经常性账户与资本流考生在做题的时候会做吗？如何在CFA考试中应对自如呢？接下来融跃老师为你讲解一下经常性账户与资本流关系，先看看下面一道考题！
Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the following is most likely correct?
A A decrease in the government deficit.
B A decrease in net exports and increased capital inflow.
C An increase in net exports and increased capital outflow.
答案：C is correct. The fundamental relationship among saving, investment, the fiscal balance, and the trade balance is S=I+(G-T)+(X-M). Given the levels of output and investment spending, an increase in saving (reduction in consumption)must be offset by either an increase in the fiscal deficit is not one of the choices, so an increase in net exports and corresponding increase in net capital outflows (increased lending to foreigners and/or increased purchases of assets from foreigners) is the correct response.
如果你不知道相关的知识点的话，融跃老师为你仔细的讲解一下，经常账户属于收支账户(BOP)中的一种，那收支账户有几种呢？分为是什么呢？在CFA考试中也会对号入座的哦！
1、经常账户(current account):merchandise trade：商品货物的交易services：服务业交易，包含法律咨询费，专利与版权费(服务费)income receipt：资产带来的收入，如股息(利息部分)unilateral transfer：单方面资产专业，工人转账、物质救援、馈赠资本账户(capital account):capital transfer：资产转移、债务免除、移民sales and purchases of non-produced，non-financial assets：自然资源所有权、专利版权等(权利本身买卖)
2、金融账户(financial account):
financial assets abroad：资产(本金部分)foreign-owned financial assets：外国的资产(本金)
前面在说GDP的时候说了GDP的多种衡量方式，其中就有收支相等：
C+S+T= C+I+G+(X-M)
S+T= I+G+(X-M)
(X-M)=S+T-I-G
X-M=(S-I)+(T-G)
X-M主要是经常性账户，其由高私人储蓄、低私人投资(S-I)和政策财政盈余(T-G)造成。
所以你知道了什么是经常性账户与资本流了吧！现在备考时间延长了，就安心备考，相信你能轻松的通过CFA考试。
