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Their commitment to social and economic reforms blinded them to real economic constraints especially inflation and disequilibrium in the balance of payments threatened growth.
The revolutionary government began with a highly ambitious import substitution development strategy that quickly produced an unsustainable balance of payments deficit.
But excluding the balance of payments for the reasons discussed above. The government was forced to introduce some changes in order to receive the necessary balance of payments support.
It includes the reserve account the foreign exchange market operations of a nation's central bank , along with loans and investments between the country and the rest of world but not the future interest payments and dividends that the loans and investments yield; those are earnings and will be recorded in the current account.
If a country purchases more foreign assets for cash than the assets it sells for cash to other countries, the capital account is said to be negative or in deficit.
The term "capital account" is also used in the narrower sense that excludes central bank foreign exchange market operations: Sometimes the reserve account is classified as "below the line" and so not reported as part of the capital account.
Expressed with the broader meaning for the capital account , the BoP identity states that any current account surplus will be balanced by a capital account deficit of equal size — or alternatively a current account deficit will be balanced by a corresponding capital account surplus:.
The balancing item , which may be positive or negative, is simply an amount that accounts for any statistical errors and assures that the current and capital accounts sum to zero.
By the principles of double entry accounting , an entry in the current account gives rise to an entry in the capital account, and in aggregate the two accounts automatically balance.
A balance isn't always reflected in reported figures for the current and capital accounts, which might, for example, report a surplus for both accounts, but when this happens it always means something has been missed — most commonly, the operations of the country's central bank — and what has been missed is recorded in the statistical discrepancy term the balancing item.
An actual balance sheet will typically have numerous sub headings under the principal divisions. For example, entries under Current account might include:.
Especially in older balance sheets, a common division was between visible and invisible entries. Visible trade recorded imports and exports of physical goods entries for trade in physical goods excluding services is now often called the merchandise balance.
Invisible trade would record international buying and selling of services, and sometimes would be grouped with transfer and factor income as invisible earnings.
The term "balance of payments surplus" or deficit — a deficit is simply a negative surplus refers to the sum of the surpluses in the current account and the narrowly defined capital account excluding changes in central bank reserves.
Denoting the balance of payments surplus as BoP surplus, the relevant identity is. Economics writer J. Orlin Grabbe warns the term balance of payments can be a source of misunderstanding due to divergent expectations about what the term denotes.
Grabbe says the term is sometimes misused by people who aren't aware of the accepted meaning, not only in general conversation but in financial publications and the economic literature.
A common source of confusion arises from whether or not the reserve account entry, part of the capital account , is included in the BoP accounts.
The reserve account records the activity of the nation's central bank. If it is excluded, the BoP can be in surplus which implies the central bank is building up foreign exchange reserves or in deficit which implies the central bank is running down its reserves or borrowing from abroad.
The term "balance of payments" is sometimes misused by non-economists to mean just relatively narrow parts of the BoP such as the trade deficit ,  which means excluding parts of the current account and the entire capital account.
Another cause of confusion is the different naming conventions in use. The IMF have their own standards for BoP accounting which is equivalent to the standard definition but uses different nomenclature, in particular with respect to the meaning given to the term capital account.
The main difference in the IMF's terminology is that it uses the term "financial account" to capture transactions that would under alternative definitions be recorded in the capital account.
The IMF uses the term capital account to designate a subset of transactions that, according to other usage, previously formed a small part of the overall current account.
The IMF uses the term current account with the same meaning as that used by other organizations, although it has its own names for its three leading sub-divisions, which are:.
While the BoP has to balance overall, surpluses or deficits on its individual elements can lead to imbalances between countries. In general there is concern over deficits in the current account.
The types of deficits that typically raise concern are . As discussed in the history section below, the Washington Consensus period saw a swing of opinion towards the view that there is no need to worry about imbalances.
Opinion swung back in the opposite direction in the wake of the financial crisis of — Mainstream opinion expressed by the leading financial press and economists, international bodies like the IMF — as well as leaders of surplus and deficit countries — has returned to the view that large current account imbalances do matter.
