Balance of payments

Japanese: 国際収支 - こくさいしゅうし（英語表記）balance of payments

A systematic record of all economic transactions between residents of your country and residents of a foreign country within a certain period (e.g. a year, half a year, or month).

[Rokuro Tsuchiya and Takuo Maeda, March 18, 2016]

Balance of payments table

Before World War II, the format and preparation method differed from country to country, which made it difficult to make international comparisons. After the war, the International Monetary Fund (IMF) published the Balance of Payments Manual as a unified standard, and each country began to prepare its own balance of payments in accordance with this manual. Since its establishment after the war, the manual has been revised to reflect changes in the state of the international economy. According to the manual, there are two types of balance of payments tables: the original table and the domestic presentation format, which is a rearrangement of the original table. The latter is the one that is generally published. Therefore, the following will focus on the latter. However, in Japan, a major revision was made from the transaction accounting for January 2014, so we will first briefly touch on the differences between the old and new statistics, and then look at the main items in the new statistics.

[Rokuro Tsuchiya and Takuo Maeda, March 18, 2016]

Japan's Balance of Payments Statistics

The old balance of payments statistics were broadly divided into a current account and a capital account, to which changes in foreign exchange reserves and errors and omissions were added, but the new balance of payments statistics are broadly divided into a current account, capital transfers and other accounts, and a financial account, to which errors and omissions were added. Here, the current account balance is divided into the trade and services balance, the primary income balance, and the secondary income balance, with the primary income balance being renamed from the income balance in the old statistics, and the secondary income balance being renamed from the current transfers balance in the old statistics. In addition, the capital transfers and other accounts was a miscellaneous capital account that was integrated into the capital account in the old statistics, but has been changed to a major item in the new statistics. And the old capital account (excluding the miscellaneous capital account) has been integrated with changes in foreign exchange reserves to become the financial account.

[Takuo Maeda March 18, 2016]

Current account balance

It is a record of physical transactions such as goods and services and is classified into the following categories:

[Takuo Maeda March 18, 2016]

Goods and services balance

(1) Trade balance This includes not only imports and exports of general merchandise and non-monetary gold, but also transactions of intermediate trade and merchandise processing, which were recorded in the services balance in the previous statistics.

(2) Services balance Services are intangible goods, so they are also called "invisible trade," whereas trade in goods (tangible goods) is called "visible trade." With the internationalization of the economy, trade in services has expanded rapidly and become more diverse. The items in this balance include transportation (sea and air transport), travel, and other services (contract processing services and maintenance and repair services, construction, insurance and pension services, financial services, fees for the use of intellectual property rights, etc., communications, computer and information services, other business services, personal, cultural and entertainment services, public services, etc.), and the receipt and payment of funds is recorded for each of them. Note that contract processing services and maintenance and repair services, which were recorded in the trade balance in the old statistics, have been re-recorded in the services balance in the new statistics.

[Takuo Maeda March 18, 2016]

Primary income balance

Income related to the production process and property income, consisting of compensation of employees, investment income, and other primary income. Compensation of employees includes compensation earned outside one's home country, such as the wages received by resident crew members working on ships and aircraft operated by non-residents, while investment income includes dividends and interest, etc., which are compensation for the provision of financial assets.

[Takuo Maeda March 18, 2016]

Secondary income balance

Among unilateral transactions that do not involve compensation, such as reparations or gifts, those that are current transfers to the other country are recorded. Specifically, these include financial aid such as food, medical supplies, and clothing, and remittances from foreign workers to their home countries. Here, "transfers" refer to transactions in which one party provides something of economic value (goods, services, financial assets, non-financial non-produced assets) to the other party free of charge.

[Takuo Maeda March 18, 2016]

Capital transfers and other payments

This includes capital transfers and acquisitions and disposals of non-financial, non-produced assets.

(1) Capital transfers: Includes transfers of assets (excluding cash and inventory) that involve a change in ownership, investment gifts, and debt forgiveness.

(2) Acquisitions and disposals of non-financial non-produced assets: Transactions of natural resources and leases, licenses such as emission rights and transfer fees, and marketing assets (e.g. trademarks) are recorded.

