英语论文网

收支平衡是指一个国家与世界各地的交易在一定时期内的统计记录，并以复式记账的形式出现。一个单一的国家的国际交易包括三个主要的国际收支平衡帐户，经常帐户；资本帐户和官方储备帐户。
英国的国际收支统计报表的设计提供了与其他国家的经济交易的系统记录，描述为一个合并报表的会计主体是英国经济和条目指在世界英国和居民之间的经济交易的系统。
本文介绍了英国的国际收支平衡的10年期的分析，一个全面的解释包括从目前的帐户余额和资本或财务帐户余额的检查。预测英国国际收支的趋势，调查可能考虑到的变化和联系的经济因素。

Introduction 简介
Balance of payments refers to a statistical record of a country's transactions with the rest of the world over a certain period of time and presented in the form of double-entry bookkeeping. A single country's international transactions consist with three main balance of payments accounts, the current account; the capital account and the official reserve account.

The UK's balance of payments is a statistical statement designed to provide a systematic record of the economic transactions with other countries, described as a system of consolidated accounts in which the accounting entity is the UK economy and the entries refer to economic transactions between residents in the UK and residents of the rest world (The Pink Book, 2010).

This paper presents the analysis of UK's balance of payments for the 10 year period; a comprehensive interpretation includes an examination from the current account balance and capital or financial account balance. Predict the trends of balance of payments in the UK, investigate the economic factors which might account for the changes and link in the balances. Evaluate the current accounts balance over time with examples, and also find solutions for current account deficits.

Current account balance over time
The current account is the most common and easy to understand the balance of payments, which includes all imports and exports of goods and services, other net income from abroad and current transfers to and from abroad, the data of current account provides the main material for economic analysis. If the debits exceed the credits, then a country is running a trade deficit, by contrast, credits exceed the debits, then it means trade surplus.

The current account is divided into four categories: merchandise trade, services, factor income and unilateral transfers (Machiraju, 2009). Trade balance is sensitive to exchanges rates; changes in exchange rate influence the relative prices and change resources or consumption expenditures between the production nd consumption of tradable and non-tradable.

What are the factors caused swings of current account balance? One prominent school believes that the swings result from economic policy misalignments (Obstfeld and Rogoff 2005). Other approaches argue that the swings are caused by events such as differentials in productivity growth (Backus, Henriksen, Lambert and Telmer 2005).

According to Selen and Sarisoy (2005), the swings in current account balances are correlated with real depreciations in all developed and developing countries and transitional, the effect on exchange rate shocks as a factor or cause even stronger in the developed countries. Exchange rate fluctuations are the one factor of swings in current account balance. When a country's currency depreciates in exchange rate will effect on trading partners, this country's exports would rise and become more competitive, the trading prices are cheaper for major partner importers, and by contrast, imports tend to fall, due to the high price, should be improve the trade balance. For instance, Mexico had experienced deficits