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Business and Economics > Insurance

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Balance of trade x
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Cover IMF Working Papers
The Stabilizing Role of Net Foreign Asset Returns
Gustavo Adler
and
Mr. Daniel Garcia-Macia
With the rapid growth of countries' foreign asset and liability positions over the last two decades, financial returns on those positions ('NFA returns') have become material drivers of current accounts and net stock positions. This paper documents the relative importance of NFA return versus trade channels in driving NFA dynamics, for a sample of 52 economies over 1990-2015. While persistent trade imbalances have been a strong force leading to diverging NFA positions, NFA returns have played an important stabilizing role, mitigating NFA divergence. The stabilizing role of NFA returns primarily reflects the response of asset prices, rather than yield differentials or exchange rates. There is also evidence of heterogeneity in the speed of NFA adjustment, with emerging market economies adjusting more rapidly than advanced economies, and reserve-currency countries adjusting more slowly than others. The paper also documents the role of NFA returns as insurance against domestic and global income shocks, with a focus on reserve-currency countries.
Keywords:
WP; NFA return; net foreign assets; international investment position; valuation changes; return differential; NFA position; valuation change; NFA dynamics; Asset prices; Trade balance; Insurance; Income shocks; Exchange rates; Global
Cover A Manual on Statistics of International Trade in Services
A Manual on Statistics of International Trade in Services
International Monetary Fund

Abstract

The Manual sets out an internationally agreed framework for the compilation and reporting of statistics on international trade in services in the broad sense. It addresses the growing need, including in international trade negotiations and agreements, for more detailed, comparable, and comprehensive statistics on this type of trade in its various forms. The recommendations will enable countries to progressively expand and structure the information they compile in an internationally comparable way. The Manual conforms with and explicitly relates to the System of National Accounts 1993 and the fifth edition of the IMF’s Balance of Payments Manual. It is published jointly by the United Nations, European Union, IMF, OECD, UNCTAD, and World Trade Organization.

Keywords:
M&G; trade; non-resident trade; provision; supplier; trade statistics; transaction; service supplier; services enterprise; trade negotiator; company J; international trade; Trade in services; Transportation; Financial activity tax; Insurance; Foreign direct investment; Global