[Takuo Maeda March 18, 2016]

Financial Account

While the current account balance is a record of physical transactions, the financial account records monetary capital transactions. In the current account balance, accounts are recorded as receipts and payments, whereas in the financial account, they are divided into assets (domestic capital) and liabilities (foreign capital) (foreign reserves, by their nature, are only assets). Assets and liabilities are stock concepts. In order to match this with the receipt and payment base of current transactions, which are flows, only increases and decreases within a certain period are recorded. For example, when Japanese capital is invested overseas, funds flow out in the same way as if payment was made for imported goods, so the amount is recorded on the payment side. In the old statistics on balance of payments and external assets and liabilities, securities investment, financial derivatives, and other investments were classified into three sectors: public, banks, and others, but in the new statistics, they have been subdivided into five sectors: central bank, general government, depository institutions, other financial institutions, and others (general business corporations, individuals, etc.). The financial balance is divided into direct investment and portfolio investment, financial derivatives, other investments, and foreign exchange reserves.

[Takuo Maeda March 18, 2016]

Direct Investment

Direct investment is not only aimed at making profits, but also at gaining control over the management of the host company, and depending on the form of the invested capital, it is classified as equity capital, reinvestment of profits, and debt capital.

[Takuo Maeda March 18, 2016]

Portfolio Investment

This is where securities transactions that do not fall under direct investment (described above) or foreign exchange reserves (described below) are recorded. Securities issued by non-residents in a transaction are recorded as assets, while securities issued by residents are recorded as liabilities. Assets and liabilities are classified into stocks/investment fund interests and bonds according to the type of securities. Stocks/investment fund interests are classified into stocks and investment fund interests, and bonds are classified into medium- to long-term bonds and short-term bonds.

[Takuo Maeda March 18, 2016]

Financial Derivatives

Financial derivatives are financial products that are linked to other financial products, indexes, or commodities. Here, we record option premiums, trading gains and losses, stock acquisition rights, etc., trading gains and losses on futures and forward transactions, principal exchange differences on currency swaps, and interest, dividends, capital gains, etc. on swap transactions.

[Takuo Maeda March 18, 2016]

Other Investments

This includes financial transactions that do not fall under the category of direct investment, portfolio investment, financial derivatives (see above), or foreign exchange reserves (see below). Here, they are classified into equity and current/deposits, loans/borrowings, insurance/pension reserves, trade credits/advance payments, other assets/other liabilities, and SDRs (Special Drawing Rights; liabilities only). Loans/borrowings, trade credits/advance payments, and other assets/other liabilities are classified as long-term if the original contract period is more than one year, and short-term if it is less than one year.

[Takuo Maeda March 18, 2016]

Foreign exchange reserves

Foreign exchange reserves are assets held by monetary authorities in a form that can be used at any time for the purpose of intervention in the foreign exchange market to stabilize exchange rates. Specifically, they include monetary gold held by the authorities, IMF SDRs and reserve positions, and foreign currency assets (cash and deposits, securities). Here, we record the increase or decrease in assets held as foreign exchange reserves in the Foreign Exchange Special Account and the Bank of Japan.

[Takuo Maeda March 18, 2016]

Balance of payments deficit/surplus

The balance of payments has been created primarily to clarify the state of a country's external financial receipts and payments. If receipts are greater than payments, it is a surplus, and if the opposite is true, it is a deficit. So how was a surplus or deficit determined? For a time after World War II, attention was focused on changes in foreign exchange reserves, and if they increased, it was determined to be a surplus, and if they decreased, it was determined to be a deficit. This was thought to be just like an increase in household savings being a surplus and a decrease being a deficit. However, with the liberalization of foreign exchange and the internationalization of finance, transactions equivalent to savings were no longer limited to increases and decreases in foreign exchange reserves, and the scope was expanded as external financing by private financial institutions was also considered to have the same function. Thus, the increase or decrease in foreign exchange reserves held by the monetary authorities and the changes in short-term financial assets and liabilities held by private exchange banks were lumped together as financial accounts, and a method was adopted to grasp the overall state of the balance of payments based on their trends. However, this type of short-term capital movement became extremely active, and the purpose was not simply liquidity but also an increase in transactions aimed at making interest rate gains and exchange rate gains, so the method of determining the overall balance of payments in the financial accounts was abolished in January 1996. As a result, trends in the current account balance and the goods and services balance became more important in the balance of payments.

