1) The balance of payments records a country's economic transactions with other countries over a period of time. It includes the current account and capital account. 2) The current account records exports and imports of goods and services that impact a country's consumption and income. It includes trade in goods, services, investment income, and unilateral transfers like foreign aid. 3) The capital account records short and long term cross-border capital flows, including purchases of assets and securities, as well as changes in foreign exchange reserves and gold holdings.

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