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 …

We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a … pattern Unbalanced Financial Globalization. We then simulate a counterfactual trajectory of the world economy where the RKO … capital allocation, a 2.8% lower world GDP, a 12% rise in the cross-country dispersion of GDP per capita, lower wages in …

The standard tax theory result that investment should not be distorted is based on the assumption that profits are … policy response to increasing firm mobility may be taxation, subsidization or non-distortion of investment depending on …

world output. Third, the benefits of optimally reallocating capital and eliminating the LP are modest: 1.0% to 1.5% of …