[Rokuro Tsuchiya and Takuo Maeda, March 18, 2016]

Balance of payments adjustment

When a country's current account or trade balance becomes a large imbalance, it becomes an international problem. After World War II, when Japan's trade surplus became huge, it was criticized by trading partners, including the United States, for unfair competition, which often caused trade friction. In such cases, it becomes necessary to adjust the balance, but in order to do so, the cause of the imbalance must be identified and appropriate measures must be taken. If the cause of the trade surplus is excessive international competitiveness, measures to suppress competitiveness are effective. One effective measure is to induce the exchange rate to appreciate. When the yen appreciates, export prices generally rise, so exports are suppressed, and import prices fall, so imports increase and the trade surplus decreases. Such policies are called price adjustment (expenditure shift) policies because they aim to correct the external price relationship. In some cases, the cause of a trade surplus is stagnation in the domestic economy. In other words, when the domestic economy is in a recession, imports of foreign goods do not increase, and domestic sales of domestic goods are sluggish, so exports are promoted, and the trade balance tends to be in surplus. In this case, monetary and fiscal policies are needed to expand domestic demand. Policies that bring exports and imports into balance by adjusting domestic demand in this way are called demand (expenditure) adjustment policies.

[Rokuro Tsuchiya and Takuo Maeda, March 18, 2016]

"The Economics of the Balance of Payments, edited by the Research Department of the Bank of Tokyo (1994, Yuhikaku)" ▽ "International Economics, edited by Rokuro Tsuchiya (1997, Toyo Keizai Shinposha)" ▽ "Wataru Kikuchi, "On the Revision of Statistics Related to the Balance of Payments" (Finance, November 2013 issue, 2013, Ministry of Finance)"

[Reference items] | SDR | Yen | Foreign exchange reserves | International Monetary Fund

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

一定期間内（1年、半年、1か月など）に自国の居住者と外国の居住者との間で行われたすべての経済取引を体系的に記録したもの。

［土屋六郎・前田拓生　2016年3月18日］

国際収支表

第二次世界大戦前は、その形式や作成方法が国によって違っていたため、国際比較上不便だったので、戦後は国際通貨基金（IMF）が統一基準として「国際収支マニュアル」Balance of Payments Manualを公表し、各国はこれに準拠してつくるようになった。「マニュアル」は戦後制定されてから、国際経済の実態の推移にあわせて改訂されてきた。それによると、国際収支表には「原表」と、それを組み替えてつくられた「国内発表形式」があるが、一般に公表されるのは後者である。したがって、以下後者に関して解説する。ただし、日本では2014年（平成26）1月の取引計上分から大幅な見直しが行われたため、まずは新旧統計の相違点について簡単に触れた後、新統計の主要項目についてみていくことにする。

［土屋六郎・前田拓生　2016年3月18日］

日本の国際収支統計

旧国際収支統計は経常収支と資本収支に大別され、それに外貨準備増減と誤差脱漏が加わるものであったが、新しい国際収支統計では経常収支と資本移転等収支、金融収支に大別され、それに誤差脱漏が加わる形になっている。ここで経常収支は貿易・サービス収支と第一次所得収支、第二次所得収支に区分されるが、第一次所得収支は旧統計の所得収支、第二次所得収支は旧統計の経常移転収支から名称変更したものである。また、資本移転等収支は旧統計の資本収支に統合されていたその他資本収支であるが、新統計では大項目に変更されている。そして、旧資本収支（その他資本収支を除く）は外貨準備増減と統合されて金融収支となった。

