Accessible Version
Corporate Buybacks and Capital Investment: An International Perspective, Accessible Data
Figure 1: United States - Investment and Buybacks as Ratio of GDP
Percent of GDP
| Date | U.S. Net Buybacks | U.S. Dividen.d.s | U.S. Investment |
|---|---|---|---|
| 1960:Q1 | -0.26 | n.d. | 7.44 |
| 1960:Q2 | -0.28 | n.d. | 7.55 |
| 1960:Q3 | -0.29 | n.d. | 7.38 |
| 1960:Q4 | -0.18 | 1.69 | 7.39 |
| 1961:Q1 | -0.49 | n.d. | 7.22 |
| 1961:Q2 | -0.84 | n.d. | 7.21 |
| 1961:Q3 | -0.26 | n.d. | 7.13 |
| 1961:Q4 | 0.07 | 1.72 | 7.17 |
| 1962:Q1 | -0.03 | n.d. | 7.12 |
| 1962:Q2 | -0.1 | n.d. | 7.24 |
| 1962:Q3 | -0.05 | n.d. | 7.25 |
| 1962:Q4 | -0.07 | 1.74 | 7.18 |
| 1963:Q1 | 0 | n.d. | 7.11 |
| 1963:Q2 | 0 | n.d. | 7.23 |
| 1963:Q3 | -0.06 | n.d. | 7.3 |
| 1963:Q4 | 0.26 | 1.74 | 7.41 |
| 1964:Q1 | -0.37 | n.d. | 7.39 |
| 1964:Q2 | -0.46 | n.d. | 7.49 |
| 1964:Q3 | -0.1 | n.d. | 7.61 |
| 1964:Q4 | 0.26 | 1.85 | 7.75 |
| 1965:Q1 | 0.03 | n.d. | 8.01 |
| 1965:Q2 | -0.18 | n.d. | 8.21 |
| 1965:Q3 | -0.01 | n.d. | 8.36 |
| 1965:Q4 | 0.17 | 1.99 | 8.55 |
| 1966:Q1 | 0.06 | n.d. | 8.7 |
| 1966:Q2 | -0.74 | n.d. | 8.87 |
| 1966:Q3 | -0.13 | n.d. | 8.89 |
| 1966:Q4 | 0.18 | 1.84 | 8.83 |
| 1967:Q1 | -0.12 | n.d. | 8.61 |
| 1967:Q2 | -0.22 | n.d. | 8.59 |
| 1967:Q3 | -0.33 | n.d. | 8.48 |
| 1967:Q4 | -0.42 | 1.81 | 8.58 |
| 1968:Q1 | -0.16 | n.d. | 8.64 |
| 1968:Q2 | -0.22 | n.d. | 8.38 |
| 1968:Q3 | 0.2 | n.d. | 8.42 |
| 1968:Q4 | 0.24 | 1.77 | 8.61 |
| 1969:Q1 | -0.13 | n.d. | 8.67 |
| 1969:Q2 | -0.17 | n.d. | 8.7 |
| 1969:Q3 | -0.39 | n.d. | 8.81 |
| 1969:Q4 | -0.63 | 1.6 | 8.79 |
| 1970:Q1 | -0.5 | n.d. | 8.72 |
| 1970:Q2 | -0.45 | n.d. | 8.65 |
| 1970:Q3 | -0.4 | n.d. | 8.57 |
| 1970:Q4 | -0.76 | 1.41 | 8.33 |
| 1971:Q1 | -0.69 | n.d. | 8.12 |
| 1971:Q2 | -1.15 | n.d. | 8.14 |
| 1971:Q3 | -1.3 | n.d. | 8.1 |
| 1971:Q4 | -0.77 | 1.29 | 8.24 |
| 1972:Q1 | -0.73 | n.d. | 8.36 |
| 1972:Q2 | -1.08 | n.d. | 8.34 |
| 1972:Q3 | -0.8 | n.d. | 8.36 |
| 1972:Q4 | -0.8 | 1.19 | 8.52 |
| 1973:Q1 | -0.51 | n.d. | 8.58 |
| 1973:Q2 | -0.61 | n.d. | 8.76 |
| 1973:Q3 | -0.35 | n.d. | 8.92 |
| 1973:Q4 | -0.72 | 0.9 | 8.88 |
| 1974:Q1 | -0.41 | n.d. | 9.04 |
| 1974:Q2 | -0.33 | n.d. | 9.11 |
| 1974:Q3 | 0 | n.d. | 9.22 |
| 1974:Q4 | -0.32 | 0.91 | 9.11 |
| 1975:Q1 | -0.48 | n.d. | 8.76 |
