离岸利润转移和总量计量:国际收支、外国投资、生产率和劳动份额

IF 10.5 1区经济学 Q1 ECONOMICS

American Economic Review Pub Date : 2022-06-01 DOI:10.1257/aer.20190285

Fatih Guvenen, R. Mataloni, Dylan G. Rassier, Kim J. Ruhl

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引用次数: 27

摘要

我们展示了美国跨国企业的离岸利润转移如何影响美国经济的几个关键指标。从上世纪90年代中期到2010年，转移到美国以外的利润迅速增长，此后开始放缓。从1982年至2016年，美国海外直接投资的收入中，平均有38%可重新归属于美国。我们发现，对利润转移进行调整会缩小贸易逆差，降低美国对外直接投资的回报率，提高上世纪90年代末和本世纪初的生产率增长率，并降低劳动收入占比。(jel e23, e25, f14, f23, h25, h87, l25)

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Offshore Profit Shifting and Aggregate Measurement: Balance of Payments, Foreign Investment, Productivity, and the Labor Share

We show how offshore profit shifting by US multinational enterprises affects several key measures of the US economy. Profits shifted out of the United States grew rapidly from the mid-1990s to 2010 and have since waned. From 1982–2016, on average, 38 percent of income attributed to US direct investment abroad is reattributable to the United States. We find that adjusting for profit shifting shrinks the trade deficit, decreases the return on US foreign direct investment abroad, boosts productivity growth rates in the late 1990s and early 2000s, and lowers labor’s share of income. (JEL E23, E25, F14, F23, H25, H87, L25)

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来源期刊

American Economic Review ECONOMICS-

CiteScore

18.60

自引率

2.80%

发文量

122

期刊介绍： The American Economic Review (AER) stands as a prestigious general-interest economics journal. Founded in 1911, it holds the distinction of being one of the nation's oldest and most esteemed scholarly journals in economics. With a commitment to academic excellence, the AER releases 12 issues annually, featuring articles that span a wide spectrum of economic topics.