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...

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...

Previous research has suggested that there is a relationship between land distribution and productivity in agriculture. This paper estimates a cross-country agricultural production function that includes for the first time measures of land distribution as elements of productivity. The measures...