| 1975:Q2 | -0.78 | n.d. | 8.54 |
| 1975:Q3 | -0.4 | n.d. | 8.43 |
| 1975:Q4 | -0.69 | 0.99 | 8.4 |
| 1976:Q1 | -0.69 | n.d. | 8.42 |
| 1976:Q2 | -0.75 | n.d. | 8.52 |
| 1976:Q3 | -0.39 | n.d. | 8.7 |
| 1976:Q4 | -0.42 | 1.1 | 8.8 |
| 1977:Q1 | 0.03 | n.d. | 9.06 |
| 1977:Q2 | -0.08 | n.d. | 9.17 |
| 1977:Q3 | -0.21 | n.d. | 9.25 |
| 1977:Q4 | -0.25 | 1.11 | 9.49 |
| 1978:Q1 | 0.29 | n.d. | 9.52 |
| 1978:Q2 | -0.12 | n.d. | 9.83 |
| 1978:Q3 | -0.03 | n.d. | 10.04 |
| 1978:Q4 | -0.1 | 1.06 | 10.16 |
| 1979:Q1 | 0.26 | n.d. | 10.36 |
| 1979:Q2 | 0.48 | n.d. | 10.3 |
| 1979:Q3 | 0.28 | n.d. | 10.53 |
| 1979:Q4 | 0.17 | 0.75 | 10.53 |
| 1980:Q1 | -0.2 | n.d. | 10.67 |
| 1980:Q2 | -0.12 | n.d. | 10.42 |
| 1980:Q3 | -0.35 | n.d. | 10.47 |
| 1980:Q4 | -0.75 | 0.93 | 10.38 |
| 1981:Q1 | -0.1 | n.d. | 10.33 |
| 1981:Q2 | 0.17 | n.d. | 10.61 |
| 1981:Q3 | 0.82 | n.d. | 10.7 |
| 1981:Q4 | 0.76 | 1.21 | 11.08 |
| 1982:Q1 | 0.23 | n.d. | 11.02 |
| 1982:Q2 | -0.08 | n.d. | 10.61 |
| 1982:Q3 | 0.22 | n.d. | 10.26 |
| 1982:Q4 | -0.58 | 1.17 | 9.99 |
| 1983:Q1 | -0.66 | n.d. | 9.59 |
| 1983:Q2 | -1.03 | n.d. | 9.4 |
| 1983:Q3 | -0.23 | n.d. | 9.5 |
| 1983:Q4 | -0.31 | 1.16 | 9.79 |
| 1984:Q1 | 1.61 | n.d. | 9.8 |
| 1984:Q2 | 2.62 | n.d. | 10.01 |
| 1984:Q3 | 1.75 | n.d. | 10.13 |
| 1984:Q4 | 1.84 | 1.11 | 10.2 |
| 1985:Q1 | 2.05 | n.d. | 10.08 |
| 1985:Q2 | 1.63 | n.d. | 10.06 |
| 1985:Q3 | 1.77 | n.d. | 9.74 |
| 1985:Q4 | 2.31 | 1.1 | 9.81 |
| 1986:Q1 | 1.34 | n.d. | 9.59 |
| 1986:Q2 | 1.92 | n.d. | 9.34 |
| 1986:Q3 | 1.84 | n.d. | 9.12 |
| 1986:Q4 | 2.3 | 1.16 | 9.1 |
| 1987:Q1 | 0.92 | n.d. | 8.69 |
| 1987:Q2 | 1.59 | n.d. | 8.65 |
| 1987:Q3 | 1.43 | n.d. | 8.72 |
| 1987:Q4 | 2.23 | 0.98 | 8.55 |
| 1988:Q1 | 1.98 | n.d. | 8.58 |
| 1988:Q2 | 2.68 | n.d. | 8.62 |
| 1988:Q3 | 1.57 | n.d. | 8.55 |
| 1988:Q4 | 3.59 | 1.13 | 8.56 |
| 1989:Q1 | 3.12 | n.d. | 8.55 |
| 1989:Q2 | 1.75 | n.d. | 8.57 |
| 1989:Q3 | 2.56 | n.d. | 8.77 |
| 1989:Q4 | 1.38 | 1.29 | 8.74 |
| 1990:Q1 | 1.17 | n.d. | 8.84 |
| 1990:Q2 | 0.8 | n.d. | 8.73 |
| 1990:Q3 | 1.23 | n.d. | 8.85 |
| 1990:Q4 | 1.01 | 1.2 | 8.82 |
| 1991:Q1 | 0.1 | n.d. | 8.7 |
| 1991:Q2 | -0.2 | n.d. | 8.57 |
| 1991:Q3 | -0.31 | n.d. | 8.41 |
| 1991:Q4 | -0.76 | 1.26 | 8.33 |
| 1992:Q1 | -0.72 | n.d. | 8.2 |
| 1992:Q2 | -0.55 | n.d. | 8.34 |
| 1992:Q3 | -0.18 | n.d. | 8.36 |
