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BALANCE OF PAYMENT ACCOUNTS
Xalilov Bahromjon Bahodirovich
Asia International University, Bukhara
Lecturer of department of Economics
Abstract:
This article provides basic concepts about the balance of payment accounts, as well as
information on definition of its types and its principles, and proposals on subaccounts.
Key words:
current account, merchandise trade account, goods and services account, financial
account.
The balance of payments accounts is a record of all international transactions that are undertaken
between residents of one country and residents of other countries during the year. The accounts
are divided into several subaccounts, the most important being the current account and the
financial account. The current account is often further subdivided into the merchandise trade
account and the good and services account. These are each briefly defined below.
The current account (CA) balance
is defined as CA = EXG,S,IPR,UT − IMG,S,IPR,UTwhere
the G,S,IPR,UT superscript is meant to include exports and imports of goods (G), services (S),
income payments and receipts (IPR), and unilateral transfers (UT). IfCA > 0, then exports of
goods and services exceed imports and the country has a current account surplus. If CA < 0, then
imports exceed exports and the country has a current account deficit. Income payments represent
the money earned (i.e., income) by foreign residents on their investments in the United States.
For example, if a British company owns an office building in the United States and brings back
to the United Kingdom a share of the profit earned there as a part of its income, then this is
classified as an income payment on the current account of the balance of payments. Income
receipts represent the money earned by domestic residents on their investments abroad. For
example, if a U.S. company owns an assembly plant in Costa Rica and brings back to the United
States a share of the profit earned there as a part of its income, then this is classified as an
income receipt on the current account of the balance of payments. It may be helpful to think of
income payments and receipts as payments for entrepreneurial services. For example, a British
company running an office building is providing the management services and taking the risks
associated with operating the property. In exchange for these services, the company is entitled to
a stream of the profit that is earned. Thus income payments are classified as an import, the
import of a service. Unilateral transfers represent payments that are made or received that do not
have an offsetting product flow in the opposite direction. Normally, when a good is exported, for
example, the good is exchanged for currency such that the value of the good and the value of the
currency are equal. Thus there is an outflow and an inflow of equal value. An accountant would
record both sides of this transaction, as will be seen in the next section. However, with a
unilateral transfer, money flows out, but nothing comes back in exchange or vice versa. The
primary examples of unilateral transfers are remittances and foreign aid. Remittances occur when
a person in one country transfers money to a relative in another country and receives nothing in
return. Foreign aid also involves a transfer, expecting nothing in return.
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ISSN: 2692-5206, Impact Factor: 12,23
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The merchandise trade balance
(or goods balance) can be defined as GB = EXG − IMG,
where we record only the export and import of merchandise goods. If GB > 0, the country would
have a (merchandise) trade surplus. If GB < 0, the country has a trade deficit.
The goods and services balance
(or goods balance) can be defined as GSB = EXG&S −IMG&S,
where we record the export and import of both merchandise goods and services. If GSB > 0, the
country would have a goods and services (G&S) surplus. If GB< 0, the country has a G&S
deficit. Note that sometimes people will refer to the difference EXG&S − IMG&S as net exports.
Often when this term is used the person is referencing the goods and services balance. Here it is
important to point out that when you hear a reference to a country’s trade balance, it could mean
the merchandise trade balance, or it could mean the goods and services balance, or it could even
mean the current account balance. Occasionally, one will hear trade deficit figures reported in
the U.S. press followed by a comment that the deficit figures refer to the “broad” measure of
trade between countries. In this case, the numbers reported refer to the current account deficit
rather than the merchandise trade deficit. This usage is developing for a couple of reasons. First
of all, at one time, around thirty years ago or more, there was very little international trade in
services. At that time, it was common to report the merchandise trade balance since that
accounted for most of the international trade. In the past decade or so, service trade has been
growing much more rapidly than goods trade and it is now becoming a significant component of
international trade. There is a greater chance that people will recognize the trade deficit
(although most could probably not define it either) than will recognize the current account deficit.
Thus the alternative of choice among commentators is to call the current account deficit a trade
deficit and then define it briefly as a “broad” measure of trade. A simple solution would be to
call the current account balance the “trade balance” since it is a record of all trade in goods and
services and to call the merchandise trade balance the “merchandise goods balance,” or the
“goods balance” for short. I will ascribe to this convention throughout this text in the hope that it
might catch on.
Finally,
the financial account balance
can be defined as KA = EXA − IMA, where EXA and
IMA refer to the export and import of assets, respectively. If KA > 0, then the country is
exporting more assets than it is importing and it has a financial account surplus. If KA < 0, then
the country has a financial account deficit. The financial account records all international trade in
assets. Assets represent all forms of ownership claims in things that have value. They include
bonds, Treasury bills, stocks, mutual funds, bank deposits, real estate, currency, and other types
of financial instruments. Perhaps a clearer way to describe exports of assets is to say
thatdomestic assets are sold to foreigners, whereas imports of assets mean foreign assets that are
purchased by domestic residents. It is useful to differentiate between two different types of assets.
First, some assets represent IOUs (i.e., I owe you). In the case of bonds, savings accounts,
Treasury bills, and so on, the purchaser of the asset agrees to give money to the seller of the asset
in return for an interest payment plus the return of the principal at some time in the future. These
asset purchases represent borrowing and lending. When the U.S. government sells a Treasury bill
(T-bill), for example, it is borrowing money from the purchaser of the T-bill and agrees to pay
back the principal and interest in the future. The Treasury bill certificate, held by the purchaser
of the asset, is an IOU, a promissory note to repay principal plus interest at a predetermined time
in the future. The second type of asset represents ownership shares in a business or property,
which is held in the expectation that it will realize a positive rate of return in the future. Assets,
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such as common stock, give the purchaser an ownership share in a corporation and entitle the
owner to a stream of dividend payments in the future if the company is profitable. The future
sale of the stock may also generate a capital gain if the future sales price is higher than the
purchase price. Similarly, real estate purchases— say, of an office building—entitle the owner to
the future stream of rental payments by the tenants in the building. Owner-occupied real estate,
although it does not generate a stream of rental payments, does generate a stream of housing
services for the occupant-owners. In either case, if real estate is sold later at a higher price, a
capital gain on the investment will accrue. An important distinction exists between assets
classified as IOUs and assets consisting of ownership shares in a business or property. First of all,
IOUs involve a contractual obligation to repay principal plus interest according to the terms of
the contract or agreement. Failure to do so is referred to as a default on the part of the borrower
and is likely to result in legal action to force repayment. Thus international asset purchases
categorized as IOUs represent international borrowing and lending. Ownership shares, on the
other hand, carry no such obligation for repayment of the original investment and no guarantee
that the asset will generate a positive rate of return. The risk is borne entirely by the purchaser of
the asset. If the business is profitable, if numerous tenants can be found, or if real estate values
rise over time, then the purchaser of the asset will make money. If the business is unprofitable,
office space cannot be leased, or real estate values fall, then the purchaser will lose money. In the
case of international transactions for ownership shares, there is no resulting international
obligation for repayment
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