Hebous, Shafik; Klemm, Alexander; Wu, Yuou - 2021
lending, or the location of intangibles-affects international flows, raising the question of its impact on the current account … distorts the components of the current account and bilateral current account balances but leaves a country's aggregate net … balance unaffected. There is, however, a real effect on current account balances, because taxes are paid to different …