Balanceofpayments statistics have. for example. within recent months involved the prepayment of loans and the prepayment of military supply costs which were not undertaken as actions by the monetary authorities. although the agencies involved were undoubtedly influenced in part by balanceof -payments considerations. The word "settlement." likewise. has the semantic difficulty of ignoring the fact that every item making up the international accounts whether. as the economists say. above or below the line. is equally essential and effective to the reality of that balance. Without the transactions by merchants. tourists. and emigrants. without the military and aid expenditures. there would be no international account to balance. The distinction between items in the balanceofpayments accounts hinges primarily upon the kind of stimulus or motivation which gives rise to the items. In this sense. one might count the private sector including merchandise trade. service income and costs. tourism. and profitseeking capital movements.
Keywords matched
emigrants