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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