Basic Factors for Dynamics of Net International Investment Position: Polish Case
Journal Title: Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu - Year 2017, Vol 72, Issue 1
Abstract
The dynamics of changes of net foreign liabilities specifies the condition of financial sustainability of the country. It is important therefore to indicate these factors which decide on relations between net international investment position and GDP. This applies to the factors recorded in the balance of payments and to these, beyond this account - the valuation of foreign assets and liabilities. The value and the structure of net foreign liabilities is result of these decisions made in the past. These past choices have an impact on a significant part of the current account – specifically the net investment income, which as fixed by exogenous decisions, remain outside country’s management direct control. The decomposition of changes of the ratio of NIIP to GDP identifies the factors which, as in the case of Poland, determine country’s external balance sheet. These factors also indicate the freedom of choice for the decision-makers, if they have to alter foreign net liabilities of the country and their relationship with GDP.
Authors and Affiliations
Janusz Sawicki
Keywords
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