ARUS DANA INTERNASIONAL MATERI 2 NERACA PEMBAYARAN • NERACA PEMBAYARAN MERUPAKAN RINGKASAN TRANSAKSI PADA SUATU NEGARA TERTENTU ANTARA WARGA NEGARA DOMESTIK DAN ASING PADA PERIODE TERTENTU • NERACA INI MENGGAMBARKAN AKUNTANSI DARI TRANSAKSI INTERNASIONAL SUATU NEGARA PADA SATU PERIODE, BIASANYA SELAMA SATU KUARTAL ATAU SATU TAHUN • NERACA INI MENCATAT TRANSAKSI USAHA, INDIVIDU SUATU NEGARA NERACA BERJALAN • MENCERMINKAN RINGKASAN ARUS DANA ANTARA NEGARA TERTENTU DENGAN NEGARA LAIN YANG DISEBABKAN KARENA PEMBELIAN BARANG DAN JASA ATAU CADANGAN LABA DALAM BENTUK ASET KEUANGAN NERACA MODAL • ADALAH RINGKASAN ARUS DANA YANG BERASAL DARI PENJUALAN ASET ANTARA SATU NEGARA TERTENTU DENGAN NEGARA LAIN SELAMA SATU PERIODE TERTENTU • KOMPONEN INTI DARI NERACA MODAL ADALAH INVESTASI ASING LANGSUNG, INVESTASI PORTOFOLIO DAN INVESTASI MODAL LAINNYA • INVESTASI 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 CONTOH TRANSAKSI NERACA BERJALAN TRANSAKSI PERDAGANGAN INTERNASIONAL POSISI ARUS KAS AS JUMLAH PADA NERACA PEMBAYARAN JC PENNEY MEMBELI STEREO YANG DIPROSUKSI DI INDONESIA ARUS KELUAR AS DEBIT PERUSAHAAN MEXICO MEMBAYAR JASA KONSULTAN AS ARUS KAS MASUK KREDIT TOKO BUKU DI IRLANDIA ARUS KAS MASUK MEMBELI BUKU TEKS YANG DIPRODUKSI DI AS KREDIT ARUS PERDAGANGAN INTERNASIONAL • KANADA DAN NEGARA EROPA LEBIH TERGANTUNG KEPADA PERDAGANGAN DIBANDINGKAN DENGAN NEGARA AS • VOLUME PERDAGANGAN EKSPOR DAN IMPOR KANADA MENCAPAI 50% DARI PDBNYA • VOLUME PERDAGANGAN NEGARA EROPA MENCAPAI 30-40% DARI PDB-NYA • VOLUME PERDAGANGAN AS DAN JEPANG MENCAPAI 10-20% DARI PDB-NYA KESEPAKATAN PERDAGANGAN • • • • • • • • DESEMBER 1993 TERJD PENJANJIAN GENERAL AGREMENT ON TARIFFS AND TRADE (GATT) GATT DISEPAKATI OLEH 117 NEGARA GATT BERISI KESEPAKATAN BEA MASUK YANG LEBIH RENDAH DISELURUH DUNIA NORTH AMERICAN FREE TRADE AGREEMENT (NAFTA) BERISI PENGHAPUSAN BATASAN PERDAGANGAN ANTARA KANADA, MEXICO DAN AS PERJANJIAN INI MERUPAKAN KELANJUTAN DARI PERJANJIAN TAHUN 1989 YANG BERISIS PENGURANGAN PEMBATASAN PERDAGANGAN STANDARISASI SPESIFIKASI PRODUK DISELURUH EROPA SELAMA TAHUN 1990AN MENGHAPUS SEBAGIAN BESAR BATASAN PERDAGANGAN DIGUNAKAN EURO SEBAGAI MATA UANG TUNGGAL DI SEBAGIAN BESAR NEGARA EROPA MENDUKUNG PERDAGANGAN ANTARA NEGARA DI EROPA JUNI 2003 AS DAN CILE MENANDATANGANI PERJANJIAN PERDAGANGAN BEBAS UNTUK MENGHAPUS BEA MASUK ATAS LEBIH DARI 90% PRODUK YANG DIPERDAGANGKAN ANTARA KEDUA NEGARA KETIDAKSEPAKATAN DALAM PERDAGANGAN • SITUASI YANG BIASA TERJADI : A. PERUSAHAAN TIDAK TERKENA BATASAN LINGKUNGAN DAN KARENANYA DAPAT BERPRODUKSI DENGAN BIAYA LEBIH RENDAH DIBANDINGKAN DENGAN NEGARA LAIN B. TIDAK TERKENA UNDANG-UNDANG TENAGA KERJA ANAK C. DIJINKAN MELAKUKAN PENYUAPAN D. ADANYA SUBSIDI DAN DUMPING E. ADANYA POTONGAN PAJAK KURS 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. The Euro Product 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 2002 Greece adopted the Euro in 2001 Slovenia adopted the Euro in 2007 10 The 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 swaps No central market place World-wide linkage of bank currency traders, non-bank dealers (IBanks, insurance companies, etc.), and FX brokers—like an international OTC market Largest financial market in the world Daily trading is estimated to be US$3.21 trillion Trading occurs 24 hours a day London is the largest FX trading center 11 The Foreign Exchange Market • • The FX market is a two-tiered market: – Interbank Market (Wholesale) • Accounts for about 83% of FX trading volume—mostly speculative or arbitrage transactions • About 100-200 international banks worldwide stand ready to make a market in foreign exchange • FX brokers match buy and sell orders but do not carry inventory and FX specialists – Client Market (Retail) • Accounts for about 17% of FX trading volume Market participants include international banks, their customers, non-bank dealers, FX brokers, and central banks Note: Data is from 2007. 