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Geography and Ownership as Bases for Economic Accounting provides a forum for leading specialists in trade and international economics to explore whether changes in the world economy have increased the usefulness of international accounts drawn up on the basis of ownership rather than on geography. The papers in this volume suggest that ownership-based national accounts are helpful in understanding trade and financial transactions among globalized enterprises. Individual chapters emphasize this perspective through accounting exercises, studies of individual countries, and studies of foreign direct investment and its relation to national economies.
This volume gives trade and international economists the data and resources to renew discussion of this timely issue.
Introduction by Robert E. Baldwin, Robert E. Lipsey, and J. David Richardson
1. Measuring U.S. International Goods and Services Transactions
Robert E. Baldwin and Fukunari Kimura
Comment: Guy V. G. Stevens
2. Application of a Nationality-Adjusted Net Sales and Value-Added Framework: The Case of Japan
Fukunari Kimura and Robert E. Baldwin
Comment: Michael G. Plummer
3. Internalized Production in World Output
Robert E. Lipsey, Magnus Blomström, and Eric D. Ramstetter
Comment: Raymond J. Mataloni, Jr.
4. Accounting for Outward Direct Investment from Hong Kong and Singapore: Who Controls What?
Linda Low, Eric D. Ramstetter, and Henry Wai-Chung Yeung
Comment: Rachel McCulloch
5. Accounting for Chinese Trade: Some National and Regional Considerations
K. C. Fung
Comment: Marcus Noland
6. Imported Inputs and the Domestic Content of Production by Foreign-Owned Manufacturing Affiliates in the United States
William J. Zeile
Comment: David L. Hummels
7. Comparing Wages, Skills, and Productivity between Domestically and Foreign-Owned Manufacturing Establishments in the United States
Mark E. Doms and J. Bradford Jensen
Comment: Keith Head
8. The Significance of International Tax Rules for Sourcing Income: The Relationship between Income Taxes and Trade Taxes
John Mutti and Harry Grubert
Comment: Kristen L. Willard
9. The Effect of U.S. State Tax and Investment Promotion Policy on the Distribution of Inward Direct Investment
Doborah L. Swenson
Comment: Michael Wasylenko
10. A Measure of the Current Account Related to the Well-Being of Japan: Generational Accounts in the Open Economy
Eric O'N. Fisher