Balance of Payments Homework Solutions That Every Student Needs to Know
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What is the Balance of Payments?
The balance of Payments is also known as balance of international payments which summarizes all the transactions that a country’s individual can hold. This includes other companies, government bodies along with other individuals companies and government bodies outside the country.
These transactions mainly compose of imports and exports, services and capitals and as well as other forms of transfer and payments such as foreign aids and remittances. A country’s balance of payment can also be said as the country’s international investment position. The balance of payments can be divided into two accounts, current, and capital account.
The current account consists of transactions in goods and services and other forms of investment and current transfers. The capital account includes transactions in financial instruments and other bank reserves.
What is the imbalance in the balance of payments?
When the nation’s balance of payments zeroes out the current and capital balances then imbalances can appear in the books. Imbalances can create tension and form of economic pressure among the countries. The US once had a deficit balance of over 500 billion dollars around 2016. Abnormal deficit and surplus can be avoided with proper maintenance of the books and equal forms of transactions.
The causes of the unfavourable balances can be formed into the following list.
- The import of machinery and war equipment in both times of need and consequently have caused over a large-scale depreciation.
- The more demands of the consumer goods over a period of time have largely gone up in the following period. Exports of these goods have gone down so much which has returned the favourable balance once more.
What are the features of Balance of Payments?
In the words of Benham, it can be said that ‘Balance of Payments of a country is a record of the monetary transactions over a period with the rest of the world’. Here are the few features of this concept which are listed at certain points below.
- It is a systematic record of all the transactions in the capital and current transactions of the countries and dealings in trade as well.
- It includes all forms of transactions, intangible as well as tangible.
- It is based over a period of time. Generally, it is based on the whole annual statement and transactions.
- It is based on a double-entry bookkeeping system. The, as well as the credit structure of the countries, are both looked to keep a balanced system.
- When the receipts are equal to the payments then the balance of payments is in equilibrium. When the receipts are greater than the payments then there is a surplus in the balance of payments. When the payments are greater than the receipts then there is a deficit in the balance of payments.
- The total debt as well as the credit equals in the books of accounts.
- This book of payments is always privatized by the government and other forms of investment funds.
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