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A solution to two paradoxes of international capital flows

Author: Jiandong Ju; Shang-Jin Wei; National Bureau of Economic Research.
Publisher: [Washington, D.C.] : International Monetary Fund, Middle East and Central Asia Dept., 2006.
Series: IMF working paper, WP/06/178.
Edition/Format:   eBook : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
International capital flows from rich to poor countries can be regarded as either too low (the Lucas paradox in a one-sector model) or too high (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neoclassical model which features financial contracts and firm heterogeneity. In our model, free patterns of gross capital flow emerge as a  Read more...
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Genre/Form: Electronic books
Livres électroniques
Additional Physical Format: Print version:
Ju, Jiandong.
Solution to two paradoxes of international capital flows.
[Washington, D.C.] : International Monetary Fund, Research Dept., ©2006
(OCoLC)127892170
Material Type: Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jiandong Ju; Shang-Jin Wei; National Bureau of Economic Research.
ISBN: 1283511657 9781283511650
OCLC Number: 698585528
Notes: "July 2006."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (37 p.) : ill.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/06/178.
Responsibility: prepared by Jiandong Ju and Shang-Jin Wei.

Abstract:

International capital flows from rich to poor countries can be regarded as either too low (the Lucas paradox in a one-sector model) or too high (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neoclassical model which features financial contracts and firm heterogeneity. In our model, free patterns of gross capital flow emerge as a function of the quality of the financial system and the level of protection for property rights(i.e., the risk of expropriation. A poor country with an inefficient financial system but a low expropriation risk may simultaneously experience an outflow of financial capital but an inflow of foreign direct investment (FDI), resulting in a small net flow.

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