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Unformatted text preview: credit(+), : debit(-) BOP includesr 1.The current account: merchandize tangible goodsr imports and exportsr balance of trade¸ r È service r intangible goodsr e unilateral transfer of foreign aidr grants, gifts, etcr À factor income(like dividends and interest payments from abroad , wages and salaries ) 2.the capital and financial account = foreign direct investment(FDI) + portfolio investments P other investments 3.statistical discrepancy M· r U È ª current account + capital and financial account = official reserves ç° @o@ E S@ y SE Z Sp _ Ž ƒ D DW 4.the official reserves account r 1r official gold reserves r 2r foreign exchange reservesr foreign currencies and foreign currency dominated bondsr r 3r IMF special drawing rightsr SDRsrM· +¥t û P ª ª IMF X ª r 4r other foreign assets rr BCA=balance on current account BKA=balance on capital account BRA=balance on the reserves account BCA + BKA + BRA=0 E Mз u b • 4ª D BKA + BCA = 0 E S @ e D Y u @ r 826.9+r 811.3r +r 18r =r 2.4r reserves account r r 18r ª· r U ¨ § ª·rU¨ CreditED pà4ïDDEPK E S ª·M § r debit«4= ME· D Ð á ª M.4 ¨ 2rU ª· 2.4 r M .4¨ ª 2r U · 826.9+r 811.3r Sr D › …… K ( ³ …… exchange rate. Autonomous transactions@ (M · « å ³ « ª… Accommodation transactions H Mª… · « å r 1¨ U —ª M E E E D S4 D4 4 DàP DE pK §ï ª·M r 2h X —ª M E E DE S4Dà P D ª·M 4EpK §ï D r 1r r @ o@pDE S F S W _ Ž ƒ D@ Z ª · 2rU ¨ r M·4ª@ K§ E E ª ª D D Ð6 iK ÌI§TZS ª M ED M · 3rU ¨ ªr M·4ª@ K§ E E ª ª D D Ð8 iK ÌI§TZS ª SSDpEZ[ðDE`44ÿ_ Ž ƒ E DW § § (Expenditure-changing Policies) (Expenditure-switching Policies) S S@ ED 4 r r M· r X h ª M· r X h ª M4 ¹ 4ˆ ª E D· Ð Ý r r r r r M · r Yh ª X r r r r M · r Ch ª X X-Mr Y r M · ª · ¨ +t A P M¸ û ª M · r Yh ª X r r r M4 « Ih ª E D· Ð â X-Mr r Y=C+I+r X-Mr M rA h ª ·r X C+IrMr B h ª· X Y=A+B Y-ª · A+t =BP M ª· ¨ ¸ û M M · 4« æ ª E ÐD M ED S@ ED 5+ Ur·ª 6xUr·ª 7ˆXr·ª 8 MM·ª ¨ t ¸ û P ª · ª+ — —à ~ (Marshall-Lerner condition) Em + E x > 1 Emày« Exày« 9r J r 4ÐDE@4 + TZ ÌI 8 §ª·M K ...
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This note was uploaded on 12/22/2010 for the course PHD 2008 taught by Professor David during the Spring '08 term at Alderson-Broaddus College.

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