| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13142 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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