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In the Getting started column on pp. 5–9 of this issue of ECONOMIC REVIEW, there is some discussion on how we can try to evaluate the performance of an economy such as the UK. The balance of payments is mentioned, which is one of the key indicators that the media like to debate. So, what is the balance of payments? And why do we worry about it?
The balance of payments is simply a set of accounts — but an important set. It monitors transactions between the UK and the rest of the world, including not only transactions in goods and services, but also in assets — both physical and financial.
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