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National Accounts for a Global Economy: The Case of Ireland

In: Challenges of Globalization in the Measurement of National Accounts

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  • John FitzGerald

Abstract

Globalisation is affecting the way economic activity is reflected in the national accounts. Intellectual property, which is now part of the capital stock, interacts with the choice of global firms as to their legal structure, producing different national accounting outcomes for individual countries. This is but one manifestation of the challenges that a global economy presents for national accounting. Using the example of Ireland, consideration is given to the data needed to meet the needs of users of national accounts. In particular, more information is required to separately identify all the activity of multinational enterprises and domestically owned firms. This paper suggests a set of satellite accounts for Ireland that would show how changes in the economy affect the economic welfare of Irish residents.
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Suggested Citation

  • John FitzGerald, 2020. "National Accounts for a Global Economy: The Case of Ireland," NBER Chapters, in: Challenges of Globalization in the Measurement of National Accounts, pages 65-101, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberch:14144
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    References listed on IDEAS

    as
    1. FitzGerald, John, 2015. "Problems Interpreting the National Accounts in a Globalised Economy — Ireland," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI).
    2. Fatih Guvenen & Raymond J. Mataloni Jr. & Dylan G. Rassier & Kim J. Ruhl, 2022. "Offshore Profit Shifting and Aggregate Measurement: Balance of Payments, Foreign Investment, Productivity, and the Labor Share," American Economic Review, American Economic Association, vol. 112(6), pages 1848-1884, June.
    3. Raymond Mataloni & Kim Ruhl & Dylan Rassier & Fatih Guvenen, 2016. "Offshore Profit Shifting and Domestic Productivity Measurement," 2016 Meeting Papers 1382, Society for Economic Dynamics.
    4. Bradley, John & Fitzgerald, John, 1988. "Industrial output and factor input determination in an econometric model of a small open economy," European Economic Review, Elsevier, vol. 32(6), pages 1227-1241, July.
    5. Mark de Haan & Joseph Haynes, 2018. "R&D Capitalization: Where Did We Go Wrong?," NBER Chapters, in: Challenges of Globalization in the Measurement of National Accounts, pages 451-480, National Bureau of Economic Research, Inc.
    6. Pindyck, Robert S, 1979. "Interfuel Substitution and the Industrial Demand for Energy: An International Comparison," The Review of Economics and Statistics, MIT Press, vol. 61(2), pages 169-179, May.
    7. FitzGerald, John, 2013. "The Effect on Major National Accounting Aggregates of the Ending of Pharmaceutical Patents," Research Notes RN2013/2/1, Economic and Social Research Institute (ESRI).
    8. Frank Barry, 2019. "Aggressive Tax Planning Practices and Inward-FDI Implications for Ireland of the New US Corporate Tax Regime," The Economic and Social Review, Economic and Social Studies, vol. 50(2), pages 325-340.
    9. Stefan Avdjiev & Mary Everett & Philip R Lane & Hyun Song Shin, 2018. "Tracking the international footprints of global firms," BIS Quarterly Review, Bank for International Settlements, March.
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    More about this item

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F60 - International Economics - - Economic Impacts of Globalization - - - General

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