A. (10 points) Explain the concept of globalisation and how it is measured. In addition, briefly discuss whether globalisation is better measured using flow or stock variables, or both. Do you think that the world is experiencing slowbilisation/deglobalisation? Why? (There is no right or wrong answer, you have to take a stance, but you have to provide arguments supporting your opinion).

B. (10 points) What are the main components of the balance of payments? How are they connected to the Net International Investment Position? What do they look like for Australia and, in particular, how have they changed in the past ten years in this country relative to the previous years?