| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6566 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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