12 The Foreign Exchange Market 13 The Spot Market – Direct Quotes • US dollar price of 1 unit of foreign currency—$ are in the numerator (foreign currency is priced in terms of dollars) – $/€ = 1.5000 (1€ costs $1.5000) – $/£ = 2.0000 (1£ costs $2.0000) • Currency changes – Suppose that today, $/€ = 1.5000 and in 1 month, $/€ = 1.5050 • The $ has depreciated in value • Alternatively, the € has appreciated in value – Suppose that today, $/£ = 2.0000 and in 1 month, $/£ = 1.9950 • The $ has appreciated in value • Alternatively, the £ has depreciated in value 14 The Spot Market – Indirect Quotes • Foreign currency price of $1—$ are in the denominator (US dollar is priced in terms of foreign currency) – €/$ = 0.6667 ($1costs €0.6667) – £/$ = 0.5000 ($1 costs £0.5000) • Currency changes – Suppose that today, €/$ = 0.6667 and in 1 month, €/$ = 0.6600 • The $ has depreciated in value • Alternatively, the € has appreciated in value – Suppose that today, £/$ = 0.5000 and in 1 week, £/$ = 0.5050. • The $ has appreciated in value • Alternatively, the £ has depreciated in value 15 The Spot Market - Conventions • Denote the spot rate as S • For most currencies, use 4 decimal places in calculations – With exceptions: i.e. S(¥/$)=109.0750, but S($/¥)=0.009168 • If we are talking about the US, always quote spot rates as the dollar price of the foreign currency – i.e. as direct quotes, S($/€), S($/C$), S($/£), etc • Increase in the exchange rate the US dollar is depreciating – Costs more to buy 1 unit of foreign currency • Decrease in the exchange rate the US dollar is appreciating – Costs less to buy 1 unit of foreign currency 16 The Spot Market Wednesday, January 8, 1997 EXCH AN GE R AT ES The New York foreign exchange selling rates below apply to trading among banks in amounts of $1 million and more, as quoted at 4 p.m. Eastern time by Dow Jones Telerate Inc. and other sources. Retail transactions provide fewer units of foreign currency per dollar. Currency per U.S. $ U.S. $ equiv. Country W ed. Tues. W ed. Tues. Argentina (Peso) 1.0012 1.0012 .9988 .9988 Australia (Dollar) .7805 .7902 1.2812 1.2655 Austria (Schilling) .09043 .09101 11.058 10.988 Bahrain (Dinar) 2.6525 2.6525 .3770 .3770 Belgium (Franc) .03080 .03105 32.470 32.205 Brazil (Real) .9607 .9615 1.0409 1.0401 Britain (Pound) 1.6880 1.6946 .5924 .5901 30-Day Forward 1.6869 1.6935 .5928 .5905 90-Day Forward 1.6843 1.6910 .5937 .5914 180-Day Forward 1.6802 1.6867 .5952 .5929 Canada (Dollar) .7399 .7370 1.3516 1.3568 30-Day Forward .7414 .7386 1.3488 1.3539 90-Day Forward .7442 .7413 1.3437 1.3489 180-Day Forward .7479 .7450 1.3370 1.3422 Chile (Peso) .002352 .002356 425.25 424.40 China (Renminbi) .1201 .1201 8.3272 8.3276 Colombia (Peso) .0009985 .0009985 1001.50 1001.50 Czech. Rep (Krouna) .... .... .... .... Commercial rate .03662 .03677 27.307 27.194 Denmark (Krone) .1663 .1677 6.0118 5.9633 Ecuador (Sucre) .... .... .... .... Floating rate .0002766 .0002787 3615.00 3587.50 Finland (Markka) .2121 .2135 4.7150 4.6841 France (Franc) .1879 .1893 5.3220 5.2838 30-Day Forward .1882 .1896 5.3126 5.2741 90-Day Forward .1889 .1903 5.2935 5.2558 180-Day Forward .1901 .1914 5.2617 5.2243 Germany (Mark) .6352 .6394 1.5744 1.5639 30-Day Forward .6364 .6407 1.5714 1.5607 90-Day Forward .6389 .6432 1.5652 1.5547 180-Day Forward .6430 .6472 1.5552 1.5450 Greece (Drachma) .004049 .004068 246.98 245.80 Hong Kong (Dollar) .1292 .1292 7.7390 7.7390 Hungary (Forint) .006139 .006164 162.89 162.23 India (Rupee) .02787 .02786 35.875 35.890 