| 1992:Q4 | -0.21 | 1.43 | 8.43 |
| 1993:Q1 | -0.12 | n.d. | 8.43 |
| 1993:Q2 | -0.34 | n.d. | 8.49 |
| 1993:Q3 | -0.47 | n.d. | 8.45 |
| 1993:Q4 | -0.31 | 1.45 | 8.61 |
| 1994:Q1 | 0.13 | n.d. | 8.62 |
| 1994:Q2 | 0.03 | n.d. | 8.63 |
| 1994:Q3 | 0.68 | n.d. | 8.73 |
| 1994:Q4 | 1.58 | 1.7 | 8.98 |
| 1995:Q1 | 0.58 | n.d. | 9.34 |
| 1995:Q2 | 0.72 | n.d. | 9.43 |
| 1995:Q3 | 0.99 | n.d. | 9.42 |
| 1995:Q4 | 0.75 | 1.65 | 9.47 |
| 1996:Q1 | 0.77 | n.d. | 9.54 |
| 1996:Q2 | -0.17 | n.d. | 9.55 |
| 1996:Q3 | 1.38 | n.d. | 9.73 |
| 1996:Q4 | 0.36 | 1.78 | 9.81 |
| 1997:Q1 | 0.66 | n.d. | 9.91 |
| 1997:Q2 | 0.69 | n.d. | 9.92 |
| 1997:Q3 | 1.05 | n.d. | 10.15 |
| 1997:Q4 | 1.18 | 1.91 | 10 |
| 1998:Q1 | 0.98 | n.d. | 10.04 |
| 1998:Q2 | 0.79 | n.d. | 10.09 |
| 1998:Q3 | 2.84 | n.d. | 10.06 |
| 1998:Q4 | 4.77 | 2.07 | 10.08 |
| 1999:Q1 | 0.29 | n.d. | 10.13 |
| 1999:Q2 | 3.21 | n.d. | 10.29 |
| 1999:Q3 | 1.08 | n.d. | 10.38 |
| 1999:Q4 | 0.02 | 1.59 | 10.24 |
| 2000:Q1 | -1.08 | n.d. | 10.53 |
| 2000:Q2 | 1.97 | n.d. | 10.66 |
| 2000:Q3 | 0.41 | n.d. | 10.74 |
| 2000:Q4 | 3.2 | 1.44 | 10.68 |
| 2001:Q1 | 0.18 | n.d. | 10.36 |
| 2001:Q2 | 0.56 | n.d. | 10.02 |
| 2001:Q3 | 1.03 | n.d. | 9.91 |
| 2001:Q4 | 0.04 | 1.25 | 9.53 |
| 2002:Q1 | 0.02 | n.d. | 8.9 |
| 2002:Q2 | -0.22 | n.d. | 8.62 |
| 2002:Q3 | 1.04 | n.d. | 8.46 |
| 2002:Q4 | 0.03 | 1.44 | 8.33 |
| 2003:Q1 | 0.51 | n.d. | 8.27 |
| 2003:Q2 | 0.18 | n.d. | 8.39 |
| 2003:Q3 | 0.1 | n.d. | 8.35 |
| 2003:Q4 | 0.1 | 1.54 | 8.35 |
| 2004:Q1 | 0.13 | n.d. | 8.06 |
| 2004:Q2 | 0.72 | n.d. | 8.16 |
| 2004:Q3 | 1.31 | n.d. | 8.29 |
| 2004:Q4 | 0.86 | 1.98 | 8.39 |
| 2005:Q1 | 1.48 | n.d. | 8.57 |
| 2005:Q2 | 1.96 | n.d. | 8.65 |
| 2005:Q3 | 3.04 | n.d. | 8.69 |
| 2005:Q4 | 2.66 | 1.43 | 8.71 |
| 2006:Q1 | 3.49 | n.d. | 8.97 |
| 2006:Q2 | 3.59 | n.d. | 9.06 |
| 2006:Q3 | 3.19 | n.d. | 9.15 |
| 2006:Q4 | 4.07 | 2.32 | 9.19 |
| 2007:Q1 | 3.22 | n.d. | 9.18 |
| 2007:Q2 | 4.58 | n.d. | 9.3 |
| 2007:Q3 | 4.94 | n.d. | 9.34 |
| 2007:Q4 | 6.72 | 2.13 | 9.43 |
| 2008:Q1 | 2.54 | n.d. | 9.53 |
| 2008:Q2 | 1.24 | n.d. | 9.43 |
| 2008:Q3 | 2.12 | n.d. | 9.25 |
| 2008:Q4 | 2.7 | 1.97 | 9.08 |
| 2009:Q1 | 0.96 | n.d. | 8.39 |
| 2009:Q2 | -0.95 | n.d. | 7.97 |
| 2009:Q3 | -0.47 | n.d. | 7.76 |
| 2009:Q4 | 1.85 | 1.1 | 7.57 |
| 2010:Q1 | 1.14 | n.d. | 7.68 |
