Overview
In the international balance of payment balance, the balance of payments is always balanced in the sense of accounting. However, in practice, international revenue and expenditure often exist imbalance, namely different degrees of surplus or deficit, this is the meaning of Disequilibrium.
Basic Introduction
International Breeding Endless Embossing (Disequilibr IUM)
International Bossard Endosal is referring to a regular account, finance There is a problem with the balance of the capital account, that is, the need to adjust the foreign economy. The economic impact of the imbalance between national balance of payments. It does not mean that the borrowings of the accounting book are unbalanced, because the borrowers are always balanced. In addition, the balance of balance of payments causes the exchange rate, resource allocation, and welfare; in the internal, balance of payments, the difficulty of economic growth and economic development, that is, the external imbalance affects the balanced development of the domestic economy, therefore needs to be adjusted. In the traditional 1977 international balance sheet, as long as the basic difference is unbalanced, the difference between the current account and the long-term capital account is unbalanced, people think that the payments need to be adjusted.
whether autonomous transaction is balanced, it is an important sign for measuring long-term balance of balance of payments.
Autonomous transactions are also known as prior transactions, referring to transactions that individuals or economic entities in order to economically. One country is in a long period of autonomous transaction balance, and there is no need to rely on regulatory transactions to regulate and maintain, it can be said that the country's international payments reach substantive balance.
Compensatory transactions also said that afterwards, refers to the compensatory transactions when the autonomous transactions have gap or differences
Main reasons
< B> Generate International Revenue The main cause of the imbalance
(1) Structural imbalance
The international balance of payments is often dependent on trade balance. If the demand in the world market changes, the structure of the country's output products can also be adjusted, and the country's trade revenue will not be affected; the country does not adapt to the needs of the world market, adjust the input structure of the product, Trade payments and balance of payments will be unbalanced. Because of such a country's domestic production structure and corresponding element configuration failure to adjust or update in time, it is not possible to adapt to changes in the international market, but the national balance of payments, called structural imbalance.
(b) Periodic imbalance
Western national economy is restrictive. At the Regeneration Period , due to the per capita income and social demand, a country's balance of payments will be unbalanced. Due to the development of production and capital internationalization, the replacement of the main Western countries' economic cycle will affect other national economies, resulting in an unbalanced balance between countries in countries. This type of economic cycle is related to the economic cycle, the balance of payments caused by the total demand, import and export trade and revenue of the country, called periodic imbalance.
(3) Invenation Impalating
The balance of balance of payments caused by national income changes, may be due to replacement in the economic cycle, or may be due to economic growth Changes of rates. The increase or decline in national income will affect its balance of payments: the increase in national income, trade expenditures and non-trade expenditures will increase; national income is reduced, trade expenditures and non-trade expenditures will also be reduced. This balance of revenue is called income loss due to changes in national income changes.
(4) Money imbalance
Under a certain exchange rate level, a country's currency if it is estimated, the monetary cost of the country is higher than that of other countries, inevitable Advantageously, it is advantageous for imports, thereby reducing exports and imports; in contrast, the export is increased and imported. This is called monetary imbalance due to the balance of payments caused by the high and low value of the currency.
(5) Policy imbalance
Due to the launch of important expansion or tightening financial or monetary policies, or the implementation of major reforms.
(six) Trade competitive imbalances Due to the imbalance caused by the lack of international competitiveness in one country
(7) Excessive debt imbalance Some developing countries in developing national economy In the principle of violating the strength of the strength, borrow a large amount of external debt, exceeding its own suffering, and some developed countries implemented high interest rate policies and protectionist measures. As a result, the trade conditions of developing countries have been further deteriorated, and the international payments will continue to expand .
(eight) Interpretative Cause
Except for various economic factors, the political factors such as the turmoil and natural disasters will also cause the imbalance and huge amounts of trade revenue. The capital international move, thus making a country's balance of payments.
In terms of the above reasons, the economic structural factors and economic growth rates caused by the economic growth rate have long, long-lasting nature, and is called persistent imbalances; other factors The balance of balance of payments caused by the cause is only temporary, and thus is called non-persistent imbalance.
Economic Influence
The impact of the continuous imbalance of balance of payments on the economy of the country:
(1) The impact of the domestic economy is in the domestic economy
1. Resulting in a lot of foreign exchange reserves. The loss of reserves means that the country's financial strength and even the whole national strength, damaging the country's international reputation.
2. The foreign exchange shortage is caused, resulting in rising exchange rates, and the exchange rate of the coins fell. Once the exchange rate of the currency has fallen, the status of the local currency will be weakened. Leading to the decline in the country's monetary credit, the international capital is extends, and the currency crisis is triggered.
