Balance of payments, international investment position
The key components of the balance of payments are the current account, the capital account, the financial ac-count and the net errors and omissions. Net lending – the sum of the current account and the capital account – shows the aggregate balance on goods and services, income, transfers. The financial account records transactions in financial assets and liabilities and that take place between residents and non-residents. The financial account is subdivided by functional and instrument categories: foreign direct investments, portfolio investments, financial derivatives and employee stock options as well as other investments and the international reserves. The value of the stocks may change due to transactions, exchange rate changes, revaluations due to price changes and due to other changes in volume.