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Balance of payments |
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Balance of payments1. A list, or accounting, of all of a country's international transactions for a given time period, usually one year. Payments into the country (receipts) are entered as positive numbers, called credits; payments out of the country (payments) are entered as negative numbers called debits. 2. A single number summarizing all of a country's international transactions: the balance of payments surplus.Balance of paymentsA statistical compilation formulated by a sovereign nation of all economic transactions between residents of that nation and residents of all other nations during a stipulated period of time, usually a calendar year.Balance of paymentsA country's financial position, with other countries of the world, which is made up of its current account and capital account (or capital movement) over a given period of time.The current account covers the balance of imports and exports.The capital account covers the difference between the capital which the country has invested in other countries, and the capital invested by other countries in it.Similar MatchesBalance of payments argument for protectionBalance of payments argument for protectionA common reason for restricting imports, especially under fixed exchange rates, when a country is losing international reserves due to a trade deficit. It can be argued that this is a second best argument, since a devaluation could solve the problem without distorting the economy and therefore at smaller economic cost. Clearing House Automated Payments System (CHAPS)Clearing House Automated Payments System (CHAPS)A computerized clearing system for sterling funds that began operations in 1984. It includes 14 member banks, nearly 450 participating banks, and is one of the clearing companies within the structure of the Association for Payment Clearing Services (APACS). European Payments UnionEuropean Payments UnionAn international arrangement for settling payments among member countries in Europe during a period in which many of the countries' currencies were not convertible. The EPU functioned from 1950 to 1958, after which it was replaced by the EMA. Installment paymentsInstallment paymentsDistribution of plan assets to beneficiaries based upon a regular schedule. Balance of payments equilibriumBalance of payments equilibriumMeaningful only under a pegged exchange rate, this referred to equality of credits and debits in the balance of payments using the traditional definition of the capital account. A surplus or deficit implied changing official reserves, so that something would ultimately have to change. Further SuggestionsPayments patternPrepayments Payments imbalance Lag response of prepayments Clearing House Interbank Payments System (CHIPS) Progress payments Balance of payments adjustment mechanism Payments netting Interest payments Periodic payments maintenance payments Balance of payments deficit Transfer payments Balance of payments surplus transfer payments |
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