Patricia and Christian talk to Dr Steven Hail about imports and exports, and the effect they have on a nation’s balance sheet, using the sectoral balance framework.

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Sectoral balance accounting identity: (G - T) = (S - I) + (M - X)

G = government spending

T= taxes paid back to government 

S= private savings

I= private investment spending

M= exports

X= imports

Our Episode 64 with John T Harvey on exchange rates: https://www.patreon.com/posts/40518059

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Bill Mitchell on the external sector: http://bilbo.economicoutlook.net/blog/?p=40433

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