Page 125 - Special Topic Session (STS) - Volume 4

STS570 Mary Everett et al.
GNI*, which strips the depreciation of foreign-owned capital assets from the
measurement of domestic income; and the foreign affiliate trade statistics.
The residence-based and the consolidated accounting frameworks should
be considered complementary rather than mutually exclusive. The
consolidated accounting framework, while newer and more suited to
addressing some of the measurement issues discussed here, is not
unconditionally superior to the residence based framework along all
dimensions. Instead, its real benefit would be in providing a useful
supplementary perspective, whose relevance would naturally depend on the
question that is under investigation.

References
1. Aldasoro, I, T Ehlers, E Eren and R McCauley (2017): “Non-US banks’
global dollar funding grows despite US money market reform”, BIS
Quarterly Review, March, pp 22–3.
2. Avdjiev, S, R McCauley and H S Shin (2016): “Breaking free of the triple
coincidence in international finance”, Economic Policy, vol 31, no 87, pp
409–51.
3. Bank for International Settlements (2017a): 87th Annual Report, June,
Chapter V.
4. ——— (2017b): 87th Annual Report, June, Chapter VI.
5. Bénétrix, A, R McCauley, P McGuire and G von Peter (2017): “The
consolidated wealth of nations: a first step”, mimeo, February.
6. Beusch, E, B Döbeli, A Fischer and P Yeşin (2017): “Merchanting and
current account balances“, The World Economy, vol 40, no 1, pp 140–67.
7. Borio, C and P Disyatat, (2011): “Global imbalances and the global crisis:
link or no link?“, BIS Working Papers, no 346, May.
8. Borio, C, H James and H S Shin (2014): “The international monetary and
financial system: A capital account historical perspective”, BIS Working
Papers, no 457, August.
9. Central Statistics Office (2015): “Redomiciled PLCs in the Irish Balance of
Payments”.
10. ——— (2016): “Explaining Ireland’s FDI asymmetry with the United
States”.
11. European Commission, International Monetary Fund, Organisation for
Economic Cooperation and Development, United Nations and World
Bank (2009): “System of National Accounts 2008”, Sales, no E 08 XVII 29.
12. Everett, M (2012): “The statistical implications of multinational
companies’ corporate structures”, Central Bank of Ireland, Quarterly
Bulletin, no 2, Box 3.
13. Fitzgerald, J (2013): ”The effect of re-domiciled PLCs on Irish output
measures and the balance of payments“, Quarterly Economic

114 | I S I W S C 2 0 1 9