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We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a novel multi-country dynamic general equilibrium model that incorporates a demand system for international assets. We introduce, estimate and validate new country-level measures...
Persistent link: https://www.econbiz.de/10014340224
We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium … asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated … to account for offshore investment and financing vehicles. We show that a parsimonious implementation of the model with …
Persistent link: https://www.econbiz.de/10012514947
We present a two-good, two-country overlapping generations model where emissions arise from production and each country has a domestic emission permit system. When one country unilaterally reduces her cap on emissions, her output available for domestic and foreign consumption diminishes more...
Persistent link: https://www.econbiz.de/10003749461
When capital is perfectly mobile across countries and labour is fixed, a source-based tax on capital both reduces and … such a tax. …
Persistent link: https://www.econbiz.de/10011508024
economy that lacks access to cheaper capital goods. In the long run, the investment rate in the open economy is twice as high …
Persistent link: https://www.econbiz.de/10010189831
The paper develops a unified general equilibrium model including savings with overlapping generations, investment and …
Persistent link: https://www.econbiz.de/10009781622
Persistent link: https://www.econbiz.de/10003364834
Persistent link: https://www.econbiz.de/10003597980
This paper studies the marginal product of private capital (MPK) with new data and a new framework to obtain a better understanding of international capital allocations and the Lucas Paradox (LP). Our point of departure is three influential studies of MPK's and, based on the most recently...
Persistent link: https://www.econbiz.de/10012057304
Investment statistics of the People's Republic of China are a source of many puzzles. Some investment data are of … dubious quality, while the particular concepts of investment and their changing definitions over time are often poorly … understood. Fixed asset investment, a remnant of the planned economy, comes with severe limitations in terms of data coverage and …
Persistent link: https://www.econbiz.de/10012165950