国际收支平衡什么意思（国际收支平衡包括哪些项目）

The Balance of Payments is a record of a country’s transactions with the rest of the world. It shows the receipts from trade. It consists of the current and financial account

国际收支平衡表是一个国家与世界其他地区交易的记录。它显示了来自贸易的收入。它由经常账户和金融账户组成

UK current account 1955-2015

1. Current account 经常账户

This is a record of all payments for trade in goods and services plus income flow it is divided into four parts. 这是对商品和服务贸易的所有支付的记录，加上收入流，它分为四个部分。

• Balance of trade in goods (visibles) 货物贸易平衡（有形的）
• Balance of trade in services (invisibles) e.g. tourism, insurance. 服务贸易的平衡（无形的），如旅游、保险
• Net income flows. Primary income flows (wages and investment income) 净收入流量。初级收入流（工资和投资收入）
• Net current transfers. Secondary income flows (e.g. government transfers to UN, EU) 经常性转移净额。次要收入流量（例如，政府向联合国、欧盟的转移）

2. Financial account 金融账户

This is a record of all transactions for financial investment. It includes 这是对所有金融投资交易的记录。它包括:

• Direct investment. This is net investment from abroad. For example, if a UK firm built a factory in Japan it would be a debit item on UK financial account) 直接投资。这是来自国外的净投资。例如，如果一家英国公司在日本建厂，这将是英国金融账户的一个借方项目)
• Portfolio investment. These are financial flows, such as the purchase of bonds, gilts or saving in banks. They include 证券投资。这些是资金流动，如购买债券、金边债券或在银行储蓄。它们包括
• short-term monetary flows known as “hot money flows” to take advantage of exchange rate changes, e.g. foreign investor saving money in a UK bank to take advantage of better interest rates – will be a credit item on financial account 被称为 "热钱流动 "的短期货币流动，以利用汇率变化，例如，外国投资者在英国银行存钱，以利用更好的利率--将是金融账户上的一个贷方项目。

3. Capital Account 资本账户

This refers to the transfer of funds associated with buying fixed assets such as land

这指的是与购买土地等固定资产有关的资金转移。

4. Balancing Item 平衡项目

In practice when the statistics are compiled there are likely to be errors, therefore, the balancing item allows for these statistical discrepancies. 在实践中，当统计数据被汇编时，很可能会出现错误，因此，平衡项目允许这些统计差异。

• (note the Financial Account used to be called the Capital Account, which is potentially quite confusing. Even now some people refer to financial account as the capital account) (注意金融账户过去被称为资本账户，这有可能相当混乱。甚至现在有些人把金融账户称为资本账户)

Balance of payments equilibrium 国际收支平衡

• In a floating exchange rate the supply of currency will always equal the demand for currency, and the balance of payments is zero. 在浮动汇率中，货币的供应量将永远等于货币的需求量，国际收支为零。
• Therefore if there is a deficit on the current account there will be a surplus on the financial/capital account. 因此，如果经常账户出现赤字，金融/资本账户就会出现盈余。
• If there was an increase in interest rates this would cause hot money flows to enter the UK, therefore there would be a surplus on the financial account 如果利率上升，这将导致热钱流入英国，因此金融账户将出现盈余。

The appreciation in the exchange rate would make exports less competitive and imports more competitive therefore with fewer exports and more imports there would be a deficit on the current account.

汇率升值将使出口竞争力下降，进口竞争力上升，因此，出口减少，进口增加，经常账户将出现赤字。

Factors affecting the balance of payments 影响国际收支的因素

A current account deficit could be caused by factors such as. 经常账户赤字可能是由以下因素造成的。

1. The rate of consumer spending on imports. For example, during an economic boom, there will be increased spending and this will cause a deficit on the current account. 消费者在进口方面的开支率。例如，在经济繁荣时期，支出会增加，这将导致经常账户出现赤字。
2. International competitiveness.If a country experiences higher inflation than its competitors, exports will be less competitive leading to lower demand. 国际竞争力。如果一个国家的通货膨胀率高于其竞争对手，出口的竞争力就会降低，导致需求减少。
3. Exchange rate.If the exchange rate is overvalued, it makes exports relatively more expensive leading to a deterioration in the current account. 汇率。如果汇率被高估，它使出口相对更昂贵，导致经常账户恶化。
4. Structure of economy– deindustrialisation can harm the export sector. 经济结构--非工业化会损害出口部门。

• Factors affecting current account deficit 影响经常账户赤字的因素

Should we be concerned about a current account deficit? 我们应该关注经常项目赤字吗？

Cyclical nature of the current account 经常账户的周期性性质

In the UK, a current account deficit often increases after a period of economic growth. Higher economic growth leads to higher consumer spending and therefore more spending on imports.

在英国，经常账户赤字往往在经济增长期后增加。较高的经济增长会导致更多的消费者支出，因此会有更多的进口支出。

In an economic downturn, spending on imports usually declines leading to a smaller current account deficit.

在经济衰退期，进口支出通常会下降，导致经常账户赤字减少。