21,日三廿月三年午庚夏
1990中學會考預習專欄 明德出版社
MILL & DALE PRESS
Economics (29)
THE BALANCE OF PAYMENT
Alain Li
The balance of payments is a record of receipts and payments between countries. When tutal receipts exceed
15 total payment, it
balance of And when total payments 'surplus'. payments exceed total receipts, it is a balance of payments deficit'.
Types of B/P Accounts
The balance of paynents consists of the following 3 accounts:
1. Current account
The current account records all the
transactions of goods and services between countries.
It is sub- divided into the following 2 parts:
a. Visible. trade balance *** Visible trade means the exports
and imports of physical gonds) between countries. When the exports exceed the imports, the balance of trade is said to be ffavourable And when the imports exceed the exports, it is said to be unfavourable'.
6. Invisible trade balance".
Invisible trade means the purchases or sales of services between countries, e.g. freight, 'insurance, banking, tourism etc.
2. Capital account
The capital account records the inflow and
of capital, cutflow loans, gifts and grants. Capital movements may be long-term or short- term. Long-term capital movements are investments abroad while short- tera capital movements
for are speculation.
3. Foreign exchange and gold account
If there is a deficit after adding UJ the current account and the capital account, this deficit must be paid in either foreign currency or gold. Then there will be a decrease of foreign exchange reserves or gold in a country's And similarty, balance of payments.
a surplus in the current and capital accounts will mean an increase in a
country's foreign exchange reserves on gold.
報日僑華
Exchange Rate
An exchange rate is the price of one currency in terms of another currency, eig. US$1HK$7.8. It is affected by the, demand. for and the supply of the 2 currencies in question, which arise from International trade and capital movement. See Fig.12.1
Exchange Rate
Figure 28.1.
Quantity of currency
Under a floating exchange rate system, the exchange rate is determined by demand, and supply. Depreciation, means that the value of the domestic awarrency falls. Appreciation, means that the value of the domestic currency rises.
Under a fixed exchange rate system," the exchange rate is determined by the government. Devaluation means that the value:of
domestic
is currency Oowered
the government. Revaluation means that the value of the the is raised by
the
by
domestic currency government.
日八十月四(〇九九一年九十七國民華中
三期星
Direction and Composition of Hong Kong: Trade.
(ther
Between, 1977 and 1987, Hong Kong's domestic exports grew at an average. annual rate of about 11 per cent in real terms, which was roughly twice the growth rate of world trade.. As a rastilt, Hong Kong ranks high among the world's trading economies.
important light
include metal
industries
products, jewellery.
optical and photographic goods, travo? gnods. and handbags..
Hong Kong is almost entirely dependent
on imported resources to meet the needs
of its huge population and its diverse industries. The value of imports in 1987 amounted to $377,948 million, 37
日三廿月三年午庚腦夏
│養素 楓
The direction and level at Hong Kong's export trade is much influenced by: economic conditions and commercial policies: in major overseas markets. Owing to increasing competition from other: developing countries and more and. more trade restrictions-by. developed countries, Hong Kong products. are more diversified, and so are the markets. For exports. Hong Kong. is. now. producing more sophisticated and higher: quality products.
Due to increased demand for Hong Kong products ΕΠ most 台门 over seas markets, the, manufacturing-idustries.. performed very we11 1987. The value inf domestic exports
the: year during amciated to $195,254 million, 27 per The mador cent more than in 1980. products for export were as follows:
per cent more than in 1986. The major
imports were as follows:
Products
jaw, matern
manufactured goods
Consumer goods Deltal goods
Food stuffs
品
Share of the Total Teports
32€ 192.
71
Other Imports included mineral fuels, lubricants and related materials.
China's
door. open
and policy aodernization programmes has led to the rapid growth in Hong Kong's entrepot trade.
Re-exports Increased 胡 $182,780 million in 1987 49 per cent more than in 1956, The major products for re-exports were as follows::
Products
Shire of the
Total Ro-exports,
421
信息
· Share of the Total
Products
Textile & clothing Electronics
Domestic Experts
42%
225
Plastics
75
Consumer goods
Watches & clocks
73
kaw materi接着的是一
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