Economics- Edexcel 4.1.7
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| what makes up the current account? | show 🗑
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| trade balance in goods | show 🗑
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| trade balance in services | show 🗑
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| show | measures profits, interest and dividends from investments in other countries, includes net remittance flows from migrant workers living and working overseas
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| net primary income from overseas assets definition | show 🗑
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| net secondary income examples | show 🗑
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| show | the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents
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| capital account main items | show 🗑
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| capital account definition | show 🗑
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| financial account | show 🗑
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| show | net balance of FDI, net balance of portfolio investment flows, balance of banking flows, changes to the value of reserves of gold and foreign currency held by a national government
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| FDI | show 🗑
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| show | positive for UK financial account
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| FDI flows outwards | show 🗑
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| portfolio investment flows | show 🗑
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| current account deficit | show 🗑
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| show | a financial account surplus
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| show | debtor countries
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| show | poor price and non-price competitiveness/strong exchange rates/recession/volatile global prices/strong domestic economic growth
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| structural causes of a current account deficit focussing on longer-term causes include | show 🗑
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| main consequences of a country running a large current account deficit | show 🗑
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| show | a large-scale exodus of financial assets and capital from a nation due to events such as political or economic instability, currency devaluation or the imposition of capital controls
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| show | there is a net injection of income into a country’s circular flow
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| surplus nations | show 🗑
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| surplus leads to | show 🗑
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| show | surplus of savings over investment/positive gap between exports and imports/ high world prices for exports of commodities/strong net secondary and primary incomes/financial account deficit/stronger exchange rate
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| measures to reduce a country’s imbalance on the current account | show 🗑
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| show | policies designed to change the relative prices of exports and imports, e.g. exchange rate depreciation or import tariffs
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| show | policies designed to lower real incomes and AD and cuts spending on imports, e.g. higher direct taxes, cuts in government spending or an increase in interest rates
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| show | current account deficit leads to an outflow of currency causing an exchange rate depreciation(exports are more competitive), but depends on J Curve effect and Marshall-Lerner condition
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| show | a currency depreciation may not improve the current account because of price inelastic for imports and exports in the short term, earnings from exports are less than higher spending on imports leading to a worsening balance of trade
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| show | contracts for imported goods are already signed and it takes time for export businesses to increase their export volumes following a fall in prices
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| Marshall-Lerner condition | show 🗑
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| global trade imbalances | show 🗑
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| show | run up large external debts/reliant on foreign capital/switch towards protectionist policies/fall in relative living standards if slows GDP
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| trade surplus countries | show 🗑
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