G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13142
DP13142 Current account adjustment and retained earnings
Andreas Fischer; Henrike Leonie Groeger; Philip Sauré; Pınar Yeşin
发表日期2018-08-26
出版年2018
语种英语
摘要This paper develops a formal strategy to calculate current accounts with retained earnings (RE) on equity investment and analyzes their adjustment during the global financial crisis. RE are the part of companies' profits which are reinvested and not distributed to shareholders as dividends. International statistical standards treat RE on foreign direct investment and RE on portfolio investment differently: while the former enter the current and financial account, the latter do not. We show that this differential treatment strongly affects current accounts of several advanced economies, frequently referred to as financial centers, with large positions in equity (portfolio) investment. Our empirical analysis finds that the differential treatment of RE alters the interpretation of current account adjustment for the global financial crisis.
主题International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词Current account adjustment Retained earnings Equity investment Financial centers
URLhttps://cepr.org/publications/dp13142
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/541945
推荐引用方式
GB/T 7714
Andreas Fischer,Henrike Leonie Groeger,Philip Sauré,et al. DP13142 Current account adjustment and retained earnings. 2018.
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