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International Financial Crises
• Current Account: Net income earned overseas
through trade, interest, dividends, profits,
wages or gifts. (NFI +NX)
Bureau of Economic Analysis Balance of Payments Table
(Credits +; debits -) /1/
Current account
Trade Balance
Exports of goods and services
Imports of goods and services
2010
-$470,898
-$500,027
$1,837,577
-$2,337,604
Income Balance
Income receipts
Income payments
$165,224
$663,240
-$498,016
Unilateral current transfers, net
-$136,095
Millions US$
Sources of Income
Income receipts
Income receipts on U.S.-owned assets abroad
663240
657963
Direct investment receipts
432000
Other private receipts
224469
U.S. government receipts
1494
Compensation of employees
5278
East Asian Crisis
Current Account Balance
20
15
% of GDP
10
5
Indonesia
Malaysia
Thailand
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
-5
-10
-15
IMF World Economic Outlook Database
2001
2002
Private Savings: Disposable Income less
Consumption.
Public Savings: Budget Balance
If Savings is insufficient to finance investment,
funds must be made up from global sources.
Capital Outflows = Domestic Savings – Domestic
Investment
Capital account
39
Capital account transactions, net
-152
Financial account
40
41
46
50
55
56
63
70
U.S.-owned assets abroad, excluding financial derivatives
(increase/financial outflow (-))
U.S. official reserve assets
U.S. government assets, other than official reserve assets
U.S. private assets
Foreign-owned assets in the United States, excluding financial
derivatives (increase/financial inflow (+))
Foreign official assets in the United States
Other foreign assets in the United States
Financial derivatives, net
-1005182
-1834
7540
-1010888
1245736
349754
895982
13735
Current account and capital account
• Public Savings
GNI + Transfers -Household Consumption –Taxes
• Private Savings
Taxes - Government Consumption-Transfers
• Savings – GCF
GNI – Consumption – GCF
NFI+GDP – Consumption – GCF
NFI + NX
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