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{{For|the accountancy use of the term|Capital account (financial accounting)}}
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In [[macroeconomics]] and international finance, the '''Capital Account''' (also known as '''financial account''') is one of two primary components of the [[balance of payments]], the other being the [[current account]]. Whereas the ''current account'' reflects a nation's net income, the ''capital account'' reflects net change in ownership of national assets.  
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A surplus in the ''capital account'' means money is flowing into the country, but unlike a surplus in the ''current account'', the inbound flows will effectively represent borrowings or sales of assets rather than payment for work. A deficit in the ''capital account'' means money is flowing out the country, and it suggests the nation is increasing its ownership of foreign assets.
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The term "capital account" is used with a narrower meaning by the [[International Monetary Fund]] (IMF) and affiliated sources. The IMF splits what the rest of the world calls the capital account into two top level divisions: ''financial account''  and ''capital account'', with by far the bulk of the transactions being recorded in its financial account.
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==The capital account in macroeconomics==
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At high level:
:<math>
\begin{align}
\mbox{Capital account} & = \mbox{Change in foreign ownership of domestic assets} \\
  & - \mbox{Change in domestic ownership of foreign assets} \\
 
\end{align}
</math>


Breaking this down:
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:<math>
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\begin{align}
\mbox{Capital account} & = \mbox{Foreign direct investment} \\
  & + \mbox{Portfolio investment} \\
  & + \mbox{Other investment} \\
  & + \mbox{Reserve account} \\
\end{align}
</math>


[[File:Two International Finance Centre.jpg|thumb|right| The [[International Finance Centre]] in Hong Kong where many capital account transactions are processed.]]
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* [[Foreign direct investment]] (FDI), refers to long term capital investment such as the purchase or construction of machinery, buildings or even whole manufacturing plants. If foreigners are investing in a country, that is an inbound flow and counts as a surplus item on the capital account. If a nation's citizens are investing in foreign countries, that's an outbound flow that will count as a deficit. After the initial investment, any yearly profits not re-invested will flow in the opposite direction, but will be recorded in the current account rather than as capital.<ref name = "sloman">{{cite book
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| last = Sloman
 
| first = John
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| title = Economics
 
| year = 2004
  <li>[http://www.omeibag.com/news/html/?27359.html http://www.omeibag.com/news/html/?27359.html]</li>
| pages = 556–558
 
| publisher=Penguin }}</ref>  
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* [[Portfolio investment]] refers to the purchase of shares and bonds. It's sometimes grouped together with "other" as short term investment. As with FDI, the income derived from these assets is recorded in the current account; the capital account entry will just be for any buying or selling of the portfolio assets in the international [[capital markets]].<ref name = "sloman"/>
 
* ''Other investment'' includes capital flows into bank accounts or provided as loans.  Large short term flows between accounts in different nations are commonly seen when the market is able to take advantage of fluctuations in interest rates and / or the exchange rate between currencies. Sometimes this category can include the ''reserve account''.<ref name = "sloman"/>
* ''Reserve account''. The ''reserve account'' is operated by a nation's [[central bank]] to buy and sell foreign currencies; it can be a source of large capital flows to counteract those originating from the market. Inbound capital flows (from sales of the account's foreign currency), especially when combined with a ''current account'' surplus, can cause a rise in value ([[Currency appreciation and depreciation|appreciation]]) of a nation's currency, while outbound flows can cause a fall in value (depreciation). If a government (or, if authorized to operate independently in this area, the central bank itself) doesn't consider the market-driven change to its currency value to be in the nation's best interests, it can intervene.<ref name = "IFM">{{cite book
| last = Orlin
| first = Crabbe
| title = International Financial Markets
| year = 1996
| edition =3rd
| pages = 430–442
| ISBN = 0-13-206988-1
| publisher= Prentice Hall}}</ref>
 
===Central Bank operations and the reserve account===
Conventionally, central banks have two principal tools to influence the value of their nation's currency: raising or lowering the base rate of interest and more effectively by the buying or selling of their currency. Setting a higher interest rate than other major central banks will tend to attract in funds via the nation's capital account, and this will act to raise the value of its currency. A relatively low rate will have the opposite effect. Since World War II, interest rates have largely been set with a view to the needs of the domestic economy and, anyway, changing the interest rate alone has only a limited effect.<ref name = "Wilmott">{{cite book
| last = Wilmott
| first = Paul
| title = Paul Wilmott Introduces Quantitative Finance
| year = 2007
| chapter = 1
| ISBN = 0-470-31958-5
| publisher=Wiley }}</ref>  
 
