THE LEVEL OF THE EXCHANGE RATE AND THE BALANCE
          OF PAYMENTS, RELATIONS AND INFLUENCES

                        Daniela Zăpodeanu, Associate Professor PhD
                                   University of Oradea
                                danizapodeanu@yahoo.com

                                Mihai Cociuba, M Sc Student
                                   University of Oradea
                                    cociuba@gmail.com


ABSTRACT: The level of the exchange rate depends not only on the internal or external
purchasing power, but also on other factors, and the element that synthesizes best the
influence of these factors is the balance of payments, more precisely it’s position, because the
main influential factors of the exchange rate can be found synthesized in the balance of
payments – evolution of imports and exports, capital flows under the form of direct
investments or portfolio investments, etc. Because of the conception form of the balance of
payments, it offers an easy way of reporting the economic course.

Key words: balance of payments, current account, capital account, exchange rate.

JEL codes: F40