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Measuring Wealth and Financial Intermediation and Their Links to the Real Economy$
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Charles R. Hulten and Marshall B. Reinsdorf

Print publication date: 2015

Print ISBN-13: 9780226204260

Published to Chicago Scholarship Online: September 2015

DOI: 10.7208/chicago/9780226204437.001.0001

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US International Financial Flows and the US Net Investment Position

US International Financial Flows and the US Net Investment Position

New Perspectives Arising from New International Standards

Chapter:
(p.231) 8 US International Financial Flows and the US Net Investment Position
Source:
Measuring Wealth and Financial Intermediation and Their Links to the Real Economy
Author(s):

Christopher A. Gohrband

Kristy L. Howell

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226204437.003.0008

We describe plans by the U.S. Bureau of Economic Analysis (BEA) to restructure the financial account in the balance of payments (BOP) and the international investment position (IIP) to align their presentation and underlying concepts more closely with international standards recommended in the 6th edition of the Balance of Payments and International Investment Position Manual released in 2009. We explain how the proposed presentation differs from the current presentation and provide experimental statistics based on currently published statistics that are reorganized according to the new international guidelines. We describe some benefits of the restructured U.S. BOP and IIP statistics. For example, the new presentation will facilitate analysis of international portfolio investment flows. More detailed data on revised valuation changes in the IIP will allow rates of return to be calculated for more relevant functional categories of financial instruments. Statistics organized according to the new international guidelines will facilitate comparisons with the external financial flows and positions of other countries that follow these standards. We present implications of the new presentation for measurement of rates of return on cross-border investment. Finally, we report on progress utilizing new data sources and on preparing the U.S. IIP on a quarterly basis.

Keywords:   balance of payments, rate of return, economics, FDI, financial, foreign, investment, international, macroeconomics, trade

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