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Chapter 3
The Balance of Payments and the Effective Exchange Rate
Objectives
• To study the structure of the balance of payments
• To illustrate how the BOP is related to the FX market
• To introduce the concept of the effective exchange rate
Copyright 2010 McGraw-Hill Australia Pty Ltd
PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa
3-2
Definition
• The balance of payments (BOP) is a systematic record of all economic transactions between the residents of the reporting country and the rest of the world over a specified period of time.
Copyright 2010 McGraw-Hill Australia Pty Ltd
PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa
3-3
Important elements in the definition
• Rest of the world
• Economic transactions • Resident
• Flows versus stocks
Copyright 2010 McGraw-Hill Australia Pty Ltd
PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa
3-4
Important elements in the definition (cont.)
• The BOP records changes in assets and liabilities • Figures may or may not be seasonably adjusted
Copyright 2010 McGraw-Hill Australia Pty Ltd
PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa
3-5
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