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Investition in die Zukunft? Zur Entwicklung des deutschen Auslandsvermögens

Author

Listed:
  • Erik Klär
  • Fabian Lindner
  • Kenan Šehović

Abstract

Germany’s substantial current account surpluses are an ongoing subject of debate, both at the domestic and the European/ global level. Advocates of high surpluses emphasise the need to accumulate foreign wealth in order to finance future investment and consumption expenditures of an ageing population. This contribution gauges the profitability of Germany’s foreign wealth. It identifies large valuation losses to the tune of half a trillion euros in recent years as well as a persistently adverse trend in previous decades. This unfavourable development as well as historically low refinancing costs point to the comparatively greater benefits of a domestic investment offensive aiming to equip Germany for central long-term challenges. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Erik Klär & Fabian Lindner & Kenan Šehović, 2013. "Investition in die Zukunft? Zur Entwicklung des deutschen Auslandsvermögens," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(3), pages 189-197, March.
    • Handle: RePEc:spr:wirtsc:v:93:y:2013:i:3:p:189-197
    DOI: 10.1007/s10273-013-1507-3
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    Citations

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    Cited by:

    1. Daniel Detzer & Eckhard Hein, 2014. "Finance-dominated capitalism in Germany – deep recession and quick recovery," Working papers wpaper54, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    2. Rainer Frey & Ulrich Grosch & Alexander Lipponer, 2014. "Fallstricke bei der Bestimmung von Vermögensverlusten deutscher Anleger im Ausland," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 94(11), pages 806-812, November.
    3. Alexander Herzog-Stein & Fabian Lindner & Rudolf Zwiener, 2013. "Nur das Angebot zählt?," IMK Report 87-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Alexander Herzog-Stein & Fabian Lindner & Rudolf Zwiener, 2013. "Is the supply side all that counts?," IMK Report 87e-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    5. Bindseil, Ulrich & Domnick, Clemens & Zeuner, Jörg, 2015. "Critique of accommodating central bank policies and the 'expropriation of the saver' - A review," Occasional Paper Series 161, European Central Bank.
    6. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2014. "Mehr Vertrauen in Marktprozesse. Jahresgutachten 2014/15 [More confidence in market processes. Annual Report 2014/15]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201415, September.
    7. Fiedler, Salomon & Görg, Holger & Hornok, Cecília & Jannsen, Nils & Kooths, Stefan & Marchal, Léa & Potjagailo, Galina, 2018. "Direktinvestitionen im Ausland - Effekte auf die deutsche Leistungsbilanz und Spillovers in den Empfängerländern," Kieler Beiträge zur Wirtschaftspolitik 16, Kiel Institute for the World Economy (IfW Kiel).
    8. Fabian Lindner, 2013. "Banken treiben Eurokrise," IMK Report 82-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

    More about this item

    Keywords

    F21; F31; F32;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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