| 2010:Q2 | 1.28 | n.d. | 7.86 |
| 2010:Q3 | 2.25 | n.d. | 7.95 |
| 2010:Q4 | 2.01 | 1.06 | 8.07 |
| 2011:Q1 | 1.93 | n.d. | 8.13 |
| 2011:Q2 | 3.08 | n.d. | 8.23 |
| 2011:Q3 | 4 | n.d. | 8.54 |
| 2011:Q4 | 2.69 | 1.46 | 8.69 |
| 2012:Q1 | 1.48 | n.d. | 8.82 |
| 2012:Q2 | 2.66 | n.d. | 8.96 |
| 2012:Q3 | 2.15 | n.d. | 8.91 |
| 2012:Q4 | 2.24 | 2.02 | 8.96 |
| 2013:Q1 | 1.3 | n.d. | 8.91 |
| 2013:Q2 | 2.24 | n.d. | 9.02 |
| 2013:Q3 | 2.05 | n.d. | 9.03 |
| 2013:Q4 | 2.84 | 1.82 | 9.1 |
| 2014:Q1 | 3 | n.d. | 9.34 |
| 2014:Q2 | 1.6 | n.d. | 9.36 |
| 2014:Q3 | 2.47 | n.d. | 9.36 |
| 2014:Q4 | 2.01 | 2.01 | 9.32 |
| 2015:Q1 | 3.33 | n.d. | 9.29 |
| 2015:Q2 | 2.72 | n.d. | 9.17 |
| 2015:Q3 | 3.46 | n.d. | 9.18 |
| 2015:Q4 | 2.94 | 2.16 | 9.06 |
| 2016:Q1 | 3.39 | n.d. | 8.93 |
| 2016:Q2 | 3.54 | n.d. | 8.85 |
| 2016:Q3 | 3.57 | n.d. | 8.74 |
| 2016:Q4 | 1.71 | n.d. | 8.72 |
Figure 2: Buybacks, Dividends, and Investment GDP Weighted Average*
Percent of GDP
| Date | Net Buybacks, GDP weighted | Dividen.d.s, GDP weighted | Investment, GDP weighted |
|---|---|---|---|
| 1995 | -0.7 | 2.96 | 11.87 |
| 1996 | -0.91 | 2.99 | 11.82 |
| 1997 | -0.87 | 3.09 | 12.1 |
| 1998 | -0.9 | 3.25 | 11.88 |
| 1999 | -2.3 | 3.05 | 11.99 |
| 2000 | -3.39 | 2.76 | 12.36 |
| 2001 | -1.19 | 2.85 | 11.42 |
| 2002 | -1.08 | 2.98 | 10.68 |
| 2003 | -1.08 | 3.1 | 10.53 |
| 2004 | -1.08 | 3.33 | 10.6 |
| 2005 | -0.82 | 3.3 | 11.04 |
| 2006 | -0.14 | 3.72 | 11.43 |
| 2007 | -0.72 | 3.74 | 11.67 |
| 2008 | -1 | 3.86 | 11.6 |
| 2009 | -1.41 | 3.23 | 9.89 |
| 2010 | -0.49 | 2.99 | 10.3 |
| 2011 | 0.23 | 3.18 | 10.75 |
| 2012 | 0.28 | 3.32 | 11.09 |
| 2013 | 0.41 | 3.31 | 11 |
| 2014 | 0.68 | 3.54 | 11.17 |
* Average across economies, weighted by share of nominal GDP. Return to text.
Figure 3: Buybacks, Dividends, and Investment - OECD Median
Percent of GDP
| Date | Net Buybacks, OECD Median | Dividen.d.s, OECD Median | Investment, OECD Median |
|---|---|---|---|
| 1995 | -1.89 | 2.57 | 11.62 |
| 1996 | -2.8 | 2.49 | 11.96 |
| 1997 | -3.11 | 2.65 | 12.67 |
| 1998 | -3.85 | 2.94 | 13.43 |
| 1999 | -4.7 | 2.81 | 13.44 |
| 2000 | -5.81 | 2.99 | 13.5 |
| 2001 | -3.17 | 3.12 | 13.14 |
| 2002 | -1.93 | 3 | 12.07 |
| 2003 | -3.07 | 3.26 | 11.76 |
| 2004 | -2.52 | 4.13 | 11.59 |
| 2005 | -2.8 | 3.95 | 12.23 |
| 2006 | -2.47 | 3.99 | 12.34 |
