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Real GDP growth and real effective exchange rate (REER) appreciation appear cointegrated with the current and financial accounts of the U.S. balance of payments. On this basis, we estimate reduced form equations showing that expected changes and shocks to real GDP, the REER, energy prices, and growth in emerging market economies and other industrial countries explain much of the short-term variation in the U.S. current account balance, with the balance worsening as real GDP, energy prices, and the REER increase. In addition, foreign direct investment rises with real growth, while stock market prices affect the composition of capital inflows.

Exports and Imports --- Foreign Exchange --- Public Finance --- Current Account Adjustment --- Short-term Capital Movements --- Energy: Demand and Supply --- Prices --- International economics --- Finance --- Currency --- Foreign exchange --- Energy industries & utilities --- Current account balance --- Financial account --- Current account --- Real effective exchange rates --- Energy pricing --- Balance of payments --- Expenditure --- International finance --- Expenditures, Public --- United States

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Le précis de la balance des paiements, tout comme le guide pour l’établissement des statistiques de balance des paiements, est un document d'accompagnement de la cinquième édition du manuel de la balance des paiements. Il fournit des exemples et des applications concrètes des concepts, définitions, classifications et conventions présentés dans le manuel et permet aux statisticiens d'améliorer leur compréhension des sections correspondantes du manuel. Le précis est un des principaux documents de référence pour les formations sur la méthodologie relative à la balance des paiements.

Banking --- Banks and Banking --- Credit --- Current Account Adjustment --- Exports and Imports --- Finance --- Financial account --- Financial Instruments --- Foreign direct investment --- Foreign exchange reserves --- Income --- Institutional Investors --- Insurance --- International economics --- International finance --- International Investment --- Investments, Foreign --- Long-term Capital Movements --- Macroeconomics --- Monetary economics --- Monetary Policy --- Money and Monetary Policy --- Non-bank Financial Institutions --- Pension Funds --- Reserve assets --- Short-term Capital Movements --- Trade: General --- United States

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El Libro de Texto de la Balanza de Pagos, al igual que la Guía de Compilación de la Balanza de Pagos, es un documento complementario de la quinta edición del Manual de balanza de pagos. El libro de texto proporciona ejemplos y aplicaciones para ilustrar los conceptos, definiciones, clasificaciones y convenciones que se presentan en el Manual, y ofrece a los compiladores la oportunidad de comprender mejor las secciones pertinentes del Manual. El libro de texto es parte del material básico de referencia para los cursos de capacitación sobre metodología de la balanza de pagos.

Banking --- Banks and Banking --- Credit --- Current Account Adjustment --- Exports and Imports --- Finance --- Financial account --- Financial Instruments --- Foreign direct investment --- Foreign exchange reserves --- Income --- Institutional Investors --- Insurance --- International economics --- International finance --- International Investment --- Investments, Foreign --- Long-term Capital Movements --- Macroeconomics --- Monetary economics --- Monetary Policy --- Money and Monetary Policy --- Non-bank Financial Institutions --- Pension Funds --- Reserve assets --- Short-term Capital Movements --- Trade: General --- United States

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The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

Banks and Banking --- Exports and Imports --- Insurance --- Macroeconomics --- Money and Monetary Policy --- International Investment --- Long-term Capital Movements --- Monetary Policy --- Trade: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Current Account Adjustment --- Short-term Capital Movements --- Finance --- International economics --- Banking --- Monetary economics --- Foreign direct investment --- Reserve assets --- Income --- Credit --- Financial account --- Investments, Foreign --- Foreign exchange reserves --- International finance --- United States

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We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may overcome some ubiquitous measurement problems in the literature by relying on interaction terms between financial openness and traditional push-pull factors. Within our proposed framework, we ask: what can be said robustly about the effect of capital account restrictions on capital flows? Our results warrant against over-interpreting the existing cross-country evidence as we find very few robust relationships between capital account restrictiveness and various types of capital inflows. Countries with a higher degree of financial openness are more susceptible to some, but by no means all, push and pull factors. Overall, the results are still consistent with a complex set of tradeoffs faced by policymakers, where the ability to shield the domestic economy from volatile capital flow cycles must be weighed against the sources of exogenous risks and potential long run growth effects.

Capital market. --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Accounting --- Exports and Imports --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Public Administration --- Public Sector Accounting and Audits --- International economics --- Public finance accounting --- Capital flows --- Capital inflows --- Capital account --- Financial account --- Fiscal accounting and reporting --- Balance of payments --- Public financial management (PFM) --- Capital movements --- International finance --- Finance, Public --- United States