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Why doesn't capital flow into fast-growing countries? In this paper, we provide a quantitative framework incorporating heterogeneous producers and underdeveloped domestic financial markets to study the joint dynamics of total factor productivity (TFP) and capital flows. When an unexpected...
Persistent link: https://www.econbiz.de/10005034319
We study the relationship between geography and growth. To do so, we first develop a dynamic spatial growth theory with … realistic geography. We characterize the model and its balanced growth path and propose a methodology to analyze equilibria with …
Persistent link: https://www.econbiz.de/10011252659
We use recent immigration data from 195 countries and propose an index of population diversity based on people's birthplaces. This new index is then decomposed into a size (share of foreign born) and a variety (diversity of immigrants) component and is available for 1990 and 2000 disaggregated...
Persistent link: https://www.econbiz.de/10010692231
-country savings does not affect remittances sent home by migrants. …
Persistent link: https://www.econbiz.de/10010822025
Because of scale effects, idea-based growth models have the counterfactual implication that larger countries should be …
Persistent link: https://www.econbiz.de/10010969210
The revived Bretton Woods framework we proposed in 2003 remains a useful way to understand the international financial system. We document that the system survived the 2008 crisis. Looking forward, we argue that the system will continue to evolve as we expected. China is likely to graduate from...
Persistent link: https://www.econbiz.de/10010950635
From 1980 to 1992, emerging and developing countries grew by 3.4 percent per year. Their annual rate of growth … increased to 5.4 percent between 1993 and 2012. No such increase occurred for advanced nations, whose average growth from 1980 … embracing discipline--sustained commitment to a pragmatic and flexible growth strategy. Three illustrations of discipline …
Persistent link: https://www.econbiz.de/10010950775
increase in the number of small firms. However, the dominance and growth of large incumbents remains unchallenged. Quantile …
Persistent link: https://www.econbiz.de/10011276104
Trade liberalization and political separatism go hand in hand. In a world of trade restrictions, large countries enjoy economic benefits because political boundaries determine the size of the market. In a world of free trade and global markets even relatively small cultural, linguistic or ethnic...
Persistent link: https://www.econbiz.de/10005248678
explaining the observed cross-country diversity in the long-run rates of growth of per capita and total incomes as well as the … population growth rates. Corroborative evidence is found for the theoretical results on the convergence/divergence in long …-term population, per capita and total income growth rates obtained in Razin and Yuen (1992). In particular, the data (and casual …
Persistent link: https://www.econbiz.de/10005248796