Subsequent reforms and opening up the capital account to non-debt creating flows of foreign direct investment (FDI) and portfolio equity flows not only completely transformed the sources of financing of the BoP but it also resulted in substantial addition to reserves in the 2000s (Table 4 & Chart 6).
Prices of metals and other industrial commodities, and agricultural products, are affected to a considerable extent by developments outside the United States, and the softness we’ve seen in these commodity prices, has in part reflected a slowing of demand from China and  2  Among the many papers finding a role for resource utilization in affecting inflation based on evidence from macroeconomic time-series data, see Robert J. Gordon (2013), “The Phillips Curve Is Alive and Well: Inflation and the NAIRU during the Slow Recovery (PDF),” NBER Working Paper Series 19390 (Cambridge, Mass.