The UK's international investment position

Whittard, Damian; Khan, Jawed

doi:10.1057/elmr.2010.79

Cited by 2 publications

(4 citation statements)

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“…2 The UK current account balance has also received attention from monetary policy officials at various times: see Nickell (2006), Weale (2013) and Broadbent (2014). 3 There are periodic attempts to provide a rough calculation of the relative contributions of valuation effects and other changes -see, for instance, Whittard (2012). However, the decomposition is not reported on a regular or timely basis.…”

Section: Notesmentioning

confidence: 99%

“…However, transfer pricing should not affect the current account balance, since accounting-driven reductions in net exports are one-for-one offset by matching increases in net investment income (and vice versa). 5 On the role of Sterling depreciation in generating net capital gains during the global crisis, see Whittard (2012) and Benetrix et al (2015). 6 As pointed out by Bank of England (2014) and Broadbent (2014), the market value of FDI positions may exceed book value.…”

Section: Notesmentioning

confidence: 99%

“…3There are periodic attempts to provide a rough calculation of the relative contributions of valuation effects and other changes – see, for instance, Whittard (2012). However, the decomposition is not reported on a regular or timely basis.…”

Section: Notesmentioning

confidence: 99%

“…5On the role of Sterling depreciation in generating net capital gains during the global crisis, see Whittard (2012) and Benetrix et al (2015).…”

Section: Notesmentioning

confidence: 99%

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A Financial Perspective on the UK Current Account Deficit

Lane

2015

Natl. Inst. econ. rev.

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A drop in net FDI investment income has been the primary factor in the recent deterioration in the measured UK current account balance, with the trade balance relatively stable. We argue that financial engineering (with little net impact on the underlying international investment position for the UK) may have contributed to the decline in net FDI investment income, such that the headline current account balance cannot be interpreted as a sufficient indicator of the state of the UK's external position. A more granular analysis of cross-border financial linkages than is possible with currently-published data would be required in order to provide a comprehensive assessment of external sustainability.

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Section: Notesmentioning

confidence: 99%

Section: Notesmentioning

confidence: 99%

Section: Notesmentioning

confidence: 99%

“…5On the role of Sterling depreciation in generating net capital gains during the global crisis, see Whittard (2012) and Benetrix et al (2015).…”

Section: Notesmentioning

confidence: 99%

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A Financial Perspective on the UK Current Account Deficit

Lane

2015

Natl. Inst. econ. rev.

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Financing U.S. Debt: Is There Enough Money in the World - and at What Cost?

Kitchen

Chinn

2010

SSRN Journal

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ABSTRACT:This paper examines the potential role for foreign official holdings of U.S. Treasury securities and the associated implications for Treasury security interest rates, international portfolio allocations, net international income flows, and the U.S. net international debt position, using a baseline outlook of current and projected U.S. budget deficits and growing debt. The analysis applies empirical results regarding the role of U.S. structural budget deficits and foreign official holdings of U.S. Treasuries in determining Treasury security interest rates. Although initial review of information suggests that the world portfolio could potentially accommodate financing requirements over the intermediate horizon, substantial uncertainty remains about the relationships among foreign official holdings, exchange rates, and trade; the potential effects of "crowding out" in the international portfolio; and how and whether world portfolio allocations would adjust to accommodate higher shares of U.S. assets.

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The UK's international investment position

Cited by 2 publications

References 1 publication

A Financial Perspective on the UK Current Account Deficit

A Financial Perspective on the UK Current Account Deficit

Financing U.S. Debt: Is There Enough Money in the World - and at What Cost?

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