A. THE BALANCE OF INTERNATIONAL PAYMENTS
We begin this chapter with a review of the way nations keep their international accounts, Economists keep score by looking at income statements and balance sheets. In the area of international economics, the key accounts are a nation’s balance of payments, A country’s balance of international payments is a systematic statement of all economic transactions between that country and the rest of the world, Its major components are the current account and the financial account. The basic structure of the balance of payments is shown in Table 29-1, and each element is discussed below.
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