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Direktinvestitionen im Ausland - Effekte auf die deutsche Leistungsbilanz und Spillovers in den Empfängerländern

Author

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  • Fiedler, Salomon
  • Görg, Holger
  • Hornok, Cecília
  • Jannsen, Nils
  • Kooths, Stefan
  • Marchal, Léa
  • Potjagailo, Galina

Abstract

Der deutsche Leistungsbilanzsaldo erreichte zuletzt im historischen wie auch im internationalen Vergleich Höchstwerte. Saldenmechanisch treten dabei neben den Handelsströmen verstärkt die Primäreinkommensflüsse (Erwerbs- und Vermögenseinkommen) hervor, wobei die Einkommen aus Direktinvestitionen von besonderem Interesse sind. Die gesamtwirtschaftliche Untersuchung zeigt, dass die Renditedifferentiale deutscher Anlagen und insbesondere Direktinvestitionen gegenüber den meisten Zielländern fast zeitgleich mit dem Zuwachs des Primäreinkommenssaldos von einem negativen in ein einen positiven Wertebereich stiegen. Somit dürften nicht zuletzt Renditegesichtspunkte die Direktinvestitionstätigkeit deutscher Unternehmen motivieren, wenngleich makroökonomische Größen nicht alle Renditekomponenten unternehmerischer Auslandsinvestitionen erfassen können. Mittelfristige Projektionen weisen auf eine weiter leicht steigende Bedeutung der Nettovermögenseinkommen aus dem Ausland hin. Des Weiteren wird in einer Machbarkeitsstudie untersucht, wie der Einfluss deutscher Unternehmen auf wirtschaftliche Kenngrößen im Ausland ermittelt werden kann. In einer Fallstudie für deutsche Unternehmen in Frankreich zeigt sich, dass die Präsenz deutscher Unternehmen in Frankreich positiv auf Arbeitsproduktivität sowie Export- und Importaktivität von einheimischen französischen Unternehmen wirkt. Diese Spillover-Effekte von deutschen Unternehmen erscheinen stärker zu sein als im Durchschnitt der ausländischen Investitionen insgesamt.

Suggested Citation

  • 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).
  • Handle: RePEc:zbw:ifwkbw:16
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    Direktinvestitionen; Internationaler Handel; Deutschland; Foreign Direct Investments; International Trade; Germany;

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