aggregate uncertainty. Our framework accounts simultaneously for gains from a more efficient capital allocation and gains from … integration has an effect on the steady-state itself, altering convergence gains from capital accumulation. Because we use global … in terms of risk, capital scarcity and size, we find important differences in the effect of financial integration on …

The importance of financial markets and international capital flows have increased greatly since the 1990s. How does …

In Capital in the 21st Century, Thomas Piketty uses the market value of tradeable assets to measure both productive … capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer … assets. The approach also incorrectly identifies capital gains due to reduced discount rates as increases in the capital …

This paper studies the nature of capital adjustment at the plant-level. We use an indirect inference procedure to … estimate the structural parameters of a rich specification of capital adjustment costs. In effect, the parameters are optimally … chosen to reproduce the nonlinear relationship between investment and profitability that we uncover in the plant-level data …

corruption, which is more widespread in poor countries, reduces more the electoral appeal of capitalism than that of socialism … externality since the existence of corrupt entrepreneurs hurts good entrepreneurs by reducing the electoral appeal of capitalism …

The finding of Feldstein and Horioka (1980) that countriesf investment rates are highly correlated with their national … saving rates has by now been confirmed by many subsequent studies, even though their inference that international capital … and investment in a sample that includes not only 14 industrialized countries, but also 50 developing countries. The paper …

This paper incorporates international capital flows into a two-country, monetary-general-equilibrium model of asset … prices with investment and production. We use the model to calculate theoretical covariances between investment, the current … stochastic processes on disturbances to productivity and monetary growth rates. International capital flows arise from changes in …

increases in domestic savings rates induce approximately equal increases in domestic rates of investment. New estimates for the … post-OPEC period 1974-79 imply that each extra dollar of domestic saving increases domestic investment by approximately 85 … bias suggests that the regression estimates are more relevant as a guide to the long-run response of international capital …

account for about half of the US deficit. The result is that financial capital is flowing out of countries with low investment … features of the world at present are the low rates of investment and growth in some of the richest countries, whose surpluses …

investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving …-retention coefficient remains high in the 70's but decreases considerably since the 80's, consistently with the increased capital mobility …