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克鲁格曼国际经济学第六版，第12章：
A U.S. auto dealer imports a Volkswagen from Germany and pays the auto company with a check for $15,000. Volkswagen does not want to invest the money in dollar assets, but it so happens that the Bundesbank is willing to give Volkswagen German money in exchange for the $15,000 check. The Bundesbank's international reserves rise by $15,000 as a.result of the deal. Because the Bundesbank's dollar reserves are part of total German assets held in the United States, the latter rise by $15,000. This transaction therefore results in a positive $15,000 entry in the U.S. financial
account, the other side of the —$15,000 entry in the U.S. current account due to the purchase of the car.
Like any summary measure, however, the balance of payments must be interpreted with caution. To return to our running example, the German Bundesbank's decision to expand its U.S. bank deposit holdings by $15,000 swells the measured U.S. balance of payments deficit by the same amount. Suppose the Bundesbank instead places its $15,000 with Barclays Bank in London, which in turn deposits the money with Bankers Trust in New York. Nonreserve U.S. financial inflows rise by $15,000 in this case, and the U.S. balance of payments deficit does not rise. But this "improvement" in the balance of payments is of little economic importance: It makes no difference to the United States whether it borrows the Bundesbank's money directly or through a London bank.
不明白这句是为什么“Nonreserve U.S. financial inflows rise by $15,000 in this case, and the U.S. balance of payments deficit does not rise. ”请指教~~
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