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 POSISI ARUS KAS AS JUMLAH PADA NERACA
PERDAGANGAN PEMBAYARAN
INTERNASIONAL
JC PENNEY MEMBELI ARUS KELUAR AS DEBIT
STEREO YANG DIPROSUKSI
DI INDONESIA
PERUSAHAAN MEXICO ARUS KAS MASUK KREDIT
MEMBAYAR JASA
KONSULTAN AS
TOKO BUKU DI IRLANDIA ARUS KAS MASUK KREDIT
MEMBELI BUKU TEKS YANG
DIPRODUKSI DI AS
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
Currency
Wednesday, January 8, 1997 U.S. $ equiv. per U.S. $
EXCH AN GE R A T ES Country
Japan (Yen)
W ed.
.008639
Tues.
.008681
W ed.
115.75
Tues.
115.20
US dollar price:
The New York foreign exchange selling rates below apply to 30-Day Forward .008676 .008718 115.26 114.71
trading among banks in amounts of $1 million and more, as quoted
at 4 p.m. Eastern time by Dow Jones Telerate Inc. and other sources.
Retail transactions provide fewer units of foreign currency per
90-Day Forward
180-Day Forward
Jordan (Dinar)
.008750
.008865
1.4075
.008791
.008907
1.4075
114.28
112.80
.7105
113.76
112.28
.7105
S($/£)=1.6880
dollar. Kuwait (Dinar) 3.3367 3.3389 .2997 .2995

U.S. $ equiv.
Currency
per U.S. $
Lebanon (Pound)
Malaysia (Ring g it)
Malta (Lira)
.0006445
.4018
2.7624
.0006445
.4002
2.7701
1551.50 1551.50
2.4885
.3620
2.4990
.3610
£1 costs $1.6880
Country W ed. Tues. W ed. Tues.
Argentina (Peso) 1.0012 1.0012 .9988 .9988 Mexico (Peso) .... .... .... ....
Australia (Dollar) .7805 .7902 1.2812 1.2655 Floating rate .1278 .1277 7.8220 7.8330
Austria (Schilling ) .09043 .09101 11.058 10.988 Netherland (Guilder) .5655 .5699 1.7685 1.7547
Bahrain (Dinar) 2.6525 2.6525 .3770 .3770 New Zealand (Dollar) .7072 .7106 1.4140 1.4073
Belgium (Franc) .03080 .03105 32.470 32.205 Norway (Krone) .1540 .1548 6.4926 6.4599
Brazil (Real) .9607 .9615 1.0409 1.0401 Pakistan (Rupee) .02529 .02529 39.540 39.540
Britain (Pound) 1.6880 1.6946 .5924 .5901 Peru (new Sol) .3814 .3840 2.6218 2.6039
30-Day Forward
90-Day Forward
180-Day Forward
1.6869
1.6843
1.6802
1.6935
1.6910
1.6867
.5928
.5937
.5952
.5905
.5914
.5929
Philippines (Peso)
Poland (Zloty)
Portugal (Escudo)
.03800
.3460
.006307
.03802
.3475
.006369
26.318
2.8900
158.55
26.300
2.8780
157.02
UK pound price:
Russia (Ruble) (a) .0001787 .0001788 5595.00 5594.00
Canada (Dollar)
30-Day Forward
90-Day Forward
.7399
.7414
.7442
.7370
.7386
.7413
1.3516
1.3488
1.3437
1.3568
1.3539
1.3489
Saudi Arabia (Riyal)
Singapore (Dollar)
Slov ak Rep. (Koruna)
.2666
.7116
.03259
.2667
.7124
.03259
3.7503
1.4053
30.688
3.7502
1.4037
30.688
S(£/$)=0.5924
180-Day Forward .7479 .7450 1.3370 1.3422
Chile (Peso)
China (Renminbi)
Colombia (Peso)
.002352
.1201
.002356
.1201
425.25
8.3272
.0009985 .0009985 1001.50 1001.50
424.40
8.3276
South Africa (Rand)
South Korea (Won)
Spain (Peseta)
.2141
.001184
.007546
.2142
.001184
.007603
4.6705
844.75
132.52
4.6690
844.65
131.53
$1 costs £0.5924
Czech. Rep (Krouna) .... .... .... .... Sweden (Krona) .1431 .1435 6.9865 6.9697
Commercial rate .03662 .03677 27.307 27.194 Switzerland (Franc) .7334 .7387 1.3635 1.3537
Denmark (Krone) .1663 .1677 6.0118 5.9633 30-Day Forward .7357 .7411 1.3593 1.3494
Ecuador (Sucre) .... .... .... .... 90-Day Forward .7401 .7454 1.3511 1.3416
Floating rate .0002766 .0002787 3615.00 3587.50 180-Day Forward .7470 .7523 1.3386 1.3293
Finland (Markka) .2121 .2135 4.7150 4.6841 Taiwan (Dollar) .03638 .03637 27.489 27.493
France (Franc) .1879 .1893 5.3220 5.2838 Thailand (Baht) .03902 .03906 25.625 25.605
30-Day Forward
90-Day Forward
180-Day Forward
.1882
.1889
.1901
.1896
.1903
.1914
5.3126
5.2935
5.2617
5.2741
5.2558
5.2243
Turkey (Lira)
United Arab (Dirham)
Uruguay (New Peso)
.00000911 .00000915 109755.00 109235.00
.2723
....
.2723
....
3.6720
....
3.6720
....
And note that
Germany (Mark) .6352 .6394 1.5744 1.5639 Financial .1145 .1145 8.7300 8.7300
Venezuela (Bolivar) .002098 .002096 476.70 477.12
30-Day Forward .6364 .6407 1.5714 1.5607
---
1
S ($ / £) 
90-Day Forward .6389 .6432 1.5652 1.5547
180-Day Forward .6430 .6472 1.5552 1.5450 SDR 1.4315 1.4326 .6986 .6980
Greece (Drachma) .004049 .004068 246.98 245.80 ECU 1.2308 1.2404 .......... ...........
Hong Kong (Dollar) .1292 .1292 7.7390 7.7390
Hungary (Forint)
India (Rupee)
Indonesia (Rupiah)
.006139
.02787
.006164
.02786
162.89
35.875
.0004233 .0004233 2362.15 2362.63
162.23
35.890
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.
S (£/$)
Ireland (Punt) 1.6664 1.6714 .6001 .5983 European Currency Unit (ECU) is based on a basket of community
Israel (Shekel) .3079 .3085 3.2474 3.2412 currencies.
Italy (Lira) .0006483 .0006510 1542.50 1536.00 a-fixing , Moscow Interbank Currency Exchang e.

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