【学习笔记】International Finance 国际金融论研究学习笔记-13

Part I

Basics ofInternational Finance --13

Ch3 --2

Balance of Payments

The Current Account

（①）Includesall imports and exports of goods and services.

（②）Includesunilateral transfers of foreign aid.

The Capital Account

（①）Thecapital account measures the difference between U.S. sales of assets toforeigners and U.S. purchases of foreign assets.

（②）Thecapital account is composed of Foreign Direct Investment (FDI), portfolioinvestments, and other investments.

The Official Reserves Account

        Official reservesassets include gold, foreign currencies, SDRs, and reserve positions in theIMF.

The Balance of Payments Identity

BCA + BKA + BRA =0

            where

                BCA = balance on current account

                BKA = balance on capital account

                BRA = balance on the reserves account

       Under a pure flexible exchange rate regime,

BCA + BKA = 0