3. Making the country's ability to obtain foreign exchange, affecting the import of production materials required to develop production in the country, so that national economic growth is suppressed, which in turn affects the national financial and people's full employment.
4. The sustainability deficit may also cause the country to fall into the debt crisis.
(2) The impact of the domestic economic development in the domestic economic development
1. The continuing surplus will destroy the balance between China's total demand and total supply, so that the total demand is greater than the total supply and impact the economy.
2. The sustained surplus appeared in a large amount of foreign exchange supply in the foreign exchange market, which increased the demand for foreign exchange on the national currency, causing the exchange rate of foreign exchange rates, and the exchange rate of the currency increased, and the price of the export product represented by the foreign currency was reduced. The price of imported products. The domestic commodity and labor markets will be occupied in international markets in competitive competition.
3. The sustained surplus will make the country lose the power of international financial organizations.
4. Affects the economic development of other countries, leading to international trade friction.
5. Some resource-based countries have excessive surplus, meaning the continuing development of domestic resources, will bring hidden dangers to these countries in the future economic development.
Adjustment method
The adjustment of the balance of payments mainly has two ways: First, automatic adjustment, the second is human adjustment.
Automatic adjustment
refers to the balanced balance
1 during the period of time after imbalance. The basic idea of automatic adjustment mechanism under the Gold Bitness system is that all countries will automatically obtain balance through gold's free output and prices through gold.
so-called game rules:
(1) stipulate the money-free gold and determine the exchange rate in coin coin;
(2) gold is free to flow in international;
(3) States do not take any monetary policy that offset the impact of the gold flow in the country's currency supply
(4) Free commodity market, do not intervene in any policy, the price has a price Completely flexible, all countries are fully competitive, fully employment.
2. Automatic adjustment mechanism under paper currency circulation
(1) Automatic adjustment mechanism at fixed exchange rate
(2) Automatic adjustment mechanism under floating exchange rate
Adjusting
Under the circulation system of the banknote, the international balance of payment automatic adjustment mechanism is due to the influence and constraints of many factors, and its normal operation has a large limit, and its effect is often difficult to reflect, although artificial Adjustment also has a certain negative effect, but countries are applied to varying degrees.
1. Expenditure Change Policy: Refers to a policy of regulating international revenue and expenditure imbalances by changing the total level of social demand or economic expenditure, thereby adjusting the demand for foreign goods, labor services and financial assets. It mainly includes fiscal policies and monetary policies.
2. Exchange Rate Policy: Refers to a country to change the supply and demand relationship of foreign exchange by adjusting the exchange rate, thereby affecting the actual benefits of import and export commodities and capital streams, which further meets a policy of regulating the imbalance of balance of payments. The use of exchange rate policies is subject to some conditions, such as the elasticity of import and export commodity supply and demand.
3. The funding policy: refers to a policy of regulating the imbalance of balance of payments by using official reserves and using international credit. Mainly used to solve the temporary balance of payments.
4. Direct Control Policy: Refers to a country to directly adopt strict administrative regulations on international economic transactions, including foreign exchange control and trade control.
Direct control: hindering the market mechanism, it is easy to be accused by the international community, which is a temporary policy control, so that the asylum is dependent, which will crumb to the future policy.
5. International Economic Financial Cooperation Policy
In summary, the policy of adjusting the balance of payments is diversified, and each policy has its own characteristics and adjustment efficacy, and a country can be hiented according to the specific situation. The basic principles of 取 取 are:
First, adjustment policies should be selected according to the specific cause of balance of payments;
second, you should adjust the balance of payments by policy matching methods
Third, choose the policy of adjusting nationality bearing imbalances, try not to conflict with domestic economies or minus pressure from other countries, so as not to affect the internationally normally economic relations.
is mentioned in
IMF supplementary loans, "International Monetary Fund Agreement", debt rearrangeable nail exchange rate system, international borrowing theory, international reserve currency international reserve assets, International revenue and expenditure balance of payments, international revenue market regulation mechanism, balance of payments, structural analysis methods, currency analysis, international economic transmission mechanism, international financial international financial system, international financial coordination, foreign debt foreign exchange Buffer policy, Bretton Forest System, Square Agreement, Expenditure Adjustment Policy, Easy Trade Polo Mode, Crawling Resident Exchange Rate System, Jamaica System, Cash Cash Machinery, Production Information Market Short - term International Capital Flow, Lease Market Montal Effective market classification principle, regulatory transaction, currency punching currency system, monetary imbalance monetary policy, currency depreciation trade condition deterioration, capital output into management
keyword
balance of payments Disequilibrium, balance of balance of payments.