4. The trade balance refers to:

a) The difference between a country’s merchandise exports and merchandise imports. If exports

exceed imports, then a trade surplus, or “favourable balance of trade,” is being realized.

If imports exceed exports, then a trade deficit, or “unfavourable balance of trade,” is

occurring.

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b) The difference between a country’s merchandise exports and merchandise imports. If exports

exceed imports, then a trade deficit, or “unfavourable balance of trade,” is occurring.

c) The difference between a country’s merchandise exports and merchandise imports. If imports

exceed exports, then a trade surplus, or “favourable balance of trade,” is being realized.

5. By summarizing all the transactions in the current account we will obtain:

a) The balance on current account. It indicates that American import transactions (in our example)

created a demand for the same quantity of foreign currencies as American export

transactions supplied.

b) The balance on current account. We will find out whether there was a deficit or active balance.

In the given example the United States realised a current accound deficit.

c) The balance on current account. It indicates that American import transactions created a

demand for a less quantity of foreign currencies than export transactions supplied.

6. The capital account in a nation’s balance of payments reflects:

a) Capital flows involving the purchase or sale of real and financial assets which occurred in the

given year. Operations on purchasing real or financial assets of the US (inpayments) decrease

the stock of foreign currencies. Such operations are designated with a minus sign.

b) Capital flows involving the purchase or sale of real and financial assets which occurred in the

given year. American investments abroad (outpayments) are designated with a plus sign in

the balance on capital account.

c) Capital flows involving the purchase or sale of real and financial assets which occurred in the

given year. Investments related to inpayments are designated with a plus sign and those related

to using up foreign currencies are designated with a minus sign.

7. Is there any relation between current and capital accounts?

a) They are interrelated; they are essentially reflections of one another. The current account

deficit tells us that American exports of goods and services (in our example) were not sufficient

to pay for the imports of goods and services.

b) They are interrelated; a nation’s current account deficit is financed essentially by a net capital

outflow from its capital account. Conversely, a nation’s current account surplus would

be accompanied by a net capital inflow in its capital account.

c) They are interrelated; a nation’s current account deficit is financed mostly from official reserves.

8. The balance of payments:

a) Must always balance or sum to zero. Economists often refer to the “current and capital

account balance” shown as item 13 (Table 9).

b) Must be such so that the three components of the balance of payments statement — the

current account, the capital account, and the official reserves account — must sum to zero.

c) Must be such so that the current and capital account balance would be positive.

14.6. Oral Practice

Business communicating with the use of the given cliches, set expressions, and some prompts.

Work with partners.

1. Платежный баланс является отражением I’d like to draw your attention междунаро to theд wide

ных связей страны. Что выражают п о vнarieяty тof иinteяrn

at≪ionбal tаranлsacаtioнns.с..

(счет) текущих операций≫ и ≪ б а л а н с • (сbчaеlтan) cфe иoнf аpнaсyоmвeыnхts

операций с капитал о • м≫cur?rent • accountssceu)rsdnoury fcen (r a lacnopu itracdnua lebnfaco

2. С таким ответом можно согласиться. Если я вас Statediferently, any nation’s balanceправильно

понял, платежный баланс отражает колич е сofт pвayеmнenнtsо..е.

и качественное выражение объема, стру к т• урыcre ditи tran saхctioаns eрarnаing fкoreign

exchange

тера внешнеэкономических показателей с• транdebыit tra.ns actКions аusinкg uиp forеeig n exchange

операции включаются в баланс?

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3. Я полагаю, это всем понятно. С бухгалтерской точки

Yes, esentialy they are reflections

of

зрения, платежный баланс всегда находится в равновесии.

o В реальной жизни или пnосeтуп aаюnщoие tпhлаeтеrж.и. .бывают

б о л ь ш е р а с х о д •о в,f aиvлoиu, rнaаbоleб оbрaоlaт,n cрeас oхfо pдыay прmеeвыnts

шают д о х о д ы . К а к т а •к оuеn пfaоvлoоuжrеaнbиleе bбaуlдanетc eо тoрfа pжayаmтьeсяn tsв

платежном балансе?

4. Что же, это верно. Из каких двух частей состоит платеж

н ы й • I tб is аveлra.eioanltnac. tul .cpcboanacy аsimнplсe..?. • .crcbonaca.eroantnuc. eul

5. Весьма лаконичный ответ. Возможно, мне удастся его р I supose аthe setling oсf the imbalance

is

шифровать. Эти части платеж ного баланса взаимосвязаны. py . y coa owe lsp ab mad mr i r cltlv

Дефицит баланса текущих оп ераций означает, что экспорт • vg fr sceah vlerfec(ieirneoe seishtnra

товаров и услуг недостаточен д ля оплаты импорта товаров иgk erlioge

a tfer ;e c nfn hoax ic bh t

услуг. Осуществить финансирование этого дефицита можно

л и ш ь , л и б gо oвзlяdв aвnзаdй мfыo rзeа iрgуnбе eжxомc h, лaиnбgо eп rрeоsдeавr vиeноsс)транцам

активы своей страны, что и отражается в балансе

финансовых операций с капиталом. Следовательно, дефицит

баланса текущих операций финансируется притоком

денежных поступлений на счет финансовых операций с капиталом,

и, наоборот, положительное сальдо первого счета

сопровождается покупкой зарубежных активов, т. е. оттоком

средств по второму балансу. Каким образом преодолевается

(to overcome) несбалансированность платежного баланса

по текущим операциям и движению капитала?