In 2014, Germany had a balance of trade surplus of 217 billion and a current account surplus

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In 2014, Germany had a balance of trade surplus of €217 billion and a current account surplus of €215 billion. Explain how Germany's current account surplus could be smaller than its trade surplus. In 2014, what would we expect Germany's balance on the financial account to have been? Briefly explain.
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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