| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13863 |
| DP13863 Exportweltmeister: The Low Returns on Germany’s Capital Exports | |
| Franziska Hünnekes; Moritz Schularick; Christoph Trebesch | |
| 发表日期 | 2019-07-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Germany is world champion in exporting capital (\Exportweltmeister"). No other country invests larger amounts of savings outside its borders. However, Germany plays in the third division when it comes to investment performance, as we show in this paper. We study the returns on German foreign investments from 1950 to 2017 and find that: (1) Germany's annual returns on foreign assets were 2 to 5 percentage points lower than those of comparable countries. Germany ranks last among the G7 countries, also in the last decade; (2) Domestic returns on German assets have outperformed foreign returns abroad by about 3 percentage points per year; (3) Germany's external wealth provides very little consumption insurance as foreign returns are highly correlated with domestic activity; (4) The capital exports do little to diversify demographic risks as Germany mainly invests in countries with similar demographics. Taken together, these facts raise substantial doubts whether German households, firms, and banks allocate their savings in a beneficial way. |
| 主题 | Economic History ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | International capital flows Foreign assets Foreign returns |
| URL | https://cepr.org/publications/dp13863 |
| 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/542739 |
| 推荐引用方式 GB/T 7714 | Franziska Hünnekes,Moritz Schularick,Christoph Trebesch. DP13863 Exportweltmeister: The Low Returns on Germany’s Capital Exports. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
