Balance of Payments

The balance of payments of a country is a systematic record of all economic transactions between the
residents of the reporting country and the residents of foreign countries during a given period of time. Ìt is
an important index, which reflects the true economic position of a country, whether the country is a
creditor country or a debtor country, and whether its currency is rising or falling in its external value. There
are various types of monetary transactions that take place between two countries:
The export and import of a goods and services
The international lending and borrowing Servicing of foreign debts and their final repayments.
Components of Balance of Payments
Balance of Payments is generally grouped under the following heads
i) Current Account
ii) Capital Account
iii) Unilateral Payments Account
iv) Official Settlement Account.

Current Account

"The Current Account includes all transactions which give rise
to or use up national income.¨
The Current Account consists of two major items, namely:
i) Merchandise exports and imports, and
ii) Ìnvisible exports and imports.
Merchandise exports, i.e., the sale of goods abroad, are credit entries because all transactions giving rise
to monetary claims on foreigners represent credits. On the other hand, merchandise imports , i.e.,
purchase of goods from abroad, are debit entries because all transactions giving rise to foreign money
claims on the home country represent debits. Merchandise imports and exports form the most important
international transaction of most of the countries .Ìnvisible exports, i.e., sales of services, are credit
entries and invisible imports, i.e. purchases of services, are debit entries. Ìmportant invisible exports
include the sale abroad of such services as transport, insurance, etc., foreign tourist expenditure abroad
and income paid on loans and investments (by foreigners)in the home country form the important invisible
entries on the debit side.

Capital Account

The Capital Account consists of short- terms and long-term capital transactions A capital outflow
represents a debit and a capital inflow represents a credit. For instance, if an American firm invests
Rs.100 million in Ìndia, this transaction will be represented as a debit in the US balance of payments and
a credit in the balance of payments of Ìndia. The payment of interest on loans and dividend payments are
recorded in the Current Account, since they are really payment s for the services of capital. As has
already been mentioned above, the interest paid on loans given by foreigners of dividend on foreign
investments in the home country are debits for the home country, while, on the other hand, the interest
received on loans given abroad and dividends on investments abroad are credits.

Unilateral Transfers Account

Unilateral transfers is one part of the current account of the balance of payments. Ìt tracks the "one-way"
transfer of funds from one country to another that are made without any counter flow or exchange or
goods and services. These payments are merely gifts from one country to another. The gift might come
from a person, business, or (frequently) government. Foreign aid payments from one government to
another are an important part of unilateral transfers.. These unilateral transfers include private
remittances, government grants ,disaster relief, etc. Unilateral payments received from abroad are credits
and those made abroad are debits.

Official Settlements Accounts

Official reserves represent the holdings by the government or official agencies of the means of payment
that are generally accepted for the settlement of international claims

8alance of Lradeť
1he balance of Lrade (or neL exporLsţ someLlmes symbollzed as nx) ls Lhe dlfference beLween Lhe
moneLary value of exporLs and lmporLs of ouLpuL ln an economy over a cerLaln perlodŦ lL ls Lhe
relaLlonshlp beLween a naLlonƌs lmporLs and exporLŦ A poslLlve balance ls known as a Lrade surplus lf lL
conslsLs of exporLlng more Lhan ls lmporLedŤ a negaLlve balance ls referred Lo as a Lrade deflclL orţ
lnformallyţ a Lrade gapŦ 1he balance of Lrade ls someLlmes dlvlded lnLo a goods and a servlces balanceŦ
1he balance of Lrade forms parL of Lhe currenL accounLţ whlch lncludes oLher LransacLlons such as
lncome from Lhe lnLernaLlonal lnvesLmenL poslLlon as well as lnLernaLlonal aldŦ lf Lhe currenL accounL ls
ln surplusţ Lhe counLryƌs neL lnLernaLlonal asseL poslLlon lncreases correspondlnglyŦ Lquallyţ a deflclL
decreases Lhe neL lnLernaLlonal asseL poslLlonŦ
Factors that can affect the balance of trade include:
The cost of production (land, labor, capital, taxes, incentives, etc.) in the exporting economy ;8
;8 those in the importing economy;
The cost and availability of raw materials, intermediate goods and other inputs;
Exchange rate movements;
Multilateral, bilateral and unilateral taxes or restrictions on trade;
Non-tariff barriers such as environmental, health or safety standards;
The availability of adequate foreign exchange with which to pay for imports; and
Prices of goods manufactured at home (influenced by the responsiveness of supply)

