2NERACA PEMBAYARANNERACA PEMBAYARAN MERUPAKAN RINGKASAN TRANSAKSI PADA SUATU NEGARA TERTENTU ANTARA WARGA NEGARA DOMESTIK DAN ASING PADA PERIODE TERTENTUNERACA INI MENGGAMBARKAN AKUNTANSI DARI TRANSAKSI INTERNASIONAL SUATU NEGARA PADA SATU PERIODE, BIASANYA SELAMA SATU KUARTAL ATAU SATU TAHUNNERACA INI MENCATAT TRANSAKSI USAHA, INDIVIDU SUATU NEGARA
3NERACA BERJALANMENCERMINKAN RINGKASAN ARUS DANA ANTARA NEGARA TERTENTU DENGAN NEGARA LAIN YANG DISEBABKAN KARENA PEMBELIAN BARANG DAN JASA ATAU CADANGAN LABA DALAM BENTUK ASET KEUANGAN
4NERACA MODALADALAH RINGKASAN ARUS DANA YANG BERASAL DARI PENJUALAN ASET ANTARA SATU NEGARA TERTENTU DENGAN NEGARA LAIN SELAMA SATU PERIODE TERTENTUKOMPONEN INTI DARI NERACA MODAL ADALAH INVESTASI ASING LANGSUNG, INVESTASI PORTOFOLIO DAN INVESTASI MODAL LAINNYAINVESTASI ASING LANGSUNG (DIRECT FOREIGN INVESTMENT) MENCERMINKAN INVESTASI PADA AKTIVA TETAP PADA NEGARA ASING YANG DAPAT DIGUNAKAN UNTUK MELAKUKAN OPERASI USAHA.CONTOH INVESTASI ASING LANGSUNG MENCAKUP AKUISISI PERUSAHAAN ASING, PEMBANGUNAN PABRIK BARU ATAU PERLUASAN PABRIK YANG TELAH ADA DI NEGARA ASING
5CONTOH TRANSAKSI NERACA BERJALAN TRANSAKSI PERDAGANGAN INTERNASIONALPOSISI ARUS KAS ASJUMLAH PADA NERACA PEMBAYARANJC PENNEY MEMBELI STEREO YANG DIPROSUKSI DI INDONESIAARUS KELUAR ASDEBITPERUSAHAAN MEXICO MEMBAYAR JASA KONSULTAN ASARUS KAS MASUKKREDITTOKO BUKU DI IRLANDIA MEMBELI BUKU TEKS YANG DIPRODUKSI DI AS
6ARUS PERDAGANGAN INTERNASIONAL KANADA DAN NEGARA EROPA LEBIH TERGANTUNG KEPADA PERDAGANGAN DIBANDINGKAN DENGAN NEGARA ASVOLUME PERDAGANGAN EKSPOR DAN IMPOR KANADA MENCAPAI 50% DARI PDBNYAVOLUME PERDAGANGAN NEGARA EROPA MENCAPAI 30-40% DARI PDB-NYAVOLUME PERDAGANGAN AS DAN JEPANG MENCAPAI 10-20% DARI PDB-NYA
7KESEPAKATAN PERDAGANGAN DESEMBER 1993 TERJD PENJANJIAN GENERAL AGREMENT ON TARIFFS AND TRADE (GATT)GATT DISEPAKATI OLEH 117 NEGARAGATT BERISI KESEPAKATAN BEA MASUK YANG LEBIH RENDAH DISELURUH DUNIANORTH AMERICAN FREE TRADE AGREEMENT (NAFTA) BERISI PENGHAPUSAN BATASAN PERDAGANGAN ANTARA KANADA, MEXICO DAN ASPERJANJIAN INI MERUPAKAN KELANJUTAN DARI PERJANJIAN TAHUN 1989 YANG BERISIS PENGURANGAN PEMBATASAN PERDAGANGANSTANDARISASI SPESIFIKASI PRODUK DISELURUH EROPA SELAMA TAHUN 1990AN MENGHAPUS SEBAGIAN BESAR BATASAN PERDAGANGANDIGUNAKAN EURO SEBAGAI MATA UANG TUNGGAL DI SEBAGIAN BESAR NEGARA EROPA MENDUKUNG PERDAGANGAN ANTARA NEGARA DI EROPAJUNI 2003 AS DAN CILE MENANDATANGANI PERJANJIAN PERDAGANGAN BEBAS UNTUK MENGHAPUS BEA MASUK ATAS LEBIH DARI 90% PRODUK YANG DIPERDAGANGKAN ANTARA KEDUA NEGARA
8KETIDAKSEPAKATAN DALAM PERDAGANGAN SITUASI YANG BIASA TERJADI :PERUSAHAAN TIDAK TERKENA BATASAN LINGKUNGAN DAN KARENANYA DAPAT BERPRODUKSI DENGAN BIAYA LEBIH RENDAH DIBANDINGKAN DENGAN NEGARA LAINTIDAK TERKENA UNDANG-UNDANG TENAGA KERJA ANAKDIJINKAN MELAKUKAN PENYUAPANADANYA SUBSIDI DAN DUMPINGADANYA POTONGAN PAJAK
9KURS MATA UANG SEBAGAI KEBIJAKAN 36 major currencies, such as the U.S. dollar, the Japanese yen, the Euro, and the British pound are determined largely by market forces.50 countries, including the China, India, Russia, and Singapore, adopt some forms of “Managed Floating” system.41 countries do not have their own national currencies!40 countries, including many islands in the Caribbean, many African nations, UAE and Venezuela, do have their own currencies, but they maintain a peg to another currency such as the U.S. dollar.The remaining countries have some mixture of fixed and floating exchange-rate regimes.
