Abstract
Brazil’s balance of payments has been calculated since 2001 in accordance with criteria suggested in the 5th edition of the International Monetary Fund’s Balance of Payments Manual (BPM5). The Balance of Payments account can be divided into two groups: (i) current account transactions and (ii) the capital and financial account. The current account includes transactions arising from trade in goods and services and remuneration for factors of production (such as interest and dividends). The capital and financial account includes private capital (direct investments, credits to buyers and suppliers, debt securities, etc.), the error and omissions account and compensatory capital (international reserves, exceptional debt financing and arrears).
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