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Fratrik AP Macro
Unit 6 - International trade and finance - Modules 41-45
| Term | Definition |
|---|---|
| balance of payments accounts | a summary of a country's transactions with other countries, including two main elements: the balance of payments on the current account and the balance of payments on the financial account |
| balance of payments on the current account (current account) | a country's balance of payments on goods and services plus net international transfer payments and factor income. |
| balance of payments on the financial account (financial account) | the difference between a country's sales of assets to foreigners and its purchases of assets from foreigners during a given period. |
| appreciation | a rise in the value of one currency in terms of other currencies. |
| depreciation of currency | a fall in the value of one currency in terms of other currencies. |
| exchange rate | the price at which currencies trade, determined by the foreign exchange market. |
| foreign exchange market (FOREX) | the market in which currencies are traded. |
| fixed exchange rate | an exchange rate regime in which the government keeps the exchange rate against some other currency at or near a particular target. |
| floating exchange rate | an exchange rate regime in which the government lets the exchange rate go wherever the market takes it. |
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