經(jīng)常性賬戶與資本流考生在做題的時(shí)候會(huì)做嗎？如何在CFA考試中應(yīng)對(duì)自如呢？接下來融躍老師為你講解一下經(jīng)常性賬戶與資本流關(guān)系，先看看下面一道考題！

Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the following is most likely correct?

  A A decrease in the government deficit.

  B A decrease in net exports and increased capital inflow.

  C An increase in net exports and increased capital outflow.

答案：C is correct. The fundamental relationship among saving, investment, the fiscal balance, and the trade balance is S=I+(G-T)+(X-M). Given the levels of output and investment spending, an increase in saving (reduction in consumption)must be offset by either an increase in the fiscal deficit is not one of the choices, so an increase in net exports and corresponding increase in net capital outflows (increased lending to foreigners and/or increased purchases of assets from foreigners) is the correct response.

如果你不知道相關(guān)的知識(shí)點(diǎn)的話，融躍老師為你仔細(xì)的講解一下，經(jīng)常賬戶屬于收支賬戶(BOP)中的一種，那收支賬戶有幾種呢？分為是什么呢？在CFA考試中也會(huì)對(duì)號(hào)入座的哦！

1、經(jīng)常賬戶(current account):merchandise trade：商品貨物的交易services：服務(wù)業(yè)交易，包含法律咨詢費(fèi)，專利與版權(quán)費(fèi)(服務(wù)費(fèi))income receipt：資產(chǎn)帶來的收入，如股息(利息部分)unilateral transfer：?jiǎn)畏矫尜Y產(chǎn)專業(yè)，工人轉(zhuǎn)賬、物質(zhì)救援、饋贈(zèng)資本賬戶(capital account):capital transfer：資產(chǎn)轉(zhuǎn)移、債務(wù)免除、移民sales and purchases of non-produced，non-financial assets：自然資源所有權(quán)、專利版權(quán)等(權(quán)利本身買賣)

2、金融賬戶(financial account):

financial assets abroad：資產(chǎn)(本金部分)foreign-owned financial assets：外國(guó)的資產(chǎn)(本金)

前面在說GDP的時(shí)候說了GDP的多種衡量方式，其中就有收支相等：

C+S+T= C+I+G+(X-M)

S+T= I+G+(X-M)

(X-M)=S+T-I-G

X-M=(S-I)+(T-G)

X-M主要是經(jīng)常性賬戶，其由高私人儲(chǔ)蓄、低私人投資(S-I)和政策財(cái)政盈余(T-G)造成。

所以你知道了什么是經(jīng)常性賬戶與資本流了吧！現(xiàn)在備考時(shí)間延長(zhǎng)了，就安心備考，相信你能輕松的通過CFA考試。