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The structure of America's balance of payments

2019-03-04 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- The structure of America's balance of payments,供大家参考学习,这篇论文讨论了美国的国际收支结构。国际收支,是指一国或地区在一定时期内全部对外经济往来的系统的货币记录。上世纪70年代,美国的国际收支结构主要表现为经常账户的逆差和金融账户的顺差。从1992年开始,美国的经常账户逆差不断扩大。在美国对外贸易的经常账户中,占逆差比重较大的是其货物和服务贸易的进出口差额。

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The term "international balance of payments" refers to the monetary records of all the foreign economic transactions of a country or region in a certain period of time. The balance of payments is the main basis for analyzing a country's balance of payments, which includes three major accounts: current account, capital account and financial account. The imbalance of a country's balance of payments is mainly manifested as the balance imbalance of autonomous transactions. When the balance is positive, it is called balance of payments surplus; otherwise, it is called balance of payments deficit.

Due to the continuous expansion of international trade deficit, after the financial crisis, the United States tried to mitigate the economic impact of the crisis from the perspective of international trade, and then transferred the risk to other countries and regions in the world. The basic way is to narrow the international trade deficit of the United States through a series of trade protectionism measures, and then improve the international competitiveness of American domestic products. Anti-dumping measures; Other non-tariff barriers.

In the 1970s, the international payment structure of the United States was mainly represented by current account deficit and financial account surplus. Since 1992, its current account deficit has been continuously expanding, from 51.614 billion us dollars to 802.636 billion us dollars in 2006. Its proportion in GDP has also been increasing year by year, once reaching about 6% of GDP. After 2006, the current account deficit of the United States has been alleviated, but it still remains at a high level. The surplus in financial accounts also gradually expanded, from $43,833 million in 1991 to $8,091.50 in 2006, a rise of more than 18 times. In the past 20 years, the capital account showed positive and negative balance with no obvious trend of growth and decline.

Foreign trade in the current account in the United States, the larger the deficit is the difference between the import and export of goods and services trade, in 1992, the import and export of goods and services is $656.094 billion and $616.883 billion respectively, import and export of the balance of $39.211 billion, by 2006, two data is $2.212023 trillion and $1.452783 trillion respectively, the difference to expand to $759.24 billion, the growth rate of 1836.29%. Notable is, its net assets yield abroad perennial surplus condition, by 2010, the United States in foreign assets investment earnings of $659.354 billion, among them, the direct investment income reached $426.038 billion, accounts for more than 64%, while other countries assets investment earnings of $488.04 billion in the United States, net investment in the current account is 171.314 billion dollars.

The financial account of foreign trade of the United States keeps a surplus all year round. Among the capital inflow projects, the direct investment of foreign assets and securities investment account for a large proportion. Before the financial crisis, the direct investment of foreign unofficial assets in the United States and securities investment account for more than 40% of the total capital inflow. The issuance of Treasury bonds, as a result of capital inflows also occupies certain proportion, in nearly a decade, official foreign asset holdings of us treasuries remained positive capital inflows, the unofficial capital holdings of U.S. Treasury bonds only outflow of $58.229 billion in 2006, other years remain capital inflows, especially the United States to issue bonds totaled $2010 in 680.531 billion, is to remove the financial crisis in 2008 when issuing $710.064 billion since the history of the second high volumes.

From the perspective of aggregate, in the past 20 years, the current account deficit of the United States accounted for a larger proportion of the total international balance of payments than the financial account surplus, resulting in its continuous foreign trade deficit.

In order to stimulate domestic consumption and investment demand, the U.S. government keeps lowering interest rates to reduce national savings and reduce the cost of corporate loans, so as to promote the rapid growth of the national economy. The decrease of savings and the increase of investment will lead to the imbalance of national income identity, which must rely on the expansion of the balance of imports and exports to make up the gap, resulting in the international balance of payments deficit. Loose monetary policy in the United States at the same time, also get a lot of money by huge fiscal deficits to expand the government to buy and the promotion of investment, especially after the Iraq war and after the 2008 financial crisis, in order to maintain the rapid growth of domestic economy, the government had to further increase the size of its fiscal deficit, and further expand its Treasury bonds and currency circulation.

Since the 1980s, the United States has made great efforts to develop high-tech industries based on information technology. As a result, the proportion of its traditional industries in GDP has been decreasing year by year and gradually declined. At the same time because of the developing countries, including China, there are a large number of cheap Labour, makes the United States will be the traditional industry, especially the labor-intensive manufacturing, the production department continuously transfer to other countries, such as automotive manufacturing, garment production and TV production, etc., in this part of the product to a serious shortage of domestic supply, most of the demand cannot be self-sufficient, only through a large number of imported shall be satisfied.

America's export controls on high-tech products date back to the cold war. After "11 incident", American government increased the export control on high-tech products, especially the export restrictions on military supplies and technologies, for the reason of protecting its national strategic interests and achieving the control of its foreign policy. Among them, as the largest trading partner and an important strategic rival of the United States, China's import of a large number of high-tech products is restricted. In the past 10 years, China's import of high-tech products from the United States has more than halved from 18.3% in 2001, resulting in the loss of a large amount of potential export revenue of the United States.

The outbreak of the financial crisis exposed the perennial maintain the balance of payments deficit of the risk accumulation condition, the result is the appeal of the dollar is falling, hinder the return rate of $, which may affect its economic growth, so after the United States in 2008, has adopted a series of measures to eliminate the trade deficit the adverse impact on the economy. In a short period of time, the value of the dollar and other measures to a certain extent, ease the pressure brought by the financial crisis, but as the world, including the euro and other currencies of the yuan's rising status, America wants to pass in the long-term financial account surplus to offset the large current account deficit method obviously doesn't work, must start from their own, through other measures to reduce the trade deficit, such as cut government deficits, higher interest rates, reduce export controls, etc., or long-term trade deficit risk brought about by the various aspects will be America's economic growth in the crucible of the road.

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