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An Information-Based Model of Foreign Direct Investment : the Gains from Trade Revisited
Razin, Assaf; Sadka, Efraim; Yuen, Chi-Wa - 2021
into the country even though the autarkic marginal productivity of capital in the domestic economy falls short of the world …
Persistent link: https://www.econbiz.de/10013231578
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Excess Capital Flows and the Burden of Inflation in Open Economies
Desai, Mihir A.; Hines Jr., James R. - 2021
This paper estimates the efficiency consequences of interactions between nominal tax systems and inflation in open economies. Domestic inflation changes after-tax real interest rates at home and abroad, thereby stimulating international capital movement and influencing domestic and foreign tax...
Persistent link: https://www.econbiz.de/10013217933
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Liquidity, Institutional Quality and the Composition of International Equity Flows
Goldstein, Itay - 2010
economy-wide sales of external assets. Consistent with our theory, we find that the predicted liquidity shock has a strong …
Persistent link: https://www.econbiz.de/10013148094
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Transition to FDI Openness : Reconciling Theory and Evidence
McGrattan, Ellen R. - 2011
conclusive evidence that they are positive, as theory predicts. This paper shows that the lack of empirical evidence is … consistent with theory if countries are in transition to FDI openness. Anticipated welfare gains lead to temporary declines in … reconciliation of theory and evidence is accomplished with a multicountry dynamic general equilibrium model parameterized with data …
Persistent link: https://www.econbiz.de/10013130264
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How Big are the Gains from International Financial Integration?
Hoxha, Indrit - 2010
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...
Persistent link: https://www.econbiz.de/10012758019
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The Elusive Gains from International Financial Integration
Gourinchas, Pierre-Olivier; Jeanne, Olivier - 2021
Standard theoretical arguments tell us that countries with relatively little capital benefit from financial integration as foreign capital flows in and speeds up the process of convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this type of...
Persistent link: https://www.econbiz.de/10013223047
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Demographic Changes and International Factor Mobility
Helliwell, John F. - 2021
This paper reviews the extent and policy implications of linkages between demographic changes and international factor mobility. Evidence is found of significant demographic effects on both migration and the current account, but for different reasons neither increased migration nor international...
Persistent link: https://www.econbiz.de/10013225961
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Competing on Speed
Philippon, Thomas - 2011
Two forces have reshaped global securities markets in the last decade: Exchanges operate at much faster speeds and the trading landscape has become more fragmented. In order to analyze the positive and normative implications of these evolutions, we study a framework that captures (i) exchanges'...
Persistent link: https://www.econbiz.de/10013117526
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Measureable Dynamic Gains from Trade
Baldwin, Richard E. - 2021
Productive factors such as human and physical capital are accumulated and trade can affect the steady-state levels of such factors. Consequently, trade liberalization will have dynamic effects on output and welfare as the economy moves to its new steady state, in addition to its usual static...
Persistent link: https://www.econbiz.de/10013248258
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Productivity Growth and Capital Flows : The Dynamics of Reforms
Buera, Francisco J. - 2010
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/10013151141