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An Analysis of Costs and Revenues of Net Foreign Investment Position in Advanced and Transitive Countries

Analýza podmínek obsluhy čisté investiční pozice v rozvinutých a tranzitivních ekonomikách

Karel Brůna ()

Český finanční a účetní časopis, 2011, vol. 2011, issue 3, 22-31

Abstract: Presented article deals with a theoretical analysis of dynamics of both net international investment position to GDP ratio and net costs of negative investment position in terms of its main determinants. It also analyzes a special case of a link between negative net investment position and positive net revenues. Next it is discussed how far is this case possible in transitive countries. The article points out important differences between a position of large advanced and small transitive economies in case of costs of net investment position. With respect to this main factors as country's position of FDI lender/debtor, country's currency position of investment/invoicing currency, exogeneity of foreign assets and liabilities interest yields and last but not least role of FX reserves accumulation by central bank and position of foreign currency denominated loans on foreign liabilities side are discussed

Keywords: Net investment position; FDI; Interest rate differential; Čistá investiční pozice; Přímé zahraniční investice; Úrokový diferenciál (search for similar items in EconPapers)
JEL-codes: E58 F21 F34 (search for similar items in EconPapers)
Date: 2011
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DOI: 10.18267/j.cfuc.111

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