| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8400 |
| DP8400 International Capital Flows and Aggregate Output | |
| Jurgen von Hagen; Haiping Zhang | |
| 发表日期 | 2011-05-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We show in a tractable, multi-country OLG model that cross-country differences in financial development explain three recent empirical patterns of international capital flows. International capital mobility affects output in each country directly through the size of domestic investment as well as indirectly through the composition of domestic investment and the level of domestic savings. In contrast to earlier literature, our model admits the possibility that the indirect effects dominate the direct effects and international capital mobility raises output in the poor country and globally, although net capital flows are in the direction of the rich country. Our model adds to the understanding of the benefits of international capital mobility in the presence of financial frictions. |
| 主题 | International Macroeconomics |
| 关键词 | Capital market imperfections Financial development Financial frictions Foreign direct investment International capital movements |
| URL | https://cepr.org/publications/dp8400 |
| 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/537216 |
| 推荐引用方式 GB/T 7714 | Jurgen von Hagen,Haiping Zhang. DP8400 International Capital Flows and Aggregate Output. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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