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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 ... - tailieumienphi.vn
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