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Chapter 13 (2)
National Income Accounting and
the Balance of Payments
◼ Chapter Organization
The National Income Accounts
National Product and National Income
Capital Depreciation and International Transfers
Gross Domestic Product
National Income Accounting for an Open Economy
Consumption
Investment
Government Purchases
The National Income Identity for an Open Economy
An Imaginary Open Economy
The Current Account and Foreign Indebtedness
Saving and the Current Account
Private and Government Saving
Case Study: The Mystery of the Missing Deficit
The Balance of Payments Accounts
Examples of Paired Transactions
The Fundamental Balance of Payments Identity
The Current Account, Once Again
The Capital Account
The Financial Account
Net Errors and Omissions
Official Reserve Transactions
Case Study: The Assets and Liabilities of the World’s Biggest Debtor
Summary
© 2015 Pearson Education, Inc.
13. Collecting data on the U.S. international investment position and nominal GDP over the period 1976–
2012 allows us to generate the following chart:
◼ References
Christopher Bach. “U.S. International Transactions, Revised Estimates for 1982–1998.” Survey of Current
Business 79 (July 1999), pp. 60–74.
“The International Monetary Fund’s New Standards for Economic Statistics.” Survey of Current Business
76 (October 1996), pp. 37–47.
