【学习笔记】International Finance 国际金融论研究 学习笔记-15

Part I

Basics ofInternational Finance --15

Ch3 --4

Balanceof Payments

Relationship betweenBalance of Payments and National Income Accounting --1

National income (Y), or gross domestic product (GDP), isequal to the sum of the nominal consumption of goods and services (C), privateinvestment (I), government spending (G), and the difference between exports (X)and imports (M):

Y ≡GDP ≡ C + I + G + (X –M)

Relationship between Balance of Payments and NationalIncome Accounting --2

1.     Private savings is defined as the amount leftfrom national income after consumption and taxes (T) are paid:

S ≡ Y –C –T or

S ≡ C + I + G + (X –M) –C –T

2.     Note that BCA ≡ X –M; we can rearrange thelast equation as

(S –I) + (T –G) ≡ X –M ≡BCA