Balance Of Payments

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6 Terms

1
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Balance of payments

A systematic record of all economic transactions between residents of a country and the rest of the world

2
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Current Account

Trade in goods

Trade in services

Primary income flows

Current transfers

3
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Capital transfers

Movement of money in and out of the country by emigrants and immigrants of a capital nature

4
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Financial account

Direct investment flows

Portfolio

Hot money/other investments

5
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Unrecorded transactions

Accounts for errors and omissions

6
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Official reserves account

Sum of all balances give us the change in gold and foreign reserves