CURRENT-ACCOUNT.ppt
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1、In economics, a countrys current account is one of the two components of its balance of payments, the other being the capital account. The current account consists of the balance of trade, net primary income or factor income (earnings on foreign investments minus payments made to foreign investors)
2、and net cash transfers, that have taken place over a given period of time. The current account balance is one of two major measures of a countrys foreign trade (the other being the net capital outflow). A current account surplus increases a countrys net foreign assets by the corresponding amount, an
3、d a current account deficit does the reverse. Both government and private payments are included in the calculation. It is called the current account because goods and services are generally consumed in the current period.To better illustrate,we should know the four components that make up of current
4、 account: goods, services, income and current transfers. 1. Goods These are movable and physical in nature, and in order for a transaction to be recorded under goods, a change of ownership from/to a resident (of the local country) to/from a non-resident (in a foreign country) has to take place. Mova
5、ble goods include general merchandise, goods used for processing other goods, and non-monetary gold. An export is marked as a credit (money coming in) and an import is noted as a debit (money going out).ServicesThese transactions result from an intangible action such as transportation, business serv
6、ices, tourism, royalties or licensing. If money is being paid for a service it is recorded like an import (a debit), and if money is received it is recorded like an export (credit).YIncome Y Income is money going in (credit) or out (debit) of a country from salaries, portfolio investments (in the fo
7、rm of dividends, for example), direct investments or any other type of investment. Together, goods, services and income provide an economy with fuel to function. This means that items under these categories are actual resources that are transferred to and from a country for economic production.YCurr
8、ent Transfers Y Current transfers are unilateral transfers with nothing received in return. These include workers remittances, donations, aids and grants, official assistance and pensions. Due to their nature, current transfers are not considered real resources that affect economic production.curren
9、t account deficitYIf an economy is running a current account deficit, it is absorbing (absorption = domestic consumption + investment + government spending) Ymore than that it is producing. This can only happen if some other economies are lending their savings to it (in the form of debt to or direct
10、/ portfolio investment in the economy) or the economy is running down its foreign assets such as official foreign currency reserve.current account surplusYOn the other hand, if an economy is running a current account surplus it is absorbing less than that it is producing. This means it is saving. As
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