ch01国际金融学.ppt

Chapter 1Open Economy the Balance of Payments and Foreign Exchange Rate Fundamental Issues 1. How important is the global market for goods and services? 2. How important are the international monetary and financial markets? 3. What is a countrys balance of payments, and what does this measure? 4. What is the relationship between a nations current account balance and its capital flows? 5. What are foreign exchange and exchange rate? 6. How many main kinds are there in exchange rates? 1.1 The Importance of the Global Trade and Financial Markets International economic integration refers to the extent and strength of real-sector and financial-sector linkages among national economies. Real Sector: The sector of the economy engaged in the production and sale of goods and services. Financial Sector: The sector of the economy where individuals trade in financial assets. Though economists tend to measure activity in these two sectors separately, an important point of this chapter is to show that they are linked. 1.1.1 Importance of the Global Market for Goods and Services Over the last 35 years, the volume of world trade in goods and services has grown by almost 6 percent annually. The cumulative effect of this growth is more than a five-fold increase in world trade. As measured by the share of overall real-sector activity, world trade in goods and services has become more important to advanced and developing economies alike. Figure1-1 Growth of World Trade Table 1-1 Figure1-2 Selected Nation’s Trade Figure1-3 改革开放以来中国进出口总值及其变动情况 Table1-32009年对主要国家和地区货物进出口额及其增长速度 ????????????????????? ???????? ?? 1.1.2 Importance of the Global Market for Financial Assets International Transactions in Financial Assets Figure1-4 Cross-Border Transaction in Bonds and Equities Top Twenty Globalized Nations Ireland Switzerland Singapore Netherlands Sweden Finland Canada Denmark Austria United Kingdom Norway United States France Germany Portugal Czech Republic Spain Isra