| 2007 | -3.43 | 4.88 | 13.49 |
| 2008 | -2.07 | 4.24 | 13.8 |
| 2009 | -1.92 | 3.61 | 12.02 |
| 2010 | -1 | 3.86 | 11.44 |
| 2011 | -1.87 | 4.07 | 11.63 |
| 2012 | -1.05 | 4 | 12.34 |
| 2013 | -1.04 | 4.24 | 12.46 |
| 2014 | -1.31 | 4.77 | 12.11 |
Figure 4: Buybacks+Dividends vs. Real Investment
Change in Real Investment/K(-1) Between 2002-2008 an.d. 2009-2014
| Case | Country | Change in Real Investment | Change in Real Net Buybacks+Dividen.d.s |
|---|---|---|---|
| 1 | GBR | -1.42 | 0.57 |
| 2 | AUT | -0.67 | 1.55 |
| 3 | BEL | -0.2 | 2.56 |
| 4 | DNK | -0.71 | 3.88 |
| 5 | FRA | -0.29 | 0.73 |
| 6 | DEU | -0.07 | -0.12 |
| 7 | ITA | -1.08 | -1.12 |
| 8 | NLD | -0.17 | 0.34 |
| 9 | NOR | 0.27 | -0.21 |
| 10 | SWE | -0.26 | 0.32 |
| 11 | JPN | -0.33 | 0.13 |
| 12 | FIN | -0.81 | -0.61 |
| 13 | GRC | -0.78 | 0.26 |
| 14 | IRL | -0.47 | 2.53 |
| 15 | PRT | -1.72 | 2.45 |
| 16 | ESP | -2.26 | 1.18 |
| 17 | KOR | -0.83 | 0.47 |
| 18 | SVK | -0.96 | 1 |
| 19 | EST | -3.82 | 1.04 |
| 20 | SVN | -2.2 | 0.31 |
| 21 | POL | 0.14 | 2.12 |
| 22 | USA | -0.11 | -0.23 |
| 23 | CHE | -0.1 | 1.28 |
| 24 | CAN | -0.17 | 0.14 |
| 25 | CZE | -0.31 | 1.27 |
| 26 | HUN | -0.73 | 6.24 |
Figure 5: Out of Sample Forecast For I/K(-1)
| Date | Upper St. Dev., OECD | Lower St. Dev., OECD | Forecast, OECD | Data, OECD | Upper St. Dev., U.S. | Lower St. Dev., U.S. | Forecast, U.S. | Data, U.S. | Upper St. Dev., Canada | Lower St. Dev., Canada | Forecast, Canada | Data, Canada | Upper St. Dev., France | Lower St. Dev., France | Forecast, France | Data, France | Upper St. Dev., Germany | Lower St. Dev., Germany | Forecast, Germany | Data, Germany | Upper St. Dev., Italy | Lower St. Dev., Italy | Forecast, Italy | Data, Italy | Upper St. Dev., Japan | Lower St. Dev., Japan | Forecast, Japan | Data, Japan | Upper St. Dev., U.K. | Lower St. Dev., U.K. | Forecast, U.K. | Data, U.K. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1995 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | n.d. | n.d. | n.d. | n.d. | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.08 | 0.08 | 0.08 | 0.08 |
| 1996 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | n.d. | n.d. | n.d. | n.d. | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.08 | 0.08 | 0.08 | 0.08 |
| 1997 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.08 | 0.08 | 0.08 | 0.08 |