A nation's ability to prevent its own currency falling in value is limited mainly by the size of its foreign reserves: it needs to use the reserves to buy back its currency. <ref>By the law of supply and demand, reducing the supply of currency available by buying up large quantities on the forex markets tends to raise the price. </ref> Starting in 2013, a trend has developed for some central banks to attempt to exert upwards preasure on their currencies by means of  [[Currency swap]]s, rather than directly selling its foreign reserves. <ref>
{{cite news
|url= http://ftalphaville.ft.com/2013/09/04/1623262/beware-the-em-central-bank-fx-swap-trend/
|title= Beware the EM central bank FX swap trend
|publisher= [[The Financial Times]]
|author= Izabella Kaminska
|date = 2013-09-04
|accessdate=2013-09-09
}}
</ref> In the absence of foreign reserves, central banks may affect international pricing indirectly by selling assets (usually government bonds) domestically, which does however diminish liquidity in the economy and may lead to deflation.
 
When a currency rises higher than monetary authorities might like (making exports less competitive internationally), it is usually considered relatively easy for an independent central bank to counter this. By buying foreign currency or foreign financial assets (usually other governments' bonds) the central bank has a ready means to lower the value of its own currency - if it needs to, it can always create more of its own currency to fund these purchases. The risk however is general price inflation. The term "printing money" is often used to describe such monetization but is an anachronism, most money is in the form of deposits and its supply is manipulated through the purchase of bonds. A third mechanism that Central Banks and governments can use to raise or lower the value of their currency is simply to talk it up or down, by hinting at future action that may discourage speculators. [[Quantitative easing]] (''Q.E.''), a practice used by major central banks in 2009, consisted of large scale bond purchases by central banks.  The desire was to stabilize banking systems and if possible encourage investment to reduce unemployment.
    
    
As an example of direct intervention to manage currency valuation, in the 20th century Great Britain's central bank, the [[Bank of England]], would sometimes use its reserves to buy large amounts of pound Sterling to prevent it falling in value - [[Black Wednesday]] was a case where it had insufficient reserves of foreign currency to do this successfully. Conversely, in the early 21st century, several major emerging economies effectively sold large amounts of their currencies in order to prevent their value rising - and in the process building large reserves of foreign currency, principally the dollar.<ref name = "wolf">{{cite book
  </ul>
| last = Wolf
| first = Martin
| title = Fixing Global Finance
| year = 2009
| chapter= ''passim'', esp chp 3
| publisher= Yale University Press}}</ref>
 
Sometimes the ''reserve account'' is classed as "below the line" and so not reported as part of the ''capital account''.<ref name = "IFM"/>
Flows to or from the reserve account can substantially affect the overall capital account. Taking the example of China in the early 21st century, and excluding the activity of its central bank, China's ''capital account'' had a large surplus as it had been the recipient of much foreign investment. If the reserve account is included however, China's ''capital account'' has been in large deficit as its central bank purchased large amounts of foreign assets (chiefly US government bonds) to a degree sufficient to offset not just the rest of the ''capital account'', but its large ''current account'' surplus as well.<ref name = "wolf"/>
<ref>However, in late 2011 China also had periods when it was selling foreign reserves to prevent depreciation, this was due to surges of funds leaving the country through the private sector component of the capital account.</ref>
 
====Sterilization====
{{Main|Sterilization (economics)}}
In the financial literature,  sterilization is a term commonly used to refer to a central bank's operations which mitigate the potentially undesirable effects of inbound capital - currency appreciation and inflation. Depending on the source, ''sterilization'' can mean the relatively straightforward re-cycling of inbound capital to prevent currency appreciation and/or a wide range of measures to check the inflationary impact of inbound capital. The classic way to sterilize the inflationary effect of the extra money flowing into the domestic base from the capital account is for the central bank to use [[open market operations]] where it sells bonds domestically, thereby soaking up new cash that would otherwise circulate around the home economy.<ref>
{{cite web
|url=http://faculty.washington.edu/karyiu/papers/crisis-sur.pdf
|title= Currency Crises and Capital Controls: A Selective Survey
|accessdate=2009-12-16
|date=1999-01-02
|author = Sweta C. Saxena and Kar-yiu Wong
|publisher=[[University of Washington]]}}
</ref> A central bank normally makes a small loss from its overall ''sterilization'' operations, as the interest it earns from buying foreign assets to prevent appreciation is usually less than what it has to pay out on the bonds it issues domestically to check inflation. However in some cases a profit can be made.<ref>
{{cite web
|url=http://www.ecb.int/pub/pdf/scpops/ecbocp73.pdf
|title= RESERVE ACCUMULATION - Objective or by-product?
|accessdate=2009-12-16
|date=2007-09-16
|author = J. Onno de Beaufort Wijnholds and Lars Søndergaard
|publisher=[[European Central Bank|ECB]]}}
</ref>
In the strict text book definition, sterilization refers only to measures aimed at keeping the domestic monetary base stable - an intervention to prevent currency appreciation that involved merely buying foreign assets without counteracting the resulting increase of the domestic money supply would not count as sterilization.  A textbook sterilization would be, for example, the Federal Reserve's purchase of $1 one billion in foreign assets.  This would create additional liquidity in foreign hands.  At the same time the Fed would sell $1 billion of its assets into the U.S. market, draining the domestic economy of $1 billion in funds.  With $1 billion created abroad and $1 billion removed from the domestic economy, the operation to influence the currency's value relative to other currencies has been sterilized.
<ref>{{cite book
| author = [[Michael C. Burda]] and Charles Wyplosz
| title = Macroeconomics: A European Text , 4th edition
| year = 2005
| pages = 216, 217, 246&ndash;249
| publisher = [[Oxford University Press]]
| ISBN = 0-19-926496-1
}}</ref>4545
 
