Macroeconomics - download pdf or read online

By D K Miles

ISBN-10: 0470012439

ISBN-13: 9780470012437

ISBN-10: 0470868929

ISBN-13: 9780470868928

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But profits repatriated out of Ireland are excluded from Irish GNI. This means that Irish GNI is 23% less than Irish GDP. S. and German Foreign Direct Investment (FDI—for example, building of foreign owned factories) causing GDP to grow faster than GNI. In contrast, Japan has many multinational enterprises (MNEs) that operate overseas so that their GNI exceeds GDP. The same holds for Namibia and Bangladesh but the explanation is not remittances received from firms working overseas but from workers’ remittances.

These firms pay wages and make profits that boost both Irish GDP and GNI. But profits repatriated out of Ireland are excluded from Irish GNI. This means that Irish GNI is 23% less than Irish GDP. S. and German Foreign Direct Investment (FDI—for example, building of foreign owned factories) causing GDP to grow faster than GNI. In contrast, Japan has many multinational enterprises (MNEs) that operate overseas so that their GNI exceeds GDP. The same holds for Namibia and Bangladesh but the explanation is not remittances received from firms working overseas but from workers’ remittances.

A further problem with using these market exchange rates to convert different countries’ GDP into a common currency is that they make no allowance for the fact that prices differ across countries. , which should be taken into account when arriving at standard of living measures. To overcome these problems, we can use purchasing power parity (PPP) rather than market exchange rates when converting GDP into a common currency. A full analysis of PPP is provided in Chapter 19, but for now we simply note that when calculating Indian real GDP using PPP exchange rates it is as if we used the dollar prices charged in the United States as weights in our GDP calculation for India and the United States.

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Macroeconomics by D K Miles


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