多类型的金P2The balance-of-payments isa recordof theeconomic transactionsbetween the融交易被汇总记录在国际收支平衡表中在本章中，我们将residents of one country and therest of the world.Nations keepa recordof their通过分析一国国际收支平衡表的特征和意义，来考察国际贸balance-of-payments overthe courseof aone-year period;Chinaandsome other易的货币方面nations alsokeep sucha recordon aquarterly basis.An internationaltransaction isanexchange of goods,services,or assets between residentsofonecountryandthose ofanother.批注［李2］:国际收支平衡表是一国居民与世界其他地区But whatis meantby theterm residentResidents includebusinesses,individuals,居民之间经济往来的记录各国通常以一年为节点记录国and governmentagencies that make the country inquestion theirlegal domicile.际收支平衡表;中国和另外一些国家也也做季度记录国际Although acorporation isconsidered tobe aresident of thecountryin whichit is交易是一国居民与另一国居民之间的商品、服务或资产交incorporated,its overseasbranch orsubsidiary isnot.Military personnel,government换diplomats,tourists,and workerswho emigratetemporarily areconsidered residentsofthe countryin whichthey holdcitizenship.批注［李3］:但是“居民”这个词是什么意思呢居民包括企P3The arrangementofinternationaltransactions into a balance-of-payments account业、个人和政府机构，这些机构在我们所指的国家中拥有合requires thateach transactionbe enteredas a credit ora debit.A credittransaction is法住所虽然公司被认为是其注册地的居民，但其海外分支one thatresults ina receipt ofa payment from foreigners.By convention,credit items或子公司则不是（驻外）军事人员、政府外交人员、游客are recordedwith aplus sign.A debittransaction isone that leads toapaymentto和暂时移民的工人被认为是其所在国家的居民foreigners.By convention,debit itemsare recordedwith a minus sign-.批注［李4］:计入国际收支平衡表的每一笔交易都会被计入P4From theChina perspective,the followingtransactions arecredits,leading to the借方或者贷方贷方交易是指收到外国人付款的交易按照receiptofRMB fromforeigners:•Merchandise exports•Transportation and惯例，贷方项目用加号（+）标记借方交易是向外国人付款的交易按照惯例，借方项目用减号（-）标记travel receipts•Income receivedfrom investments abroad•Gifts receivedfromforeign residents•Aid receivedfromforeign governments andInvestments inChina byoverseasresidents.批注［李5］:从中国的角度来看，以下交易导致从外国人那里获得资金，计入贷方商品出口、运输和旅行收入、从海外P5Conversely,the followingtransactions aredebits fromChina viewpointbecause投资中获得的收入、从外国居民那里收到的礼物、从外国政they involvepayments to foreigners:•Merchandise imports•Transportation and府那里得到的援助和海外居民在中国的投资travel expenditures•Income paidon theinvestments offoreigners•Gifts toforeignresidents•Aid givenby Chinagovernment andOverseas investmentby China批注［李6］:相反，以下交易在中国看来是借入，因为它们涉及给外国人支付的款项:商品进口、运输和旅费、外国人residents.投资所支付的收入、送给外国居民的礼物、中国政府给予P6Although wespeak interms ofcredit anddebit transactions,every international的援助和中国居民的海外投资transaction involvesan exchangeof assetsand hasboth acredit and a debitside.批注［李刀:虽然我们用贷方和借方标记交易，但每一笔国Each creditentry isbalanced bya debitentry,and viceversa,so that the recordingof际交易都涉及到资产的交换，因此既有贷，也有借any internationaltransaction leads to twooffsetting entries.In otherwords,the批注［李8］:每一个贷方项目都有一个借方与之平衡，反之balance-of-payments accountsutilize adouble entryaccounting system.亦然因此任何一笔国际交易都会产生借贷相抵的两条记Even thoughthe entirebalance-of-payments mustnumerically balanceby definition,录换句话说，国际收支平衡表采用复式记账法it doesnot necessarilyfollow thatany singlesubaccount orsubaccounts of thestatement mustbalance.Total merchandiseexports mayor maynot bein balancewithtotal merchandiseimports.When referenceis madetoabalance-of-payments surplusordeficit,it isparticular subaccountsof the balance-of-payments that are referredto,notthe overallvalue.A surplusoccurs when the balance on asubaccount ispositive;adeficit occurswhenthe balance isnegative.P7Let usnow considerthe structureofthe balance-of-payments byexamining itsvarioussubaccounts.批注[李9]:即使整个国际收支按照定义必须在数字上达到平The current account ofthebalance-of-payments refers to themonetary valueof衡，也不一定意味着报表的任何一个或几个子帐户必须达到international flowsassociated withtransactions ingoods,services,income flows,and平衡商品出口总额可能与商品进口总额相平衡,也可能不unilateral transfers.Each ofthese flowswill bedescribed inturn.