Kalemli-Ozcan, Sebnem; Alfaro, Laura; Volosovych, Vadym - Department of Economics, University of Houston - 2003
We examine the empirical role of different explanations for the lack of flows of capital from rich to poor countries - the "Lucas Paradox." The theoretical explanations include differences in fun- damentals across countries and capital market imperfections. We show that during 1970-2000 low...