S08classnotes8

S08classnotes8 - ( S't\IfLL touAJ\'Y Jl. ~t.(,v~ J: \~ e \...

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4-2.Y ... o~ J.JA~~ Poc.t,- '( +:SS\.)~, ___ ~O 'Q . N~\. A-ttQ"'~ l:~~""~~ - - - C-lt- 8-- (QOV r b~~~i't" LIN K-
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CHAPTER 12 National Income Accounting and the Balance of Payments 305 Credits Debits Current Account (1) Exports +2,096.2 Of which: Goods + 1,023.1 Services +422.6 Income receipts +650.5 (2) Imports -2,818.0 Of which: Goods -1,861.4 Services -342.8 Income payments -613.8 (3) Net unilateral current transfers -89.6 Balance on current account -811.5 [(1) + (2) + (3)] Capital Account (4) -3.9 Financial Account (5) U.S. assets held abroad, excluding financial derivatives -1,055.2 (increase -) Of which: Official reserve assets +2.4 Other assets -1,057.6 (6) Foreign assets held in U.S., excluding financial derivatives + 1,859.6 (increase +) Of which: Official reserve assets +440.3 Other assets + 1,419.3 (7) Financial derivatives, net +28.8 Balance on financial account +833.2 [(5) + (6) + (7)] Statistical discrepancy -17.8 [sum of (1) through (7) with sign reversed] Source: U.S. Department of Commerce, Bureau of Economic Analysis, June 15,2007, release. Totals may differ from sums because of rounding. the plant yields for its American owner. To be consistent, we must be sure to include these profits in American GNP and not in Canadian GNP. Remember, the definition of GNP refers to goods and services generated by a country's factors of production, but it does not specify that those factors must work within the borders of the country that owns them. Before calculating the current account, we must include one additional type of interna- tional transaction that we have largely ignored until now. In discussing the relationship between GNP and national income, we defined unilateral transfers between countries as international gifts, that is, payments that do not correspond to the purchase of any good, service, or asset. Net unilateral transfers are considered part of the current account as well
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S08classnotes8 - ( S't\IfLL touAJ\'Y Jl. ~t.(,v~ J: \~ e \...

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