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Czasopismo
2015 | 10 | nr 3 | 151--164
Tytuł artykułu

Valuation Effect as a Determinant of the International Investment Position in Central and Eastern European Economies

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The aim of this paper is to evaluate the significance of the valuation effect in determining the dynamics of the net international investment position of CEE economies. For this purpose an analysis of BoP and IIP time series for the four largest CEE economies (Poland, the Czech Republic, Hungary and Romania) for the years 2005-2013 was carried out. The exercise revealed that the valuation effect (VE) is, in the short run, the key determinant of net IIP changes (for most observed years). Nevertheless, in the long-run its influence decreases as valuation gains and losses tend to cancel each other out. As the VE is relatively volatile, it is important to analyse its dynamics over the mid and long-term when evaluating the IIP. The significance of the VE for determining net IIP dynamics turned out to be non-investment-type specific because valuations of both the short-term and longterm investments contributed in a large part to the change in the net IIP. Similarities in the dynamics of the VE in CEE countries prove that the VE depends to a large extent on the general price fluctuations in financial markets that nowadays exhibit strong correlations across countries. (original abstract)
Czasopismo
Rocznik
Tom
10
Numer
Strony
151--164
Opis fizyczny
Twórcy
  • Poznań University of Economics, Poland
Bibliografia
  • Damgaard J., & Elkjaer T. (2014). Foreign Direct Investment and the External Wealth of Nations: How Important is Valuation? Review of Income and Wealth, 60(2). http://dx.doi.org/10.1111/roiw.12098.
  • Devereux M.B., & Sutherland A. (2010). Valuation effects and the dynamics of net external assets. Journal of International Economics, 80(1). http://dx.doi.org/10.1016/j.jinteco.2009.06.001.
  • ECB (2007). European Union Balance of Payments/International Investment Position. Statistical methods. Frankfurt: European Central Bank.
  • Gourinchas P.-O. (2008). Valuation Effects and External Adjustment: A Review. In: K. Cowan, S. Edwards, & R.O. Valdes, Current Account and External Financing, 12.
  • Gourinchas P.-O., & Rey H. (2013). External Adjustment, Global Imbalances and Valuation Effects. NBER Working Papers (19240).
  • Higgins M., Klitgaard T., & Tille C. (2007). Borrowing Without Debt? Understanding the U.S. International Investment Position. Business Economics, 42(1). http://dx.doi.org/10.2145/20070102.
  • IMF (2009). Balance of Payments and International Investment Position Manual (6th ed.). Washington, D.C.: International Monetary Fund.
  • Kumah E., Damgaard J., & Elkjaer T. (2009). Valuation of Unlisted Direct Investment Equity. IMF Working Paper (09/242).
  • Lane P.R., & Milesi-Ferretti G.M. (2001). The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries. Journal of International Economics, 55(2). http://dx.doi.org/10.1016/S0022-1996(01)00102-7.
  • Lane P.R., & Milesi-Ferretti G.M. (2007a). A Global Perspective on External Positions. In: R.H. Clarida (Ed.), G7 Current Account Imbalances. Sustainability and Adjustment. Chicago and London: University of Chicago Press Books.
  • Lane P.R., & Milesi-Ferretti G.M. (2007b). Europe and global imbalances. Economic Policy, 22(51). http://dx.doi.org/10.1111/j.1468-0327.2007.00184.x.
  • Macías A. & Nash A. (2007). Efectos de valoración en la posición de inversion internacional de España (Valuation effects in the Spanish International Investment Position), Documentos Ocasionales No. 0704, Banco de Espana.
  • MNB (2014a). Methodological notes on the statistical treatment of special purpose entities (SPEs), Magyar Nemzeti Bank, Retrieved from http://english.mnb.hu/Root/Dokumentumtar/ENMNB/Statisztika/mnben_modszertanok/fmmodszertan_scv_en.pdf (14.06.2014).
  • MNB (2014b). Report on the Balance of Payments, Magyar Nemzeti Bank, April, Retrieved from http://english.mnb.hu/Root/Dokumentumtar/ENMNB/Kiadvanyok/report-on-the-balance-of-payments/2014/Report_on_the_Balance_of_Payments.pdf (14.06.2014).
  • Sobański K. (2010). Tendencje w bilansie płatniczym i międzynarodowej pozycji inwestycyjnej krajów Europy Środkowo-Wschodniej w latach 1998-2007. In: E. Najlepszy, K. Sobański. Niestabilność równowagi zewnętrznej krajów rozwijających się. Warszawa: Polskie Wydawnictwo Ekonomiczne.
  • UN Economic Commission for Europe, Eurostat, OECD (2011). The Impact of Globalization on National Accounts. New York & Geneva: United Nations.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000171395915

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