Harvard Business School 9-384-006
Rev. February 4, 1988
Balance of Payments Exercise
Worksheet
1959 1960
1. Trade balance 972 _______
2. Services, net 75 _______
3. Balance on goods and services 1,047 _______
4. Unilateral transfers, net -2,481 _______
5. Current balance -1,434 _______
6. Long-term capital, net -2,798 _______
7. Basic balance -4,232 _______
8. Short-term capital, net 2,485 _______
9. Errors and Omissions 412 _______
10. Overall balance1 -1,335 _______
11 Balance on Official Settlements 1,335 _______
12. IMF position, net 260 _______
13. Official gold and foreign exchange reserves 1,075 _______
1 This overall balance calculation differs from the OECD calculation found in Exhibit 2 of the KENNEDY AND
THE BALANCE OF PAYMENTS case. Reserves above (lines 12 and 13) are narrowly defined to include only the
IMF position and official gold and foreign exchange reserves. The OECD definition of reserves is broader. It also
includes private monetary institutions' short-term assets and liabilities and central monetary institutions' other
liabilities and assets.
This worksheet was prepared by Research Associate Jane Kenney Austin under the supervision of Assistant Professor David
B. Yoffie.
Copyright © 1983 by the President and Fellows of Harvard College. No part of this publication may be
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