7. Current, financial, and capital accounts Consider hypothetical balance-of-payments data for Canada presented in the following table. Complete the following table by selecting the correct value for each missing entry. Suppose a Canadian citizen gives money to her nephew in Belgium. This would be entered as a item under the section of the Canadian current account. According to the table, Canada is running a trade in goods and services. The current account balance suggests that Canadian current account transactions (exports and imports of goods and services and inflows and out MindTap Assignment 10: Chapters 14&15 compiete tne rollowing tabie oy selecting tne correct value ror eacn missing entry. Suppose a Canadian citizen gives money to her nephew in Belgium. This would be entered as a item under the section of the Canadian current account. According to the table, Canada is running a trade in goods and services. The current account balance suggests that Canadian current account transactions (exports and imports of goods and services and inflows and outflows of investment income and transfers) created outpayments of foreign currencies from Canada that were the inpayments of foreign currencies to Canada. Any surplus or deficit in one account must be offset by deficits or surpluses in other balance-of-payments accounts. Because the current account is in , the excess of foreign currency held by Canadians must either be loaned to foreigners or used to buy foreign stocks or bonds. All of these transactions are then recorded in the account. Since any imbalance in one account automatically leads to an equal, but opposite, imbalance in the other, the balance of payments is always