［前田拓生　2016年3月18日］

経常収支

財貨やサービスなど実物取引の記録であり、次の項目に分類される。

［前田拓生　2016年3月18日］

貿易・サービス収支

(1)貿易収支　ここでは一般商品および非貨幣用金の輸出入に加えて、旧統計ではサービス収支に計上されていた仲介貿易商品加工の取引も含まれる。

(2)サービス収支　サービスは無形財なので、商品（有形財）貿易が「見える貿易」visible tradeといわれるのに対し、「見えない貿易」invisible tradeともよばれる。経済の国際化に伴いサービスに関する取引は急速に拡大し、内容も多様化している。当該収支の項目には輸送（海運および空輸）、旅行、その他サービス（委託加工サービスおよび維持修理サービス、建設、保険・年金サービス、金融サービス、知的財産権等使用料、通信・コンピュータ・情報サービス、その他業務サービス、個人・文化・娯楽サービス、公的サービス等）があり、それぞれについて資金の受払いが計上されている。なお、旧統計で貿易収支に計上されていた委託加工サービスおよび維持修理サービスは、新統計でサービス収支に計上替えとなった。

［前田拓生　2016年3月18日］

第一次所得収支

生産過程に関連した所得および財産所得で、雇用者報酬と投資収益、その他第一次所得で構成される。雇用者報酬には非居住者が運航する船舶や航空機で働いている居住者乗務員が受け取る給与など自国以外で稼いだ報酬があり、投資収益には金融資産提供の対価である配当金や利子等が計上される。

［前田拓生　2016年3月18日］

第二次所得収支

賠償や贈与のように対価を伴わない一方的取引のうち、相手国の経常移転となるものが計上される。具体的には食料、医療品、衣料などの無償資金援助、外国人労働者の本国送金などである。ここで「移転」とは当事者の一方が経済的価値のあるもの（財貨、サービス、金融資産、非金融非生産資産）を無償で相手方に提供する取引をいう。

［前田拓生　2016年3月18日］

資本移転等収支

ここでは資本移転と非金融非生産資産の取得処分を計上している。

(1)資本移転　資産（現金、在庫を除く）の所有権移転を伴う移転や投資贈与、債務免除を計上する。

(2)非金融非生産資産の取得処分　天然資源およびリース、排出権や移籍金等のライセンス、マーケティング資産（商標権等）の取引を計上する。

［前田拓生　2016年3月18日］

金融収支

経常収支が実物取引の記録であるのに対し、金融収支は貨幣的資本の取引が記録される。また経常収支では、勘定は受取りと支払いに仕訳されたが、金融収支では資産（本邦資本）と負債（外国資本）に分かれる（外貨準備に関してはその性格上資産のみ）。資産・負債はストックの概念である。これをフローである経常取引の受取り・支払いベースにあわせるために、一定期間内における増減分だけを計上する。たとえば、本邦資本の対外投資が行われた場合には、商品輸入に対して代金が支払われたのと同様に資金が流出するので、支払側にその金額が記帳される。なお、国際収支統計および対外資産負債残高において旧統計では証券投資、金融派生商品、その他投資を公的・銀行・その他の3部門に分類していたが、新統計では中央銀行・一般政府・預金取扱機関・その他金融機関・その他（一般事業法人、個人等）の5部門に細分化された。金融収支は直接投資および証券投資、金融派生商品、その他投資、外貨準備に区分される。

［前田拓生　2016年3月18日］

直接投資

直接投資とは収益目的だけでなく、相手企業の経営支配をも目的とするもので、投下資本の形態に応じて、株式資本および収益の再投資、負債性資本に区分される。

［前田拓生　2016年3月18日］

証券投資

ここでは証券の取引のうち、直接投資（前述）や外貨準備（後述）に該当しないものが計上される。取引において非居住者発行証券の場合は資産として、居住者発行証券の場合には負債として計上する。証券種類に応じて資産と負債は株式・投資ファンド持分と債券に区分される。株式・投資ファンド持分は株式と投資ファンド持分に、債券は中長期債と短期債に区分する。

［前田拓生　2016年3月18日］

金融派生商品

金融派生商品とは、ほかの金融商品や指数、商品に連動する金融商品をいう。ここではオプションのプレミアム・売買差損益および新株予約権等、先物・先渡取引の売買差損益、通貨スワップの元本交換差額、スワップ取引の金利・配当金・キャピタル・ゲイン等を計上する。

