QU E S T I O N S ; F O R ; R E V I E W
1. ; What ; is ; meant ; by ; the ; balance ; of ; payments? ; In
what way is the balance of payments a summary
statement? What is meant by an international trans-
action? How is a resident of a nation deﬁned? In
what way is the time element involved in measuring
a nation’s balance of payments?
2. ; What is a credit transaction? a debit transaction?
Which ; are ; the ; broad ; categories ; of ; international
transactions classiﬁed as credits? as debits?
3. ; What ; is ; double-entry ; bookkeeping? ; Why ; does
double-entry bookkeeping usually involve an entry
called statistical discrepancy? How does such a sta-
tistical discrepancy arise?
4. ; What ; is ; meant ; by ; the ; current ; account? ; Did ; the
United States have a deﬁcit or a surplus in the cur-
rent account in 2011? What was its size?
5. ; What ; was ; the ; size ; of ; the ; net ; ﬁnancial ; outﬂows
(including ; U.S. ; ofﬁcial ; reserve ; assets) ; in ; 2011?
What was the size of the net ﬁnancial inﬂows to
the United States in 2011?
6. ; Why is the classiﬁcation of international ﬁnancial
ﬂows into short term and long term not stressed
anymore today as it was in the past?
7. ; How was the statistical discrepancy of (−) $89 bil-
lion for 2011 arrived at? By how much did U.S. ;ofﬁcial ; reserve ; assets ; change ; in ; 2011? ; By ; how
much did foreign ofﬁcial reserve assets change in
8. ; Which ; items ; does ; the ; ﬁnancial ; account ; in-
clude? What is meant by the autonomous transac-
tions? ; accommodating ; transactions? ; Which ; items
does the ofﬁcial reserve account include?
9. ; How ; is ; an ; ofﬁcial ; settlements ; deﬁcit ; or ; surplus
measured? What was the size of the U.S. balance
of payments in 2011?
10. ; What are the most serious pitfalls to avoid in ana-
lyzing a nation’s balance of payments or statements
of international transactions?
11. ; What were the cause and effect of the large U.S.
trade imbalance during the postwar period?
12. ; What ; is ; meant ; by ; the ; international ; investment
position ; of ; a ; nation, ; or ; its ; balance ; of ; interna-
tional indebtedness? What is its relationship to the
nation’s balance of payments?
13. ; What is the most important use of the statement of
the international investment position of a nation?
14. ; What are the beneﬁts and risks of the
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