Offshore profit shifting and aggregate measurement balance of payments, foreign investment, productivity, and the labor share / Fatih Guvenen... [et al.]
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We show how offshore profit shifting by US multinational enterprises affects several key measures of the US economy. Profits shifted out of the United States grew rapidly from the mid-1990s to 2010 and have since waned. From 1982–2016, on average, 38 percent of income attributed to US direct investment abroad is reattributable to the United States. We find that adjusting for profit shifting shrinks the trade deficit, decreases the return on US foreign direct investment abroad, boosts productivity growth rates in the late 1990s and early 2000s, and lowers labor's share of income.
EROSIÓN DE LA BASE IMPONIBLE Y TRASLADO DE BENEFICIOS
EMPRESAS MULTINACIONALES
ECONOMIA
INVERSIONES
INGRESOS FISCALES
PRODUCTIVIDAD
ESTADOS UNIDOS
Guvenen, Fatih
The American Economic Review 0002-8282v. 112, n. 6, June 2022, p. 1848-1884