经常项目

维库，知识与思想的自由文库

本條目仍然有文字尚未被翻譯成中文，條目是根據其他語言的維基百科內容進行翻譯。
歡迎您積極參與翻譯與修訂。

本文講述的是宏觀經濟學的經常賬戶。關於日常銀行戶口交易，詳見「往來賬戶」。

经常账户（即“经常项目”），和资本与金融账户相对，指在国际收支平衡表中贸易和服务而产生的资金流动。这一部分所以被看成是一种更加合理的资金流动。

The current account of the balance of payments is the sum of the balance of trade (exports less imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid). A current account surplus increases a country's net foreign assets by the corresponding amount, and a current account deficit does the reverse.

国际收支中的经常账户是指贸易收支的总和（商品和服务的出口减去进口），减去生产要素收入（例如利息和股息），然后减去转移支付（例如外国援助）。经常项目顺差增加了一个国家相应金额的外国资本净额,；经常项目逆差则恰好相反。

The balance of trade is typically the most important part of the current account. This means that changes in the patterns of trade are key drivers of the current account. However, for the few countries with substantial overseas assets or liabilities, net factor payments may be significant.

贸易收支是经常账户下典型的最重要的部分。也就是说贸易状况的变化是经常账户的主要影响因素. 然而，对于那些少数的拥有大量海外资产和负债的国家，生产要素支付净额可能作用显著。

The current account, capital account, financial account and change in official reserves together sum to zero as a result of accounting definitions. This sum is known as the balance of payments. Typically, the change in official reserves is very small.

经常账户，资本账户，金融账户以及官方储备的变化一起，总和为零构成账户的定义。这个总和被称为国际收支。通常来说，官方储备的变化非常小。

[编辑] 经常帐户的构成

进出口贸易差额
1. 商品（以FOB计价）：一般的商品贸易
2. 服务：服务贸易
3. 资产收入（利息、股息）
4. 经常转移：捐赠，无偿援助等
外国投资净收入
国外汇款净额
还本付息净额

[编辑] Measures to reduce a current account deficit

降低经常帐户逆差的方法 If action to address a substantial current account deficit is taken, then the more obvious measures to consider include:

encouraging depreciation of the exchange rate (e.g. by cutting interest rates or by currency intervention of one kind or another).
measures to promote new export industries.
import restrictions, quotas or duties (though the reduction in imports caused by these measures, by appreciating the domestic currency, may be offset by a reduction in exports, with the net result being little or no change in the current account balance).
Expenditure Changing - adopting fiscal and monetary policy to reduce the level of AD. This will reduce the demand for imports.

如果采取行动对付巨额经常账户逆差，较为明显的措施包括： • 鼓励汇率贬值（例如通过降低利息率或者某种形式的货币干涉） • 促进新的出口行业 • 进口管制，配额或者关税（尽管这种方法带来的进口减少可能被由于本国货币升值导致的出口减少抵消掉，从而导致总的效应经常账户余额很少或者没有变化） • 开支变化—采取财政政策和货币政策降低总需求（aggregate demand），从而降低对进口的需求。

Less obvious but more effective methods to reduce a current account deficit include measures that increase domestic savings (or reduced domestic borrowing), including a reduction in borrowing by the national government. 比较不显而易见但很卓有成效的减少逆差的办法包括提升国内储蓄（或者降低国内借贷，包括降低国家政府的借贷）。

It should be noted that a current account deficit is not always a problem. The "Pitchford Thesis" states that a current account deficit does not matter if it is driven by the private sector. Some feel that this theory has held true for the Australian economy, which has had a persistent current account deficit, yet has experienced economic growth for the past 14 years (1991-2005). Others argue that Australia is accumulating a substantial foreign debt that could become problematic, especially if interest rates increase. 值得注意的是经常账户逆差并非总是坏事。Pitchford 的论文中提到，如果经常账户逆差是由私有部门所造成的，那就大可不必担忧。一些人认为这个理论对澳大利亚经济而言是适用的，因为澳大利亚经常账户一直长期处于逆差，但该国却保持了14年的经济增长（1991到2005）。另外一些人则辩论说澳大利亚不断增加的大量外债可能会对该国造成困扰，尤其在利率上升的时候。

[编辑] Interrelationships in the balance of payments

国际收支的相互关系 Absent changes in official reserves, the current account is the mirror image of the sum of the capital and financial accounts. 除开官方储备不计，经常账户就是资本帐户和金融账户总和的镜中像。

One might then ask: Is the current account driven by the capital and financial accounts or is it vice versa? The traditional response is that the current account is the main causal factor, with capital and financial accounts simply reflecting financing of a deficit or investment of funds arising as a result of a surplus. However, more recently some observers have suggested that the opposite causal relationship may be important in some cases. In particular, it has controversially been suggested that the United States current acccount deficit is driven by the desire of international investors to acquire U.S. assets. However, the main viewpoint undoubtedly remains that the driving factor is the current account and that the positive financial account mainly reflects the need to finance the U.S. current account deficit.也许有人要问：是经常账户主导了资本和金融账户，还是资本和金融账户主导了经常账户？传统的解释是经常账户是主要原因因素，而资本和金融账户只是单纯地反映出对逆差的融资或者对顺差产生的资本的投资。然而，最近以来一些观察家提议说在某些案例中相反的因果关系可能更重要。尤其是，美国经常账户逆差是由国际投资者对美国资产的购买所造成的这一观点被极具争议地提出。但是主流观点仍然毫无疑问地认为经常账户时主导因素，金融账户正方主要反映了美国经常账户逆差融资的需求。