10The EuroProduct of the desire to create a more integrated European economy.Eleven European countries adopted the Euro on January 1, 1999:Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.The following countries opted out initially:Denmark, Greece, Sweden, and the U.K.Euro notes and coins were introduced in 2002Greece adopted the Euro in 2001Slovenia adopted the Euro in 2007
11The Foreign Exchange Market The FX market encompasses:Conversion of purchasing power from one currency to another; bank deposits of foreign currency; credit denominated in foreign currency; foreign trade financing; trading in foreign currency options & futures, and currency swapsNo central market placeWorld-wide linkage of bank currency traders, non-bank dealers (IBanks, insurance companies, etc.), and FX brokers—like an international OTC marketLargest financial market in the worldDaily trading is estimated to be US$3.21 trillionTrading occurs 24 hours a dayLondon is the largest FX trading center
12The Foreign Exchange Market The FX market is a two-tiered market:Interbank Market (Wholesale)Accounts for about 83% of FX trading volume—mostly speculative or arbitrage transactionsAbout international banks worldwide stand ready to make a market in foreign exchangeFX brokers match buy and sell orders but do not carry inventory and FX specialistsClient Market (Retail)Accounts for about 17% of FX trading volumeMarket participants include international banks, their customers, non-bank dealers, FX brokers, and central banksNote: Data is from 2007.
14The Spot Market – Direct Quotes US dollar price of 1 unit of foreign currency—$ are in the numerator (foreign currency is priced in terms of dollars)$/€ = (1€ costs $1.5000)$/£ = (1£ costs $2.0000)Currency changesSuppose that today, $/€ = and in 1 month, $/€ =The $ has depreciated in valueAlternatively, the € has appreciated in valueSuppose that today, $/£ = and in 1 month, $/£ =The $ has appreciated in valueAlternatively, the £ has depreciated in value
15The Spot Market – Indirect Quotes Foreign currency price of $1—$ are in the denominator (US dollar is priced in terms of foreign currency)€/$ = ($1costs €0.6667)£/$ = ($1 costs £0.5000)Currency changesSuppose that today, €/$ = and in 1 month, €/$ =The $ has depreciated in valueAlternatively, the € has appreciated in valueSuppose that today, £/$ = and in 1 week, £/$ =The $ has appreciated in valueAlternatively, the £ has depreciated in value
16The Spot Market - Conventions Denote the spot rate as SFor most currencies, use 4 decimal places in calculationsWith exceptions: i.e. S(¥/$)= , but S($/¥)=If we are talking about the US, always quote spot rates as the dollar price of the foreign currencyi.e. as direct quotes, S($/€), S($/C$), S($/£), etcIncrease in the exchange rate the US dollar is depreciatingCosts more to buy 1 unit of foreign currencyDecrease in the exchange rate the US dollar is appreciatingCosts less to buy 1 unit of foreign currency
17The Spot Market US dollar price: S($/£)=1.6880 £1 costs $1.6880 UK pound price:S(£/$)=0.5924$1 costs £0.5924
18The Spot MarketThe current exchange, S($/€)= In 1 month, it is S(€/$)=0.6689Has the US dollar appreciated or depreciated?By what % has the exchange rate changed?Convert S(€/$)= to: 1/S(€/$)=S($/€)=Now we see that the exchange rate has decreased US dollar has appreciated.The % change per month is:
19Cross Exchange RatesThe exchange rate between 2 currencies where neither currency is the US dollarWe know the dollar rates. What if we want to know other rates, i.e. S(€/£) ?Calculate cross-rates from dollar ratesS($/€)= and S($/£)= What is S(€/£), i.e. the € price of £?