International Economics and Business

advertisement
International Economics and Business
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
Chapter 2 – Getting the numbers right
Table 2.1 US imports and exports ($ billion), 2010
Imports
(a)
Exports
(b)
World total
1,912
1,278
-634
-20
Canada
Mexico
Brazil
Norway
Netherlands
276
230
24
7
19
249
163
35
3
35
-28
-66
11
-4
16
-5
-17
19
-38
30
Switzerland
Germany
Nigeria
OPEC
Cyprus
19
83
31
150
0.01
2
-34
-26
-96
0.12
4
-26
-77
-47
85
Source: US Census Bureau
21
48
4
54
0.13
Difference
(b)-(a)
% of total
100  ( b  a ) /( b  a )
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
Table 2.2 A firm’s statement of income
International Economics and Business
Chapter 2 – Getting the numbers right
1
Revenue
Cost of sales
Gross profit
Selling, administrative, and other expenses
Research and development
Other income
Other expenses
Operating profit
Interest income
Interest expenses
Currency exchange gains or losses
Income before taxation
Taxation
Minority interests
Income after taxation
Income from discontinued operation (net of taxes)
Income on disposal of discontinued operations (net of taxes)
Cumulative effects of changes in accounting principles
Net income
1
Neither the terminology nor the complete set-up need be similar across countries,
firms and periods. For example, gross profit is often referred to as gross margin, and
many firms list special items (such as merger or reorganization costs). In this table
we list a “common denominator”.
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.3 Funding options for multinationals
Source
Location
Internal
External
Parent country
Retained earning of the
multinational parent
Equity or debt raised by the
multinational parent
Local (host country)
Retained earnings of local
subsidiary
Equity or debt raised by
multinational parent or by local
subsidiary
Third country
Retained earnings of the
third country based
subsidiary
Equity or debt raised by
multinational parent or by 3rd
country based subsidiary
Source: Root (1994, p. 584); the shaded box is excluded in FDI statistics.
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.4 Inward FDI stock; US $ bn, 2009
a. USA inward FDI stock
Total
2,253
United Kingdom
Japan
Netherlands
Canada
Germany
Switzerland
France
Luxembourg
Australia
Spain
454
264
238
226
218
189
189
128
46
44
%
20.1
11.7
10.6
10.0
9.7
8.4
8.4
5.7
2.0
1.9
b. Germany inward FDI stock
Total
909
Netherlands
Luxembourg
United States
France
Switzerland
United Kingdom
Italy
Austria
Japan
Sweden
230
127
98
96
75
73
47
25
20
18
%
25.3
14.0
10.7
10.5
8.2
8.1
5.1
2.8
2.2
2.0
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
c. Japan inward FDI stock
Total
189
United States
Netherlands
Cayman Islands
France
Singapore
United Kingdom
Germany
Switzerland
Luxembourg
Hong Kong
75
36
17
15
11
7
7
5
4
3
%
39.7
19.1
9.0
8.0
5.6
3.9
3.8
2.6
2.3
1.4
International Economics and Business
Chapter 2 – Getting the numbers right
d. Australia inward FDI stock
Total
224
United States
United Kingdom
Japan
Netherlands
Switzerland
Germany
France
Canada
Singapore
Hong Kong
66
42
25
17
14
10
9
7
7
7
%
29.5
18.6
11.1
7.7
6.0
4.2
4.1
3.1
3.1
2.9
Source: OECD Foreign Direct Investment Position database; German and Australian data for 2008.
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.5 Foreign Direct Investment (FDI), stocks and flows; $ bn (%), 2011
FDI in
Flows
World
FDI out
Stock
Flows
Stock
1,524
(100)
20,438
(100)
1,694
(100)
21,168
(100)
748
(49.1)
13,056
(63.9)
1,238
(73.0)
17,056
(80.6)
Europe
425
(27.9)
8,081
(39.5)
651
(38.4)
10,444
(49.3)
North America
268
(17.6)
4,104
(20.1)
446
(26.3)
5,170
(24.4)
Other developed ec.
55
(3.6)
870
(4.3)
140
(8.3)
1,442
(6.8)
Developing economies
684
(44.9)
6,625
(32.4)
384
(22.6)
3,705
(17.5)
43
(2.8)
570
(2.8)
4
(0.2)
126
(0.6)
Asia
423
(27.8)
3,991
(19.5)
280
(16.6)
2,573
(12.2)
Latin America
217
(14.2)
2,048
(10.0)
10
(0.6)
1,006
(4.8)
2
(0.1)
17
(0.1)
0
(0.0)
1
(0.0)
