External Equilibrium from the Point of View of International Investment Position

Vnější rovnováha z pohledu investiční pozice vůči zahraničí

Jana Marková

Český finanční a účetní časopis, 2017, vol. 2017, issue 1, 17-40

Abstract: Our paper is a reaction to changes made in the structure and construction of balance of payments introduced by the sixth edition of International Monetary Fund´s (IMF) Balance of Payments and International Investment Position Manual (BMP6). The first part of our paper provides a brief historical account of the methodological development of individual IMF´s manuals. The main changes are analysed and compared with the preceding manual, the BPM5, which was released in 1993. The new manual emphasises both the stock as well as the flow variables. For this reason, a detailed analysis of evolution of the international investment position that records, at a point in time, the value and composition of financial assets and liabilities of residents of an economy to non-residents is provided. Various factors as well as the impact of BMP6 new methodology that influence the development of international investment position of the Czech Republic between 2008 to 2015 are discussed. The attention has also been drawn to the evolution of external debt in relation to GDP and particular sectors. We conclude our paper with a discussion of factors that affect the value of external debt.

Keywords: Balance of payments; International investment position; External debt; Platební bilance; Investiční pozice vůči zahraničí; Zahraniční zadluženost (search for similar items in EconPapers)
JEL-codes: E58 F21 F34 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.18267/j.cfuc.490

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