Behind the Numbers U.S. Trade in the World Economy (1992) / Chapter Skim
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1. Supplementing the Balance-of-Payments Framework
1. Supplementing the Balance-of-Payments Framework
Pages 33-45
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From page 33... ...
leave the United States. Merchandise tra(le data are tabulated in detailed commodity categories and geographical breakdowns and are published monthly by the Census Bureau.
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From page 34... ...
Banks, financial institutions, brokers, cleaTers, corporations, and other entities in the United States that engage in portfolio transactions are required to file TIC forms. The Federal Reserve Bank of New York consolidates the data and makes them available to the Treasury Department, which publishes the data on a quarterly basis.
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From page 35... ...
Under this framework, the scope of statistics on international transactions was developed primarily to cover cross-border movement of goods and selected services, the income earned on U.S. investments abroad and foreign investments in the United States, and the volume of capital flows.
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From page 36... ...
direct investment abroad and on foreign direct investment in the United States in 1987, which are recorded in the balance-of-payments accounts, were $55 billion and $ 10 billion, respectively. ~ The sales of goods and services by these foreign affiliates of U.S.
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From page 37... ...
A SUPPLEMENTAL FRAMEWORK One way to develop a supplemental framework to analyze the new economic issues and the increasingly complex traditional ones is to integrate data on cross-border trade flows As reported in the balance-of-payments accounts J with those on sales and purchases of goods and services of U.S. direct investors abroad and foreign direct investors in the United States, which are currently collected outside the balance-of-payments framework.
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From page 39... ...
affiliates of foreign firms within the United States and purchases of foreign affiliates of U.S. firms abroad.
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From page 40... ...
affiliates of foreign firms in the United States j that is, the sum of value added and purchases from local firms divided by total sales of U.S. affiliates of foreign firms in the United States, expressed in percentage terms)
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From page 41... ...
The value adcled in the United States by U.S. affiliates of foreign firms was $152 billion in 1987; in contrast, the value added abroad by foreign affiliates of U.S.
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From page 42... ...
affiliates of foreign firms increase total wages and other forms of income ant! employment in the United States, in contrast to simply increasing wages, profits, and employment in foreign countries where their parent firms are located.
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From page 43... ...
IMPLICATIONS FOR EXISTING DATA SYSTEMS Much of the data required for the supplemental framework are readily available from the balance-of-payments data, BEA'S benchmark and annual surveys on U.S. direct investment abroad and foreign direct investment in the United States, and BEA surveys on trade in services.
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From page 44... ...
Integration of disparate data sets under the proposed framework would parallel ongoing efforts undertaken by the United States and international organizations in improving existing statistical systems to better reflect changing global realities. Work is currently under way in the United States to move its national accounts to the U.N.
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From page 45... ...
ance of Payments Manua] presently undertaken by the International Monetary Fund are to harmonize concepts and classifications of international transactions; their goals are to facilitate international comparisons, a topic that is further discussed in Chapter 2.
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