Vaihtotaseen

Vaihtotaseen is the Finnish term for the balance of payments (BoP) of a country. It is the comprehensive record of all economic transactions between residents and non-residents over a defined period, usually one year. The balance of payments shows whether a country is a net lender to or a net borrower from the rest of the world and provides a broad view of its external position.

Vaihtotaseen typically consists of several components. The current account records trade in goods and services, as well as income flows and unilateral transfers. The capital and financial account covers capital transfers and financial transactions, including investment movements and changes in foreign ownership of assets. In addition, reserve asset changes by the monetary authority and a balancing item called errors and omissions are used to ensure the accounts balance. In principle, the sum of the current account, the capital and financial account, and the reserve asset changes equals zero; any discrepancy is resolved in the errors and omissions entry.

Interpreting vaihtotaseen involves assessing whether the country runs a surplus or deficit, and what that implies for external financing and macroeconomic policy. A sustainable external position usually depends on factors such as competitiveness, terms of trade, investment flows, and the availability of foreign capital. National statistics offices and central banks publish BoP data, often on a quarterly and annual basis, to aid policymakers, researchers, and markets in monitoring external development.