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Business and Economics > Investments: Stocks

You are looking at 1 - 8 of 8 items for :

  • Type: Journal Issue x
  • Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access x
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Cover IMF Working Papers
Measuring Multinational Production with Foreign Direct Investment Statistics: Recent Trends, Challenges, and Developments
Bruno Casella
,
Maria Borga
, and
Mr. Konstantin Wacker
In a complex global production landscape, the quest for measures of economic activity by multinational enterprises (MNEs) has become more pressing. Foreign Direct Investment (FDI) statistics, which capture financing aspects of MNEs, have often been used as a proxy for multinational production given their wide availability and cross-country comparability, but concerns that multinational production occurs in different countries than where financial positions are recorded call this practice into question. This paper revisits the main objections to the use of FDI as a proxy for multinational production, explores counterarguments, and provides guidance on the use of FDI statistics to measure multinational production.
Keywords:
FDI; multinational production; multinational enterprises; foreign affiliates; FDI statistics; FDI data; conduit FDI; FDI stock; Foreign direct investment; Special purpose vehicle; Stocks; Offshore financial centers; Global
Cover IMF Working Papers
Sustainable Development Goals (SDGs) and GDP: What National Accounts Bring to the Table
Mr. Thomas F Alexander
,
Ms. Claudia H Dziobek
, and
Tadeusz Galeza
The Sustainable Development Goals (SDGs) adopted by the UN General Assembly in 2015 represent a new global consensus to end poverty, promote prosperity, and protect the environment. Goal 8 seeks to improve global resource efficiency in consumption and production and to decouple economic growth (GDP) from environmental degradation while Goal 12 focuses on sustainable consumption and production. While GDP does not capture these broader goals, we suggest that the System of National Accounts which incorporates but goes well beyond GDP, can be used for the measurement of these SDGs and to support policy. We construct a conceptual “super balance sheet” with an expanded asset boundary to include durable consumer goods used to produce services, human capital, and access to resources such as clean water and air, education, health, and infrastructure, to produce an expanded household net worth.
Keywords:
WP; balance sheet; consumer durables; asset; GDP; production; SDGs; Beyond GDP; National Accounts; Balance Sheets; SNA production boundary; SNA framework; SNA asset boundary; household sector balance sheet; SNA prototype; Financial statements; Sustainable Development Goals (SDG); Stocks; Human capital; Global
Cover IMF Working Papers
The Financial Wealth of Corporations: A First Look at Sectoral Balance Sheet Data
Ms. Yuko Hashimoto
and
Mr. Noriaki Kinoshita
This paper analyzes the nonfinancial corporation (NFC) sector’s financial balance sheets using data available from the OECD. In our sample of 20 advanced economies, corporate debt in percent of GDP—a frequently used indicator in the context of corporate balance sheet adjustments—has remained high since the global financial crisis, with significant differences in the level and the trend between the high-debt and low-debt groups. Looking at financial balance sheets more broadly, including net financial wealth, the NFC sector’s balance sheet conditions have improved recently, particularly reflecting accumulation of corporate cash and valuation gains on financial assets. Longer time series and more granular data for Japan, which has been experiencing a prolonged period of balance sheet adjustments, indicate that a continued strengthening of balance sheets might occur even after debt levels are reduced.
Keywords:
WP; debt; economy; balance sheet adjustment; cash; balance sheet data; Nonfinancial corporation; financial balance sheet; net financial wealth; NFC sector; balance sheet condition; cash holding; financial asset accumulation; Financial statements; Currencies; Stocks; Global financial crisis of 2008-2009; Business enterprises; Global
Cover Technical Notes and Manuals
Direct Reporting of Private Sector Cross-Border Financial Flows and Stocks in Selected African Countries
Kenneth Egesa
and
Howard Murad
Private cross-border financial flows and stocks have grown to account for an increasingly significant part of overall transactions and positions in many African countries. Direct reporting through enterprise surveys has become a key data source to enable them to be measured accurately. The paper describes a multi-year technical assistance project in The Gambia, Ghana, Kenya, Mauritius, Mozambique, and Nigeria, where annual enterprise surveys are now established. To varying degrees, the survey results have been incorporated into the balance of payments and International Investment Position statistics. The case studies may serve as a useful reference for other countries embarking on efforts to establish direct reporting of cross-border financial flows and stocks.
