| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28694 |
| 来源ID | Working Paper 28694 |
| Barriers to Global Capital Allocation | |
| Bruno Pellegrino; Enrico Spolaore; Romain Wacziarg | |
| 发表日期 | 2021-04-19 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Observed patterns of international investment are difficult to reconcile with frictionless capital markets. In this paper, we provide a quantitative theory of international capital allocation: a multicountry dynamic general equilibrium model with rationally-inattentive investors, where cross-border investment is subject to both information and policy frictions. These frictions result in a persistent misallocation of capital across countries. We estimate model parameters using nationality-based, bilateral investment data, and measures of geographic, linguistic and cultural distance, which capture information frictions. Our unified theoretical-empirical framework can account for several stylized facts: the gravity structure of investment flows, home bias, persistent global imbalances and capital return differentials across countries, as well as the paucity of net flows from developed to emerging economies. Finally, we perform counterfactual exercises: we find that information and policy barriers to international investment greatly amplify the capital gap between rich and poor countries, and result in a large reduction in world output. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w28694 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586366 |
| 推荐引用方式 GB/T 7714 | Bruno Pellegrino,Enrico Spolaore,Romain Wacziarg. Barriers to Global Capital Allocation. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28694.pdf（2265KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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