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Internationale Investitionen und Leistungsbilanzungleichgewichte: Die Bedeutung von Wertschwankungen

Author

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  • Guido Baldi
  • Björn Bremer
  • Thore Schlaak
Abstract
Finanzkrise stark gestiegen. Im Zuge dessen sind etwa die Auslandsinvestitionen Deutschlands auf rund 250 Prozent in Relation zum Bruttoinlandsprodukt, die Investitionen des Auslands in Deutschland auf etwa 200 Prozent gestiegen. Diese positive Differenz ist eine Folge der kontinuierlichen Leistungsbilanzüberschüsse Deutschlands, welche die Nettofinanzflüsse abbilden – also die Differenz zwischen Ab- und Zuflüssen. Kapitalanlagen im Ausland bieten Investoren die Chance, Ersparnisse zu diversifizieren und möglicherweise höhere Renditen zu erwirtschaften als im Inland. Im Gegenzug ergeben sich aus Auslandsinvestitionen aber auch Risiken; so können im Zuge von Preis- und Wechselkursschwankungen hohe Verluste auftreten. Potentielle Wertschwankungen auf das Auslandsvermögen sind für Deutschland relevant. In der wirtschaftspolitischen Diskussion wird kontrovers diskutiert, ob zusätzliche Investitionen in die inländische Infrastruktur oder in die Forschung und Entwicklung gesamtwirtschaftlich höhere und weniger volatile Renditen erzielen könnten als ein Teil der Auslandsinvestitionen.

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  • Guido Baldi & Björn Bremer & Thore Schlaak, 2017. "Internationale Investitionen und Leistungsbilanzungleichgewichte: Die Bedeutung von Wertschwankungen," DIW Roundup: Politik im Fokus 117, DIW Berlin, German Institute for Economic Research.
    • Handle: RePEc:diw:diwrup:117de
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