［前田拓生　2016年3月18日］

その他投資

直接投資および証券投資、金融派生商品（それぞれ前述）、外貨準備（後述）のいずれにも該当しない金融取引を計上する。ここでは持分および現・預金、貸付／借入、保険・年金準備金、貿易信用・前払、その他資産／その他負債、SDR（特別引出権。負債のみ）に区分する。なお、貸付／借入および貿易信用・前払、その他資産／その他負債は、原契約期間が1年を超えるものを長期として、1年以下は短期として区分する。

［前田拓生　2016年3月18日］

外貨準備

外貨準備とは通貨当局が為替(かわせ)相場の安定を図るための為替市場介入を目的として、いつでも使用できる形で保有する資産をいう。具体的には当局が保有する貨幣用金、IMFのSDRやリザーブ・ポジション、外貨資産（現預金、有価証券）などである。ここでは外国為替特別会計や日本銀行が保有する資産で、外貨準備として保有されているものの増減を計上する。

［前田拓生　2016年3月18日］

国際収支の赤字・黒字

国際収支は主として、その国の対外的な資金の受払い状況を明らかにする目的でつくられてきた。受取りが支払いよりも大きければ黒字、逆の場合は赤字である。では、黒字や赤字はどのようにして判定してきたかというと、第二次世界大戦後の一時期は外貨準備の変化に着目し、それが増加すれば黒字、減少すれば赤字である、と判定した。ちょうど家計の貯金が増えれば黒字、減れば赤字であるのと同じに考えた。ところが為替の自由化、金融の国際化などによって貯金に相当する取引が外貨準備増減だけではなくなり、民間金融機関の対外的な資金繰りも同じ機能をもつとされて範囲が拡大した。こうして通貨当局が保有する外貨準備の増減と、民間の為替銀行のもつ短期金融資産・負債の変化分を一括して金融勘定とし、その動向によって国際収支の総合的な状況をとらえる方法が採用された。しかし、この種の短期資金移動はきわめて活発となり、その目的も単に資金繰りだけではなく、金利差益や為替差益を目的とする取引が増大したことから、金融勘定で総合的収支尻(じり)を判定する方法は1996年（平成8）1月より廃止された。結局、国際収支のなかでは、経常収支や貿易・サービス収支の動向が重要性を増した。

［土屋六郎・前田拓生　2016年3月18日］

国際収支の調整

一国の経常収支や貿易収支の不均衡が大きくなると、国際的な問題になる。第二次世界大戦後、日本の貿易収支の黒字が巨額になると、アメリカをはじめ貿易相手国からは不正な競争をしているのではないかと非難され、しばしば貿易摩擦を引き起こした。このような場合には、収支を調整することが必要となるが、それには不均衡の原因を究明し、それに応じた対策を講じなければならない。貿易黒字の原因が国際競争力が強すぎることにあるならば、競争力を抑える対策が有効となる。その有力な対策として、為替相場を円高に誘導させる方法がある。円高になれば、一般に輸出価格は上昇するので輸出は抑えられ、輸入価格は下落するので輸入は増え、貿易黒字は減少する。このような政策は、対外的な価格関係を是正するのがねらいであるので、価格調整（支出転換）政策という。貿易黒字の原因が、国内経済の停滞に基づく場合もある。つまり国内が不況であると、外国品の輸入は伸びず、国内品も国内販売が不振となるため輸出へ向かうようになり、貿易収支は黒字傾向となる。この場合には、金融・財政政策によって国内需要を拡大させる対策が必要となる。このように内需を調整することによって、輸出入を均衡に導く政策を需要（支出）調整政策という。

［土屋六郎・前田拓生　2016年3月18日］

『東京銀行調査部編『国際収支の経済学』（1994・有斐閣）』▽『土屋六郎編著『国際経済学』（1997・東洋経済新報社）』▽『菊地渉「国際収支関連統計の見直しについて」（『ファイナンス』平成25年11月号所収・2013・財務省）』

[参照項目] | SDR | 円 | 外貨準備 | 国際通貨基金

出典　小学館　日本大百科全書(ニッポニカ)日本大百科全書(ニッポニカ)について　情報 | 凡例

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