平衡当我们说国际收支顺差或逆差时，往往指的是其子帐P8Broadening ourbalance-of-payments summaryfurther;we mustinclude the户，而不是总账户当某个子帐户上的余额为正数时，称为income balancethat consistsof incomereceipts andpayments.This itemreferstothe盈余;当余额为负时，叫做赤字net earnings on Chinainvestmentsabroad,that is,earningsonChina investmentsabroadless paymentson foreignassets inChina.It alsoincludes compensationto批注[李10]:现在让我们通过各种子帐户来了解国际收支平employees.衡表的结构P9Our balance-of-payments summaryis expandedto includeunilateral transfers.批注[李11]:国际收支经常账户是指与货物、服务、收人流These itemsinclude transfersofgoods and servicesor financialassetsbetweenChina和单方面转让交易等有关的国际流动的货币价值我们将依and therest ofthe world.Private transferpayments refer to giftsmade byindividuals次描述这些流程and nongovernmentalinstitutions to foreigners.Governmental transfersrefer togifts orgrantsmade byone governmenttoforeignresidents orforeigngovernments.批注[李12]:除进出口贸易外，经常账户还包括收益平,衡When investmentincome andunilateral transfersare combinedwith thebalanceon——收益的获取和支付本项目是指中国对外投资的净收益，goods andservices,we arriveatthecurrentaccountbalance.即中国对外投资的收益减去在华外国资产的支出它还包括PIO Capitaland financialtransactions inthebalance-of-payments includeall支付给雇员的报酬international purchasesor salesof assets.The termassets isbroadly definedto include批注[李13]:国际收支平衡表还包括单方面转移支付这些items suchas titlesto realestate,corporate stocksand bonds,government securities,项目包括中国与世界其他国家之间的货物、服务或金融资产and ordinarycommercial bankdeposits.The capital and financial account includesboth转移民间转移支付是指个人和民间机构向外国人赠送的礼private sectorand officialtransactions.物政府转移支付是指一国政府向外国居民或外国政府赠送Pll Capitaland financialtransactions arerecordedinthebalance-of-payments的礼物或赠款把投资收益项目和单方面转移项目余额与商statement byapplying aplus sign to capital and financialinflows andaminussignto品和服务项目余额相结合，我们就得出了经常账户余额capital and financial outflows.The followingrule maybe helpfulin appreciatingthe fundamentaldifference between批注[李14]:国际收支中的资本和金融交易包括所有对资产credit anddebit transactionsthatmakeup the capitalandfinancial account.Any的国际购买或出售资产这一术语的广义定义包括房地产、transaction thatleadstothe home countrys receiving payments fromforeigners canbe公司股票和债券、政府证券以及普通商业银行存款等项目regarded asacredititem.A capitalinflow canbe likenedtotheexport ofgoods and资本和金融账户包括私人部门和官方交易Cservices.Conversely,any transactionthatleadstoforeignersreceivingpaymentsis批注[李15]:资本和金融交易也记录在国际收支平衡表中资considered adebit itemfor homecountries.A capitaloutflow issimilar ineffect tothe本和金融流入用加号表不，资本和金融流出用减号表不import ofgoodsandservices.P12Besides includingprivate sectortransactions,thecapitalandfinancialaccount批注[李16]:下面的规则可能有助于理解资本和金融账户的includes officialsettlements transactionsofthehomecountryscentral bank.Official借贷交易之间的区别任何导致本国接受外国人付款的交易settlements transactionsrefertothe movementof financialassets amongofficial都可视为贷方项目资本流入可以比作商品和服务的出口holders forexample,the U.S.Federal Reserveand thePeoples Bankof China.相反，任何导致外国人接受付款的交易都被认为是本国的借These financialassets fallinto twocategories:official reserveassets forexample,China方项目资本外流在效果上类似于商品和服务的进口government assetsabroad andliabilities toforeign officialagencies forexample,foreign officialassets inChina.The costof collectingbalance-of-payments statisticsis high,andaperfectly accuratecollectionsystem wouldbe prohibitivein cost.Government statisticiansthus basetheir批注[李17]:除了包括私人部门的交易外，资本和金融帐户还figures partlyon informationcollected andestimates.包括本国中央银行的官方结算交易官方结算交易指的是官Probably themost reliableinformation consistsof merchandisetrade datathatare方持有人（如美联储和中国人民银行）之间的金融资产流动collected mainlyfrom customsrecords.这些金融资产分为两类:官方储备资产（如中国政府在海外的Because totaldebits mustequal totalcredits inprinciple,statisticians inserta residual资产）和对外国官方机构的负债（如外国官方在中国的资产）to makethem equal.This correctingentry isknown asstatistical discrepancy,or errors批注[李18]:收集国际收支统计数字的成本很高，一个精确统and omissions.In thebalance-of-payments statement,statistical discrepancyis treated计体系的成本更是令人望而却步因此，政府统计官员的数as partofthecapitalandfinancialaccountbecause short-term financialtransactionsare据，一部分来自于统计信息，一部分来自于估计generally themost frequentsource oferror.批注[李19]:最可靠的信息来自于海关记录中收集的商品贸以上就是关于国际收支平衡表的内容，感谢观看易数据批注[李20]:由于原则上借方总额必须等于贷方总额，统计人员会插入一个残差使之相等这种更正项目称为统计误差，或错误和遗漏在国际收支表中，统计误差被视为资本和金融帐户的一部分，因为短期金融交易通常是最经常出错的来源。