===The IMF definition===
The above definition is the one most widely used in economic literature,<ref>Though with a few exceptions, e.g. ''International economics'' by Krugman and Obstfeld which uses the IMF definition in at least its 5th edition.</ref> in the financial press, by corporate and government analysts (except when they are reporting to the IMF) and by the [[World Bank]]. In contrast, what the rest of the world calls the ''capital account'' is labelled the "financial account" by the [[International Monetary Fund]] (IMF),  by the [[Organisation for Economic Co-operation and Development]] (OECD), and by the [[United Nations System of National Accounts]] (SNA).
In the IMF definition, the ''capital account'' represents a small subset of what the standard definition designates the capital account, largely comprising transfers.<ref>
{{cite web
|url=http://faculty.washington.edu/danby/bls324/macro/categories.html
|title= Balance of Payments: Categories and Definitions
|accessdate=2009-12-11
|author = Colin Danby
|publisher=[[University of Washington]]}}
</ref>
<ref name = "IMFmanual">
{{cite web
|url=http://www.imf.org/external/pubs/ft/bop/2007/pdf/BPM6.pdf
|title= Balance of Payments and International investment position manual
|accessdate=2009-12-11
|date = 2008-12-12
|chapters = 5, 13
|publisher=[[International Monetary Fund]]}}
</ref><ref name = "Heakal"/> Transfers are one way flows, such as gifts, as opposed to commercial exchanges (i.e. buying/selling and barter). The biggest transfers between nations is typically foreign aid, however that is mostly recorded in the ''current account''. An exception is debt forgiveness, as that in a sense is the transfer of ownership of an asset. When a country receives significant debt forgiveness it will typically comprise the bulk of its overall IMF capital account entry for that year.
 
The IMF's ''capital account'' does include some non transfer flows, which are sales involving non-financial and non-produced assets, e.g., natural resources like land, leases & licenses, and marketing assets such as brands - however the sums involved here are typically very small as most movement in these items occurs when both seller and buyer are of the same nationality.
 
Transfers apart from debt forgiveness recorded in IMF's ''Capital account'' include the transfer of goods and financial assets by migrants leaving or entering a country, the transfer of ownership on fixed assets, the transfer of funds received to the sale or acquisition of fixed assets, gift and inheritance taxes, death levies, and uninsured damage to [[fixed asset]].<ref name = "IMFmanual"/><ref name = "Heakal"/>
In a non IMF representation, these items might be grouped in the ''other'' sub total of the ''capital account''. They typically sum to a very small amount in comparison to loans and flows into and out of short term bank accounts.
 
==Capital controls==
{{Main|Capital control}}
Capital controls are measures imposed by a state's government aimed at managing capital account transactions. They include outright prohibitions against some or all capital account transactions, [[Financial transaction tax|transaction taxes]] on the international sale of specific financial assets, or caps on the size of international sales and purchases of specific financial assets. While usually aimed  at the financial sector, controls can affect ordinary citizens, for example in the 1960s British families  were at one point restricted from taking more than £50 with them out of the country for their foreign holidays.<ref name = "wolf"/>  Countries without capital controls that limit the buying and selling of their currency at market rates are said to have full [[Capital Account Convertibility]].
 
