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What is a balance of payments?

What is a balance of payments? Here are some definitions.

Noun
  1. A measure of all flows of money into and out of a country including payments for goods and services and capital flows.
  2. The systematic record of such transactions.
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Examples
In response to balance of payments problems, these countries sought to expand their exports of manufactured goods.
One is the position of the Commonwealth budget and the other is the balance of payments current account deficit.
The idea of calculating the so-called national balance of payments in a free market economy will be absurd.
Further, growth in total exports will outweigh growth in total imports leading to an improvement in the balance of payments.
Pressure on the US dollar in the form of a deep recession or a balance of payments crisis in the US is unlikely.
One thing that's very important now for Brazil is to improve its balance of payments.

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