Developed economies
Africa
Oceania
Source: based on data from UNCTAD (2012), World Investment Report 2012; % in parentheses.
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.6 Analytic presentation: balance of payments, 2007 (billion US dollars)
Germany
USA
A current account
255.53
-731.21
goods: exports fob
1,354.12
1,152.57
goods: imports fob
-1,075.43
-1,967.87
balance on goods
278.69
-815.30
services: credit
214.96
493.16
services: debit
-254.23
-378.11
balance on goods and services
239.41
-700.26
income: credit
318.01
817.78
income: debit
-260.12
-736.03
balance on goods, services, and income
297.31
-618.50
current transfers: credit
25.43
22.33
current transfers: debit
-67.21
-135.03
B capital account
.24
-1.84
capital account: credit
4.75
1.8
capital account: debit
-4.51
-3.65
total: groups A plus B
255.77
-733.05
C financial account
-301.46
774.47
direct investment abroad
-169.37
-333.27
direct investment in Germany/USA
50.94
237.54
portfolio investment assets
-178.42
-294.57
portfolio investment liabilities
370.43
1,145.14
financial derivatives
..
..
other investment assets
-440.27
-661.89
other investment liabilities
164.39
675.02
total: groups A through C
-45.69
41.42
D net errors and omissions
46.93
-41.29
total: groups A through D
1.24
0.13
E reserves and related items
-1.23
-0.13
overall balance
0.00
0.00
Source IMF Balance of Payments Statistics Yearbook
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.7 FDI inflows and outflows, as % of total flows
Developed economies
Period
Developing economies
Transition economies
In
Out
In
Out
In
Out
1980-89
74.7
94.0
25.3
6.0
0.0
0.0
1990-99
68.1
88.0
30.8
11.7
1.0
0.4
2000-09
65.1
85.0
31.3
13.2
3.9
1.8
Source: UNCTAD
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.8: U.S. outward multinational activity in 2010
Ranking
1
2
3
4
5
6
7
8
9
10
FDI
Netherlands
United Kingdom
Canada
Luxemburg
Bermuda
Ireland
UK Island, Caribbean
Switzerland
Australia
Japan
Affiliate sales
United Kingdom
Canada
Germany
Singapore
Switzerland
Ireland
Japan
Netherlands
France
Mexico
Affiliate value added
United Kingdom
Canada
Germany
Japan
France
Ireland
Australia
Brazil
Switzerland
China
Source: BEA. The value added and sales data refer to majority owned all foreign affiliates in 2009. The
FDI data reflect the direct investment position in 2010 based on a historical costs basis.
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.9 Top 10 non-financial multinationals 2011, ranked according to TNI
Rank Corporation
Home country
Sector
TNI*
1
Nestlé SA
Switzerland
Food, beverages and tobacco
96.9
2
Anglo American plc
UK
Mining & quarrying
93.9
3
Xstrata PLC
Switzerland
Mining & quarrying
93.5
4
Anheuser-Busch InBev NV
Belgium
Food, beverages and tobacco
92.4
5
British American Tobacco PLC
UK
Food, beverages and tobacco
91.7
6
Nokia OYJ
Finland
Electrical & electronic equipment
91.4
7
ABB Ltd.
Switzerland
Engineering services
91.2
8
ArcelorMittal
Luxembourg
Metal and metal products
90.5
9
Linde AG
Germany
Chemicals
90.2
10
Vodafone Group Plc
UK
Telecommunications
90.2
Source: UNCTAD World Investment Report 2012; * TNI = TransNationality Index
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.10: Country of origin of Global 500 between 2005-2010
Country
United States
Japan
France
Germany
Britain
2005
176
81
39
37
35
2006
170
70
38
38
35
2007
162
67
38
37
33
2008
153
64
39
37
34
2009
140
68
40
39
26
2010
139
71
39
37
29
China
Netherlands
Canada
BRIC total
Other
Total
16
14
13
27
78
500
20
14
14
35
86
500
24
14
16
39
94
500
29
13
14
46
100
500
37
12
14
58
103
500
46
13
11
67
94
500
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.11: GDP, sales and profits in 2009 (in US$ bn)
Country GDP
Firm sales
Sweden:
Walmart (1):
406
Honduras: 14.3
Firm profits
408
Dai Nippon Printing (500): 17
Walmart (1):
14.3
Dai Nippon Printing (500): 0.3
Beugelsdijk, Brakman, Garretsen, and van Marrewijk International Economics and Business
© Cambridge University Press, 2013
