| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP924 |
| DP924 Auctions vs. Negotiations | |
| Jeremy Bulow; Paul Klemperer | |
| 发表日期 | 1994-03-31 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | This paper surveys the performance of international capital markets and the literature on measuring international capital mobility. Three main functions of a globally integrated and efficient world capital market provide focal points for the analysis. First, asset-price arbitrage ensures that people in different countries can pool risks to their lifetime consumption profiles. Third, new saving, regardless of its country of origin, is allocated toward the world's most productive investment opportunities. The paper evaluates the international capital market's performance of these three roles by studying data on correlations, international portfolio diversification, and the relations between national saving and domestic investment rates. The conclusion is that while international capital mobility has increased markedly over the last two decades, international capital movements remain less free than intranational movements, even among the industrial countries. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls Feldstein-horioka puzzle International capital mobility International portfolio diversification |
| URL | https://cepr.org/publications/dp924 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530065 |
| 推荐引用方式 GB/T 7714 | Jeremy Bulow,Paul Klemperer. DP924 Auctions vs. Negotiations. 1994. |
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