Goldbach, Stefan ; Harms, Philipp ; Jochem, Axel ; Nitsch, Volker ; Weichenrieder, Alfons J. (2024)
Retained earnings, foreign portfolio ownership, and the German current account: A firm-level approach.
doi: 10.26083/tuprints-00027468
Report, Erstveröffentlichung, Verlagsversion
Kurzbeschreibung (Abstract)
In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a framework to correct for this misleading attribution and applies this concept to Germany. For the years 2012 to 2020, our corrections retrospectively reduce German savings and consequently the German current account surplus by, on average, €11.5bn annually. This amounts to lowering Germany’s average official current account surplus (€226.6bn) across these years by approximately five percent.
| Typ des Eintrags: | Report |
|---|---|
| Erschienen: | 2024 |
| Autor(en): | Goldbach, Stefan ; Harms, Philipp ; Jochem, Axel ; Nitsch, Volker ; Weichenrieder, Alfons J. |
| Art des Eintrags: | Erstveröffentlichung |
| Titel: | Retained earnings, foreign portfolio ownership, and the German current account: A firm-level approach |
| Sprache: | Englisch |
| Publikationsjahr: | 10 Juni 2024 |
| Ort: | Darmstadt |
| (Heft-)Nummer: | 246 |
| Reihe: | Darmstadt Discussion Papers in Economics |
| Kollation: | 22 Seiten |
| DOI: | 10.26083/tuprints-00027468 |
| URL / URN: | https://tuprints.ulb.tu-darmstadt.de/27468 |
| Kurzbeschreibung (Abstract): | In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a framework to correct for this misleading attribution and applies this concept to Germany. For the years 2012 to 2020, our corrections retrospectively reduce German savings and consequently the German current account surplus by, on average, €11.5bn annually. This amounts to lowering Germany’s average official current account surplus (€226.6bn) across these years by approximately five percent. |
| Freie Schlagworte: | current account; balance of payments; corporate savings; retained earnings, foreign portfolio investment; Germany |
| Status: | Verlagsversion |
| URN: | urn:nbn:de:tuda-tuprints-274680 |
| Sachgruppe der Dewey Dezimalklassifikatin (DDC): | 300 Sozialwissenschaften > 330 Wirtschaft |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete > Fachgebiet Internationale Wirtschaft |
| Hinterlegungsdatum: | 10 Jun 2024 11:35 |
| Letzte Änderung: | 18 Jun 2024 07:08 |
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