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What is meant by the problem of ' international debt'? Discuss the main policies that a country can use to reduce the problem of international indebtedness (i) in the short run and (ii) in the long run.
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Economics Essay 12) a) What is meant by the problem of ' international debt'? (6 marks) b) Discuss the main policies that a country can use to reduce the problem of international indebtedness (i) in the short run and (ii) in the long run (7 marks + 7 marks) a) The Balance of Payment account shows all monetary transactions between our country and the rest of the world over a period of time. It is made up of the current account (trade in goods and services), capital account (Investments, Saving, Borrowing) and the balancing item, which represents the total of all errors and omissions from the above values, which are estimates. When a country spends more than it earns i.e. it imports more than it exports (Current account), or it saves and invests more abroad than other countries save and invest in that country (Capital account), it is said that the country has a...
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