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Economics (Ch20-21)

Balance of Payments An accounting record of all monetary transactions between a country and the rest of the world.
Current Account the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid)
Balance on Goods and Services A systematic record of a nation's total payments to foreign countries.
Trade deficit A country's imports exceeds its exports.
Trade Surplus A country's exports exceeds its imports.
Capital and Financial Account Records debt forgiveness and foreign purchases of assets in the US and abroad.
Balance- of- Payments Surplus Net amount of official reserves a nation must purchase to achieve balance between the capital and financial account and its current account.
Official Reserves Holdings of gold and foreign currencies by official monetary institutions.
Balance- of- Payments Deficits Net amount of official reserves a nation must sell to achieve balance between the capital and financial account and its current account.
Flexible- or floating- exchange- rate System its value changes constantly depending on the supply and demand for that currency, as well as the amount of the currency held in foreign reserves.
Fixed- exchange- rate System the government or central bank ties the official exchange rate to another country's currency Read more: http://www.investopedia.com/terms/f/fixedexchangerate.asp#ixzz1gT8vhokB
Purchasing Power Parity Theory he exchange rate between one currency and another currency is in equlibirium when their domestic purchasing powers at that rate of exchange are equivalent.
Currency Interventions the buying or selling of currency by central banks in an attempt to manipulate the price of a particular currency.
Exchange Controls Types of controls that governments put in place to ban or restrict the amount of foreign currency or local currency that is allowed to be traded or purchased.
Managed Floating Exchange Rates a currency's value is allowed to fluctuate according to the foreign exchange market
Created by: kelseykearney