Following the [[Bretton Woods system|Bretton Woods]] agreement established at the close of World War II,  most nations put in place capital controls to prevent large flows either into or out of their capital account.  [[John Maynard Keynes]], one of the architects of the Bretton Woods system, considered capital controls to be a permanent part of the global economy.<ref>{{cite web
  |url= http://www.project-syndicate.org/commentary/rodrik43/English
  |title= Greek Lessons for the World Economy
  |publisher= [[Project Syndicate]]
  |author= [[Dani Rodrik]]
  |date = 2010-05-11
  |accessdate=2010-05-19}} 
</ref>
Both advanced and emerging nations adopted controls;  in basic theory it may be supposed that large inbound investments will speed an emerging economies development, but empirical evidence suggests this does not reliably occur, and in fact large capital inflows can hurt a nation's economic development by causing its currency to appreciate, by contributing to inflation, and by causing an unsustainable "bubble" of economic activity that often precedes financial crisis. The inflows sharply reverse once [[capital flight]] takes places after the crisis occurs.<ref name = "Heakal">
{{cite web
|url=http://www.investopedia.com/articles/03/070203.asp
|title= Understanding Capital And Financial Accounts In The Balance Of Payments
|accessdate=2009-12-11
|author = Heakal, Reem
|publisher=[[Investopedia]]}}
</ref><ref name = "GPE">{{cite book
  | last = Ravenhill
  | first = John
  | title = Global Political Economy
  | year = 2005
  | pages = 185, 198
  | publisher= Oxford University Press}}
</ref><ref name = "Subra">{{cite web
  |url= http://www.petersoninstitute.org/publications/papers/subramanian0407.pdf
  |title= Foreign Capital and Economic Growth
  |publisher= [[Peterson Institute for International Economics|Peterson Institute]]
  |author= Eswar S. Prasad , Raghuram G. Rajan , and Arvind Subramanian
  |date = 2007-04-16
  |accessdate=2009-12-15}} 
</ref>
As part of the [[Post-war displacement of Keynesianism|displacement of Keynesianism]] in favour of free market orientated policies,  countries began abolishing their capital controls, starting between 1973 -74 with the US, Canada, Germany and Switzerland  and followed by Great Britain in 1979.<ref name = "inside">{{cite book
  | last = Roberts
  | first = Richard
  | title = Inside International Finance
  | year = 1999
  | page = 25
  | ISBN = 0-7528-2070-2
  | publisher =  Orion}}</ref> Most other advanced and emerging economies followed, chiefly in the 1980s and early 1990s.<ref name = "GPE"/>
 
An exception to this trend was Malaysia, which in 1998 imposed capital controls in the wake of the [[1997 Asian Financial Crisis]].<ref name = "hotMoney">{{cite web
  |url= http://www.ft.com/cms/s/0/1b2dcb18-d550-11de-81ee-00144feabdc0.html
  |title= Worried nations try to cool hot money
  |publisher= [[The Financial Times]]
  |author= A Beattie, K Brown, P Garnham, J Wheatley, S Jung-a & J Lau
  |date = 2009-11-19
  |accessdate=2009-12-15}} 
</ref> 
While most Asian economies didn't impose controls, after the 1997 crises they ceased to be net importers of capital and became net exporters instead.<ref name = "wolf"/>  Large inbound flows were directed  "uphill" from emerging economies to the US and other developed nations.<ref name = "wolf"/><ref name = "Subra"/> According to economist [[C. Fred Bergsten]] the large inbound flow into the US was one of the causes of the [[Financial crisis of 2007–2010|financial crisis of 2007-2008]].<ref name = "Bersten">{{cite web
  |url= http://www.foreignaffairs.com/articles/65446/c-fred-bergsten/the-dollar-and-the-deficits
  |title= The Dollar and the Deficits
  |publisher= [[Foreign Affairs]]
  |author= [[C. Fred Bergsten]]
  |date = Nov 2009
  |accessdate=2009-12-15}} 
</ref>  By the second half of 2009, low interest rates and other aspects of the [[2008–2009 Keynesian resurgence|government led response]] to the global crises have resulted in increased movement of Capital back towards emerging economies.<ref name = "Baseline">{{cite web
  |url= http://baselinescenario.com/2009/11/18/time-for-coordinated-capital-account-controls/
  |title= Time For Coordinated Capital Account Controls?
  |publisher= The Baseline Scenario
  |author= Arvind Subramanian
  |date = 2009-11-18
  |accessdate=2009-12-15}} 
</ref>  In November 2009 the [[Financial Times]] reported several emerging economies such as Brazil and India have begun to implement or at least signal the possible adoption of capital controls to reduce the flow of foreign capital into their economies.<ref name = "hotMoney"/>
 
==See also==
* [[Balance of payments]]
* [[Net Capital Outflow]]
* [[Capital good]]
 
==Notes and references==
{{reflist|colwidth=30em}}
 
{{DEFAULTSORT:Capital Account}}
[[Category:National accounts]]
[[Category:International economics]]
[[Category:International trade]]
 
[[it:Conto dei movimenti di capitale]]

Latest revision as of 18:36, 2 March 2014

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