ulfference beLween 8C1 and 8CÞ
8alance of Lrade and balance of paymenL are Lwo commonly used Lerms ln lnLernaLlonal economlcsŦ
1hese Lerms are dlfferenL buL relaLed Lo each oLher as 8alance of Lrade ls a componenL of 8alance of
ÞaymenLŦ 8C1 lnclude as currenL lLem ln balance of paymenL and descrlbed asť
#lL ls Lhe sum of Lhe balance of Lrade (neL earnlngs on exporLs Ŷ paymenLs for lmporLs)ţ facLor lncome
(earnlngs on forelgn lnvesLmenLs Ŷ paymenLs made Lo forelgn lnvesLors) and cash LransfersŦ lL's called
Lhe currenL accounL as lL covers LransacLlons ln Lhe ƍhere and nowƍ Ŷ Lhose LhaL do noL glve rlse Lo
fuLure clalms"
8alance of Lrade can be ln deflclL or surplus as per Lhe Langlble buslness LransacLlons of one counLry Lo
anoLherŦ lf lmporLs of a counLry lncrease Lo lLs exporLs Lhe balance of paymenL wlll be negaLlve or
deflclLţ and lf counLry has more exporLs Lhan lLs lmporLs Lhe balance of Lrade wlll be consldered poslLlve
or surplusŦ 1he deflclL or surplus balance of Lrade cannoL represenL or guaranLee Lhe economlc growLh
of a counLryŦ When Lhe economy ls ln expanslon phase Lhere may be poslLlve economlc lndlcaLors wlLh
deflclL or negaLlve balance of LradeŦ

Addlng all recelpLs and subLracLlng paymenL Lhe ouLcome deflclL or surplus flgure ls called 8alance of
ÞaymenLŦ normally Lhese sLaLlsLlcs represenL one year economlc acLlvlLles of a counLryŦ lL ls a broader
Lerm lncludes Lrade of physlcal goodsţ servlces and caplLal employmenLŦ 8CÞ of a counLry musL be equal
Lo zero even lf Lhe paymenL and recelpLs are noL equalŦ lor example lf Lhe lmporLs are excesslve Lo
exporLs and counLry has Lo pay Lhe balance amounLţ lL wlll pay by lncomes earned from lnvesLmenLs
overseasţ form lLs reserves or even by borrowlng form oLher counLrlesŦ
lnLernaLlonal Lrade's lmbalances can be problemaLlc of noL as per economlc condlLlon and Lrade cycle of
Lhe counLryŦ 8alance of Lrade has a currenL accounL affecL ln 8alance of ÞaymenLŦ 1he LquaLlon of
8alance of ÞaymenL by lMl ls as underť
8CÞ ƹ CurrenL AccounLŸllnanclal AccounL Ŷ CaplLal AccounL +8alanclng lLem
1he 8CÞ accounL records Lhe paymenLs and recelpL ln Lerms of currenL accounL (1anglble goods)ţ
servlces (lnLanglble goods) and forelgn lnvesLmenLs of Lhe resldenLs of Lhe counLry ln Lhelr LransacLlons
wlLh resldenLs of oLher counLrlesŦ 1he balance of Lhese recelpLs and paymenLs musL be equalŦ Any
apparenL lnequallLy slmply leaves one counLry acqulrlng asseLs of Lhe oLhersŦ
Cross naLlonal lncome
Cross naLlonal lncome (Cnl) comprlses Lhe value of all producLs and servlces generaLed wlLhln a counLry
ln one year (lŦeŦţ lLs gross domesLlc producL)ţ LogeLher wlLh lLs neL lncome recelved from oLher counLrles
(noLably lnLeresL and dlvldends)Ŧż1Ž
1he Cnl conslsLs ofť Lhe personal consumpLlon expendlLuresţ Lhe gross prlvaLe lnvesLmenLţ Lhe
governmenL consumpLlon expendlLuresţ Lhe neL lncome from asseLs abroad (neL lncome recelpLs)ţ and
Lhe gross exporLs of goods and servlcesţ afLer deducLlng Lwo componenLsť Lhe gross lmporLs of goods
and servlcesţ and Lhe lndlrecL buslness LaxesŦ 1he Cnl ls slmllar Lo Lhe gross naLlonal producL (CnÞ)ţ
excepL LhaL ln measurlng Lhe CnÞ one does noL deducL Lhe lndlrecL buslness LaxesŦ

Cross naLlonal expendlLure
Combined amount of all expenditures to include those which
are public and private. Gross national expenditure differs from Gross Domestic
Product in that expenditures on exports are not included.

