Methods explained: The balance of payments (journal article)
by Graeme Chamberlin
from Economic & Labour Market Review, vol 3, no 9, pp 44-51
"This article describes the main features of the United Kingdom Balance of Payments. The Balance of Payments essentially records one nation’s transactions with the rest of the world – relating to conventional trade in goods and services, income flows and the transfer in ownership of financial assets across borders. The International Investment Position, or net asset position, is the part of the Balance of Payments that records net stocks of the UK’s foreign assets and liabilities. The relationship between this and investment income is also analysed. Finally, the impact of the global recession and credit crunch on recent Balance of Payments data is presented."