advantage of the high returns to investment seemingly offered by that small open economy under such favorable conditions, on the … process of small open economies: the responses of investment to positive TFP shocks are muted and shortlived, while those to …

We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …

This paper analyzes the effects of a land rent tax on capital formation and foreign investment in a life-cycle small … out foreign investment and pulls up national wealth and consumption when consumers are lump-sum compensated for the tax …