Services in the U.S. Balance of Payments 1982-1984: Documentation of OTA Estimates Page: 3
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Services in the U.S. Balance of Payments 1982-1984
Page 3
76) . The upper bound is based on the difference between the total reported for
affiliates in the BEA surveys and the total foreign revenues reported in the
annual surveys of Advertising Age (references 95, 96 and 97). The figures used
from Advertising Age exclude those subsidiaries which are double-counted in the
annual survey. Thus, the upper bound assumption is that any revenues appearing
in the Advertising Age survey but not in the FDI survey represent direct export
earnings. The lover bound assumption is that none of these excess revenues
represent export earnings (i.e. they were affiliate sales).
For direct imports, conversations with industry experts indicate that the
total is negligible.
For both foreign firms' U.S. affiliates and U.S. firms' foreign affiliates,
data are from the BEA FDI surveys for 1982 and 1983 (references 30, 31, 75 and
76, respectively).
BAKING
For foreign revenues of U.S. banks, 1984 data are as reported in
unpublished Federal Reserve Board data from schedule RI-D, Quarterly Report of
Condition and Income (reference 56). Data on international operations in these
reports are estimated by the reporting banks. The survey includes all banks for
which international operations account for more than 10 percent of total
revenues, total assets or net income.
For 1982 and 1983, data on U.S. banks' foreign revenues are from the
Federal Reserve System as presented in the Annual Statistical Digest (references
89, 90) . For non-interest income, it is not possible to allocate the total
between domestic and foreign offices because IBFs (International Banking
Facilities) were included in the totals for foreign offices prior to 1984.
The Federal Reserve data include only those affiliates owned or controlled
at the 25 percent equity level or greater. Data from the 1982 benchmark
outbound direct investment survey (reference 75) include all affiliates (i.e. at
the 10 percent equity level or greater). However, the data in this survey
present total income, which cannot be disaggregated into interest and non-
interest components. Also, net interest income cannot be reliably estimated
from the total income figures (which includes gross interest income and non-
interest income).
For foreign banks' U.S. operations, no comprehensive revenue data are
available. The data for net interest income booked in foreign (non-U.S.) banks
are estimates based on Treasury data on U.S. liabilities to foreigners
(reference 74) and assuming a typical range of yields on those liabilities as
follows:
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United States. Congress. Office of Technology Assessment. Industry, Technology, and Employment Program. Services in the U.S. Balance of Payments 1982-1984: Documentation of OTA Estimates, report, July 1986; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc97451/m1/4/: accessed April 23, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.