G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6566
DP6566 Duality in Mean-Variance Frontiers with Conditioning Information
ENRIQUE SENTANA; Francisco Peñaranda
发表日期2007-11-16
出版年2007
语种英语
摘要According to the consensus view in growth and development economics, cross country differences in per-capita income largely reflect differences in countries' total factor productivity. We argue that this view has powerful implications for patterns of capital flows: everything else equal, countries with faster productivity growth should invest more, and attract more foreign capital. We then show that the pattern of net capital flows across developing countries is not consistent with this prediction. If anything, capital seems to flow more to countries that invest and grow less. We argue that this result - which we call the allocation puzzle - constitutes an important challenge for economic research, and discuss some possible research avenues to solve the puzzle.
主题International Macroeconomics
关键词Capital flows Lucas puzzle
URLhttps://cepr.org/publications/dp6566
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/535405
推荐引用方式
GB/T 7714
ENRIQUE SENTANA,Francisco Peñaranda. DP6566 Duality in Mean-Variance Frontiers with Conditioning Information. 2007.
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