| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5988 |
| DP5988 Structural Reforms and Growth: Product and Labor Market Deregulations | |
| Sylvester Eijffinger; Alberto Rossi | |
| 发表日期 | 2006-12-10 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | International capital flows from rich to poor countries can be regarded as either too small (the Lucas paradox in a one-sector model) or too large (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neo-classical model which features financial contracts and firm heterogeneity. In our model, free trade in goods does not imply equal returns to capital across countries. In addition, rich patterns of gross capital flows emerge as a function of financial and property rights institutions. A poor country with an inefficient financial system may simultaneously experience an outflow of financial capital but an inflow of FDI, resulting in a small net flow. In comparison, a country with a low capital-to-labor ratio but a high risk of expropriation may experience outflow of financial capital without compensating inflow of FDI. |
| 主题 | Development Economics ; International Trade and Regional Economics |
| 关键词 | Capital bypass circulation Expropriation risk Gross capital flow Heterogeneous entrepreneurs Financial development |
| URL | https://cepr.org/publications/dp5988 |
| 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/534824 |
| 推荐引用方式 GB/T 7714 | Sylvester Eijffinger,Alberto Rossi. DP5988 Structural Reforms and Growth: Product and Labor Market Deregulations. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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