「2Qの米国企業のリパトリについて」
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米2Q経常収支は1014億6000万ドルの赤字。前期から202億5000万ドル赤字が縮小。
GDP比は2.0％と、14年3Q以来の低水準。 企業が海外利益を米国に戻したいわゆるリパトリによるもの（ただ既に米ドルで運用しているものもあり、2Qですべての為替が起きているわけでもない）
企業が海外子会社から得る配当金と再投資収益から成る株式投資収益のうち、配当金・払戻金は1695億3300万ドル。（ Bureau of Economic Analysis ）
Effects of the 2017 Tax Cuts and Jobs Act on Components of the International Transactions Accounts
In the international transactions accounts, income on equity, or earnings, of foreign affiliates of U.S.
multinational enterprises in a period typically consists of a portion that is repatriated to the parent company in
the United States in the form of dividends and a portion that is reinvested in foreign affiliates. At times,
repatriation of dividends exceeds current-period earnings, resulting in negative values being recorded for
reinvested earnings. With the revised statistics for the first quarter of 2018, earnings were $128.1 billion, with
dividends and withdrawals of $294.9 billion and reinvested earnings of −$166.8 billion. With the preliminary
statistics for the second quarter, earnings were $126.8 billion, with dividends and withdrawals of $169.5 billion
and reinvested earnings of −$42.7 billion
The large magnitudes for dividends and withdrawals and the negative reinvested earnings reflect the repatriation
of accumulated earnings by foreign affiliates of U.S. multinational enterprises to their parent companies in the
United States in response to the 2017 Tax Cuts and Jobs Act (TCJA). The TCJA requires U.S. parent companies to
pay a one-time tax on their accumulated earnings held abroad, but generally eliminates taxes on repatriated
earnings. The negative reinvested earnings in the first and second quarters reflect the fact that dividends
exceeded earnings and U.S. parent companies withdrew accumulated prior earnings from their foreign affiliates.
The negative reinvested earnings are also reflected in the net acquisition of direct investment assets in the
financial account, which was −$139.3 billion in the first quarter and −$29.0 billion in the second quarter
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In addition to the repatriation of accumulated earnings, some companies made other changes to their business
practices in reaction to the TCJA. For example, some insurance companies changed how they operate in response
to the base erosion and anti-abuse tax (BEAT) provision of the TCJA. BEAT is a tax on certain payments from a
U.S. company to a related foreign party, which can include premium payments for reinsurance. In response to
the new tax, many U.S. insurance companies terminated these intracompany reinsurance contracts. As a result,
premiums paid by U.S. insurers to foreign insurers in the first and second quarters of 2018, at $24.0 billion and
$23.7 billion respectively, were down from $31.4 billion in the fourth quarter of 2017 and other recent quarters
(table 3). Similarly, insurance services imports in the first and second quarters, at $9.8 billion and $9.2 billion
respectively, were down from $12.4 billion in the fourth quarter of 2017 and other recent quarters.
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