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35) Initially, the cumulative FII lies above the deviation in the ratio of debt to GNDI because the FSP generates a positive deviation in real GNDI via short-run positive deviations in real GDP (see Section 3.
The basis of equations (E4) and (E5) is the nominal GNDI identity NGNDI = NGDP--[NNFLG + NNFLH] x R, where NGNDI is nominal gross national disposable income, NGDP is nominal GDP, R is the rate of interest on net foreign liabilities, and NNFLG and NNFLH are the nominal net foreign liabilities of the public and private sectors respectively.
For New Zealand, real GDP has been consistently higher than real GNDI
, but the gap is closing: real GNDI
per person grew by around 29% in the decade to March 2004, while real GDP per person expanded by only 24%.
The second living standards measure, GNDI
adjusted for the terms of trade, differs from GNP by adding net current transfers from abroad, mainly from the structural funds of the European Union, as well as by adjusting for terms-of-trade effects, which have tended to be adverse in recent years.
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