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The Residual Sector: The Balance of Payments

In: National Monetary and Financial Analysis

Author

Listed:
  • Graeme S. Dorrance

Abstract

As indicated in Chapter 1, each participant in a financial transaction must have a partner participant. Therefore, if on balance, all the residents of a country have aggregate net balances on any accounts, non-residents must have countervailing balances on these accounts. Either all the domestic entries in a set of financial accounts sum to an account that is the equivalent of the balance of payments statement; or a set of financial accounts, including an account for the foreign sector,1 sums in all its entries to zero. Hence, the accounts for the foreign sector are accounts that countervail those of the domestic sectors.

Suggested Citation

  • Graeme S. Dorrance, 1978. "The Residual Sector: The Balance of Payments," Palgrave Macmillan Books, in: National Monetary and Financial Analysis, chapter 12, pages 140-144, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15858-4_13
    DOI: 10.1007/978-1-349-15858-4_13
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