Double-entry bookkeeping and the balance of payments
the need for a substantial, conceptual reform
Informazioni aggiuntive
Autori
Tipo
Contributo in atti di convegno
Anno
2020
Lingua
Inglese
Sommario
On the basis of the identity between each country’s global imports and exports, which is one of the fundamental economic principles of the balance of payments, the paper highlights why the leading account of transactions from/to the rest of the world needs to be reformed. As a strategic goal, the balance of payments should finally move beyond its current purely statistical and simple-entry bookkeeping approach in order to improve its macroeconomic relevance. The creation of an economic account of the nation as a whole and the introduction of a consistent way of recording transactions following a truly double entry bookkeeping would also erase statistical discrepancies ex ante and reflect the necessary equality (identity) of credits and debits both for all transactions taken together and for each of them separately.
Parole chiave
Balance of payments, Double-entry bookkeeping, Nation’s economic account, Reserve assets
Titolo atti di convegno
Bridging measurement challenges and analytical needs of external statistics: evolution or revolution? Proceedings of the IFC Conference on external statistics
Nome convegno
FC Conference on external statistics
Luogo convegno
Lisbon, Portugal
Data convegno
2021
SDG
Industria, innovazione e infrastrutture
Diffusione
Licenza
CC BY
Visibilità
Pubblico
Status open access
Gold
