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【正文】 saction is a form of intervention, it would not appear in the official settlements balance of the United States. Instead, when the London bank credits this deposit in its account in the United States, this transaction will appear as a private financial flow. 8. A country could have a current account deficit and a balance of payments surplus at the same time if the financial and capital account surpluses exceeded the current account deficit. Recall that the balance of payments surplus equals the current account 87 surplus plus the financial account surplus plus the capital account surplus. If, for example, there is a current account deficit of $100 million, but there are large capital inflows and the capital account surplus is $102 million, then there will be a $2 million balance of payments surplus. This problem can be used as an introduction to intervention (or lack thereof) in the foreign exchange market, a topic taken up in more detail in Chapter 17. The government of the United States did not intervene in any appreciable manner in the foreign exchange markets in the first half of the 1980s. The “textbook” consequence of this is a balance of payments of zero, while the actual figures showed a slight balance of payments surplus between 1982 and 1985. These years were also marked by large current account deficits. Thus, the financial inflows into the United States between 1982 and 1985 exceeded the current account deficits in those years. 88 FURTHER READINGS Christopher Bach, “. International Transactions, Revised Estimates for 198298,” Survey of Current Business, 79 (July 1999):6074. Peter Hooper and J. David Richardson, eds. International Economic Transactions. Chicago: University of Chicago Press, 1991. David H. Howard. Implications of the . Current Account Deficit. Journal of Economic Perspectives 3 (Fall 1989), pp. 153165. International Moary Fund. Final Report of the Working Party on the Statistical Discrepancy in World Current Account Balances. Washington, .: International Moary Fund, September 1987. Robert E. Lipsey. Changing Patterns of International Investment in and by the United States. in Martin S. Feldstein, ed., The United States in the World Economy. Chicago: University of Chicago Press, 1988, pp. 475545. Rita M. Maldonado. Recording and Classifying Transactions in the Balance of Payments. International Journal of Accounting 15 (fall 1979), pp. 105133. James E. Meade. The Balance of Payments. 13. London: Oxford University Press. 1952. Lois Stekler. Adequacy of International Transactions and Position Data for Policy Coordination. in William H. Branson, Jacob Frenkel, and Morris Goldstein, eds. International Policy Coordination and Exchange Rate Fluctuations. Chicago: University of Chicago Press. 1990. Robert M. Stern, Charles F. Schwartz, Robert Triffin, Edward M. Bernstein and Walter Lederer. The Presentation of the Balance of Payments: A Symposium. Princeton Essays in International Finance 123. International Finance Section, Department of Economics, Princeton University, August 1977. United States Bureau of the Budget, Review Committee for Balance of Payments Statistics. The Balance of Payments Statistics of the United States: A Review and Appraisal. Washington, .: Government Printing Office, 1965. “The International Moary Fund’s New Standards for Economic Statistics,” Survey of Current Business, 76 (October 1996):3747.
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