Dooley, David Folkerts-Landau and Peter Garber, that nations need to avoid the temptation to switch to protectionism as a means to correct imbalances.
Current account surpluses coincide with current account deficits of other countries, the indebtedness of the latter therefore increasing.
According to Balances Mechanics by Wolfgang Stützel this is described as surplus of expenses over revenues.
Increasing imbalances in foreign trade are critically discussed as a possible cause of the financial crisis since There are conflicting views as to the primary cause of BoP imbalances, with much attention on the US which currently has by far the biggest deficit.
The conventional view is that current account factors are the primary cause  — these include the exchange rate, the government's fiscal deficit, business competitiveness, and private behaviour such as the willingness of consumers to go into debt to finance extra consumption.
In the context of BoP and international monetary systems, the reserve asset is the currency or other store of value that is primarily used by nations for their foreign reserves.
Under a gold standard, the reserve asset for all members of the standard is gold. In the Bretton Woods system, either gold or the U.
Following the ending of Bretton Woods, there has been no de jure reserve asset, but the US dollar has remained by far the principal de facto reserve.
Global reserves rose sharply in the first decade of the 21st century, partly as a result of the Asian Financial Crisis , where several nations ran out of foreign currency needed for essential imports and thus had to accept deals on unfavourable terms.
In , Zhou Xiaochuan , governor of the People's Bank of China , proposed a gradual move towards increased use of SDRs, and also for the national currencies backing SDRs to be expanded to include the currencies of all major economies.
While the current central role of the dollar does give the US some advantages, such as lower cost of borrowings, it also contributes to the pressure causing the U.
In a November article published in Foreign Affairs magazine, economist C. Fred Bergsten argued that Dr Zhou's suggestion or a similar change to the international monetary system would be in the United States' best interests as well as the rest of the world's.
A BoP crisis, also called a currency crisis , occurs when a nation is unable to pay for essential imports or service its external debt repayments.
Typically, this is accompanied by a rapid decline in the value of the affected nation's currency. Crises are generally preceded by large capital inflows, which are associated at first with rapid economic growth.
This causes issues for firms of the affected nation who have received the inbound investments and loans, as the revenue of those firms is typically mostly derived domestically but their debts are often denominated in a reserve currency.
Once the nation's government has exhausted its foreign reserves trying to support the value of the domestic currency, its policy options are very limited.
It can raise its interest rates to try to prevent further declines in the value of its currency, but while this can help those with debts denominated in foreign currencies, it generally further depresses the local economy.
One of the three fundamental functions of an international monetary system is to provide mechanisms to correct imbalances.
Broadly speaking, there are three possible methods to correct BoP imbalances, though in practice a mixture including some degree of at least the first two methods tends to be used.
These methods are adjustments of exchange rates; adjustment of a nations internal prices along with its levels of demand; and rules based adjustment.
An upwards shift in the value of a nation's currency relative to others will make a nation's exports less competitive and make imports cheaper and so will tend to correct a current account surplus.
It also tends to make investment flows into the capital account less attractive so will help with a surplus there too. Conversely a downward shift in the value of a nation's currency makes it more expensive for its citizens to buy imports and increases the competitiveness of their exports, thus helping to correct a deficit though the solution often doesn't have a positive impact immediately due to the Marshall—Lerner condition.
Exchange rates can be adjusted by government  in a rules based or managed currency regime, and when left to float freely in the market they also tend to change in the direction that will restore balance.
When a country is selling more than it imports, the demand for its currency will tend to increase as other countries ultimately  need the selling country's currency to make payments for the exports.
The extra demand tends to cause a rise of the currency's price relative to others. When a country is importing more than it exports, the supply of its own currency on the international market tends to increase as it tries to exchange it for foreign currency to pay for its imports, and this extra supply tends to cause the price to fall.
BoP effects are not the only market influence on exchange rates however, they are also influenced by differences in national interest rates and by speculation.
When exchange rates are fixed by a rigid gold standard,  or when imbalances exist between members of a currency union such as the Eurozone, the standard approach to correct imbalances is by making changes to the domestic economy.
