Exploratory Estimates of the Influence of Economic Activity on German Portfolio Investment Abroad

Dietrich Fausten

Economia Internazionale / International Economics, 1995, vol. 48, issue 4, 497-514

Abstract: Mutual interdependence between the current account and the capital account suggests that real sector influences should be recognized in the determination of international capital movements. To the extent that relevant real sector forces are captured by national incomes, they exert a remarkably robust influence on the determination of German portfolio investment abroad. This basic finding applies to German aggregate portfolio flows as well as to bilateral portfolio investment in the U.S., and it replicates previous results for Australian portfolio investment abroad.

Date: 1995
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