Consider the following international transactions, assuming that you are from the UK. The structure of the

Consider the following international transactions, assuming that you are from the UK. The structure of the Balance of Payments (BoP), as seen in class, is reported in Table 1. Suppose that we want to input the transactions in the UK Balance of Payments. Complete Table 2 indicating how each transaction would be reported in the UK BoP, i.e. the sub account (Current/Capital/Financial account, and the additional sub-category) and the sign with which it will appear, as in the example. [HINT: remember that in the Financial Account when we “import capital”, i.e. when there is a financial inflow, it is recorded with a +, while an outflow is a minus.] (40 points – 3.6points per accounting entry)TABLE 1. STRUCTURE OF THE BALANCE OF PAYMENTSCurrent AccountBalance of Goods (exports/imports)Balance of Services (exports/imports)Balance of Income (receipts/expenditures)Capital Account(receipts/expenditures)Financial AccountOfficial Reserve Assets (inflow/outflow)Other Assets – Foreign Direct Investment, Portfolio Investment, Loans, … (inflow/outflow)Statistical DiscrepancyTABLE 2. RECORDING INTERNATIONAL TRANSACTIONS IN THE BoPTRANSACTIONBALANCE OFPAYMENTSACCOUNT AND SIGN (+/-)1. Export of goods to Germany. Current Account, Balance of Goods (+)2. Import of goods from US3. Import of insurance from Italy4. North-american tourits’ expenditures in the UK5. Expenditures of UK tourists in China6. Remittances from Indian citizens, resident in the UK7. UK direct investments in Saudi Arabia8. Interest received from UK investments in Argentina9. A citizen of Morocco buys UK Government Bonds.10. Interest payments for foreign direct investment in UK11. A patent is bought from France with a loan12. Humanitarian aid to Third World Countries HARVARD REFRENCING AND IN-TEXT CITATION (VERY IMPORTANT!)

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