1.The balance of payments is the record of the economic and financial flows that take place over a specified time period between residents and non-residents of a given country.
2.Balance of payments accounting is based on the double entry system of bookkeeping.Every source has a corresponding use and vice versa.Thus,the overall balance of payments will always be equal to zero.
3.The most common practice is to divide the balance of payments into the current account and the capital account.The current account includes exports and imports of all goods and non-financial services,investment income and unrequited tansfers.The capital account includes direct investment ,portfolio investment,other long and short-term capital and the change in official reserves.
4.Four key economic forces influence a country's balance of payments flows.These are the inflation rate,real GNP growth rate,interest rates, and the spot rate of exchange.
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