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The table to the right shows that between 1993 and 2003, Canada erased a net...

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Accounting

The table to the right shows that between 1993 and 2003, Canada erased a net foreign debt equal to more than 40 percent of its GDP. The data reveals that O A. Canada ran reasonably large current account surpluses over the decade and at the same time, the depreciation of the Canadian dollar helped the valuation of the assets and liabilities. OB. the appreciation of the Canadian dollar against the U.S. dollar means that foreign assets held by Canada were rising in value in local terms while foreign liabilities were primarily in Canadian dollars. O C. Canada ran very big current account surpluses over the decade to accomplish the feat. O D. the depreciation of the Canadian dollar against the U.S. dollar was the primary reason behind the valuation effect. B Gross Foreign Assets and Liabilities of Selected Industrial Countries (percent of GDP) Australia Canada France Germany Italy Assets Liabilities United Kingdom United States Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Netherlands

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