德国对外投资回报的国际比较

IF 3.8 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2025-02-17 DOI:10.1016/j.jinteco.2025.104056

Franziska Hünnekes , Maximilian Konradt , Moritz Schularick , Christoph Trebesch , Julian Wingenbach

{"title":"德国对外投资回报的国际比较","authors":"Franziska Hünnekes , Maximilian Konradt , Moritz Schularick , Christoph Trebesch , Julian Wingenbach","doi":"10.1016/j.jinteco.2025.104056","DOIUrl":null,"url":null,"abstract":"<div><div>Germany is a world champion in exporting capital (“Exportweltmeister”). Few countries have invested larger amounts of savings abroad. However, we show that Germany plays in the third division when it comes to investment performance. We construct a comprehensive new database of foreign investment returns for 13 advanced economies going back to the 1970s. Germany’s foreign returns were 2 to 5 percentage points lower, per year, than those of comparable countries. Germany also earns significantly less within asset classes, especially for equities and FDI. These aggregate results are confirmed when using return data from 50,000 mutual funds worldwide. German investment funds are worse at stock picking and at timing the market than their international peers. This is particularly true for the ”Big 6” German mutual fund companies. German households would have fared much better with a passive investment strategy.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"155 ","pages":"Article 104056"},"PeriodicalIF":3.8000,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Exportweltmeister: Germany’s foreign investment returns in international comparison\",\"authors\":\"Franziska Hünnekes , Maximilian Konradt , Moritz Schularick , Christoph Trebesch , Julian Wingenbach\",\"doi\":\"10.1016/j.jinteco.2025.104056\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Germany is a world champion in exporting capital (“Exportweltmeister”). Few countries have invested larger amounts of savings abroad. However, we show that Germany plays in the third division when it comes to investment performance. We construct a comprehensive new database of foreign investment returns for 13 advanced economies going back to the 1970s. Germany’s foreign returns were 2 to 5 percentage points lower, per year, than those of comparable countries. Germany also earns significantly less within asset classes, especially for equities and FDI. These aggregate results are confirmed when using return data from 50,000 mutual funds worldwide. German investment funds are worse at stock picking and at timing the market than their international peers. This is particularly true for the ”Big 6” German mutual fund companies. German households would have fared much better with a passive investment strategy.</div></div>\",\"PeriodicalId\":16276,\"journal\":{\"name\":\"Journal of International Economics\",\"volume\":\"155 \",\"pages\":\"Article 104056\"},\"PeriodicalIF\":3.8000,\"publicationDate\":\"2025-02-17\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of International Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0022199625000121\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of International Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0022199625000121","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

德国是资本输出的世界冠军（“expor12tmeister”）。很少有国家在海外投资了如此多的储蓄。然而，我们的研究表明，在投资表现方面，德国排名第三。我们构建了一个全面的新数据库，记录了13个发达经济体自上世纪70年代以来的外国投资回报。德国每年的海外投资回报率比可比国家低2到5个百分点。德国在资产类别（尤其是股票和外国直接投资）上的收益也明显下降。这些综合结果在使用全球50,000只共同基金的回报数据时得到了证实。与国际同行相比，德国投资基金在选股和把握市场时机方面表现更差。德国“六大”共同基金公司尤其如此。如果采用被动投资策略，德国家庭的境况会好得多。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Exportweltmeister: Germany’s foreign investment returns in international comparison

Germany is a world champion in exporting capital (“Exportweltmeister”). Few countries have invested larger amounts of savings abroad. However, we show that Germany plays in the third division when it comes to investment performance. We construct a comprehensive new database of foreign investment returns for 13 advanced economies going back to the 1970s. Germany’s foreign returns were 2 to 5 percentage points lower, per year, than those of comparable countries. Germany also earns significantly less within asset classes, especially for equities and FDI. These aggregate results are confirmed when using return data from 50,000 mutual funds worldwide. German investment funds are worse at stock picking and at timing the market than their international peers. This is particularly true for the ”Big 6” German mutual fund companies. German households would have fared much better with a passive investment strategy.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.