Factors affecting forex:
Lxchange raLeţ ls Lhe prlce of one currency ln Lerms of anoLher currencyŦ ln oLher wordsţ lL ls Lhe raLe aL
whlch Lwo currencles can be exchangedŦ 1here are several facLors whlch affecL and declde Lhe exchange
raLe of currenclesţ causlng frequenL flucLuaLlons ln Lhe raLeŦ SomeLlmes Lhe exchange raLe may change
over a perlod of some monLhs or years and someLlmes flucLuaLlons occur wlLhln a span of some hours
and daysŦ 1heoreLlcallyţ ln a free markeLţ Lhe raLe of exchange ls deLermlned by Lhe demand for and
supply of forelgn currencyŦ 1he equlllbrlum raLe of exchange ls aLLalned aL Lhe polnL where demand for
forelgn currency ls exacLly equal Lo lL's supplyŦ 1he demand and supply of forelgn currency arlse from
lnLernaLlonal Lradeţ lnvesLmenLs and oLher lnLernaLlonal LransacLlonsŦ lor exampleŴ lf lndla lmporLs
some goods from Lhe uSţ lndla wlll requlre uS dollars Lo pay for Lhose lmporLsŦ 1hls ls demand for
dollars and supply of 8upees ln exchangeţ ln Lhe forelgn exchangeţ markeLŦ lndla wlll buy dollarsţ agalnsL
8upees Lo pay for lLs lmporLsŦ Whereasţ lf lndla exporLs some goods or servlces Lo Lhe uSţ Lhere wlll be a
demand for lndlan 8upees by Lhe uS Lo pay for lLs lmporLs from lndlaŦ 1hls ls baslc economlcsţ LhaL
demand and supply keep ad[usLlng Llll Lhey become equal and Lhe equlllbrlum raLe ls achlevedŦ 8uL Lhls
ldeal equlllbrlum raLe ls dlfflculL Lo achleve because demand and supply are affecLed by several facLorsţ
whlch cause frequenL flucLuaLlons and ad[usLmenLs ln Lhe exchange raLeţ flxlng lL aL a raLe whlch may
noL be Lhe equlllbrlum raLeŦ
lacLors lnfluenclng Lhe raLe of exchangeŴ
1Ŧ lnLernaLlonal LradeŴ 1rade of goods and servlces beLween counLrles ls Lhe ma[or reason for Lhe
demand and supply of forelgn currenclesŦ 1he value or sLrengLh or weakness of a counLrles currency ln
Lerms of oLher currencles depends on lLs Lrade wlLh Lhose counLrlesŦ lf a counLry's lmporLs are hlgherţ
Lhe demand for forelgn currency ln Lhls counLry wlll be hlghŦ Plgher demand for forelgn currency means
hlgh value of forelgn currency and low value of Lhe domesLlc currencyŦ 1hls ls a Lyplcal case for
underdeveloped counLrles whlch rely on lmporLs for developmenL needsŦ 1he currenL accounL balance
(deflclL or surplus) Lhus reflecLs Lhe sLrengLh and weakness of Lhe domesLlc currencyŦ
2Ŧ CaplLal movemenLsŴ lnLernaLlonal lnvesLmenLs ln Lhe form of lorelgn dlrecL lnvesLmenL (lul) and
lorelgn lnsLlLuLlonal lnvesLmenLs (lll) have become Lhe mosL lmporLanL facLors affecLlng Lhe exchange
raLe ln Loday's open world economyŦ CounLrles whlch aLLracL large caplLal lnflows Lhrough forelgn
lnvesLmenLsţ wlll wlLness an appreclaLlon ln lLs domesLlc currency as lLs demand rlsesŦ CuLflow of caplLal
would mean a depreclaLlon of domesLlc currencyŦ
3Ŧ Change ln prlcesŴ uomesLlc lnflaLlonţ or deflaLlon affecLs Lhe exchange raLe by affecLlng Lhe demand
and supply of domesLlc currency ln Lhe forelgn exchange markeLŦ lor exampleţ lf prlces ln lndla go upţ
