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
.6364
.6407
1.5714
1.5607
30-Day Forward
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
.008676
.008718
115.26
114.71
30-Day Forward
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 (Ring git)
.4018
.4002
2.4885
2.4990
Malta (Lira)
2.7624
2.7701
.3620
.3610
Mexico (Peso)
....
....
....
....
Floating rate
.1278
.1277
7.8220
7.8330
.5655
.5699
1.7685
1.7547
Netherland (Guilder)
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
Slov ak Rep. (Koruna)
.03259
.03259
30.688
30.688
South Africa (Rand)
.2141
.2142
4.6705
4.6690
South Korea (Won)
.001184
.001184
844.75
844.65
Spain (Peseta)
.007546
.007603
132.52
131.53
.1431
.1435
6.9865
6.9697
Sweden (Krona)
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)
....
....
....
....
.1145
.1145
8.7300
8.7300
Financial
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 exchange rates for
the U.S., German, British, French, and Japanese currencies. Source:
International Monetar y Fund.
European Currency Unit (ECU) is based on a basket of community
currencies.
a-fixing, Moscow Interbank Currency Exchange.
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