Definition: Resident institutional unit

Balance of Payments, IMF

The sectors of an economy are composed of two main types of institutional units: (i) household and individuals who make up a household and (ii) legal and social entities, such as corporations and quasicorporations (e.g., branches of foreign direct investors), non-profit institutions, and the government of that economy. These institutional units must meet certain criteria to be considered resident units of the economy.
Source:
International Monetary Fund (IMF), "Balance of Payments Manual" (BOP), Fifth Edition, Washington D.C., 1993
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