What is balance of payment deficit and what are the causes of the deficit?

Balance of payment refers to the monetary transactions
that involve a nation and all the other countries in the world. When the money coming
into the nation is more than the money going out of the nation there is a balance of
payment surplus and when the money going out exceeds the amount of money coming in there
is a balance of payment deficit.

Balance of payment can be
broadly divided into current account and capital account. Current account includes the
net amount received due to trade, net earnings made outside the country and transfer of
money. Capital account is the net movement of money due to change in ownership of
assets.

When the sum of current account and capital account
is negative, there is a balance of payment deficit. This is the case when the nation is
spending more than it is earning from other nations. Balance of payment deficit can be
due to many causes, some of which are imports far exceeding exports, capital outflow
from the nation due to investors finding better growth prospects abroad than within the
nation, a large debt that the nation has for which it has to pay interest,
etc.

I am not aware of the eight specific causes for
balance of payment deficit that you were refering to.