National income accounting and the balance of payments - National Income Accounting for an Open Economy
5 important questions on National income accounting and the balance of payments - National Income Accounting for an Open Economy
Fundamental identity for closed economies
National income identity for an open economy
IIP (Net International Investment Position)
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Savings in an open economy
An open economy can save either by building up its capital stock or by acquiring foreign wealth, but a closed economy can save only by building up its capital stock.
Government budget deficit
It measures the extent to which the government is borrowing to finance its expenditures.
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