Chapter 2 – Getting the numbers right
Table 2.12 Size of net capital flows; selected countries, 1870-2010
Period
Arg
Aus
Can
Fr
Ger
It
Jap
UK
USA
1870-1889
18.7
9.7
7.2
2.9
1.9
1.8
0.5
4.5
1.5
1890-1913
6.2
6.3
7.6
2.3
1.4
1.9
2.2
4.5
0.8
1914-1918
2.7
7.6
3.5
3.1
-
11.7
6.6
2.9
3.5
1919-1926
4.9
8.8
2.3
1.1
2.2
4.2
2.1
2.9
1.7
1927-1931
3.7
12.8
3.6
1.8
1.8
1.5
0.6
2.0
0.8
1932-1939
1.6
3.7
1.6
3.7
0.4
0.7
1.1
1.1
0.6
1940-1946
4.8
7.1
6.5
1.8
-
3.4
1.0
7.3
1.0
1947-1959
3.1
3.4
2.3
2.0
2.0
1.4
1.3
1.2
0.6
1960-1973
1.0
2.3
1.2
1.5
1.0
2.1
1.0
0.8
0.5
1974-1989
1.7
3.7
2.6
0.8
1.9
1.4
2.0
1.4
1.3
1990-2000
2.9
4.5
2.3
1.1
1.3
1.9
2.3
1.9
1.8
2001-2010
3.3
4.9
1.8
1.1
4.6
1.8
3.4
2.3
4.6
Source: Obstfeld (1998), update Obstfeld and Taylor (2004), Table 2.2. Updated for the period 2001-2010
using World Bank Development Indicators data. Size of net capital flows measured as mean absolute
value of current account as a percentage of GDP, annual data; - = data not available; Arg = Argentina,
Aus = Australia, Can = Canada; Fr = France, Ger = Germany It = Italy, Jap = Japan, UK = United
Kingdom, and USA = United States of America.
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2.13 Gross financial stocks, ratios and shares
1825
1855
1870
1900
1914
1930
1938
Assets / GDP
-
-
0.07
0.19
0.18
0.08
0.11
Liabilities / GDP
-
-
-
0.14
0.21
-
0.11
Foreign assets: UK share
0.56
0.78
0.64
0.51
0.50
0.44
0.43
Foreign assets: US share
0.00
0.00
0.00
0.02
0.06
0.36
0.22
1945
1960
1980
1985
1990
1995
2000
0.05
0.06
0.25
0.36
0.49
0.62
0.92
-
0.02
0.30
-
0.60
0.79
0.95
Foreign assets: UK share
0.40
0.21
0.20
0.19
0.17
0.16
0.15
Foreign assets: US share
0.43
0.51
0.28
0.29
0.21
0.22
0.25
Assets / GDP
Liabilities / GDP
Source: Obstfeld and Taylor (2004, pp. 52-53); - = data not available; Sample size increases from 7 in
1900 to 63 in 2000.
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2A.1 Overview of tax havens:
The Caribbean and
Americas
Anguilla
Antigua and Barbados
Aruba
the Bahamas
Barbados
Belize
Bermuda
British Virgin Islands
Costa Rica
Domini
Grenada
Montserrat
Netherlands Antilles
New York
Panama
Saint Lucia
St. Kitts & Nevis
Saint Vincent and the
Grenadines
Turks and Calcos Islands
Uruguay
US Virgin Islands
Africa
Liberia
Mauritius
Melila
the Seychelles
Soa Tome e Principe
Somalia
South Africa
Middle East and Asia
Bahrain
Dubai
Hong Kong
Labuan
Lebanon
Macau
Singapore
Tel Aviv
Taipei
Europe
Aldernay
Andorra
Belgium
Campione d'Italia
City of London
Cyprus
Gibraltar
Guernsey
Hungary
Iceland
Ireland (Dublin)
Ingushetia
Isle of Man
Jersey
Liechtenstein
Luxembourg
Madeira
Malta
Monaco
Netherlands
Sark
Switzerland
Trieste
Turkish Republic of Nothern
Cyprus
Frankfurt
Indian and Pacific Ocean
The Cook Islands
The Maladives
The Marianas
Marshall Islands
Nauru
Niue
Samoa
Tonga
Vanuatu
Source: offshore business magazine (20 Sep 2006, pp. 66-7) and Tax Justice network "tax us if you can".
Beugelsdijk, Brakman, Garretsen, and van Marrewijk
© Cambridge University Press, 2013
International Economics and Business
Chapter 2 – Getting the numbers right
Table 2A.2 Global 500: Top 20 largest firms of the world; in US $ bn,,2010
Rank Company
Country
Revenues
Profits
1
2
3
4
5
Wal-Mart Stores
Royal Dutch Shell
Exxon Mobil
BP
Toyota Motor
U.S.
Netherlands
U.S.
Britain
Japan
408
285
285
246
204
14.3
12.5
19.3
16.6
2.3
6
7
8
9
10
Japan Post Holdings
Sinopec
State Grid
AXA
China National Petroleum
Japan
China
China
France
China
202
188
184
175
165
4.8
5.8
-0.3
5.0
10.3
11
12
13
14
15
Chevron
ING Group
General Electric
Total
Bank of America Corp.
U.S.
Netherlands
U.S.
France
U.S.
164
163
157
156
150
10.5
-1.3
11.0
11.7
6.3
16
17
18
19
20
Volkswagen
ConocoPhillips
BNP Paribas
Assicurazioni Generali
Allianz
Germany
U.S.
France
Italy
Germany
146
140
131
126
126
1.3
4.9
8.1
1.8
6.0
Source: Fortune Global 500
Download
Related flashcards

Finance

14 cards

Banking

21 cards

Payment systems

18 cards

Banks of Germany

43 cards

Create Flashcards