Keywords:
TNM; enterprise survey; survey frame; EDDI project; enterprise group; balance sheet account; IIP data; International Investment Position; International Capital Flows; Balance of Payments Statistics in Africa; portfolio investment; Foreign direct investment; Portfolio investment; Balance of payments statistics; Stocks; Africa
Cover IMF Working Papers
How Can Burundi Raise its Growth Rate? the Impact of Civil Conflicts and State Interventionon Burundi'S Growth Performance
Olivier Basdevant
Over the last thirty years Burundi's low economic growth has led to a significant decline in per capita GDP. The purpose of this paper is to shed light on supply-side constraints that prevented Burundi's economy from growing faster. Lack of investment, civil conflict, economic inefficiencies, state intervention in the economy, and regulatory restrictions explain a large part of the weak growth performance for the last thirty years.
Keywords:
WP; Burundi; depreciation rate; growth performance; Growth; Investment; Capital Stock; Kalman Filter; Burundi ICOR; growth prospect; accumulation function; Burundi's economy; investment inefficiency; Depreciation; Stocks; Agricultural commodities; Income; Capital accumulation; Sub-Saharan Africa
Cover IMF Working Papers
New Estimates of Government Net Capital Stocks for 22 OECD Countries 1960-2001
Christophe Kamps
The issue of whether government capital is productive has received a great deal of recent attention. Yet empirical analyses of public capital productivity have generally been limited to the official capital stock estimates available in a small sample of countries. Alternatively, many researchers have investigated the output effects of public investment-recognizing that investment may be a poor proxy for the corresponding capital stock. This paper attempts to overcome the data shortage by providing internationally comparable capital stock estimates for 22 Organization for Economic Cooperation and Development (OECD) countries.
Keywords:
WP; General government; net capital; OECD country; Capital stock; public capital; perpetual inventory method; OECD countries; capital stock estimate; government capital; production function; government activity; growth rate; government capital stock; capital stock data; government assets; estimation result; government net capital stock; capital stock series; Stocks; Gross fixed investment; Depreciation; Public investment spending; Public investment and public-private partnerships (PPP)
Cover IMF Working Papers
Changes in Inventories in the National Accounts
Mr. Segismundo Fassler
and
Mr. Manik L. Shrestha
The principles underlying the recording of changes in inventories are explained in the System of National Accounts, 1993 (1993 SNA), but operational guidelines on their measurement are lacking. This paper elaborates specific statistical techniques and their underlying assumptions for calculating changes in inventories and holding gains when only data on stocks of inventories are available. Several data situations are considered. The authors propose methods for measuring changes in inventories that meet the 1993 SNA principles. The paper also explores possibilities for implementing the proposed improvements and explains the interpretation of data on changes in inventories.
Keywords:
WP; current price; stocks of inventory; base period
Cover IMF Working Papers
Effects of Volatile Asset Priceson Balance of Payments and International Investment Position
Mr. Marco Committeri
This paper aims at clarifying, with the help of a simple formal model and numerical examples, several aspects of the relationship between international investment position (IIP) and balance of payments (BOP) statistics. Exact and approximated relations are compared to analyze the estimation accuracy of the most popular data model used to reconcile BOP transaction statistics with IIP and external debt stock statistics, and discuss (a) how such accuracy is affected by volatile asset prices and transactions and (b) how net errors and omissions are related to the model in question. Numerical examples based on equity prices and exchange rates actually observed in the 1990s suggest that the bias might have been especially large for estimates based on less detailed financial information. Serious consideration should be therefore given by national compilers to make use of more detailed financial information in compiling BOP and IIP statistics.
Keywords:
WP; Balance of payments; International investment position; External debt; Statistical accuracy; Errors and omissions; Volatility; Capital flight; transaction volatility; period price; case price dispersion; IMF model; financial asset; Non-transaction adjustment; stock estimator; portfolio investment transaction; Stocks; Exchange rates; Securities; Balance of payments statistics; Asset prices; Global