Indonesia (Rupiah) .0004233 .0004233 2362.15 2362.63 Ireland (Punt) 1.6664 1.6714 .6001 .5983 Israel (Shekel) .3079 .3085 3.2474 3.2412 Italy (Lira) .0006483 .0006510 1542.50 1536.00 Currency U.S. $ equiv. per U.S. $ Country W ed. Tues. W ed. Tues. Japan (Yen) .008639 .008681 115.75 115.20 30-Day Forward .008676 .008718 115.26 114.71 90-Day Forward .008750 .008791 114.28 113.76 180-Day Forward .008865 .008907 112.80 112.28 Jordan (Dinar) 1.4075 1.4075 .7105 .7105 Kuwait (Dinar) 3.3367 3.3389 .2997 .2995 Lebanon (Pound) .0006445 .0006445 1551.50 1551.50 Malaysia (Ringgit) .4018 .4002 2.4885 2.4990 Malta (Lira) 2.7624 2.7701 .3620 .3610 Mexico (Peso) .... .... .... .... Floating rate .1278 .1277 7.8220 7.8330 Netherland (Guilder) .5655 .5699 1.7685 1.7547 New Zealand (Dollar) .7072 .7106 1.4140 1.4073 Norway (Krone) .1540 .1548 6.4926 6.4599 Pakistan (Rupee) .02529 .02529 39.540 39.540 Peru (new Sol) .3814 .3840 2.6218 2.6039 Philippines (Peso) .03800 .03802 26.318 26.300 Poland (Zloty) .3460 .3475 2.8900 2.8780 Portugal (Escudo) .006307 .006369 158.55 157.02 Russia (Ruble) (a) .0001787 .0001788 5595.00 5594.00 Saudi Arabia (Riyal) .2666 .2667 3.7503 3.7502 Singapore (Dollar) .7116 .7124 1.4053 1.4037 Slovak Rep. (Koruna) .03259 .03259 30.688 30.688 .2141 .2142 4.6705 4.6690 South Africa (Rand) South Korea (Won) .001184 .001184 844.75 844.65 Spain (Peseta) .007546 .007603 132.52 131.53 Sweden (Krona) .1431 .1435 6.9865 6.9697 Switzerland (Franc) .7334 .7387 1.3635 1.3537 30-Day Forward .7357 .7411 1.3593 1.3494 90-Day Forward .7401 .7454 1.3511 1.3416 180-Day Forward .7470 .7523 1.3386 1.3293 Taiwan (Dollar) .03638 .03637 27.489 27.493 Thailand (Baht) .03902 .03906 25.625 25.605 Turkey (Lira) .00000911 .00000915 109755.00 109235.00 United Arab (Dirham) .2723 .2723 3.6720 3.6720 Uruguay (New Peso) .... .... .... .... Financial .1145 .1145 8.7300 8.7300 Venezuela (Bolivar) .002098 .002096 476.70 477.12 --SDR 1.4315 1.4326 .6986 .6980 ECU 1.2308 1.2404 .......... ........... Special Drawing Rig hts (SDR) are based on exchang e rates for the U.S., German, British, French, and Japanese currencies. Source: International Monetary Fund. European Currency Unit (ECU) is based on a basket of community currencies. a-fixing, Moscow Interbank Currency Exchang e. US dollar price: S($/£)=1.6880 £1 costs $1.6880 UK pound price: S(£/$)=0.5924 $1 costs £0.5924 And note that 1 S ($ / £) S (£/$) 17 The Spot Market • The current exchange, S($/€)=1.5000. In 1 month, it is S(€/$)=0.6689 – Has the US dollar appreciated or depreciated? – By what % has the exchange rate changed? • Convert S(€/$)=0.6689 to: 1/S(€/$)=S($/€)=1.4950. – Now we see that the exchange rate has decreased US dollar has appreciated. – The % change per month is: 1.4950 - 1.5000 0.33% 1.5000 18 Cross Exchange Rates • The exchange rate between 2 currencies where neither currency is the US dollar • We know the dollar rates. What if we want to know other rates, i.e. S(€/£) ? – Calculate cross-rates from dollar rates – S($/€)=1.5000 and S($/£)=2.0000. What is S(€/£), i.e. the € price of £? $ 1 1.3333 2.0000 £ $ £ 1.5000 £1 S ( / £) 1.3333 19 MENGGUNAKAN PIHAK LUAR (OUTSOURCING) FAKTOR ARUS PERDAGANGAN INTERNASIONAL • • • • INFLASI PENDAPATAN NASIONAL BATASAN NEGARA KURS MATA UANG MEMPERBAIKI DEFISIT PERDAGANGAN ORGANISASI KEUANGAN INTERNASIONAL • IMF • WORLD BANK • WTO Kutipan Nilai Tukar 1. American Term Brp dollar america dibutuhkan utk 1 unit mata uang asing. Ex : US$0.5978/DM dibaca 0.5978 dolar per marks. 2. European Term Menunjukkan berapa unit mata uang asing di perlukan utk memperoleh 1 dolar amerika.Ex:US $ 0.5978/DM maka istilah eropa= 1/istilah Amerika; 1/US$0.5978/DM=DM1.6727/$ dibaca 1.6727 marks per dolar.