The Shift from a Net Capital Exporter to a Net Capital Importer — The Case of Germany —

  • Christian Watrin
  • Malte Krüger
Conference paper


Since the early 1950s Germany has been steadily integrating into the world economy. With rising incomes and the opening of international capital markets, Germany had assumed the classical role of a capital export country until the early nineties. Net capital exports became the rule, interrupted only by short periods of net capital imports (the last one from 1979 to 1981). Especially in the 1980s net capital exports and, correspondingly, current account surpluses reached unprecedented levels. For example, in 1989 they amounted to more than 5 percent of the German GDP.


Interest Rate Current Account Foreign Capital Capital Inflow Current Account Deficit 
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List of References

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Copyright information

© Springer-Verlag Berlin • Heidelberg 1996

Authors and Affiliations

  • Christian Watrin
    • 1
  • Malte Krüger
    • 1
  1. 1.Institute for Economic PolicyUniversity of CologneGermany

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