| 1998 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.08 | 0.08 | 0.08 | 0.08 |
| 1999 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.08 | 0.08 | 0.08 | 0.08 |
| 2000 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.08 | 0.08 | 0.08 | 0.08 |
| 2001 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | 0.03 | 0.03 | 0.03 | 0.07 | 0.07 | 0.07 | 0.07 |
| 2002 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | 0.03 | 0.03 | 0.03 | 0.07 | 0.07 | 0.07 | 0.07 |
| 2003 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.06 | 0.06 | 0.06 | 0.06 |
| 2004 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.06 | 0.06 | 0.06 | 0.06 |
| 2005 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.07 | 0.07 | 0.07 | 0.07 |
| 2006 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.06 | 0.06 | 0.06 | 0.06 |
| 2007 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.06 | 0.06 | 0.06 |
| 2008 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.06 | 0.06 | 0.06 | 0.06 |
| 2009 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 |
| 2010 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 |
| 2011 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 |
| 2012 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 |
| 2013 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 |
| 2014 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 |
Figure 6: Real Buybacks+Dividends vs. Investment Forecast Error
Investment Forecast Error
| Case | Country | Investment Forecast Error | Change in Real Net Buybacks+Dividen.d.s |
|---|---|---|---|
| 1 | GBR | 0 | 0.57 |
| 2 | AUT | -0.03 | 1.55 |
| 3 | BEL | -0.01 | 2.56 |
| 4 | DNK | -0.01 | 3.88 |
| 5 | FRA | 0 | 0.73 |
| 6 | DEU | -0.02 | -0.12 |
| 7 | ITA | -0.01 | -1.12 |
| 8 | NLD | 0.02 | 0.34 |
| 9 | NOR | 0 | -0.21 |
| 10 | SWE | -0.01 | 0.32 |
| 11 | JPN | -0.04 | 0.13 |
| 12 | FIN | 0.01 | -0.61 |
| 13 | GRC | 0.1 | 0.26 |
| 14 | IRL | 0.21 | 2.53 |
| 15 | PRT | -0.04 | 2.45 |
| 16 | ESP | -0.04 | 1.18 |
| 17 | KOR | -0.05 | 0.47 |
| 18 | SVK | -0.05 | 1 |
| 19 | EST | -0.05 | 1.04 |
| 20 | SVN | -0.1 | 0.31 |
| 21 | POL | -0.02 | 2.12 |
| 22 | USA | 0 | -0.23 |
| 23 | CHE | -0.01 | 1.28 |
| 24 | CAN | 0.01 | 0.14 |
| 25 | CZE | 0.01 | 1.27 |
| 26 | HUN | 0 | 6.24 |
Last Update:
April 11, 2017