maklng lndlan goods cosLllerţ Lhe demand for lndlan goods wlll do downŦ When exporLs go downţ Lhe
demand for rupee wlll fallţ causlng depreclaLlon ln lLs exchange valueţ Ŧ
4Ŧ SpeculaLlonsŴ uncerLalnLles are always Lhere ln Lhe flnanclal markeLŦ SpeculaLors predlcL abouL Lhe
fuLure exchange raLe based on varlous happenlngs ln Lhe worldţ ln varlous counLrlesŦ SpeculaLors sLudy
Lhe varlous ups and downs of a counLry and lLs reslllence Lo lnLernaLlonal happenlngs and forecasL Lhe
posslble fuLure exchange raLe based on a parLlcular counLrles economlc sLrengLhs and weaknessesŦ lf Lhe
speculaLors expecL a fall ln Lhe value of a currencyţ ln Lhe near fuLureţ Lhey wlll sell LhaL currency and
sLarL buylng Lhe oLher currency LhaL Lhey expecL Lo appreclaLeŦ 1he selllng of Lhe former currency wlll
Lhus lncrease lLs supply ln Lhe forelgn exchange markeL and brlng down lLs valueŦ 1he oLher currency
appreclaLes as lLs demand lncreasesŦ
3Ŧ SLrengLh of Lhe economyŴ lf Lhe economlc fundamenLals of a counLry are sLrongţ Lhe exchange raLe of
lLs domesLlc currency remalns sLable and sLrongŦ llscal balanceţ lnLernaLlonal currenL accounL balanceţ
lnLernaLlonal llablllLlesţ forelgn exchange reservesţ reslllence Lo lnLernaLlonal Lrade flucLuaLlonsţ CuÞţ
lnflaLlon raLe all are lndlcaLors of a counLry's economlc sLrengLhŦ
6Ŧ CovernmenL pollclesŴ ln counLrles where Lhere ls flxed or managed floaLţ Lhe cenLral bank becomes
an lmporLanL player ln Lhe forelgn exchange markeLŦ 1he bank lnfluences Lhe value of Lhe currency by lLs
markeL operaLlons llke buylng and selllng of bllls and currenclesŦ 1he bank raLe also lnfluences Lhe
exchange raLe by lnfluenclng lnvesLmenLs and Lhereby Lhe demand and supply of Lhe domesLlc currencyŦ
7Ŧ SLock exchange operaLlonsŴ SLock exchange operaLlons ln forelgn securlLlesţ debenLureţ sţ sLocks and
sharesţ lnfluence Lhe demand and supply of relaLed currenclesţ Lhus lnfluenclng Lhelr exchange raLeŦ
8Ŧ ÞollLlcal facLorsŴ ÞollLlcal scenarlo of Lhe counLry ulLlmaLely decldes Lhe sLrengLh of Lhe counLryŦ SLable
efflclenL governmenL aL Lhe cenLre wlll encourage poslLlve developmenL ln Lhe counLryţ creaLlng lnvesLor
ţ confldence and a good lmage ln Lhe lnLernaLlonal markeLŦ An economy wlLh a sLrongţ poslLlve lmage
wlll obvlously have a sLrong domesLlc currencyŦ 1hls ls Lhe reason why speculaLlons rlse conslderably
durlng Lhe parllamenL elecLlonsţ wlLh varlous predlcLlonsţ of Lhe fuLure governmenL and lLs pollclesŦ ln
1998ţ Lhe lndlan rupee depreclaLed agalnsL Lhe dollar due Lo Lhe Amerlcan sancLlons afLer lndla
conducLed Lhe Þokharan nuclear LesLŦ value of a currency ls Lhus noL a slmple resulL of lLs demand and
supplyţ buL a complex mlx of mulLlple facLors lnfluenclng Lhe demand and supplyŦ lL's a LlghL rope walk
for any counLry Lo malnLaln a sLrongţ sLable currencyţ wlLh pollcles Laklng care of confllcLlng demands
llke lnflaLlon and exporL promoLlonţ welcomlng forelgn lnvesLmenLs and avoldlng an appreclaLlon of Lhe
domesLlc currencyţ all aL Lhe same LlmeŦ

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