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Chapter 5 (GNE plus TB equals gross domestic product (GDP)., The trade…
Chapter 5
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Foreign official assets were $5,692 billion.
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External liabilities were $21,940 billion.
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If W > 0, the home country is a net creditor country: external assets exceed external liabilities, and what the rest of the world owes the home country is greater than what the home country owes to the rest of the world.
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Government consumption expenditure (often called "government consumption") equals spending by the public sector on final goods and services.
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External wealth equals the value of total external assets (A) minus the value of total external liabilities (L).
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Gross private domestic investment equals total spending by firms or households on final goods and services to make additions to the stock of capital.
GNE is the total expenditure on final goods and services by home entities in any given period of measurement.
The expenditure approach looks at the demand for goods; it examines how much is spent on demand for final goods and services. The key measure is gross national expenditure.
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