What do you understand by balance of payment account? What are its com

Question

What do you understand by balance of payment account? What are its components? Explain.

30 Jun 2022

Answer :

Word Count : 421

The balance of payments (BOP) is the method by which countries measure all of the international monetary transactions within a certain period. The BOP consists of three main accounts: the current account, the capital account, and the financial account. The current account is meant to balance against the sum of the financial and capital account but rarely does.

Globalization in the late 20th-century led to BOP liberalization in many emerging market economies. These countries lifted restrictions on BOP accounts to take advantage of the cash flows arriving from foreign, developed nations, which in turn boosted their economies.

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