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This paper is to examine the effect of capital outflows on economic growth through financial intermediaries. More specifically, the effects of two causes of capital outflows on economic growth: speculative capital outflow and factory relocation capital outflow, are discussed. We found that...
Persistent link: https://www.econbiz.de/10013149143
The paper examines the real per-capita growth effects of the quality of democracy, the rule of law, and capital flows … in developing countries. The direct growth effects of democracy are positive and often statistically significant …. Moreover, the estimates from a three-stage least-squares regression offer evidence that democracy has indirect growth effects …
Persistent link: https://www.econbiz.de/10014115956
Persistent link: https://www.econbiz.de/10011891442
So-called "uphill capital flows", i.e. flows of physical capital from relatively poor to rich countries, are a new phenomenon with yet unclear impact. We develop a unified framework incorporating economic institutions, human capital and physical capital to study the interaction of international...
Persistent link: https://www.econbiz.de/10012696550
In this paper, we examine the changes in per-capita income and productivity from 1700 to modern times, and show four things: (1) that incomes per capita diverged more around the world after 1800 than before; (2) that the source of this divergence was increasing differences in the efficiency of...
Persistent link: https://www.econbiz.de/10013221862
In this paper, we examine the changes in per-capita income and productivity from 1700 to modern times, and show four things: (1) that incomes per capita diverged more around the world after 1800 than before; (2) that the source of this divergence was increasing differences in the efficiency of...
Persistent link: https://www.econbiz.de/10012470120
Persistent link: https://www.econbiz.de/10009424318
Persistent link: https://www.econbiz.de/10012229746
Persistent link: https://www.econbiz.de/10013463947
One key focus of the on-going debate on the integration of international financial markets have been measures to lengthen the maturity of foreign debt. Short-term debt is typically considered to be volatile and thus a potential trigger of currency crises. In contrast to the vivid policy debate...
Persistent link: https://www.econbiz.de/10011472278