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This paper studies whether bilateral international financial connection data help predict bilateral stock return comovement. It is shown that, when the United States is chosen as the benchmark, a larger U.S. portfolio investment asset position on the destination economy predicts a stronger stock return comovement between them. For large economies such as the United States and Germany, the portfolio investment position is also the best predictor among other connection variables. The paper discusses with a simple general equilibrium portfolio model that the empirical pattern is consistent with the behavior of index investors who trade in response to risk-on/risk-off shocks.

International finance. --- International monetary system --- International money --- Finance --- International economic relations --- Exports and Imports --- Finance: General --- Investments: Bonds --- Investments: Stocks --- International Investment --- Long-term Capital Movements --- International Finance: Other --- International Financial Markets --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Current Account Adjustment --- Short-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Stocks --- Portfolio investment --- Stock markets --- Foreign direct investment --- Bond yields --- Financial institutions --- Balance of payments --- Financial markets --- Portfolio management --- Stock exchanges --- Investments, Foreign --- Bonds --- United States

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Although GDP growth in the Netherlands has recently been stronger than in peer countries, the main contributor has been the growth in labor. If GDP is divided by labor, productivity growth appears to have been slower than in peers. This chapter discusses both exogenous and endogenous factors behind the disappointing productivity growth in the Netherlands and derives policy implications.

Labor --- Macroeconomics --- Public Finance --- Production and Operations Management --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Force and Employment, Size, and Structure --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Macroeconomics: Production --- Labor Economics: General --- Demand and Supply of Labor: General --- Taxation, Subsidies, and Revenue: General --- Labour --- income economics --- Public finance & taxation --- Productivity --- Labor markets --- Information technology in revenue administration --- Revenue administration --- Industrial productivity --- Labor economics --- Labor market --- Economic theory --- Revenue --- Netherlands, The

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International Financial Connection and Stock Return Comovement.

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How to make forecasts that (1) satisfy constraints, like accounting identities, and (2) are smooth over time? Solving this common forecasting problem manually is resource-intensive, but the existing literature provides little guidance on how to achieve both objectives. This paper proposes a new method to smooth mixed-frequency multivariate time series subject to constraints by integrating the minimum-trace reconciliation and Hodrick-Prescott filter. With linear constraints, the method has a closed-form solution, convenient for a high-dimensional environment. Three examples show that the proposed method can reproduce the smoothness of professional forecasts subject to various constraints and slightly improve forecast performance.

Currency crises --- Economic & financial crises & disasters --- Economic Forecasting --- Economics of specific sectors --- Economics --- Economics: General --- Environment --- Forecasting and Other Model Applications --- Forecasting and Simulation: Models and Applications --- Gdp forecasting --- General Aggregative Models: Forecasting and Simulation --- Informal sector --- Macroeconomics --- National accounts --- National income --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation

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This paper studies whether FDI firms employ more workers than domestic firms for each dollar of assets. Using the Orbis database and its ownership structure information, we show that, in most economies, domestic firms tend to employ more workers per asset than FDI firms. The result remains robust across individual industries in the case study of the United Kingdom. The analysis of the switchers (ownership changes from domestic to foreign or vice versa) suggests that ownership changes do not have an immediate impact on the employment per asset. This result suggests that different patterns of employment per asset seem to come from technological differences rather than from different ownership structures.

Exports and Imports --- Financial Risk Management --- Labor --- Public Finance --- International Investment --- Long-term Capital Movements --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- National Government Expenditures and Related Policies: General --- International Financial Markets --- Finance --- Labour --- income economics --- Public finance & taxation --- Foreign direct investment --- Public expenditure review --- Special purpose vehicle --- Balance of payments --- Expenditure --- Asset and liability management --- Investments, Foreign --- Economic theory --- Expenditures, Public --- Asset-liability management --- United Kingdom