To a large degree, the change is optional for the surplus country, but compulsory for the deficit country. In the case of a gold standard, the mechanism is largely automatic.
When a country has a favourable trade balance, as a consequence of selling more than it buys it will experience a net inflow of gold.
The natural effect of this will be to increase the money supply, which leads to inflation and an increase in prices, which then tends to make its goods less competitive and so will decrease its trade surplus.
However the nation has the option of taking the gold out of economy sterilising the inflationary effect thus building up a hoard of gold and retaining its favourable balance of payments.
On the other hand, if a country has an adverse BoP it will experience a net loss of gold, which will automatically have a deflationary effect, unless it chooses to leave the gold standard.
Prices will be reduced, making its exports more competitive, and thus correcting the imbalance. While the gold standard is generally considered to have been successful  up until , correction by deflation to the degree required by the large imbalances that arose after WWI proved painful, with deflationary policies contributing to prolonged unemployment but not re-establishing balance.
Apart from the US most former members had left the gold standard by the mids. A possible method for surplus countries such as Germany to contribute to re-balancing efforts when exchange rate adjustment is not suitable, is to increase its level of internal demand i.
While a current account surplus is commonly understood as the excess of earnings over spending, an alternative expression is that it is the excess of savings over investment.
If a nation is earning more than it spends the net effect will be to build up savings, except to the extent that those savings are being used for investment.
If consumers can be encouraged to spend more instead of saving; or if the government runs a fiscal deficit to offset private savings; or if the corporate sector divert more of their profits to investment, then any current account surplus will tend to be reduced.
However, in Germany amended its constitution to prohibit running a deficit greater than 0. Nations can agree to fix their exchange rates against each other, and then correct any imbalances that arise by rules based and negotiated exchange rate changes and other methods.
The Bretton Woods system of fixed but adjustable exchange rates was an example of a rules based system. John Maynard Keynes , one of the architects of the Bretton Woods system had wanted additional rules to encourage surplus countries to share the burden of rebalancing, as he argued that they were in a stronger position to do so and as he regarded their surpluses as negative externalities imposed on the global economy.
However his ideas were not accepted by the Americans at the time. In and , American economist Paul Davidson had been promoting his revamped form of Keynes's plan as a possible solution to global imbalances which in his opinion would expand growth all round without the downside risk of other rebalancing methods.
Historically, accurate balance of payments figures were not generally available. However, this did not prevent a number of switches in opinion on questions relating to whether or not a nation's government should use policy to encourage a favourable balance.
Up until the early 19th century, international trade was generally very small in comparison with national output, and was often heavily regulated.
In the Middle Ages, European trade was typically regulated at municipal level in the interests of security for local industry and for established merchants.
Power was associated with wealth, and with low levels of growth, nations were best able to accumulate funds either by running trade surpluses or by forcefully confiscating the wealth of others.
Rulers sometimes strove to have their countries outsell competitors and so build up a "war chest" of gold. This era saw low levels of economic growth; average global per capita income is not considered to have significantly risen in the whole years leading up to , and is estimated to have increased on average by less than 0.
From the late 18th century, mercantilism was challenged by the ideas of Adam Smith and other economic thinkers favouring free trade.
After victory in the Napoleonic wars Great Britain began promoting free trade, unilaterally reducing her trade tariffs. Hoarding of gold was no longer encouraged, and in fact Britain exported more capital as a percentage of her national income than any other creditor nation has since.
According to historian Carroll Quigley , Great Britain could afford to act benevolently  in the 19th century due to the advantages of her geographical location, its naval power and economic ascendancy as the first nation to enjoy an industrial revolution.
Though Current Account controls were still widely used in fact all industrial nations apart from Great Britain and the Netherlands actually increased their tariffs and quotas in the decades leading up to , though this was motivated more by a desire to protect "infant industries" than to encourage a trade surplus  , capital controls were largely absent, and people were generally free to cross international borders without requiring passports.
A gold standard enjoyed wide international participation especially from , further contributing to close economic integration between nations.
BoP crises began to occur, though less frequently than was to be the case for the remainder of the 20th century.
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