Key Terms

Question

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Balance of payments accounts

Balance of payments on the current account (the current account)

Balance of payments on goods and services

Merchandise trade balance (trade balance)

Balance of payments on the financial account (the financial account)

Foreign exchange market

Exchange rates

Appreciates

Depreciates

Equilibrium exchange rate

Real exchange rate

Purchasing power parity

Exchange rate regime

Fixed exchange rate

Floating exchange rate

Exchange market intervention

Foreign exchange reserves

Foreign exchange controls

Devaluation

Revaluation