CH22 ????

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(No Transcript)
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????

• ????????????
• ?????????
• ???????????
• ??????????
• ????????????
• ???????????

OBJECTIVES
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22.1 ??????????

• ???????,????????
• Y C I G (EX - IM)
• ??? NX ?????????(trade balance)
• NX EX IM

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22.1 ??????????

• ?????????

5
22.1 ??????????

• ????(trade surplus)
• ??????,???????,??????????????
• ????(trade deficit)
• ????????,???????,??????????????

6
22.1 ??????????

• ????(balanced trade)
• ??????,??????
• ?????(net foreign investment, NFI)
• ??????????????????????????????,????????????

7
22.1 ??????????

• ??????????????????????????
• S I NFI
• ????????????????????,???????????

8
22.2 ????

• ???????????????????,????????????????????
• ??????????,??????????????????
• ???????,??????????????

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22.2 ????

• ????????????
• ?????(double-entry book keeping)??????,??????????
  ??(accounting balance),??????????

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22.2 ????

• ???(current account, CA)
• ??????????????????????????(current transfer)
• ?????????????????????????(??)???????????????????
  ??????(??)

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22.2 ????

• ???
• ???????,???????(CA surplus)??????
• ???????,???????(CA deficit)??????

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22.2 ????

• ???(capital account)
• ???????????(capital transfers)??????????(nonprodu
  ced)?????(nonfinancial)?????

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22.2 ????

• ????????
• ??????????
• ???????????????
• ???(financial account)
• ??????????????????????????????

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22.2 ????

• ???
• ????(capital outflow)
• ?????????????????????????,???????
• ????(capital inflow)
• ??????????,???????

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22.2 ????

• ????????????????
• ????
• ???????????????????????
• ????
• ???(???)????(??)??,?????(??)?????????

16
22.2 ????

• ????????????????
• ????
• ??????????????????????

17
22.2 ????

• ???????(official reserve transaction account)
• ?????????????????,?????????????,?????????,???????
  ??
• ???????????????
• ??????????

18
22.2 ????

• ??????

19
22.2 ????

• ??????

20
????????
????
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22.3 ?????????

• ????(bilateral exchange rate)
• ???????????????????,????(exchange rate)
• ???????????,???19????????????

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22.3 ?????????

• ????????
• ????(mint parity)
• ???????????????????????,???????????????????
• 1936?????????????????,???????????

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22.3 ?????????

• ???????
• ??????1944??????????????????????(IMF)?????(World
  Bank)?????????(GATT)

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22.3 ?????????

• ?????????????
• ???????????(adjustable peg system),??????????????
  ?(fixed exchange rate system)

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22.3 ?????????

• ??????
• 1973????????????????????,????????,?????????????

26
22.4 ????

• ????????????????????????,?????????
• ????
• ?????????????,?????????,?????????????????????

27
22.4 ????

• ??????
• ??????????????,???????????????
• ????
• ???????????????????????????,??????

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22.4 ????

• ??????
• ????????????
• ??????????
• ??????????????,??????????(monetary
  union)?????????

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22.4 ????

• ???????
• ????????????????????????????,????????????????????
  ????,??????????

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22.4 ????

• ????????
• ???????????????????
• ?????
• ?????????????????????

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22.5 ?????????

• ???????
• ?????(direct quotes)
• ????????????,?1???????????????
• ?????(indirect quotes)
• ????????????,?1???????????????

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22.5 ?????????

• ?????
• ?????(foreign exchange market)????????????,??????
  ,?????????????????,??????(depreciation)?,?????????
  ?(appreciation)

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22.5 ?????????

• ??????
• ?????????
• ???????????????????????????????????????

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22.5 ?????????

• ???????????
• ????????,?????(??)????(??)???????????,???????????
  ?(NT/)

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22.5 ?????????

• ?????????

36
22.5 ?????????

• ??????

37
22.5 ?????????

• ??????

38
22.5 ?????????

• ?????????????,??????????,??????????????,?????
• ??????????????(QFII)?????,???????,????????????,???
  ???,?????

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22.5 ?????????

• ?????(purchasing power parity, PPP)
• ???????????????,???????????,????????????????????,
  ????????,??????????????

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22.5 ?????????

• ????(Law of One Price)
• ?????????,????????????????
• ????(arbitrage)(????)???,?????????,???????????,???
  ????????

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22.5 ?????????

• ???????
• ???????(absolute purchasing power parity)
• ???????????????????

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22.5 ?????????

• ??????? e Pd / Pf
• e ????, Pd ?Pf ????????????????????????,????????,
  ?????????(?????)

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22.5 ?????????

• ???????(comparative purchasing power parity)
• ????????????????????

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22.5 ?????????

• ???????
• et ?? t ?????,e0 ?????????,P ??????,??d?f,???????
  ??? 0 ????,t ?? t???

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?????????????

• ????
• ?????

????
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22.5 ?????????

• ????(interest parity)
• ????????????????????????,??????
• ?????????????,??????????,??????????????,??????????
  ,????????

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???????

• ????
• ????
• ????

????
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22.6 ?????????????

• ????????
• ??????????
• ?????????,????????????,????????,??????,?????????,
  ??????????,????????????,???????????,????

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??????,?????

• ????
• ????

????
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22.6 ?????????????

• ??????????
• ??A?B??,A?????????,B?????????A?????????,B????????
  ,A???????B??????,?????A???B?,?A???????????,?B?????
  ????????

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22.6 ?????????????

• ????(sterilization)
• ??????????????,????????,?????????????????????????
  ?????,???????????,????????????????

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22.6 ?????????????

• ?????????

53
22.6 ?????????????

• ??????????
• ?????????,?????????,????????,???????????????
  ,????

54
22.6 ?????????????

• ??????????????
• ???????????????,??????????????????????
• ???????????????????????????????

55
22.6 ?????????????

• ??????????????
• ????????,???????????????????????,????????????

56
22.6 ?????????????

• ????
• J??
• ????????????,??????????????????????????????????,
  ????????,??????????

57
22.6 ?????????????

• J??

????????????????J,???J??