Even if the corrections at a macroeconomic level would not be as quantitatively significant in most cases, such adjustments can have a substantial impact at the sectoral level. For instance, Guvenen et al (2018) calculate that the level of productivity in R&D-intensive industries in the United States is under-stated by about 8 percent due to offshore profit shifting.
The limitations of balance of payments data have been partially addressed through the publication of more detailed sectoral data. Although take-up is patchy, more countries now release information on the sectoral distribution of cross-border flows and positions.